Hot Stocks: Sunward Resources titillates with Titiribi
Sunward (TSXV: SWD) is on resourceINTELLIGENCE.net today in the resource estimate section our front page due to an updated resource estimate that increases the GROSS value of the deposit by 80% at recent metals prices. Indicated Resources contain 2.2 million ounces of gold; 3.5 million ounces of gold equivalent. Inferred Resources contain 6.08 million ounces of gold; 7.9 million ounces of gold equivalent. This is a large, low grade system that certainly appears at first glance to hold water.
The Titiribi Project is made up of about seven separate mineralized zones which are not contiguous though they appear to be part of the same geological sequence—a large Miocene-age gold-copper porphyry system, each is spatially separate. These include the Cerro Vetas, Chisperos-Virgen, Candela, Porvenir, Margarita, Rosa and Junta prospects.
The project is near the town of Titiribi, a short drive southwest of the city of Medellin.
The Cerro Vetas zone is key to the project, where mineralization remains open in all directions and at depth. Sunward continues to carry out expansion drilling in the zone. The resource calculation above only accounts for part of the available data. The company has seven more drill holes to add to the resource, which is expected to grow substantially. In the company’s resource estimate report, Behre Dolbear supports further development drilling at Cerro Vetas, stating that “exploration potential to expand the known resources at Cerro Vetas is excellent.”
CEO Colin Andrew concurs: “Titiribi is emerging as one of the most significant gold projects in the world. Through last year’s drilling, we have managed not only to vastly increase the amount of gold resource but also significantly improve the confidence level for the endowment. Considering that Cerro Vetas and Chisperos-Virgen are only two of several mineralized zones present on the property, Sunward believes there is significant potential to further expand the mineral resources at Titiribi.”
According to company documentation, over 50,000 metres of drilling has been completed at Titiribi to-date, including approximately 14,600 metres completed historically by previous operators, including Gold Fields and Windy Knob Resources, along with more than 40,000 metres completed by Sunward Resources. As of July 2011, Sunward Resources had four drill rigs operating to expand mineralization at the Titiribi project.
The company’s website is at present under construction, but you can find out more at the COMPANY PROFILE; or at Sedar.
Name: Titiribi Project
Metals: Gold, Copper
52Wk High: 2.21
52Wk Low: 0.85
Mkt Cap: $266,718,765