| To: LoneClone who wrote (95214) | 10/1/2012 6:59:00 PM | | From: LoneClone | | | | Work Stoppage at Kutessay II Expires
Press Release: Stans Energy Corp. – 10 hours ago
finance.yahoo.com
TORONTO--(BUSINESS WIRE)--
Robert Mackay, President and CEO of Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the “Company”), reports that, effective as of September 30th, the order from the previous administration of the Kyrgyz State Geological Agency (SGA), to suspend the ongoing field work at Kutessay II through to September 30, 2012, has expired, allowing the company to resume work at its 100% owned heavy rare earth mine, Kutessay II. Please refer to Stans Energy’s press release, dated September 11, 2012, for details on the cited reasons for the work stoppage.
Stans Energy’s Kyrgyz corporate legal team, led by Mr. Temerbek Kenenbaev, and Ms. Mirgul Smanalieva of Partners Law Firm elaborate, “The Law of the Kyrgyz Republic ‘On Mining’ envisages the possibility of suspension of the licence for the right on use of subsoil for a term of three months based on specific cases. However, the licence of Kutisay Mining LLC was suspended for a one month term by the State Geological Agency and Mineral Resources without probable ground. When the Commission on licensing suspended the licence of Kutisay Mining LLC, the Commission did not establish, nor did it provide, any demands regarding the Company. That is why according to the law, in connection with the expiration of the one month term of suspension of the licence of Kutisay Mining LLC, the company’s term of licence is in full effect from October 1, 2012 through to the end of 2029.”
On September 25 2012, a meeting was held in the Ministry of the Economy regarding the interference of secondary players in the mining sector. In his address to those assembled, Prime Minister Zhantoro Satybaldiev stressed the importance of allowing the regulatory system to operate openly and to ensure that the due process of law is fully afforded to foreign investors, “Investors must work within the law. Do not try to solve their problems with a third party, please contact the relevant state agency. We will take measures to get rid of corruption in the industry”
Temir Sariev, the Economic Minister of Kyrgyzstan, further outlined some of the challenges facing the sector and solutions that needed to be implemented to secure future investment, “Our State does not have the necessary financial and technical resources for the development of deposits and we have, so far, no such specialists. Development of the mining industry of our country at this stage is only possible by attracting investment. And the investors will come to our country, when they will be confident in the safety of their financial investments.” He went on further to state, “We need to have as many enterprises in development, which will eventually reduce the influence of the Kumtor project on our economy. The Government knows about the problems of the mining industry and is already taking specific steps and will continue to consistently and systematically work in this direction.”
The new administration of the State Geological Agency, now led by Mr. I. Chunuev, has the mandate to implement these reforms under the new mining laws dated September 17th, 2012. These improvements adhere to the mutual vision of both the President and the new Prime Minister of Kyrgyzstan. Under the country’s new Mining Act, there is no mention of any mandatory gratuitous transfer of ownership to the State Property Fund, or any other public administration. Stans Energy is still open, and ready to negotiate deal with the government in order to help Kutessay II into early production.
Robert Mackay said, “Based on various meetings over the past two weeks, I am encouraged to see that Kyrgyzstan is steadily improving its democratic systems, especially in regards to its methods of dealing with foreign investors. The most important aspect of any parliamentary democracy is the rule of law. Stans Energy has, and always will, meticulously conduct the company's business in such a manner that undeniably satisfies the rule of law within each jurisdiction that it operates. ”
As part of Stans Energy’s ongoing community outreach in support of Kyrgyz social programs, the Board of Directors has approved a yearly allocation 4,000,000 KG Soms ($84,500 CAD approx.) in accordance with guidelines contained in the new mining legislation. These funds will be spent in both of the local communities in which Stans Energy, and its subsidiaries, operate; at the mine site in Aktyuz and in Orlovka, where Kashka Rare Earth Processing (KRP) is located. Stans Energy will be setting up a formal committee to oversee the implementation of this initiative. Priorities will be given to health and education programs that will empower the country’s youth, provide training and employment for those who are able and finally, to provide social assistance to the elderly.
About Stans Energy
Stans Energy Corp. is a resource development company focused on progressing Heavy Rare Earth (HRE) properties in areas of the Former Soviet Union. In December 2009, Stans acquired a 20-year mining license for the past-producing Kutessay II rare earth mine from the Kyrgyz Republic. On May 26, 2011 Stans completed the purchase of the Kashka Rare Earth Processing Plant (KRP) the same plant that previously refined REEs historically from Kutessay II. The KRP was the only hard rock plant to produce all rare earth elements outside of China, producing 120 different metals, alloys, and oxides. For over 30 years, Kutessay II produced 80% of the rare earth metals for the former Soviet Union.
We seek safe harbour.
FORWARD LOOKING STATEMENTS: This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, use of proceeds from the Offering, the completion of the Offering, the continued advancement of the company's general business development, research development and the company's development of mineral exploration projects. When used in this press release , the words “will”, “shall”, "anticipate", "believe", "estimate", "expect", "intent", "may", "project", "plan", "should" and similar expressions may identify forward-looking statements. Although Stans Energy Corp. believes that their expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statement. Important factors that could cause actual results to differ from these forward-looking statements include the potential that fluctuations in the marketplace for the sale of minerals, the inability to implement corporate strategies, the ability to obtain financing and other risks disclosed in our filings made with Canadian Securities Regulators.
Contact:
Contact Details
Stans Energy Corp
Robert Mackay, 647-426-1865
President & CEO
robert@stansenergy.com
or
The Buick Group
Jonathan Buick, 416-915-0915
jbuick@buickgroup.com
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| To: LoneClone who wrote (95215) | 10/1/2012 7:03:03 PM | | From: LoneClone | | | | Rye Patch Updates Gold Exploration Along the Cortez Trend
Press Release: Rye Patch Gold Corp. – 9 hours ago
finance.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct 1, 2012) - Rye Patch Gold Corp. (TSX VENTURE:RPM)( RPMGF)( 5TN.F) (the "Company") announces an exploration update for Rye Patch Gold US Inc.'s exploration projects along the prolific Cortez gold trend in north-central Nevada.
HIGHLIGHTS:
The core drilling program at the Garden Gate Pass (GGP) project, and the reverse circulation drilling at the Patty project commenced in late September; Drilling at GGP is targeting the strike extension of Barrick's Goldrush gold deposits; and At Patty, the drill is aimed at a Carlin-style target and structural project of the Cortez trend where historic drilling cut 102 metres grading 0.32 g/t gold. In June, three pre-collar drillholes were completed and casing set on the GGP project. Now, a core drill is occupying the pre-collars and will complete the drillholes to their designed target depth. Initially, two drillholes are planned on the eastern target zone which is on strike of Barrick's newly announced Goldrush gold deposit. Barrick has completed geophysical surveys including 3D seismic along the northern and eastern boundary of GGP project northward toward the Goldrush deposit. At the western target, one core is planned to assess the Company's geologic interpretation of ore controlling structures from the Cortez Hill's gold mine located 10 kilometres to the north.
At Patty, drills are testing geologic environs similar to Barrick's new discoveries located 12 kilometres to the north as well as determining strike and depth extension of the existing gold deposit located on the project. The Western Rift target lies along the western margin of the Northern Nevada Rift (NNR) within a similar geologic environment as Barrick's new gold deposit. In 2005, Placer Dome drilled gold in Devonian carbonate rocks along the western margin of the NNR. Drillhole PIR05-010 intersected 102 metres grading 0.32 g/t gold including 1.5 metres grading 4.16 g/t gold. Follow up drilling focused along the east-northeast oriented OS fault system. The gold intercept in PIR05-010 may have new significance given the new discovery at Barrick's Goldrush deposit. The geologic setting and host lithologies are similar and mineralization could be associated with a north-south trending structural zone along the western margin of the NNR. The historic gold intercepted is open to the north and south.
The second area has a near surface gold anomaly within siliciclastic units of the upper plate. Past drilling shows the gold zone has expansion potential to the north and east and at depth within favorable lower plate carbonates. Drilling is specifically targeting the lower plate carbonates at the structural intersections beneath the Simpson Park thrust fault.
