Santoy Resources Ltd. (TSX Venture Exchange - SAN) is pleased to announce that it has received assay results from Phase 2 drilling on the Mustang Lake property in Labrador which confirm the presence of a significant uranium mineralized system related to the South Prospect boulder train. Work on the Mustang Lake property is part of a 50:50 joint venture with Monster Copper Corp. (TSX-V: MNS). In this phase of drilling a total of 2,700 metres was completed as 17 holes on three target areas called South Prospect, Irving and Mustang East. Thirteen holes were on South Prospect, three on Irving Zone and one on Mustang East.
South Prospect
In Phase 2, the best intercept is 0.12% U3O8 over a core length of 9.11 metres (true width not known) in hole SP-06-10. The mineralization is associated with elevated hematite, magnetite and chlorite. This assemblage, combined with the presence of locally anomalous Cu and Ag, suggests that the mineralization may be IOCG related.
This intersection is considered significant because it is similar in width and tenor, and occurs in the same geology, as the Michelin deposit, which is located 8 km to the SW.
A detailed interpretation of the drill results will be carried out in order to better understand the geometry of the South Prospect Zone prior to the next phase of drilling. A preliminary interpretation of available data indicates that the mineralized zone in hole SP-06-10 strikes NNE and is untested in that direction.
Mustang Lake 2006 Drill Results
|
Drill Hole |
From (m) |
To (m) |
Interval (m) |
%U3O8 |
%V2O5 |
% Cu |
Ag (g/t) | |
|
SP-06-01 |
98.85 |
103.70 |
4.85 |
0.067 |
0.23 |
0.047 |
2.86 | |
|
including |
99.85 |
102.70 |
2.85 |
0.107 |
0.275 |
0.066 |
3.65 | |
|
SP-06-04 |
71.30 |
72.48 |
1.18 |
0.05 | ||||
|
SP-06-09 |
22.49 |
24.87 |
2.38 |
0.038 |
0.076 |
1.0 | ||
|
SP-06-10 |
140.70 |
144.35 |
3.65 |
0.057 | ||||
|
166.44 |
175.55 |
9.11 |
0.12 | |||||
|
SP-06-11 |
42.91 |
45.00 |
2.09 |
0.046 | ||||
|
49.74 |
50.94 |
1.20 |
0.039 | |||||
|
SP-06-12 |
207.85 |
210.12 |
2.27 |
0.049 | ||||
|
including |
208.45 |
209.40 |
0.95 |
0.101 | ||||
|
SP-06-13 |
139.40 |
143.00 |
3.60 |
0.053 | ||||
|
140.70 |
143.00 |
2.30 |
0.104 |
Core samples were half-core (BTW size core) with sampling supervised by Ron Nichols, P.Geo., V.P. Exploration for Santoy. Samples were prepared at Eastern Analytical Ltd., Springdale, NL and analyzed at SRC Laboratories, Regina, SK. All analyses were by ICP. Sample batches included internal repeats, standards and blanks.
In the other six holes drilled on the South Prospect no significant radiometric response was found and consequently these holes were not sampled.
Irving and Mustang East zones
Three holes were drilled on the up-ice projection of the Irving Zone boulder train, and one drill hole tested a radiometric anomaly near the projected head of the Mustang East boulder train. No significant mineralization was encountered in the Irving Zone or Mustang East drilling.
Bruce River Property
On the Bruce River property, exploration permits have been approved and a field program has commenced. The program is to consist of field-checking of radiometric anomalies generated by the 2005 airborne geophysical survey, and following up known showings.
The Qualified Person, as defined by National Instrument 43-101, responsible for review of this news release is Ron Nichols, P.Eng., Vice-President of Exploration.
About Santoy Resources Ltd.
Santoy Resources Ltd. is a Canadian mining exploration company focused primarily on the energy sector. Emphasis is being placed on uranium projects in British Columbia, Saskatchewan, Manitoba, Central Mineral Belt of Labrador, the United States and Central America; of coal and coal bed methane in Western Canada; and of conventional oil and gas discoveries throughout North and South America. A description of our properties, including maps and photographs, can be viewed on the Company's website at www.santoy.ca.
On Behalf of the Board of Directors
SANTOY RESOURCES LTD.
"Ron Netolitzky"
Ron Netolitzky, President
Cautionary Statement on Forward-Looking Information
The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Contact: Tony PerriManager, Investor Relations
Santoy Resources Ltd.
Suite 611, 675 W. Hastings St.
Vancouver, B.C. V6B 1N2
Tel: 604-669-4799 Fax: 604-669-2543
tperri@santoy.ca
www.santoy.ca
