Sheltered Oak Expands Kerrs Gold Deposit Along Strike and to Depth & Negotiates A $500,000 Bridge Loan
October 26 2011 - 12:32PM
Marketwired
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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Sheltered Oak Resources Corp. J.J Elkin President and
CEO 416-628-5802 416-628-5051 (FAX)jj@shelteredoak.com Sheltered
Oak Resources Corp. Art Hampson Chief Financial Officer
416-628-5802 416-628-5051 (FAX)ahampson@shelteredoak.com CHF
Investor Relations Jeanny So Director of Operations 416 868 1079
ext. 225 416 868 6198 (FAX)jeanny@chfir.com
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