"Rye Patch Gold US Inc.'s holdings along the Oreana and Cortez trends continue to add significant value to the Company. The recently updated gold and silver resources announced at Wilco and Lincoln Hill underpin our value and have optionality on the gold and silver price while the exceptional upside potential along the Cortez gold trend allows for substantial value creation for our stakeholders," commented William C. Howald, President and CEO of Rye Patch Gold Corp.
A total of 3,000 metres is planned for GGP and 4,000 metres is planned at Patty. The drilling programs should be completed by late October. The Patty drilling program meets Rye Patch Gold US Inc.'s first anniversary work commitment obligation.
Rye Patch Gold US Inc. maintains a strict quality control program at all of its projects. All reverse circulation and split core samples are submitted to American Assay with prep-blanks, assay blanks, and gold and silver standards. Rye Patch Gold US Inc. inserts approximately one quality control or quality assurance sample for every twenty samples submitted to the assay laboratory. The RC chips and whole core are logged and photographed on site. American Assay collects the samples and transports them to their preparation and analytical facility located in Reno, Nevada or Elko, Nevada. Gold analyses are conducted on 1-assay ton prepped samples with gold determined using industry standard fire assay methods with an atomic absorption finish. Gold values above 10 g/t gold (over limits) are confirmed using fire assay with a gravimetric finish. Silver is analyzed using a two- or four-acid digestion and an AA finish. Silver values over 100 g/t silver are re-analyzed using volumetric dissolution.
Mr. William Howald, AIPG Certified Professional Geologist #11041, Rye Patch Gold's CEO and President, is a Qualified Person as defined under National Instrument 43-101. He has verified the information contained in, and has reviewed and approved the contents of, this news release.
The Company is a Tier 1, Nevada-focused and discovery-driven company seeking to build a sizeable inventory of gold and silver resource assets in the mining friendly state of Nevada, USA. The Company's seasoned management team is engaged in the acquisition, exploration, and development of quality resource-based gold and silver projects. Rye Patch Gold US Inc. is developing gold and silver resources along the emerging Oreana trend, located in west-central Nevada, and is exploring 66 square kilometres along the Cortez trend near Barrick's two new gold discoveries. The Company has established gold and silver resource milestones and time frames in order to build a premier resource development company. For more information about the Company, please visit our website at www.ryepatchgold.com.
On behalf of the Board of Directors
William C. (Bill) Howald, CEO & President
This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds, the financial position of Rye Patch to pursue legal undertakings; the outcome of legal action relating to the Rochester property and the LH unpatented claims, the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions. Litigation is inherently uncertain and factors that could cause actual results to differ materially from those in forward-looking statements include unexpected judicial findings of fact, previously unknown facts arising, and decisions which depart from past legal precedent and similar events.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Contact:
Rye Patch Gold Corp.
(604) 638-1588
(604) 638-1589
info@ryepatchgold.com
www.ryepatchgold.com |
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| To: LoneClone who wrote (95216) | 10/1/2012 8:01:39 PM | | From: LoneClone | | | | Corvus Gold Begins Follow-up Drilling at the Yellow Jacket High-Grade Gold Target, North Bullfrog, Nevada
Press Release: Corvus Gold Inc. – 6 hours ago
finance.yahoo.com
Figure 1: Geological map showing the area of the recently completed 3D IP survey and structures that have now been …
VANCOUVER , Oct. 1, 2012 /CNW/ - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) announces the start of its follow up drill program on the high-grade gold target at Yellow Jacket on its North Bullfrog project in Nevada. The program will target the down dip extension of core zone mineralization that was intersected in the Company's recent hole NB12-138 (4.3 metres at 20.0 g/t gold and 1,519 g/t silver).
Results from a recently completed 3D IP geophysical survey at North Bullfrog has provided important targeting information for follow up drilling. In addition to targets at Yellow Jacket, results have highlighted a number of other highly favourable structural zones with high-grade potential on the property (Figure 1). In addition, this survey has further defined favourable areas for the expansion of the bulk tonnage deposits in the North Area. The drilling program will begin with one diamond core rig and expand when new permits are received at the end of the year.
Jeff Pontius , Corvus Gold CEO states: "Follow-up drilling is opening up an exciting new value component for the project and our Company as a whole. The new high-grade targeting information has identified a number of highly encouraging targets that indicate expansion potential of both high-grade and bulk tonnage mineralization outside the current defined area."
Yellow Jacket Target
The Yellow Jacket target is associated with an intensely fractured, deep seated north-south trending fault zone. This zone hosts a variety of vein related high-grade gold and silver mineralization with a large surrounding, low-grade, disseminated zones. There are two important types of veins. Single stage quartz veins with pyrite have been encountered in holes NB-12-126 (5.7 metres of 6.56 g/t gold and 9.94 g/t silver) and NB-12-127 (7.7 metres of 2.43 g/t gold and 11.31 g/t silver) while more complex silicified hydrothermal breccias with fragments of banded colloform quartz were encountered in hole NB-12-138 (4.3 metres of 20.0 g/t gold and 1,519 g/t silver). Analysis of vein textural variations together with variations in clay mineralogy is helping to unravel the mechanics of this kilometer long structural zone that hosts significant high-grade mineralization. The follow up drill program will initially focus on expanding and defining the geometry of the core zone mineralization but will then begin to look at other high priority targets in the District.
District High-Grade Potential
Surface sampling, drilling and the new geophysical study have highlighted several high potential areas for both expansions of the current oxide heap leach resource and undiscovered high-grade systems. Historically several high-grade vein systems where mined at the turn of the century in the North Bullfrog District with similarities to the veins mine by Barrick Gold in the 1990's at the Bullfrog Mine 8 kilometres south. New priority high-grade targets have been identified at the Road Fault, West Sierra Blanca and West Savage Valley which will be tested following the next phase of Yellow Jacket drilling. In addition, targeting work is ongoing in the Mayflower area to follow up the new high-grade, banded adularia vein discovery (NB-12-141 with 1.1 metres of 6.85 g/t gold and 1.9 g/t silver).
New 3D Induced Polarization Geophysical Survey
The 3D induced polarization survey, conducted by SJ Geophysics, was designed to provide information about the structure and alteration around the North Area deposits. The survey consisted of 36 line kilometres which has provided 3D coverage over an area of 5.6km². The primary objective of the survey was to define the locations of key structures related to high-grade vein type mineralization, particularly in the Yellow Jacket area. In addition the survey has mapped key stratigraphic controls and alteration associated with the large bulk tonnage deposits in the area. The final 3D inversion was received in mid-September and the data has played an important role in the targeting of follow-up drilling programs for both the high-grade program and the extension of existing oxide heap leach resources
About the North Bullfrog Project, Nevada
Corvus controls 100% of its North Bullfrog Project, which covers approximately 43 km² in southern Nevada just north of the historic Bullfrog gold mine formerly operated by Barrick Gold. The property package is made up of a number of leased patented federal mining claims and 461 federal unpatented mining claims. The project has excellent infrastructure, being adjacent to a major highway and power corridor. The Company and its independent consultants completed a robust positive Preliminary Economic Assessment on the existing resource in February 2012 .
The project currently includes numerous prospective gold targets with four (Mayflower, Sierra Blanca , Jolly Jane and Connection) containing an NI 43-101 compliant estimated Indicated Resource of 15 Mt at an average grade of 0.37 g/t gold for 182,577 ounces of gold and an Inferred Resource of 156 Mt at 0.28 g/t gold for 1,410,096 ounces of gold (both at a 0.2 g/t cutoff), with appreciable silver credits. Mineralization occurs in two primary forms: (1) broad stratabound bulk-tonnage gold zones such as the Sierra Blanca and Jolly Jane systems; and (2) moderately thick zones of high-grade gold and silver mineralization hosted in structural feeder zones with breccias and quartz-sulphide vein stockworks such as the Mayflower and Yellowjacket targets. The Company is actively pursuing both types of mineralization.
A video of the North Bullfrog project showing location, infrastructure access and 2010 winter drilling is available on the Company's website at corvusgold.com.
Qualified Person and Quality Control/Quality Assurance
Jeffrey A. Pontius (CPG 11044), a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information (other than the resource estimate) that form the basis for this news release and has approved the disclosure herein. Mr. Pontius is not independent of Corvus, as he is the CEO and holds common shares and incentive stock options.
