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It looks like we have a good base in the .0012/.0013 area. Perfect for a bounce at this time.
Sarissa Resources, Inc. Shining Tree Property Results
Monday 06/22/2009 9:30 AM ET - Market Wire
Related Companies
Symbol Last %Chg
CVRG 0.058 1.75%
SRSR 0.0672 -11.58%
As of 11:53 AM ET 6/29/09
Sarissa Resources, Inc. ("Sarissa" or the "Company") (PINKSHEETS: SRSR) is pleased to provide initial results from its gold property in the Shining Tree district of Northern Ontario. The results are a product of Sarissa's recent work involving channel sampling and grab samples after blasting.
Sarissa optioned the property in March 2009, and subsequently entered into a joint venture option arrangement with Converge Global Inc. ("Converge") 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 the townships of Asquith and Churchill 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 centered on the axis of a regional gravity high signifying an area of thick supra-crustal 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 a contract Geologist, consisting of 4 one metre long channel samples from the quartz-carbonate veins in the area known as Area One/Two, as well as grab samples after blasting a 9 metre section from Area Three. The samples were assayed at Polymet Labs in Cobalt, Ontario, and returned the following results:
One Metre Channel Samples from Areas One & Two:
Sample Number Au g/tonne
353401 0.206
353402 0.069
353403 0.686
353404 10.834
Grab Samples after blasting from Area Three:
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
Average of 15 Samples 8.658 grams per tonne
Alan Hawke visited the Shining Tree property to check the Quartz Vein/Stockworks that have been exposed, which have been identified as Areas One to Four. Areas One and Two are the same North-South Striking Quartz Vein/Stockwork system. Area Three is 300 metres north, and strikes East-West. Area Four is 200 metres further north. It is thought that Areas One/Two and Four are related which are joined by the Area Three East-West Quartz Stockwork.
The Four areas have been sampled by shallow saw cut channels, which only sampled the main exposed quartz veins. Results of this sampling indicated that Area Three warranted more detailed testing.
Area Three was then opened up with surface blasting over a nine metre section along the main east-west quartz/stockwork veining. Fifteen samples were taken along this and as noted above averaged 8 grams per tonne rock. The extent of this high grade quartz-stockwork has not been determined due to being covered by glacial till.
A work program is in preparation to test the extent of Area Three and the relationship to the other gold anomalous areas within the claims.
Alan Hawke considers the results above are indicative of an extensive gold rich quartz veining/stockwork system.
Updates from both the Shining Tree property and Sarissa's flagship Nemegosenda niobium property are expected shortly. Additionally, Sarissa has retained Edmund Cachia & Co. of Toronto as new Company auditors, and has moved to Capital Transfer Agency Inc. in Toronto as transfer agents.
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.
About Sarissa Resources
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.
Safe Harbor
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.
FOR FURTHER INFORMATION contact:
www.sarissaresources.com
and http://nemegosenda.sarissaresources.com/
Investor Relations:
Merle Goertz
604-688-2349
SOURCE: Sarissa Resources, Inc.
a few 12's sneaking in on MGLG , strong support there..i dont think shots will get his order filled , i hope it does , it just seems unlikely at this point
a quick flip on SRSR...got 15k shares @ .062 unloaded them at .0672 for some lunch money.LOL... it had some really good news, i wanna see where it settles. its a gold stock , i have absolutely no clue how the current economy feels about gold right now..off to lunch , wtf is up with these .0011 trades on magellan? there goes another one..i wish i was the lucky ahole snatching them up..
keep your eyes on bcle its down to .0235 ....this has been an excellent buy area with it usually settling at high .020's later on
Info from Karen at MGLG:
This are the latest figures that I have as of June 3, 2009.
SHARE INFORMATION (06/03/09)
Authorized Shares: 30.0B
O/S Shares: 17.19B
Float: 6.18B
Restricted: 11.01B
Regards,
Karen Willoughby
Investor Relations
866-365-4724
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bill you can see me at the top of the bcle board, just put in a buy @.024 for 41k shares
yes, I see 5000 though, but they do it in 5000 lots. sneaky devils, lol
Good work! Considering when this puppy is on a run it trades over 1.7 billion shares a day, that isn't too bad.Originally Posted by thetree
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