EX-99.47 48 ex99_47.htm NEWS RELEASE DATED DECEMBER 15, 2010 ex99_47.htm
Exhibit 99.47

 
Sandspring Resources Ltd. LOGO

 
Sandspring drill results from Holes TPD105 –TPD116includes 157.5m
of 1.0g/t gold and 0.05% copper along strike from Toroparu gold-
copper deposit


December 15, 2010 –SANDSPRING RESOURCES  LTD. (SSP: TSX-V) (“Sandspring” or the “Company”) is pleased to announce an update of new gold and copper assay results from drilling in the area of the Toroparu gold-copper deposit in the Republic of Guyana, South America.

Highlights Include:

·  
Stepout Hole TPD-116 with 157.5m of 1.0g/t gold and 0.05% copper (100m west)
·  
Stepout Hole TPD-107 with 276m of 0.73g/t gold (250m west)

On September 15, 2010, Sandspring announced an updated NI 43-101 compliant single optimized open pit shell resource independently modeled by P&E Mining Consultants, Toronto, featuring an Indicated mineral resource of 2.64 million oz. gold and 262 million pounds copper (3,293,000 ounces gold-equivalent) and an additional Inferred mineral resource of 3.42 million oz. gold and 216 million pounds copper (3,952,000 ounces gold-equivalent based on a total drill hole database of 41,659m in 93 holes.  The full Technical Report, filed on October 13th, 2010 can be found on www.sedar.com.
 
New assay results from holes TPD105 – TPD116 comprise an additional 8358m of drilling designed to optimize and expand grade and tonnage parameters of the known NI 43-101 compliant Toroparu gold-copper resource and to test continuity at various step-out locations along strike (Table 1). Along with results for Holes TPD094 – TPD104 reported on November 10, 2010, assay results from a total of 57,286m of diamond drilling have now been disclosed to date on the Toroparu Property. Drill collar locations and hole traces relative to the current NI 43-101 compliant optimized open pit resource model surface contour may be viewed in Figure 1.

Abraham Drost, P.Geo., President of Sandspring states…"the latest results represent a back-fill effort within the 350m step-out and possible 23% increase in known strike length of the Toroparu gold-copper deposit announced on November 10, 2010. The latest assay results, which include Hole TPD-116 with 157.5m of 1.0g/t gold and .05% copper drilled 100m west, suggest good continuity of mineralization outside the current resource envelope and ultimate potential for additional resource ounces and a positive effect on overall deposit grade.
 
 
1
 


Stepout exploration drilling and Infill drilling to Feasibility-ready Measured and/or Indicated resource quality will continue early in the New Year after a well-deserved Christmas break for drillers and on-site staff."

Figure 1: Drill collar locations for drill holes TPD-105 to TPD-116 relative to NI 43-101
Mineral Resource Contour
 


Table 1: Weighted Average Composite Grade Intervals, Holes TPD105 to 116
Hole ID
From(m)
To(m)
Length(m)
Au (g/t)
Cu (%)
Comments
TPD-105
346.0
348.0
2.0
1.64
0.05
Infill
 
364.0
367.0
3.0
0.95
0.11
  
 
389.0
391.0
2.0
1.06
0.07
  
 
400.0
429.0
29.0
0.53
0.05
  
incl
400.0
401.0
1.0
3.14
0.03
  
and
413.0
418.0
5.0
1.10
0.16
  
and
426.0
429.0
3.0
1.22
0.06
  
 
447.0
449.0
2.0
0.82
0.09
  
 
546.5
550.0
3.5
1.43
0.04
  
             
TPD-106
130.5
141.0
10.5
1.72
0.04
Stepout
incl
139.5
141.0
1.5
10.87
0.18
  

 
2
 


 