Mr. Gary Giroux , M.Sc., P. Eng (B.C.), a consulting geological engineer employed by Giroux Consultants Ltd., has acted as the Qualified Person, as defined in NI 43-101, for the Giroux Consultants Ltd. mineral resource estimate. He has over 30 years of experience in all stages of mineral exploration, development and production. Mr. Giroux specializes in computer applications in ore reserve estimation, and has consulted both nationally and internationally in this field. He has authored many papers on geostatistics and ore reserve estimation and has practiced as a Geological Engineer since 1970 and provided geostatistical services to the industry since 1976. Both Mr. Giroux and Giroux Consultants Ltd. are independent of the Company under NI 43-101.
The work program at North Bullfrog was designed and supervised by Russell Myers (CPG 11433), President of Corvus, and Mark Reischman, Corvus Nevada Exploration Manager, who are responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project log and track all samples prior to sealing and shipping. Quality control is monitored by the insertion of blind certified standard reference materials and blanks into each sample shipment. All resource sample shipments are sealed and shipped to ALS Chemex in Reno, Nevada, for preparation and then on to ALS Chemex in Reno, Nevada, or Vancouver , B.C., for assaying. ALS Chemex's quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025:1999. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Finally, representative blind duplicate samples are forwarded to ALS Chemex and an ISO compliant third party laboratory for additional quality control. McClelland Laboratories Inc. prepared composites from duplicated RC sample splits collected during drilling. Bulk samples were sealed on site and delivered to McClelland Laboratories Inc. by ALS Chemex or Corvus personnel. All metallurgical testing reported here was conducted or managed by McClelland Laboratories Inc.
About Corvus Gold Inc.
Corvus Gold Inc. is a resource exploration company, focused in Nevada, Alaska and Quebec , which controls a number of exploration projects representing a spectrum of early-stage to advanced gold projects. Corvus is focused on advancing its 100% owned Nevada, North Bullfrog project towards a potential development decision and continuing to explore for new major gold discoveries. Corvus is committed to building shareholder value through new discoveries and leveraging noncore assets via partner funded exploration work into carried and or royalty interests that provide shareholders with exposure to gold production.
On behalf of
Corvus Gold Inc.
(signed) Jeffrey A. Pontius
Jeffrey A. Pontius,
Chairman and Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the potential for any mining or production at North Bullfrog, the potential for the identification of multiple deposits at North Bullfrog, the potential for a low-cost run-of-mine heap leach operation at North Bullfrog, the potential for there to be a low strip ratio in connection with any mine at North Bullfrog, the potential for the existence or location of additional high-grade veins, the proposed completion of a PEA for the North Bullfrog project, the potential for additional resources to be located between certain of the existing deposits, the potential for the Company to secure or receive any royalties in the future, business and financing plans and business trends, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company's latest interim Management Discussion and Analysis and filed with certain securities commissions in Canada. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
Cautionary Note Regarding References to Resources and Reserves
National Instrument 43 101 - Standards of Disclosure for Mineral Projects ("NI 43-101") is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all resource estimates contained in or incorporated by reference in this press release have been prepared in accordance with NI 43-101 and the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resource and Mineral Reserves, adopted by the CIM Council on November 14, 2004 (the "CIM Standards") as they may be amended from time to time by the CIM.
United States shareholders are cautioned that the requirements and terminology of NI 43-101 and the CIM Standards differ significantly from the requirements and terminology of the SEC set forth in the SEC's Industry Guide 7 ("SEC Industry Guide 7"). Accordingly, the Company's disclosures regarding mineralization may not be comparable to similar information disclosed by companies subject to SEC Industry Guide 7. Without limiting the foregoing, while the terms "mineral resources", "inferred mineral resources", "indicated mineral resources" and "measured mineral resources" are recognized and required by NI 43-101 and the CIM Standards, they are not recognized by the SEC and are not permitted to be used in documents filed with the SEC by companies subject to SEC Industry Guide 7. Mineral resources which are not mineral reserves do not have demonstrated economic viability, and US investors are cautioned not to assume that all or any part of a mineral resource will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility study or prefeasibility study, except in rare cases. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant "reserves" as in-place tonnage and grade without reference to unit amounts. The term "contained ounces" is not permitted under the rules of SEC Industry Guide 7. In addition, the NI 43-101 and CIM Standards definition of a "reserve" differs from the definition in SEC Industry Guide 7. In SEC Industry Guide 7, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally extracted or produced at the time the mineral reserve determination is made, and a "final" or "bankable" feasibility study is required to report reserves, the three-year historical price is used in any reserve or cash flow analysis of designated reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority.
Caution Regarding Adjacent or Similar Mineral Properties
This news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises US investors that the mining guidelines of the US Securities and Exchange Commission (the "SEC") set forth in the SEC's Industry Guide 7 ("SEC Industry Guide 7") strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States .
Image with caption: "Figure 1: Geological map showing the area of the recently completed 3D IP survey and structures that have now been highlighted as potential high grade systems. The survey has confirmed the geological continuity of the bulk tonnage alteration system which will help expansion of the resource under cover. (CNW Group/Corvus Gold Inc.)". Image available at: photos.newswire.ca
SOURCE: Corvus Gold Inc.
Contact:
Ryan Ko
Investor Relations
Email: info@corvusgold.com
Phone: 1-888-770-7488 (toll free) or (604) 638-3246 / Fax: (604) 408-7499
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| To: LoneClone who wrote (95217) | 10/1/2012 8:54:16 PM | | From: LoneClone | | | | Heatherdale signs Memorandum of Understanding on preferred infrastructure site for the Niblack Project
Press Release: Heatherdale Resources Ltd. – 6 hours ago
finance.yahoo.com
VANCOUVER , Oct. 1, 2012 /CNW/ - Heatherdale Resources Ltd. ("Heatherdale" or the "Company") ( HTR.V) announces that the Company has recently signed a Memorandum of Understanding ("MOU") with the Ketchikan Gateway Borough to assess the Gravina Island Industrial Complex as an infrastructure site for its 100% owned Niblack Copper-Gold-Zinc-Silver Project in southeast Alaska. Gravina Island is the preferred option of the potential sites for a mill and tailings facility for the Niblack Project.
This MOU between the Ketchikan Gateway Borough and Heatherdale's Alaskan subsidiary, Niblack Project LLC ("Niblack LLC"), provides the basis for the parties to work cooperatively to further assess the suitability of the Gravina Island location. The MOU allows Niblack LLC to undertake a broad range of investigations to evaluate whether the site is both an acceptable and preferred location for siting such facilities. The investigations will include environmental, socio-economic, technical, financial, and engineering studies. Consultation with local residents, land and business owners, and government will also occur. At the same time the MOU provides for the Ketchikan Gateway Borough to fully investigate issues relating to public safety, environmental protection and responsible resource use before entering into any development agreement with Niblack LLC, and to broadly consult with local communities and other stakeholders before decisions are made. It also gives the Borough an opportunity to better evaluate the positive economic and job related benefits that the Niblack Project would bring to the community. This work would be in addition to established assessments by state and federal agencies that would occur prior to any project development.
President and CEO Patrick Smith said: "Building working relationships with local communities, governments and businesses is an important measure of our progress on this project. Thus, we are very pleased to have established this MOU to begin on-the-ground assessments of infrastructure sites. We will continue to work with the Ketchikan Gateway Borough and other local communities in southeast Alaska, especially those on Prince of Wales Island, to find the best ways to advance the Niblack Project."
Update on 2012 Site Program
Heatherdale has also advanced with resource delineation at the Niblack Project in 2012. A 15,000 foot surface drilling program began in July and as a result of mineralized zones encountered at Trio, work has been focused on that deposit. Drilling is currently wrapping up at site, with initial assay results to be released over the coming weeks.
About the Niblack Project
Heatherdale's 100%-owned Niblack Project hosts volcanogenic massive sulphide ("VMS") mineralization within a folded sequence of felsic volcanic rocks that extends for some six miles across the property. Exploration activity, including excavation of an exploration adit and extensive surface and underground drilling has identified six mineralized zones and established significant mineral resources in the Lookout and Trio deposits that laid the foundation for engineering studies that began last year.
Located at tidewater on Prince of Wales Island, Niblack is approximately 27 miles (44 km) from Ketchikan, a community of 8000 people with important services to support project development, including a deep water port and international airport. The State's burgeoning minerals industry also enjoys a competitive tax regime and stable, predictable permitting and regulatory oversight coordinated by the Alaska Department of Natural Resources' 'Large Mine Permitting Team'.
