Sierra Resource Group Announces Initial Assay Results of Tailings Impoundment Drill Program at Its Chloride Copper Mine Property.
Kingman, AZ (PRWEB) October 24, 2011
Sierra Resource Group, Inc. contracted ALS Minerals of Reno Nevada to complete the testing of its Tailings Drill program. Drill and Assay results from ALS ICP-33 Element test use the ME-CEP61a Method and results showed:
Copper grade ranged from a minimum of 0.16% Cu ppm to a maximum of 0.43% Cu ppm with the average being 0.36% Cu ppm.
Magnesium averaged 0.63% Mg %.
Zinc averaged 0.32% Zn ppm.
Eight (8) gridded vertical holes were drilled using an auger drill rig. Samples were then taken at intervals of ten (10) feet and were continue to the tailings/surface contact. There was a total of 28 samples. Samples were placed in polyethylene bags secured with “zip ties” for transport. All tailings samples were analyzed by the ISO 9001-accredited ALS Minerals Laboratory in Reno, Nevada. Samples were tested for bulk specific gravity, assayed for 33 element ICP and Cu oxide/cyanide leach ability.
The objectives of this drill program were designed to collect material in order to confirm the grade of copper mineralization that was previously reported by SGV Resources Inc. The copper distribution appears to be consistent over all the samples collected from the tailings impoundment.
The tailings are the waste product from the previous operation of the Emerald Isle Mine from 1943 to 1973 when copper recovery was much lower than today’s recovery rates. This low recovery indicates that a substantial amount of copper-bearing material was sent to the tailings impoundment. The objective of this analysis was to determine whether the tailings could be economically mined and processed to recover the contained copper in them.
About the company:
Sierra Resource Group Inc. (OTC Bulletin Board: SIRG) is a U.S based exploration and mining company committed to the exploration, discovery and development of gold, silver, copper and other mineral resources. Sierra’s primary asset is 80% ownership of the Chloride Copper Mine located near Kingman Arizona (the “Mine”). The company is looking to expand throughout the Americas in the near future. The technical report, NI43-101, by Scott Wilson Roscoe Postle Associates March 10, 2006, estimates the Chloride Copper Mine contains 27,000,000 pounds of copper. The NI 43-101 technical report is widely recognized as the benchmark standard for resource and reserve estimates, although SEC regulations for the disclosure of reserve estimates are governed by Industry Guide 7. Please refer to the Company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q, filed with the SEC, regarding our reserve estimates.
The Mine is a past producer, has permitting (some updating required), an already disturbed area and is not a greenfield property.
The Mine is fully developed for operation with $ 2.6 million expended by the previous owner/operators on processing facilities and infrastructure which hosts a fully developed mine, leach pads, solvent extraction plant and electro-winning SX/EW plant (which requires some retooling) as well as required infrastructure to conduct the full operation.
Sierra plans to use open pit mining and plans to reopen the existing SX/EW plant on site with the maximum capability of producing up to 7,000,000 pounds of Copper Cathode per year. The existing SX/EW Plant On-Site is environmentally friendly, cost effective and a quick production process according to an article published by the Copper Development Association in August 2001.
The Chloride Copper Mine deposit is hosted by Late Tertiary conglomerates and, to a lesser extent, by Quaternary alluvium and Cretaceous granitic rocks. Copper mineralization at Chloride Copper Mine is in the form of mineralized lenses contained within a paleochannel approximately a few thousand feet long and up to 750 feet wide. The source of copper at Chloride Copper Mine is interpreted to be the low grade porphyry-type copper mineralization at Alum Wash, about 3.5 miles northeast of the Chloride Copper Mine deposit. The mineralization is characterized by dark blue to black rock similar to the Exotica deposit, a satellite of the huge Chuquicamata copper deposit in Chile.
FOR INFORMATION CONTACT:
Sierra Resource Group, Inc.
Ph. 702.462.7285
http://www.sierraresgroup.com
J. Rod Martin CEO
Rodmartinmail(at)gmail(dot)com
Safe Harbor Statement under the Private Litigation Reform Act of 1995. Forward-looking statements in this document do not constitute guarantees of future performance. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. You can anticipate that actual results will be different due to the inherent uncertainty of estimates; forecasts and projections may be better or worse than projected. Forward-looking statements may relate, among other things, to expected financial and operating results and the Company’s ability to achieve its goals, plans and objectives. The risks and uncertainties that may affect forward-looking statements include among others: the Company’s limited operating history, the speculative nature of the Company’s planned operations, difficulty in developing new projects, difficulty gaining necessary governmental approvals, the Company’s lack of market research and marketing organization, the Company’s inexperience in operating internationally, and difficulty managing rapid growth. At this time, there can be no assurance that the Company will obtain the financing it needs to execute its plans. For a more detailed discussion of the risks and uncertainties of Sierra Resource Group’s business, please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010, the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2011, and the Company’s Reports on Form 8-K, all filed with the Securities and Exchange Commission, and as subsequently amended. The Company assumes no obligation to update any forward-looking statement contained in this document or with respect to any of the information described herein.
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