Vancouver, British Columbia / TheNewswire / November 22, 2016 - Swift Resources Inc. (the "Company" or "Swift") (TSXV: SWR.H) is pleased to provide its shareholders with an update on the Marudi Mountain Gold Project (the "Property"), located in the Republic of Guyana, and presently held by Romanex Guyana Exploration Ltd. ("Romanex").
Further to the Company's news release of November 7, 2016, the Company has entered into a definitive purchase agreement, pursuant to which the Company proposes to acquire all of the outstanding share capital of Romanex (the "Transaction"). Romanex is an arm's-length privately held mineral exploration company incorporated under the laws of the Republic of Guyana.
Gold Finishing Room
The Company is pleased to announce that Romanex has ordered for manufacture and delivery a gold finishing room. The finishing room will form an integral component of any future bulk sampling program conducted on the Property, and is anticipated to be delivered to the Property late this year. The system is mercury-free and is well equipped to process gold concentrate mined from saprolite.
Saprolite is soft, thoroughly decomposed and porous rock, often rich in clay, formed by the in-place chemical weathering of igneous, metamorphic, or sedimentary rocks. It is especially common in humid and tropical climates, and is found in abundance on the Property. Historic hand workings indicate that much of the untested saprolite on the Property contains gold. A resource quantification program of gold in saprolite is further recommended.
Bulk Sample Mining
A bulk sampling program is planned for the Property in early 2017. Two mineralized zones, Mazoa Hill and Marudi North, will be the primary focus of the program. A historic test program on a portion of Mazoa Hill representing 5% of the total saprolite on the Property estimated that 65,000 ounces of gold was contained in the test area (see "Historic Estimates" below). The Company will provide additional details on the proposed program once received from Romanex.
The finishing room will also be used to process alluvial/colluvial gold concentrate mined by local artisanal workers from the river and stream areas on the Property. The artisanal workers will operate on the Property under an agreement negotiated by the Guyanese government and signed by the representatives of the artisanal workers and the indigenous leaders of the area. The gold concentrate mined by the workers will be processed by Romanex in return for a ten (10%) percent royalty.
Romanex plans to bring a historic estimate of 960,000 ounces of gold from two main development sites (Mazoa Hill and Marudi North) into a compliant National Instrument 43-101 estimate (see "Historic Estimates" below). Romanex also plans an audit and outlier drill program for 2017. 42,000 meters of historic diamond drilling data will be used to assist in the planning of the 2017 program. Historic drilling highlights from Mazoa Hill follow:
|Hole||Location||Depth (m)||From (m)||To (m)||Interval (m)||Gold (g/t)|
|MH 12-130||Mazoa Hill||68.3||59||65.5||6.5||14.85|
|MH 12-131||Mazoa Hill||270||75.5||109||33.6||1.86|
|MH 12-132||Mazoa Hill||201||47||84.5||37.5||2.59|
* The above reported data are drill intercept lengths are not true widths
The Republic of Guyana is located in South America between Venezuela and Suriname. The country is English speaking under British Common Law with a democratically elected government. It has an established mining act and rich history of gold production. In 2013, 458,000 ounces of gold were produced by operators mining in the country. The Guiana Shield belt has 110 million ounces of gold inventory and is world-recognized as a premier gold region. With geological continuity with West Africa, the shield is highly prospective and very under-explored. Two mines have recently declared the commencement of commercial production in 2016: Aurora deposit (Guyana Goldfields) and the Karouni deposit (Troy Resources).
The historic estimates contained in this news release should not be relied upon. These estimates are not National Instrument 43-101 ("NI 43-101") compliant. While the Company considers these historical estimate to be relevant to investors as it may indicate the presence of mineralization, a qualified person for the Company has not done sufficient work to classify the historical estimates as current mineral resources as defined by NI 43-101 and the Company is not treating these historical estimate as current mineral resources.
Locke Goldsmith P.Geo., is the non-independent designated Qualified Person as defined by National Instrument 43-101 and is responsible for the technical information contained in this release.