Currently the Lookout and Trio deposits comprise 5.6 million tonnes of indicated resources grading 0.95% copper, 1.75 g/t gold, 1.73% zinc, 29.52 g/t silver plus 3.4 million tonnes of inferred resources grading 0.81% copper, 1.32 g/t gold, 1.29% zinc, 20.10 g/t silver, at a US$50 net smelter return (NSR) cut off. Within the indicated resource, there is a continuous high grade zone which, at a US$150 NSR cut off, comprises 1.2 million tonnes grading 1.71% copper, 3.21 g/t gold, 3.83% zinc, 62.68 g/t silver. In addition to the open extensions of the Trio and Lookout deposits, only one quarter of the extent of the prospective horizon has been drilled so there is excellent potential to discover additional VMS deposits and substantially increase the mineral resources at Niblack.
About Heatherdale
Heatherdale Resources Ltd. is a Vancouver-based exploration and development company focused on advancing its high-grade mine development opportunity at the Niblack Project. It also holds a 60% interest, with the option to acquire 100% in the mid-stage Delta copper-lead-zinc-gold-silver project, located in east-central Alaska. Heatherdale is associated with the Hunter Dickinson group, which has a track record of successful mineral exploration and development projects around the world.
Mark Rebagliati, P. Eng., a Qualified Person as defined under National Instrument 43-101, is supervising the exploration and quality assurance and quality control programs on behalf of Heatherdale and has reviewed the content of this release.
On behalf of the Board of Directors
Patrick Smith
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
Information Concerning Estimates of Indicated and Inferred Resources
This news release uses the terms "indicated resources" and "inferred resources". Heatherdale advises investors that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission does not recognize them. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, "inferred resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for Preliminary Assessment as defined under 43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.
________________________________________
1 Net Smelter Return (NSR) cutoff uses long-term metal forecasts: gold US$1150/oz, silver US$20.00/oz, copper US$2.50/lb, and zinc US$1.00/lb; Recoveries (used for all NSR calculations) to Cu concentrate of 95% Cu, 56% Au and 53% Ag with payable metal factors of 96.5% for Cu, 90.7% for Au, and 89.5% for Ag; to Zn concentrate of 93% Zn, 16% Au, and 24% Ag with payable metal factors of 85% for Zn, 80% for Au and 20% for Ag. For further details see Heatherdale News Release dated November 29 2011.
SOURCE: Heatherdale Resources Ltd.
Contact:
For further details on Heatherdale Resources Ltd., please visit the website at www.heatherdaleresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.
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| To: LoneClone who wrote (95218) | 10/1/2012 8:56:48 PM | | From: LoneClone | | | | Riverstone Discovers New Mineralized Zone at Kao
Press Release: Riverstone Resources Inc. – 13 hours ago
finance.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct 1, 2012) - Riverstone Resources Inc. (TSX VENTURE:RVS)( RVREF)( 3RV.F) ("Riverstone" or the "Company") is pleased to report results from seventy-one reverse circulation ("RC") drill holes adjacent to the 100% owned Kao exploration permit ("Kao") deposit, which forms part of the Company's flagship Karma Gold Project in Burkina Faso, West Africa (the "Karma Project"). These holes were drilled to explore for new mineralized zones similar to that discovered at Kao, and lying to the north, north-east and south of the main deposit area (see map on the Riverstone website for the location of the holes: riverstoneresources.com
Significant assay intervals in these RC holes include:
For the south extension area:
1.80 g/t Au over 8 m in RC-325 1.58 g/t Au over 10 m in RC-336 1.20 g/t Au over 26 m in RC-265 1.05 g/t Au over 14 m in RC-269 16.0 g/t Au over 2 m in RC-282 3.94 g/t Au over 2 m in RC-279 For the north-east reconnaissance area:
3.67 g/t Au over 2 m and 1.16 g/t over 2 m in RC-297 1.38 g/t Au over 2 m and 0.90 g/t over 10 m in RC-308 0.96 g/t Au over 6 m including 1.72 g/t over 2 m in RC-216 0.75 g/t Au over 10 m including 1.48 g/t over 4 m in RC-215 Mineralization in the main Kao deposit now extends over 1,500 metres in a northeast-southwest direction and at least 900 metres down-dip to the east. The recent drilling to the south has extended the mineralized zone by about 100 metres. The Kao deposit is remains open in all directions.
Drilling to the north and north-east of the main deposit was widely spaced, and was more reconnaissance in nature. A newly defined zone of mineralization occurs some 500 metres east of the northern extent of the main Kao deposit as presently understood. Several of the holes within this 300 metre by 300 metre area returned shallow intersections of material in excess of the presently projected cut-off grade for oxide material. Further drilling will be completed to expand and define this new zone.
"We are very pleased with the discovery of the new mineralized zone as the size of the Kao deposit continues to grow," commented Dwayne L. Melrose, President and CEO of Riverstone. "We have not yet found the limits of the Kao deposit and there is very good potential to expand the mineralization to the north as the gold in soil anomaly extends 4 kilometres further to the north. We expect to have these results reflected in the upcoming resource update, slated to be available for released this quarter."
A more complete summary of results in these drill holes is presented in the following table:
| Hole number | Interval (metres) | Intercept | Average | | | From | To | (metres) | Grade (g/t Au) | | | | | | | | Holes drilled within and to the south of the main Kao deposit: | | | | | | | | KAO-12-RC-265 | 132 | 158 | 26 | 1.20 | | | | | | | | KAO-12-RC-269 | 70 | 84 | 14 | 1.05 | | | | | | | | KAO-12-RC-270 | 148 | 150 | 2 | 2.84 | | and | 202 | 206 | 4 | 1.00 | | | | | | | | KAO-12-RC-271 | 18 | 20 | 2 | 0.69 | | | | | | | | KAO-12-RC-272 | 36 | 38 | 2 | 1.14 | | and | 154 | 156 | 2 | 1.21 | | | | | | | | KAO-12-RC-274 | 164 | 166 | 2 | 0.51 | | | | | | | | KAO-12-RC-275 | 140 | 146 | 6 | 0.44 | | | | | | | | KAO-12-RC-276 | 132 | 134 | 2 | 0.73 | | | | | | | | KAO-12-RC-277 | 58 | 60 | 2 | 1.10 | | | | | | | | KAO-12-RC-279 | 64 | 66 | 2 | 3.94 | | | | | | | | KAO-12-RC-280 | 14 | 18 | 4 | 2.56 | | and | 116 | 122 | 6 | 1.01 | | and | 162 | 172 | 10 | 0.85 | | | | | | | | KAO-12-RC-282 | 182 | 184 | 2 | 16.0 | | | | | | | | KAO-12-RC-284 | 32 | 42 | 10 | 1.15 | | and | 102 | 114 | 12 | 0.67 | | and | 144 | 158 | 14 | 0.70 | | | | | | | | KAO-12-RC-285 | 116 | 122 | 6 | 1.25 | | | | | | | | KAO-12-RC-312 | 56 | 58 | 2 | 3.03 | | | | | | | | KAO-12-RC-314 | 102 | 114 | 12 | 0.56 | | | | | | | | KAO-12-RC-316 | 82 | 116 | 34 | 0.50 | | | | | | | | KAO-12-RC-317 | 82 | 86 | 4 | 0.93 | | | | | | | | KAO-12-RC-320 | 102 | 104 | 2 | 0.58 | | | | | | | | KAO-12-RC-322 | 48 | 50 | 2 | 1.92 | | and | 148 | 162 | 14 | 0.69 | | | | | | | | KAO-12-RC-323 | 74 | 90 | 16 | 0.57 | | and | 156 | 168 | 12 | 0.53 | | and | 174 | 176 | 2 | 1.33 | | | | | | | | KAO-12-RC-325 | 116 | 124 | 8 | 1.80 | | and | 124 | 130 | 6 | 0.57 | | | | | | | | KAO-12-RC-332 | 42 | 44 | 2 | 0.72 | | | | | | | | KAO-12-RC-333 | 16 | 18 | 2 | 1.81 | | | | | | | | KAO-12-RC-336 | 90 | 100 | 10 | 1.58 | | | | | | | | KAO-12-RC-340 | 106 | 112 | 6 | 0.85 | | | | | | | | KAO-12-RC-341 | 106 | 110 | 4 | 0.70 | | | | | | | | KAO-12-RC-344 | 20 | 24 | 4 | 0.56 | | and | 112 | 116 | 4 | 0.53 | | | | | | | | KAO-12-RC-345 | 46 | 52 | 6 | 0.82 | | | | | | | | KAO-12-RC-371 | 0 | 2 | 2 | 2.96 | | | | | | | | KAO-12-RC-372 | 166 | 186 | 10 | 0.68 | | | | | | | | KAO-12-RC-374 | 150 | 152 | 2 | 