Hole ID
From(m)
To(m)
Length(m)
Au (g/t)
Cu (%)
Comments
 
173.0
202.5
29.5
1.12
0.05
  
incl
173.0
177.0
4.0
3.30
0.05
  
 
240.0
249.0
9.0
0.59
0.08
  
 
262.5
276.0
13.5
0.65
0.06
  
 
375.0
394.0
19.0
1.14
0.04
  
incl
393.0
394.0
1.0
13.88*
0.04
  
 
458.0
460.0
2.0
3.21
nil
  
 
529.5
532.5
3.0
4.52
nil
  
             
TPD-107
0.0
5.5
5.5
1.02
nil
Stepout
 
51.0
67.5
16.5
0.67
nil
  
 
160.5
172.5
12.0
0.72
0.07
  
 
198.0
280.5
82.5
0.50
0.04
  
 
315.0
327.0
12.0
0.82
0.04
  
 
396.0
672.0
276.0
0.73
nil
  
incl
396.0
411.0
15.0
1.34
nil
  
and
442.5
474.0
31.5
1.31
nil
  
incl
460.5
465.0
4.5
3.22
nil
  
and
610.5
628.5
18.0
2.18
0.02
  
incl
610.5
616.5
6.0
4.61
nil
  
             
TPD-108
96.0
102.0
6.0
0.62
0.02
Stepout
 
196.5
198.0
1.5
3.03
1.34
  
 
483.0
501.0
18.0
0.50
nil
  
 
522.0
544.5
22.5
0.60
0.02
  
 
568.5
571.5
3.0
1.29
nil
  
 
583.5
606.0
22.5
0.50
nil
  
 
630.0
645.0
15.0
0.51
0.02
  
 
658.5
676.5
18.0
0.50
nil
  
 
732.0
744.0
12.0
1.53
nil
  
incl
738.0
741.0
3.0
4.86
nil
  
             
TPD-109
0.0
7.0
7.0
0.48
nil
Stepout
 
17.5
22.0
4.5
1.73
nil
  
 
191.0
207.5
16.5
0.85
nil
  
incl
200.0
204.5
4.5
2.47
nil
  
 
266.0
296.0
30.0
0.78
0.06
  
incl
266.0
278.0
12.0
1.43
0.09
  
 
372.5
449.0
76.5
0.76
0.02
  
incl
377.0
380.0
3.0
7.90
0.03
  

 
3
 


 

Hole ID
From(m)
To(m)
Length(m)
Au (g/t)
Cu (%)
Comments
 
467.0
498.5
31.5
0.80
nil
  
incl
485.0
494.0
9.0
1.66
nil
  
 
512.0
536.0
24.0
1.22
nil
  
incl
512.0
516.5
4.5
2.68
nil
  
 
582.5
629.0
46.5
0.77
0.02
  
incl
590.0
597.5
7.5
1.55
0.05
  
             
TPD-110
92.0
93.5
1.5
1.16
0.15
Stepout
 
108.5
110.0
1.5
1.21
0.02
  
 
210.5
237.5
27.0
1.09
0.03
  
incl
227.0
228.5
1.5
21.6*
0.03
  
 
326.0
332.0
6.0
0.68
0.11
  
 
432.5
441.5
9.0
1.11
nil
  
incl
438.5
441.5
3.0
3.04
nil
  
 
579.5
585.5
6.0
0.88
0.03
  
 
636.5
692.0
55.5
0.64
0.04
  
incl
648.5
669.5
21.0
1.22
0.02
  
incl
665.0
666.5
1.5
120.8*
nil
  
             
TPD-111
90.0
205.5
115.5
0.73
0.07
Infill
incl
102.0
109.5
7.5
1.32
0.15
  
and
124.5
132.0
7.5
1.30
0.08
  
and
142.5
154.5
12.0
1.27
0.08
  
and
174.0
190.5
16.5
1.14
0.09
  
 
237.0
276.0
39.0
0.48
0.03
  
incl
261.0
268.5
7.5
1.02
0.03
  
 
325.5
327.0
1.5
4.68
0.03
  
 
369.0
375.0
6.0
0.89
0.07
  
 
424.5
427.5
3.0
1.51
0.03
  
 
517.5
547.5
30.0
0.74
0.05
  
 
564.0
565.5
1.5
14.2*
nil
  
 
586.5
601.5
15.0
1.12
0.06
  
             
TPD-112
462.5
465.5
3.0
0.77
nil
Stepout
 
480.5
495.5
15.0
0.67
nil
  
 
524.0
548.0
24.0
0.62
0.02
  
 
561.5
566.0
4.5
4.46
0.05
  
incl
561.5
563.0
1.5
28.5*
0.14
  
 
575.0
603.5
28.5
0.60
nil
  
 
663.5
717.5
54.0
0.61
nil
  

 
4
 
 

Hole ID
From(m)
To(m)
Length(m)
Au (g/t)
Cu (%)
Comments
incl
663.5
669.5
6.0
2.62
nil
  
