OAKVILLE, Ontario, Nov. 14, 2014 /PRNewswire/ -- Sarissa Resources Inc. ("Sarissa" [SRSR:OTCPK], or the "Company") is pleased to announce that it has completed the initial drilling phase of its onsite geology work previously announced as part of its development plan for the Company's Nemegosenda niobium project in Ontario, which is 100% owned by the Company's wholly owned subsidiary, Nio-Star Corp ("Nio-Star").
- The company has completed the initial drilling portion of the verification program announced on September 11, 2014 designed to twin certain of the diamond drill holes that Dominion Gulf Company had completed in 1956. Four holes have been completed in this twinning program (one earlier this year and three completed in the past month) and assay results from the recently drilled holes are expected shortly.
- The Company has retained a technical specialist to complete down hole gyroscopic surveys on the Company's existing drill holes. This work is expected to be completed within the next two weeks.
- Evaluation of the original Dominion Gulf drill cores that were obtained through the Ministry of Northern Development and Mines, identified several unexpected intervals of incomplete core. In light of the missing intervals within the original Dominion gulf cores and to supplement that incomplete data the company elected to also drill a fourth twinned verification hole. This work is expected to provide higher confidence levels for updated niobium resource classifications.
- An industry standard QA/QC program has been implemented for this phase of verification drilling which involved inserting external quality control samples (certified standards, blanks and duplicates) into the drill core samples stream. The company will be reviewing this QA/QC for consistency. As a further QA/QC measure, an outside laboratory will be retained to conduct further verification analyses on approximately 100-150 pulps from the 2009-2010 drilling program for comparison purposes.
- RPA Associates has begun work toward the completion of a mineral resource estimate, Preliminary Economic Assessment, and an updated NI 43-101 Technical Report. The Company expects to have the first of these reports in the near future.
"It is satisfying to be able to complete this milestone on the Company's recently announced development plan. This is the first of many steps the company currently has underway to move the Company's Nemegosenda niobium project forward," said Scott Keevil, Chief Executive Officer of Sarissa.
"This is the first of many milestones the company expects to announce as it continues to make swift progress on its recently announced development plans for Company's wholly owned subsidiary, Nio-Star Corp. Nemegosenda niobium project in Ontario," added Dan Byrnes, President of Sarissa.
Warren Hawkins, P.Eng. is a "qualified person" within the meaning of NI 43-101 and has read and is responsible for the technical information contained in this news release.
About Sarissa Resources Inc.
Sarissa Resources Inc. is a junior exploration company with interests in properties in Northern Ontario, Canada. Sarissa and Nio-Star are specifically focused on the development of the Nemegosenda niobium project as well as the Shining Tree Resources Corp. gold projects. Visit www.sarissaresources.com for additional information.
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 Nio-Star Corp., as well as members of their respective management, in addition to 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 financial results and positions, the ability to compete successfully and the ability to complete above-referenced exploration and testing, as well as business transactions. Neither Sarissa nor Nio-Star undertakes any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
SOURCE Sarissa Resources Inc.