2.51 | | | | | | | | KAO-12-RC-377 | 102 | 104 | 2 | 1.54 | | | | Holes drilled north and north-east of the main Kao deposit: | | | | | | | | KAO-10-RC-215 | 42 | 52 | 10 | 0.75 | | including | 48 | 52 | 4 | 1.48 | | | | | | | | KAO-10-RC-216 | 116 | 122 | 6 | 0.96 | | including | 116 | 118 | 2 | 1.72 | | | | | | | | KAO-10-RC-218 | 24 | 30 | 6 | 0.68 | | | | | | | | KAO-10-RC-219 | 114 | 116 | 2 | 0.84 | | | | | | | | KAO-12-RC-292 | 26 | 30 | 4 | 1.62 | | | | | | | | KAO-12-RC-293 | 64 | 70 | 6 | 0.54 | | | | | | | | KAO-12-RC-294 | 44 | 54 | 10 | 0.55 | | | | | | | | KAO-12-RC-295 | 44 | 46 | 2 | 0.83 | | | | | | | | KAO-12-RC-296 | 24 | 32 | 8 | 0.48 | | | | | | | | KAO-12-RC-297 | 66 | 68 | 2 | 1.16 | | and | 118 | 120 | 2 | 3.67 | | | | | | | | KAO-12-RC-298 | 86 | 90 | 4 | 0.48 | | | | | | | | KAO-12-RC-299 | 22 | 24 | 2 | 0.64 | | and | 72 | 76 | 4 | 0.53 | | | | | | | | KAO-12-RC-300 | 34 | 38 | 4 | 0.58 | | | | | | | | KAO-12-RC-301 | 102 | 108 | 6 | 0.73 | | and | 128 | 130 | 2 | 1.18 | | | | | | | | KAO-12-RC-304 | 34 | 36 | 2 | 0.66 | | | | | | | | KAO-12-RC-305 | 52 | 54 | 2 | 0.58 | | | | | | | | KAO-12-RC-308 | 96 | 100 | 4 | 0.59 | | and | 130 | 140 | 10 | 0.90 | | and | 146 | 148 | 2 | 1.38 | Notes: Interpreted true thicknesses for these intercepts are between 90 and 100 percent, based on the geometry of the main deposit. The following drill holes returned no significant intercepts: RC-273, 286, 287, 306, 309, 328, 329, 337, 369, 370, 373, 375, 376, 378, and 387, RC-217, 221, 252, 302, 303, and 307.
Riverstone is active in Burkina Faso, West Africa, where it holds a portfolio of four high quality exploration projects covering in excess of 2,000 square kilometres. The Company's flagship project is the Karma Project, which comprises a NI 43-101 compliant in-pit Whittle indicated resource of 1.6 million ounces of gold in 47.3 million tonnes grading 1.1 g/t gold and an inferred resource of 0.6 million ounces of gold in 18.9 million tonnes grading 0.93 g/t gold (see Company's news release dated January 9, 2012 and NI 43-101 Technical Report titled, "Technical Report and Resource Estimate on the Karma Project, Burkina Faso, West Africa" filed on SEDAR ( www.sedar.com) February 23, 2012). Since the data cut-off for the resource estimation, the Company has completed in excess of an additional 85,000 metres of drilling on the Karma Project, and it is expected that the results of this drilling will add to the overall resource of the Karma Project deposits for which a new resource estimate is expected to be released this quarter. The results of a Preliminary Economic Assessment have recently been released (see Company news release dated August 20, 2012 and NI 43-101 Technical Report titled, "Preliminary Economic Assessment Report for the Karma Project, Burkina Faso, West Africa", with an effective date of August 2, 2012, filed on SEDAR ( www.sedar.com) September 17, 2012), highlighting the Karma Project to be a robust project.
Riverstone maintains a quality control program involving the use of repeat assays, inserted blanks and the use of certified standards from an accredited Canadian laboratory. All samples were prepared at the independent Abilab Burkina SARL laboratory in Ouagadougou, Burkina Faso, West Africa (part of the ALS Chemex Group), and assayed using standard fire assay with an atomic absorption finish, with samples grading over one gram per tonne gold re-assayed with a gravimetric finish, either in Burkina Faso or at the ALS Chemex facility in North Vancouver, British Columbia, Canada.
Addition information about the Company and its activities may be found on the Company's website at www.riverstoneresources.com and under the Company's profile at www.sedar.com.
ON BEHALF OF THE BOARD
Dwayne L. Melrose, President & CEO
Paul G. Anderson, M.Sc., P.Geo., the Company's Vice-President, Exploration, is the Company's Qualified Person for the purposes of National Instrument 43-101 and has reviewed and approved the technical contents of this release.
Certain statements made and information contained in this news release and elsewhere constitutes "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking statements are based on certain assumptions and are subject to risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, with respect to statements regarding the updated resources estimate, the assumptions set forth in this news release and in the Company's news releases of January 9, 2012, August 20, 2012 and risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development results will not be consistent with the Company's expectations, accidents, equipment breakdowns, risk of undiscovered, title defects and surface access, labour disputes, the potential for delays in exploration and permitting activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, political risk and other risks and uncertainties, including those described under Risk Factors in each management discussion and analysis and in the Company's annual information form which are available under the Company's profile at www.sedar.com. Forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment within Burkina Faso will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
This news release may use the terms "measured", "indicated" and "inferred" as these terms are defined under Canada's National Instrument 43.101. U.S. Investors are advised that, while such terms are recognized and required by Canadian regulations, they are not recognized by the United States Securities and Exchange Commission ("SEC") and may not be comparable to similar information for United States mining or exploration companies. As such, certain information contained on this news release concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the SEC. U.S. investors are cautioned not to assume that any part or all of the mineral deposits described in these categories will ever be converted into proven or probable reserves, as defined in the SEC's Industry Guide No. 7.
Contact:
Riverstone Resources Inc. - Vancouver Office
Dwayne Melrose
President
604-801-5020
info@riverstoneresources.com
Riverstone Resources Inc.
Don Mosher
Corporate Development
604-685-6465
Riverstone Resources Inc.
Raju Wani
Investor Relations
403-240-0555
Riverstone Resources Inc.
Ron Cooper
Investor Relations
604-986-0112
www.riverstoneresources.com |
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| To: LoneClone who wrote (95219) | 10/1/2012 8:59:41 PM | | From: LoneClone | | | | Frontier Rare Earths Provides Update on Joint Venture With Korea Resources Corporation
Press Release: Frontier Rare Earths Ltd. – 3 hours ago
finance.yahoo.com
Negotiations at Advanced Stage on Significant Expansion of Strategic Partnership Agreement
TORONTO , Oct. 1, 2012 /CNW/ - Frontier Rare Earths Limited ( FRO.TO) ("Frontier" or the "Company") today provided an update on its strategic joint venture with Korea Resources Corporation ("Kores"), which is designed to advance the development of Frontier's Zandkopsdrift rare earth project. Kores is a Korean Government-owned mining and natural resource investment company and has a mandate to ensure that Korean industry has access to strategically important mineral resources.
Background
In December 2011 Frontier and Kores signed a definitive strategic partnership agreement to advance the development of Frontier's Zandkopsdrift rare earth element project ("Zandkopsdrift") in South Africa (the "Strategic Agreement"). Under the terms of the Strategic Agreement, Kores agreed to acquire an initial 10% interest in Zandkopsdrift, along with off-take rights for 10% of the rare earth production from Zandkopsdrift. The purchase price of the 10% interest in Zandkopsdrift is C$23.78m. As from 3 July, 2012 , Kores has also been responsible for a 10% share of all operating costs and expenses related to the development of Zandkopsdrift.