 
737.0
738.5
1.5
5.23
nil
  
             
TPD-113
23.5
31.0
7.5
0.60
0.03
Stepout
 
65.0
71.0
6.0
0.81
0.04
  
 
80.0
113.0
33.0
0.58
0.10
  
incl
104.0
113.0
9.0
1.07
0.16
  
 
222.5
233.0
10.5
1.25
0.05
  
 
380.0
389.0
9.0
3.54
0.09
  
incl
381.5
383.0
1.5
33.87*
0.27
  
 
425.0
426.5
1.5
4.26
0.06
  
             
TPD-114
171.0
172.5
1.5
20.8*
0.02
Stepout
 
211.5
213.0
1.5
16.59*
nil
  
 
282.0
288.0
6.0
1.50
nil
  
incl
282.0
285.0
3.0
2.53
nil
  
 
354.0
357.0
3.0
0.93
nil
  
 
412.5
441.0
28.5
0.77
nil
  
 
607.5
613.5
6.0
1.70
nil
  
incl
609.0
610.5
1.5
5.95
nil
  
             
TPD-115
0.0
8.5
8.5
0.80
nil
Stepout
incl
7.0
8.5
1.5
3.92
nil
  
 
52.5
67.5
15.0
1.10
nil
  
incl
57.0
58.5
1.5
7.69
nil
  
 
123.0
141.0
18.0
1.30
nil
  
incl
133.5
138.0
4.5
3.64
nil
  
 
339.0
366.0
27.0
0.45
nil
  
incl
354.0
357.0
3.0
1.98
nil
  
 
430.5
438.0
7.5
0.68
nil
  
 
468.0
469.5
1.5
2.19
nil
  
 
552.0
564.0
12.0
0.44
nil
  
 
624.0
640.5
16.5
1.18
nil
  
incl
628.5
631.5
3.0
5.41
nil
  
 
673.5
682.5
9.0
0.88
nil
  
incl
673.5
675.0
1.5
3.75
nil
  
             
TPD-116
0.0
29.5
29.5
0.51
nil
Stepout
incl
25.0
29.5
4.5
1.40
nil
  
 
48.0
61.5
13.5
2.69
0.02
  

 
5
 

 
Hole ID
From(m)
To(m)
Length(m)
Au (g/t)
Cu (%)
Comments
incl
57.0
58.5
1.5
76.6*
0.02
  
 
361.5
411.0
49.5
0.47
0.02
  
incl
378.0
381.0
3.0
1.59
0.03
  
 
462.0
480.0
18.0
0.89
0.08
  
incl
469.5
474.0
4.5
2.19
0.12
  
 
490.5
648.0
157.5
1.00
0.05
  
incl
493.5
501.0
7.5
1.80
0.09
  
and
508.5
522.0
13.5
2.56
0.10
  
incl
519.0
520.5
1.5
6.89
0.06
  
and
559.5
567.0
7.5
2.04
0.07
  
and
594.0
606.0
12.0
1.50
0.04
  
and
646.5
648.0
1.5
4.40
0.04
  
*High gold assay intervals are top-cut to 12.0g/t consistent with NI-43-101 resource model
** True widths are estimated at approximately 70% of core length widths

Analytical testing and reporting of quantitative assays was performed independently by Acme Analytical Laboratories Ltd. (“AcmeLabs”). AcmeLabs is an ISO9001:2008 accredited laboratory for the tests reported herein. A system of blanks, standards and duplicates were added to the Toroparu sample stream by the Company to verify accuracy and precision of assay results, supplementing a variety of internal QA/QC tests performed by AcmeLabs.

Mr. Abraham Drost, P.Geo.Presidentof Sandspring and a Qualified Person under NI 43-101, has visited the site and reviewed and approved the technical content of this press release.

Additional information on Sandspring can be viewed on SEDAR under the Corporation's profile at www.sedar.com or on Sandspring's website at www.sandspringresources.com.

 
For Further Information, Please Contact:

Mr. Abraham Drost, M.Sc., P.Geo. President
Sandspring Resources Ltd.
1136 Alloy Drive, Thunder Bay ON
Canada P7J-1H2 Tel: (807) 252-7800

This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon.

 
6
 

Sandspring Resources Ltd. has an ongoing obligation to disclose material information, as it becomes available.
 
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.
 
7