Sheltered Oak Expands Kerrs Gold Deposit Along Strike and to Depth & Negotiates A $500,000 Bridge Loan
October 26 2011 - 12:32PM
Marketwired Canada
Sheltered Oak Resources Corp. ("OAK" or "the Company") (TSX VENTURE:OAK) today
announced drilling results from two holes completed for extension potential of
the Kerrs Gold Deposit located on its 100% controlled Kerrs Property and the
adjacent property in the East Timmins Gold Camp. Results from both holes
demonstrate the same mineralization characteristics of the Kerrs Quartz
Carbonate Breccia Zone (KBX Zone) which is hosted in the Kerrs Gold Deposit.
These results imply that the Kerrs Gold Deposit extends beyond the boundaries
defined to date and remains open along strike and to depth.
Highlights from these results in the Kerrs Gold Deposit are:
SECTION 1500N:
- DDH K-11-48 EXTENSION : KBX ZONE: 4.40 m averaging 2.83 g/t Au
SECTION 1600N :
- DDH K-11-49 : KBX ZONE : 17.2 m averaging 1.81 g/t Au
Including : 4.8 m averaging 2.54 g/t Au
Including : 4.4 m averaging 3.73 g/t Au
JJ Elkin, President and CEO of Sheltered Oak commented: "We are encouraged with
the results of the in-fill and extensional drilling programs thus far. The
objectives of our Phase 6 drilling program involving 24 holes have been met and
we are awaiting more results from nine holes. Once we receive the pending
results, we will be upgrading our geologic model in order to plan for future
drilling activities."
EXPLORATION DRILLING SUMMARY
From June 29, 2011, to October 8, 2011, a total of twenty-four (24) holes have
been drilled totalling 8,702 metres (m).
Three definition holes targeted in-filling, to tighten the spacing between
intercepts on higher grade sections, as well as seven holes extending the Kerrs
Quartz Carbonate Breccia Zone (KBX Zone) hosted in the Kerrs Gold Deposit.
In-fill drill holes K-11-44, 45, and 46, were focused on sections 1100N and
1200N and their assay composite results were first reported in a prior news
release issued on September 8, 2011 which included adjacent historical holes on
each section for grade continuity purposes.
Six extensional drill holes completed on sections 1400N, 1500N, 1600N, 1700N and
1800N have successfully extended the KBX Zone along strike and to depth.
Reported today is drill hole K-11-49 (section 1600N) which intersected a
significant pyritic quartz vein replacement breccias (KBX Zone) from 403 m to
429 m averaging 1.81 g/t Au. This intercept is located 136 m downdip of K-06-16
which returned 1.22 g/t Au over 4.1 m. At section 1600N, the structural dip of
the Kerrs Gold Deposit steepens. Based on this interpretation, holes K-11-47
(first assays reported in September 8, 2011, news release) and 48 were deepened
to 600 m and confirmed that the pyritic quartz vein breccias correlate to the
intersection in hole K-11-49. Also notable, each of these holes terminated in a
quartz feldspar porphyry unit intruded at the mafic/ultramafic flow contact.
On section 1700N, holes K-11-55, 55A, and 57 transected a north/south trending
diabase dyke that was formed after the Kerrs Gold Deposit. On section 1800N,
hole K-11-58 was planned to intersect the KBX Zone on the northeast side of the
diabase dyke but the KBX Zone was not encountered due to a 100 m displacement of
the mafic/ultramafic flow contact to the east. Taking this structural adjustment
into account, hole K-11-59 was collared northeast of hole 58 on line 1800N and
successfully intersected the KBX Zone at a depth of 562 m to 585 m and
terminated in the quartz feldspar porphyry unit.
The exploration drilling results for K-11-48 and 49 are outlined as follows:
----------------------------------------------------------------------------
Drill Drill From To True Comp. Grade Intercept
Section Hole (m) (m) Interval(i) Width Au (g/t) Spacing
(m)
----------------------------------------------------------------------------
1400N K-10-36 301.8 308.4 6.60 5.87 0.85 98
1400N K-10-35 324.0 330.0 6.00 5.52 2.28 87
1400N K-06-12B 428.2 436.0 7.80 7.18 2.67 195
1400N K-11-47 508.7 526.8 18.10 assays
pending
1500N K-10-37 348.2 364.8 16.60 14.11 2.01 76
1500N K-10-38 314 320 6.00 5.34 0.81 145
1500N K-11-48 445.0 450.5 5.50 4.40 2.83
1600N K-06-16 322.4 326.5 4.10 3.85 1.22 136
1600N K-11-49 403.0 429.0 26.00 17.20 1.81
including 409.0 416.3 7.30 4.80 2.54
including 420.3 427.0 6.70 4.40 3.73
1800N K-11-59 562.0 585.0 23.00 assays
pending
----------------------------------------------------------------------------
(i) All intervals are represented as down-hole core lengths. True widths(TW)
are corrected by 35% to 95% of core length. The intercept spacing is the
distance between the drill hole pierce points in the KBX Zone measured from
the midpoint of each composite grade interval in the downdip Azimuth
direction of 130 degrees.
Bridge Loan
On other news, Sheltered Oak negotiated a bridge loan from Richbert Agencies
S.A. (the "Lender") for the principal sum of $500,000 payable on the later of
(i) the 31st of December 2011 and (ii) the date on which Sheltered Oak completes
a debt, equity or other financing for the net proceeds of at least $500,000. The
principal sum bears an interest rate of 10% per annum and payable on a quarterly
basis.
Quality Assurance and Quality Control
The Phase 6 diamond drilling program involving concept generation, geological
core logging, sampling and drilling logistics is supervised by Peter Hubacheck,
P.Geo. (APGO), who is providing geological management services via Hubacheck
Consulting Geologists (HCG), an affiliate of W.A. Hubacheck Consultants Ltd.
Peter Hubacheck is a Qualified Person as defined by NI 43-101 and has reviewed
and authorized the geotechnical material in this news release.
ABOUT SHELTERED OAK RESOURCES CORP.
Sheltered Oak Resources Corp. is focused on mineral exploration opportunities
within Canada and owns a 100% interest in 27 mining claims including 12 mining
lease totaling 4,176 hectares which comprise the Kerrs Gold Property, located
east of Matheson in the prolific area of the Abitibi Greenstone Belt in
northeastern Ontario. The Company has also acquired an option to earn a 60%
interest in 46 mining leases comprising the adjacent property from Goldcorp
Canada Ltd. and Goldcorp Inc.
Should you wish to receive informational updates on Sheltered Oak Resources
Corp. please contact cecilia@chfir.com.
Some statements contained in this news release are forward-looking and,
therefore, involve uncertainties or risks that could cause actual results to
differ materially. Such forward-looking statements include comments regarding
the expectation and timely disclosure of the results of a diamond drilling
program, additional drilling and, an additional debt, equity or other financing.
Factors that could cause delays in reporting the exploration drilling results
include: verifying and validating the geological logging, modelling and assay
lab QA/QC protocols, verifying and validating the drill hole location
co-ordinates and downhole surveys and obtaining additional funding which may or
may not be achieved on terms acceptable to the Company. Although OAK has
attempted to identify important factors that could cause actual actions, events
or results may differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or results not
to be as anticipated, estimated or intended. Readers should not place undue
reliance on any forward-looking statements. OAK disclaims any obligation to
update forward-looking statements unless required by law.
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