Under the Strategic Agreement Kores has options to acquire a further 10% interest in Zandkopsdrift and a 10% interest in Frontier following completion of a Definitive Feasibility Study. These options, if exercised, would give Kores off-take rights for a total 31% of rare earth production from Zandkopsdrift.
Expanded Strategic Partnership Agreement
In August 2012 Kores approached Frontier with a proposal to significantly increase its potential interest in Zandkopsdrift and its involvement in the financing, development and operation of the proposed rare earth mining and processing operations. This proposal, which the board of Frontier considers to be of potentially significant benefit to the Company, has been the subject of extensive discussions and negotiations between Frontier and Kores. These discussions are now at an advanced stage and the Company expects them to be concluded in October 2012 .
As a result of this development and the extensive involvement of both the Frontier and Kores management teams in negotiations, Kores has requested that the payment date for the C$23.78m due be extended from 30 September, 2012 to 30 November, 2012. In the event that for any reason agreement is not reached on the terms of the proposed expanded strategic partnership agreement on Zandkopsdrift, the terms of the Strategic Agreement as previously announced will remain binding and of full force and effect and the C$23.78m payment due by Kores to Frontier will be required to be paid by 30 November, 2012 .
James Kenny , President and CEO of Frontier Rare Earths commented: "Frontier believes that the proposal from Kores to significantly expand our current joint venture arrangements is a strong vote of confidence in both the management of Frontier and the potential of our Zandkopsdrift project. While the existing agreement with Kores already offers significant benefits to Frontier and to our plans for the development of Zandkopsdrift, the possible expansion and deepening of our partnership with Kores, with whom we have developed a very good working relationship, would be very welcome."
Further details of the Strategic Agreement are set out in the press releases dated 5 December, 2011 and 11 July, 2012 , which can be found at www.frontierrareearths.com/investors/latest-news.
About Frontier Rare Earths Limited ( FRO.TO) ( FRO-WT.TO): Frontier Rare Earths Limited ( www.frontierrareearths.com) is a mineral exploration and development company principally focused on the development of rare earths projects in Africa. Frontier's flagship asset is the Zandkopsdrift rare earth project, which is located in the Northern Cape Province of South Africa and is one of the largest, highest grade undeveloped rare earth deposits worldwide. Frontier has a direct 74% interest and a 95% economic interest in Zandkopsdrift prior to the acquisition by KORES of an initial 10% interest. In March 2012 Frontier filed a Preliminary Economic Assessment ("PEA") on the Zandkopsdrift project prepared in accordance with National Instrument 43-101. The results of the PEA indicate that the proposed development of the Zandkopsdrift Project is both technically feasible and economically robust with a low risk profile. In conjunction with the PEA a mineral resource estimate for Zandkopsdrift confirmed 42.5m tonnes at an average grade of 2.23% containing approximately 940,000 tonnes total rare earth oxides (applying a 1% cut-off) and with 78% of the mineral resource in the indicated category. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Fiona Harper , Pr.Sci.Nat, was the independent qualified person from Venmyn Rand (Pty) Ltd responsible for the PEA.
Frontier is listed on the main board of the Toronto Stock Exchange and currently has 89,562,781 shares outstanding. Frontier is well funded, with approximately $30m cash (excluding funds to be received from Kores under the Strategic Agreement) and no debt, and this strong working capital position is expected to be sufficient to finance the proposed work programme of the Company and the completion of a Preliminary Feasibility Study and a Definitive Feasibility Study for Zandkopsdrift (scheduled for completion in Q4 2013).
About Kores ( www.KORES.or.kr): Korea Resources Corporation ("Kores") is wholly-owned by the Korean government and has a stated objective of becoming a global top 20 mining company by 2020 principally through international investments and joint ventures. Kores is charged with a policy mandate to further Korea's access to strategically important mineral resources. Kores exclusively carries out the Korean government's mineral resources policy objectives by engaging directly or indirectly through joint ventures or in the form of investments, in overseas exploration, development and production of strategically important mineral resources, and managing Korea's stockpile of rare mineral resources. Kores works closely with all major Korean industry groups and plays an active role in assembling consortia of Korean companies to selectively participate with Kores in commercial ventures. The Korean government has designated rare earths as a strategic raw material for Korea's future economic growth and has undertaken considerable work to identify the most prospective sources of future rare earth supply worldwide.
Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Readers can identify many of these statements by looking for words such as "will", "intends", "projects", "anticipates", "estimates", "achieving", or similar words or the negative thereof. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, commodity prices, availability of financing for the Company and the Company's ability to raise additional capital, results of feasibility studies, dependence upon regulatory approvals, the estimation of mineral resources and the realization of mineral reserves based on mineral resource estimates and estimated future development, if any, and possible variations of ore grade or recovery rates; the Company development, if any, and possible expectations regarding competition from other producers globally, possible customer and supplier relationships, anticipated trends and challenges in the Company regarding competition; mineral resource estimates and supply outlook and growth opportunities, the future price of and future demand for rare earth elements, title disputes or claims including Black Economic Empowerment initiatives, and the timing and possible outcome of pending regulatory and permitting matters.
Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. The forward-looking statements contained herein are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Actual results may differ materially from those anticipated. Readers are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. Frontier disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.
SOURCE: Frontier Rare Earths Ltd.
Contact:
For further information on Frontier visit www.frontierrareearths.com, e-mail the Company at IR@frontierrareearths.com or contact +352 208 80249. In North America contac Joe Racanelli, TMX Equicom, at 416 815 0700 x243. For further information on Kores visit www.KORES.or.kr.
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| To: LoneClone who wrote (95220) | 10/1/2012 9:05:16 PM | | From: LoneClone | | | | IMX Resources Reports Results of Updated Preliminary Economic Assessment (PEA) on Ntaka Hill Project
Press Release: IMX Resources Limited – Sun, Sep 30, 2012 8:00 PM EDT
finance.yahoo.com
WEST PERTH, AUSTRALIA--(Marketwire - Sept. 30, 2012) -
Highlights
Estimated C1 cash costs of USD 5.00 per pound of payable nickel which is mid range for global nickel producers Clear cash operating margin demonstrated over various metal price assumptions, including current spot price Estimated mine life of approximately 15 years Average annual contained nickel production of 10,000 to 15,000 tonne per annum Confirmed pre-production capital investment of USD 227M NPV of USD 212M after tax based on 2011 PEA metal pricing (compared to USD 207M) NPV of USD 147M using three-year trailing average prices in line with US SEC guidelines which compares favourably to the 2011 PEA analysis (USD 122M) using these same metal prices Upside
Potential increase in both grade and tonnage at Sleeping Giant from: (i) in-fill drilling of near surface hanging wall mineralisation to the north, and (ii) extension drilling targeting down plunge higher grade core Potential for delineation of new near surface mineralised zones close to the existing resources, currently being drill-tested Optimisation of flotation conditions is likely to improve the already excellent metallurgical performance. A definitive test work program, which includes extensive variability testing, is currently underway Future optimisation of the mining plan as part of a PFS, has potential to reduce up-front stripping requirements and defer cash flow for mining activities IMX Resources Limited ( IXR.TO)(IXR.WT)( IXR.AX) ('IMX' or the 'Company') has received the results of the updated preliminary economic assessment (PEA; Scoping Study) for the development of the Ntaka Hill Nickel Sulphide Project ('Ntaka Hill' or the 'Project'). The Project is located approximately 250km west of the port town of Mtwara, and is part of the 100% owned Nachingwea property in south eastern Tanzania.
Managing Director Neil Meadows said, "It is encouraging to note that even at the current low spot metal prices there is an estimated healthy cash operating margin which indicates a potentially robust project at the range of prices to be expected in the highly volatile nickel market.
"The work carried out for the updated PEA was aimed at de-risking the Project in order to allow the Company to make an informed commitment to more detailed evaluation and development in the second quarter of next year. The ongoing program of drilling at Ntaka Hill, environmental permitting and definitive metallurgical test work together with a mineral resource update will be completed in the first quarter of 2013."
The updated PEA is based on information collected over the past year which includes the updated March 2012(1) resource, a more thorough preliminary investigation of possible mining methods, additional metallurgical and infrastructure studies, and environmental investigations and permitting activities. Two options continue to be considered: (i) open pit mining only, and (ii) open pit mining with underground mining of the Sleeping Giant Zone. Both options are identical for the initial production period. Project highlights and key potential economic outcomes for both of the options considered by the PEA are detailed in the following tables.
