DENVER, Dec. 9, 2010 /PRNewswire/ -- Supatcha Resources Inc. (OTC Bulletin Board: SAEI) ("Supatcha" or the "Company") is pleased to announce the results of the first NI 43-101 compliant resource estimate for the Barlevskoye and Vynohradiv Gold Property. NEOSC Geomin Ltd. (NGL) has completed a mineral resource estimate for the Barlevskoye and Vynohradiv Deposit effective December 6, 2010.
Deposit modeling utilizes assay data from 85 diamond drill holes with a maximum intercept spacing of 56 meters used for the indicated resources. Maximum drill hole intercept for the inferred resources was limited to approximately 100 meters. The resource estimate was prepared by Graig Parham, P.Eng., a principal at NEOSC Geomin Ltd..
The Technical Report identifies, estimates and summarizes the Barlevskoye and Vynohradiv Deposit resources above and below the 150-meter elevation for both the indicated and inferred mineral resource categories.
NGL's deposit model identifies a broad zone of mineralization that extends over a northwest distance of 930 meters and remains open to the east. The mineralization averages approximately 460 meters wide, with the narrowest width of 293 meters located on the more sparsely drilled eastern end of the zone, reaching a maximum width of 540 meters in the western and more densely drilled western portion of the zone. Widths are still open on the remainder of the 930 meter strike length. Mineralization included in the resource extends from surface across the entire zone to a depth of 165 meters on the more sparsely drilled northern end and reaches a depth of 400 to 450 meters on the western half of the zone and remains open at depth.
NGL recommends that the Company's current drilling program within the resource area be continued to both upgrade the quality of the resources to more assured categories and to add internal resources by decreasing drill hole spacing. NGL also recommends drilling to the east to follow the broadly mineralized area and to continue defining the mineralized zone to its northern limit, which is unknown at this time.
Even though gold mineralization in some drill holes has been encountered at a depth in excess of 450 vertical meters beneath the zone containing the resources discussed above, Supatcha is focusing its current drilling on the top 150 meters of mineralization to more quickly and cost effectively develop sufficient resources to bring the Barlevskoye and Vynohradiv Deposit to a production decision at the earliest possible time.
"This initial resource estimate on the Barlevskoye and Vynohradiv Deposit demonstrates that Barlevskoye and Vynohradiv has the potential to be a significant shallow resource and bulk tonnage open pit deposit," said Mr. Andrei B. Yasinskij, Chief Geological Advisor for Supatcha Resources Inc. "This resource does not include the results of our ongoing 20,000 meter drill program which we expect will both add ounces to our resource and demonstrate the continuity of this shallow mineralization. Over the near term, we will continue to accelerate our exploration efforts resulting in an updated and expanded resource calculation in the first quarter of 2011." The Company is releasing assay results as they become available. Supatcha Resources Inc. plans to continue drilling in order to both quickly expand and improve the quality of the existing Barlevskoye and Vynohradiv resource.
Technical information related to the Barlevskoye and Vynohradiv mineral resource estimate contained in this press release has been reviewed and approved by Mr. Graig Parham is an independent Qualified Persons as defined by NI 43-101, with the ability and authority to verify the authenticity and validity of this data.
The technical aspects of this press release has been reviewed and approved by Mr. Andrei B. Yasinskij Chief Geological Advisor for Supatcha Resources Inc., who is the "Qualified Person" as defined by NI 43-101 for this project.
In addition, Supatcha is preparing a series of updates that will be released in the coming weeks as part of its Investor Awareness Program. Updates on the company via news releases, the website, newsletter programs and conference calls will facilitate timely updates to current and potential investors. Investors are encouraged to sign onto the company site and register for the newsletter mailing list, to be included in this program.
About Supatcha Resources Inc. (OTCBB: SAEI)
Supatcha Resources Inc. is a gold exploration company focused on acquiring and developing mineral properties in Ukraine. Supatcha is in the final stages of acquiring two additional gold mining projects, with world-class potential, in southwestern Ukraine.
Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the last reported fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE Supatcha Resources Inc.