Shoreham Resources Progress Report, Borland Lake Silver Target, Ontario
TORONTO, ONTARIO–(April 16, 2008) – Shoreham Resources Ltd. (TSX VENTURE:SMH) (“Shoreham”), a Canadian based exploration company dedicated to the exploration and advancement of precious metal and polymetallic deposits in South America and Canada, is pleased to announce developments in its winter 2008 program at the Borland Lake Silver target and the Favourable Lake Project, both located in the Red Lake District of Ontario, Canada. Shoreham holds the option to earn an initial 60% interest, and a second stage option to secure an 80% interest, in the Favourable Lake Property through its agreement with Gold Canyon Resources Inc. (TSX VENTURE:GCU). David Bending, M.Sc., P. Geo., is a qualified person pursuant to NI 43-101. Dr. G.H. Cameron, M.Sc., Ph.D., Aus IMM, is a qualified person pursuant to NI-43-101. These Qualified Persons are responsible for the planning, completion and interpretation of the results disclosed in this release.As news released on February 5, 2008 (News Release 2008-01), Shoreham’s field team had collected 11, one-metre diamond saw cut samples (4 outcrops represent a cumulative width of 10 meters, but the sampling is not continuous and the mineralized material continues beyond the sampled intervals). Of the 11 samples previously submitted to the lab for assay, 5 were returned as over limit silver values exceeding the analytical limits of 300 grams per tonne. We are pleased to be able to report these re-assays in the table below.
Sample Meters Au ppb grams/T Pb% Zn%
BLG001 1 1,030 less than 0.3 1.09 0.17
BLG002 1 2,400 1,100.0 1.33 1.96
BLG003 1 1,740 621.0 0.29 1.42
BLG004 1 644 426.0 0.54 0.99
BLG005 1 114 30.5 0.04 0.08
BLG006 1 1,700 130.0 0.14 0.05
BLG007 1 1,150 442.0 0.57 1.60
BLG008 1 113 31.4 0.09 0.12
BLG009 1 6 4.7 0.09 0.12
BLG010 1 608 627.0 0.22 0.16
BLG011 1 910 144.0 0.04 0.03
As can be seen above, results include one-meter intervals ranging in silver concentration from less than 0.3 grams/tonne to 1,100 grams per tonne; gold values range from 6 ppb to 2,400 ppb; lead concentrations from 0.04% to 1.09%; and Zinc concentrations from 0.3% to 1.96%. SGS Laboratory in Red Lake, Ontario, assayed these samples.
Shoreham contracted Quantec Geoscience Ltd. to complete a Titan 24 DCIP and MT survey to aid in the evaluation and exploration of the Borland Lake Silver Mineralized Zone. This survey was completed March 15 2008 and the results are being processed at this time. The program was designed to confirm and define the geometry of the known mineralized shoots and expand the targets. The camp, fuel and supplies for Shoreham’s drilling program were mobilized to a centralized location using the winter roads but mobilization of the drilling program was delayed pending talks with the Sandy Lake First Nation. The company plans to test the targets using air supported drilling when the land use protocols have been finalized with the First Nation. David Bending, President and CEO of Shoreham Resources Ltd., reports; “The Borland Lake Silver target was the main attraction for Shoreham in the Favourable Lake option agreement, and we are excited by the opportunity to proceed with the exploration work in an attempt to validate and expand this important target.”
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President and CEO
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Email: [email protected]