Table 1 - Highlights of Project and Economic Outcomes
| Parameter | All Open Pit | Open Pit with
Underground | | Mining | | | | Initial processing rate, Mtpa | 1.0 | 1.0 | | Expanded processing rate, Mtpa | 4.8 | 1.85 | | Total mill feed, Mt | 57.3 | 21.1 | | Total open pit material mined, Mt | 410.0 | 142.2 | | Total underground material mined, Mt | - | 4.7 | | Strip ratio | 6.16 | 5.95 | | Production | | | | Average Feed Grade, % Ni | 0.48 | 0.79 | | Average Ni Recovery, % | 75.2 | 79.7 | | Average Concentrate Grade, % Ni | 16.2 | 16.2 | | Concentrate Contained Ni, lbs '000 | 454,036 | 293,486 | | Capital Costs | | | | Initial Capital Cost, US$M | 225.1 | 227.0 | | Total Capital Cost, US$M | 551.1 | 450.3 | | Unit Production Costs, C1(2) US$/lb. payable Ni | 5.77 | 5.00 | | Metal Price Assumption (based on 3 year trailing average) | | | | Nickel, USD/t | 20,826 | 20,826 | | Copper, USD/t | 7,976 | 7,976 | | Economic Outcomes, US$M | | | | Net after-tax cash flow | 532 | 406 | | After-tax internal rate of return, % | 12.1 | 19.2 | | After-tax NPV(3) @ 8% discount rate | 90 | 147 | | | | Note: All cases in this Preliminary Economic Assessment are preliminary in nature and include both Indicated and Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the Preliminary Economic Assessment will be realised. | Metal Price Sensitivity
In addition to the base case metal price assumptions, a series of sensitivity cases were investigated to test a number of commonly used pricing mechanisms. These included:
Three-year trailing average prices in line with US SEC(4) guidelines (base case) Three-year trailing average price combined with a two-year forward forecast price Long term consensus forecast price Current spot price For all of these cases estimated returns from the project were positive with a healthy cash margin from operations. Table 2 presents the metal prices and key economic results from these sensitivity cases.
Table 2 - Results of Metal Price Sensitivity Cases
| | 3 yr
trailing
average | 3 yr
trailing
plus 2 year
forecast | Long term
forecast | Current
Spot | | Nickel Price (USD/t) | 20,826 | 20,173 | 22,552 | 17,978 | | Copper Price (USD/t) | 7,976 | 8,030 | 6,630 | 8,285 | | Post-tax free cash flow | 406.0 | 361.9 | 513.0 | 213.4 | | Post-tax NPV at 8% | 146.8 | 120.4 | 210.4 | 30.5 | | Post Tax IRR (%) | 19.2 | 17.2 | 23.9 | 10.4 | | C1 Cost margin (USD/lb payable Ni) | 4.45 | 4.15 | 5.23 | 3.16 | | | | Note: All cases in this Preliminary Economic Assessment are preliminary in nature and include both Indicated and Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the Preliminary Economic Assessment will be realised. | Ongoing Work and Next Steps
Based on the results of the updated PEA, IMX's board and management are committed to continuing with the evaluation and long lead development activities for the Project in order to reduce the project risk profile. The following work program is currently underway and expected to be completed early in 2013:
Continued investigation and discussion with the Tanzanian government departments and other groups to secure access to key project infrastructure such as power, roads and port facilities. Completion of the environmental and social impact assessment (ESIA) that is already well advanced with an aim to receiving environmental approval by the end of the first quarter of 2013. Definitive metallurgical test work program that is currently underway on approximately 12t of sample at G&T Metallurgical Laboratories in Kamloops, Canada, and expected to be completed during early 2013. Mineral Resource update on the basis of current drilling program (between 20,000m and 25,000m), which is expected in the first quarter of 2013 Continue optimisation of mining options to identify a single development plan based on the updated resource (1Q13) Subject to the outcomes and market conditions, a PFS/FS(5) will be commenced aimed at allowing a project commitment in late 2013 which could lead to production commencing in late 2015.
Description of Proposed Activities
Under both options, open pit mining is carried out by a mining contractor, however underground mining would be conducted on an owner operator basis by IMX. The mining schedule developed for this study indicates that stockpiling and blending will be required to optimise the mining rate, feed grade and tonnage to the processing plant.
Metallurgical test work has confirmed several assumptions including confirmation of good flotation performance on the disseminated hanging wall mineralisation(6) and the amenability of J Zone mineralisation to upgrading by magnetic separation.
The design of the processing facilities, site infrastructure, access road and port facilities is unchanged from the April 2011 PEA, however costs have been updated to reflect changes in prevailing prices and improvements in estimates.
A power options study was completed in May 2012 to determine the optimal power supply arrangement for the Project. The PEA assumes the Tanzanian Government complete the proposed 132kV power line from the natural gas fired power station in Mtwara, to the town of Masasi. The Project will then connect to Masasi, approximately 90km from the site through new 33kV lines with capital costs for the construction of this connecting power line included in the increased Project infrastructure costs in the PEA.
Estimated Costs and Revenue
Capital and operating cost estimates for the Project have been updated and a summary of these is given in Tables 3 and 4. Smelting and refining terms and concentrate transport costs are unchanged from the April 2011 PEA.
Table 3 - Capital Cost Summary
| | Open Pit Only | | Cost Area | Initial
(million USD) | Expansion
(million USD) | Sustaining
(million USD) | | Mining | 33.3 | 4.2 | - | | Process Plant | 67.2 | 122.0 | 7.0 | | Infrastructure | 51.2 | 40.2 | 4.0 | | Tailings Dam | 6.4 | - | 45.8 | | Environmental | - | - | 22.0 | | Owners Costs | 8.3 | 4.1 | - | | Working capital | 16.1 | 13.1 | - | | EPCM | 15.4 | 26.9 | - | | Contingency | 27.3 | 39.8 | - | | Total | 225.1 | 250.2 | 78.8 | | | | | | Open Pit with Underground | | Cost Area | Initial
(million USD) | Expansion
(million USD) | Sustaining
(million USD) | | Mining | 34.5 | 123.4 | - | | Process Plant | 67.2 | 19.4 | 6.5 | | Infrastructure | 51.2 | 6.8 | 3.8 | | Tailings Dam | 7.1 | - | 20.9 | | Environmental | - | - | 21.5 | | Owners Costs | 8.3 | 4.1 | - | | Working capital | 16.1 | 0.5 | - | | EPCM | 15.4 | 5.4 | - | | Contingency | 27.3 | 9.5 | - | | Total | 227.0 | 169.0 | 52.7 | Table 4 - Life of Mine Operating Cost Summary
| | Open Pit Only | Open Pit with Underground | | Area | (US$/t milled) | (US$/t milled) | | Mine | 18.29 | 26.81 | | Mill | 9.04 | 11.84 | | G&A | 3.97 | 8.26 | | Total | 31.30 | 46.90 | Development Schedule
The conceptual development timeline for the project includes a number of key milestones with appropriate decision points. These milestones are outlined in Table 5.
Table 5 - Conceptual Project Development Timeline Milestones
| Project Milestone | Timing | | Submit Environmental Scoping Study and Terms of Reference for Approval | Approved Mar 12 | | Update Mineral Resources based on 2011 drilling | Completed Mar 12 | | Various options studies completed (Commenced) | End 2012 | | Complete environmental baseline studies | Completed Jun 12 | | Complete 2012 in-fill drilling on Sleeping Giant zone (Commenced) | 4Q12 | | Prepare and Submit EIS and EMP for Approval (Commenced) | 4Q12 | | Receive environmental approval | 1Q13 | | Definitive metallurgical test work complete (Commenced) | 1Q13 | | Update Mineral Resource based on 2012 drilling | 1Q13 | | Commitment to PFS/FS | 1Q13 | | Complete PFS/FS | 3Q13 | | Conditional Off-Take in Place | 3Q13 | | Project Commitment by IMX | 4Q13 | | Mining Licence and Mine Development Agreement | 4Q13 | | Front End Engineering Design | 1Q14 | | Financing and Production Commitment | 2Q14 | | Commence Construction on Site (end of Wet Season) | 2Q14 | | Commence Commissioning | 3Q15 | | First Production | 4Q15 | | First Shipment | 1Q16 | Assuming a positive PFS/FS and a development decision in 3Q13, and subject to financing and other development contingencies, commissioning could commence in 3Q15 with first production at the end of 2015.
