Sarissa Resources Inc. (PINK:SRSR)
Sarissa optioned the property in March, 2009, and subsequently entered into a joint venture option arrangement with Converge Global Inc. (OTC:CVRG) whereby they could earn up to a 50% interest in the property by funding exploration and making certain payments to Sarissa. In June Sarissa notified Converge that certain conditions under the option arrangement had not been met and that the Converge option had been terminated.
The Shining Tree property consists of 16 claim units in Asquith and Churchill townships in the Shining Tree district. On a regional scale the property is located within the prolific Abitibi greenstone belt which is renowned for its concentration of world-class gold and Cu-Zn-Ag-Au deposits. The Shining Tree property appears to be on trend with the Larder Lake - Cadillac Break with which many of the world-class gold deposits are spatially associated. The Shining Tree property is also centred on the axis of a regional gravity high signifying an area of thick supracrustal rocks and under-plating by oceanic crust. In the Abitibi these associations appear conducive to the discovery of major gold deposits.
Sarissa carried out an initial investigative program on the property under the supervision of geologist Alex Korboukh, consisting of 4 one metre long channel samples from the quartz-carbonate veins in the area known as Stripped Area 1, as well as grab samples after blasting a 9 metre section from Stripped Area 3. The samples were assayed at Polymet Labs in Cobalt, Ontario, and returned the following results:
One Metre Channel Samples from Stripped Area 1:
------------------------- Sample Number Au g/tonne ------------------------- 353401 0.206 353402 0.069 353403 0.686 353404 10.834 -------------------------Grab Samples after blasting from Stripped Area 3:
------------------------- Sample Number Au g/tonne ------------------------- 353405 4.731 353406 13.097 353407 10.972 353408 15.772 353409 25.92 353410 0.069 353411 2.606 353412 1.989 353413 2.606 353414 14.743 353415 20.297 353416 2.949 353417 3.154 353418 9.463 353419 1.509 -------------------------The results from this very preliminary initial work program have revealed the presence of anomalous gold mineralization which warrants continued exploration.
Updates from both the Shining Tree property and Sarissa's flagship Nemegosenda niobium property are expected shortly.
Alan Hawke, BSc. MSc. (Geology), a director of Sarissa, is a "qualified person" within the meaning of National Instrument 43-101 and has reviewed the technical information contained in this news release.
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Sarissa Resources, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
About Sarissa Resources Inc.
Sarissa Resources is a junior exploration company with interests in properties with base metal, precious metal, uranium, niobium and rare-earth prospects in Northern Ontario, Canada.
Sarissa Resources Inc.
Converge Global Inc.