Junior Miner Announces Promising Assay Results At Gold-Copper Deposit in South America

By: AllPennyStocks.com News

January 26, 2010
Fundamentally, the process of extracting gold from the earth is a simple one: find it and dig for it. The hard part is the research, the raising of capital for equipment and the untold, arduous hours of drilling in the spot deemed right for the find.

One such spot, apparently out of the way and not often considered a hotbed for the shiny metal, is Guyana in South America, but Thunder Bay, Ontario-based Sandspring Resources Ltd. (TSX-Venture:SSP) appears to have, well, come up nuggets for not only gold, but copper as well, following promising assay results from its Toroparu deposit in Guyana.

The current Toroparu gold-copper deposit was independently modeled as a potentially open-pitable deposit with an NI 43-101 compliant Indicated mineral resource of 45.5 million tonnes at 0.93 g/t gold and 0.164% copper containing 1,369,400 ounces gold and 164 million pounds copper. One step out hole (TPD048), drilled 200 metres northwest of the deposit, intersecting a high-grade mineralized horizon averaging 12.79 g/t gold over 6m concentrated within an elevated grade envelope averaging 1.92 g/t gold over 52m.

In all, the results comprise an additional 4,800 metres of a 15,000-metre drill program designed to optimize grade and expand tonnage over the Toroparu gold-copper resource.

SSP is a young public company with a long history of private development in Guyana through its wholly-owned Guyanese subsidiary. Its transition to the public markets – and the resultant stock symbol assignment of SSP on the TSX Venture Exchange as a Tier-1 listed company -- opened the door to potential development of Toroparu, with promising returns for its shareholders, investors and Guyanese partners. With gold resuming its skyward price climb, this is exciting news indeed.

Sandspring is well financed to execute on a technical plan to further explore and develop the potentially open-pittable Toroparu resource. In addition, geochemical and geophysical indications mark a highly prospective gold-copper trend along strike in the nearby Puruni River Shear Zone. Early indications also see a substantial gold trend possibly developing at Toroparu, a hypothesis which will be well tested by additional diamond drilling going forward.

SSP shares scaled a new 52-week high the day before the announcement of the news at Toroparu. The stock hit an intraday of $1.68 on January 25, towering over its initial price of 65 cents the day the stock was first launched in November.

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