The PEA summarised here for the Ntaka Hill Nickel Sulphide project will be incorporated into an NI 43-101 compliant Technical Report to be available on SEDAR and IMX's website within 45 days of the date of this announcement.
NEIL MEADOWS, Managing Director
Competent Persons / Qualified Person / NI 43-101 Statement
The quality control and technical information compiled for this PEA were prepared by the following Qualified Persons (QP) as defined in Canadian National Instrument 43-101 (Standards of Disclosure for Mineral Projects). All QP's have sufficient experience of the relevant areas of expertise listed to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. All QP's have reviewed this press release and consented to the inclusion of the data in the form and context in which it appears, and approves this disclosure. Each QP is independent of IMX within the meaning of Canadian National Instrument NI 43-101.
| Section | | Company | | Qualified Person | | Mineral Resources | | RPA | | Chester Moore, P. Eng. | | Mining and Mine Capital and Operating Costs | | Mining Plus | | Neil Schunke, MAusIMM (CP) | | Metallurgy, flowsheet design, performance predictions | | Mineralurgy | | Peter Munro, FAusIMM | | Process plant and infrastructure operating/capital costs | | Lycopodium | | Jacqueline McAra, P. Eng. | | Concentrate marketing and freight | | Mining Plus | | Neil Schunke, MAusIMM (CP) | | Financial modelling and general aspects | | Mining Plus | | Neil Schunke, MAusIMM (CP) | The Company is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing or other issue that might materially affect this estimate of Mineral Resources. The projections, forecasts and estimates presented in the PEA constitute forward-looking statements, and readers are urged not to place undue reliance on such statements. Additional cautionary and forward-looking statement information is provided below.
About IMX Resources Limited
IMX Resources Limited is an Australian based mining and base & precious metal exploration company dual-listed on the Australian and Toronto stock exchanges ( IXR.TO)(IXR.WT)( IXR.AX), with exploration projects located in Australia, Africa and North America.
In Africa, IMX owns and operates the highly prospective Nachingwea Exploration Project in southeast Tanzania, which includes the potentially word-class Ntaka Hill Nickel Sulphide project. Nachingwea is highly prospective for nickel and copper sulphide, gold and graphite mineralisation. The Ntaka Hill Nickel Sulphide Project is one of the world's best un-developed nickel sulphide projects and has the potential to produce a very clean, high quality premium nickel concentrate.
In Australia, IMX operates and owns 51% of the Cairn Hill Mining Operation, located 55 kilometres south-east of Coober Pedy in South Australia, where it produces a premium coarse-grained magnetite-copper-gold DSO product at a rate of 1.8Mtpa.
IMX is actively developing the Mt Woods Magnetite Project on the highly prospective Mt Woods Inlier in South Australia. IMX currently has a JORC Inferred Resource of 569Mt @ 27% Fe at the Snaefell Magnetite Deposit and a Global Exploration Target of between 200-380Mt @ 25-35% Fe elsewhere in the project. Studies indicate that coarse grained concentrates that could be produced at Snaefell have the potential to produce a direct sinter feed product which has the potential to attract a significant price premium.
IMX has also entered into a joint venture with OZ Minerals (the Mt Woods Copper-Gold JV Project) to explore the Mt Woods tenements for copper and gold. OZ Minerals is spending a minimum of $20M for a 51% interest in the non-iron rights, with IMX retaining a 49% interest in the non-iron rights and 100% of the iron ore rights.
IMX owns 25.65% of Uranex ( UNX.AX), which is a dedicated uranium exploration company, which is developing the Mkuju Uranium project in southern Tanzania.
Visit: www.imxresources.com.au.
FORWARD-LOOKING STATEMENTS: This News Release includes certain "forward-looking statements". Forward-looking statements and forward-looking information are frequently characterised by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "will" or "could" occur. All statements other than statements of historical fact included in this release are forward-looking statements or constitute forward-looking information. Such statements and information in this news release include statements regarding mining parameters (including processing rates and mill feed), concentrate production, estimates of capital costs, internal rates of return, net present values, completion of environmental and social impact assessments in Q1 2013, completion of definitive metallurgical test work in early 2013, completion of a mineral resource upgrade in Q1 2013, completion of a preliminary or definitive feasibility study in late 2013, life of mine estimate of 15 years, completion of each of the Project Milestones in Table 5, and annual production rates of 10,000 to 15,000 tpa. There can be no assurance that such information of statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such information. Important factors could cause actual results to differ materially from IMX's expectations.
These forward-looking statements are based on certain assumptions, the opinions and estimates of management and qualified persons at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements or information. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, the ability of contracted parties (including laboratories and drill companies to provide services as contracted); uncertainties relating to the availability and costs of financing needed in the future and other factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. IMX undertakes no obligation to update forward-looking statements or information if circumstances should change. The reader is cautioned not to place undue reliance on forward-looking statements or information.
Readers are also cautioned to review the risk factors identified by IMX in its regulatory filings made from time to time with the ASX, TSX and applicable Canadian securities regulators.
To view the table entitled "All Open Pit Only Option - Summary of Cash Flow and Financials", please visit the following link: media3.marketwire.com
To view the table entitled "Open Pit With Underground Option - Summary of Cash Flow and Financials," please visit the following link: media3.marketwire.com
| (1) | Available on www.sedar.com dated April 16, 2012. | | (2) | C1 cash costs are the costs of mining, milling and concentrating, onsite administration and general expenses, property and production royalties not related to revenues or profits, metal concentrate treatment charges, and freight and marketing costs less the net value of the by-product credits. | | (3) | NPV - Net Present Value | | (4) | SEC - Securities & Exchange Commission | | (5) | PFS - Pre-Feasibility Study, FS - Feasibility Study | | (6) | ASX: 26 September 2012 |
Contact:
IMX Resources Limited
Neil Meadows
Managing Director
+61 8 9388 7877
nmeadows@imxres.com.au
www.imxresources.com.au
Professional Public Relations
Tony Dawe
Investor Relations
+61 8 9388 0944
tony.dawe@ppr.com.au |
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| To: LoneClone who wrote (95221) | 10/1/2012 9:15:53 PM | | From: LoneClone | | | | White Tiger Receives NI 43-101 Technical Report on Pridneprov Licence Area and Announces Positive Results from Second Phase Drilling Program at Drevniy
Press Release: White Tiger Gold Ltd. – 11 hours ago
finance.yahoo.com
TORONTO, ONTARIO--(Marketwire - Oct 1, 2012) - White Tiger Gold Ltd. ( WTG.TO) ("White Tiger Gold" or the "Company") announces its receipt of a National Instrument 43-101-compliant technical report (the "Technical Report") on its Pridneprov licence area, as well as positive results from its second phase diamond drilling program on the Drevniy gold prospect. Drevniy is one of the six known gold prospects identified in the 760 km2 Pridneprov license area.
"The Magadan Region represents the western continuation of the Alaskan Gold Province which contains some notable world-class deposits," said Jim McBurney, CEO of White Tiger Gold. "This initial Technical Report highlights the promise of the Pridneprov license and the initial exploration on one of the six defined gold targets shows excellent potential for gold mineralization suitable for open pit mining. The higher grade mineralized core and positive initial metallurgical results support the Board's decision to extend the exploration program at Drevniy towards defining a resource, based on our belief there is a potential for a large bulk ore deposit suitable for open pit mining. We are very pleased with these results as they confirm our expectations for the significant potential of Pridneprov."
Drilling Highlights:
Phase 1 and 2 exploration programs have resulted in the discovery of a bulk tonnage, low-grade gold system, with a higher-grade core up to 500m long that might extend to depth based on the presence of sheeted veins in the trenches and drill core, that has good potential for expansion.
Drilling and trenching has encountered a zone of gold mineralization ranging from 1.6 to 122.5 meters in width with grades ranging from 0.70 to 20.79 g/t gold, with a higher-grade mineralized core averaging 2.1-10.34 g/t of gold with a thickness of 16-122.5 meters.
Modeling of the drill hole assay data indicate the potential for a 40 to 50 million tonne deposit grading between 1 and 2 g/t Au. The above-quoted figures are reported as an exploration target, based on reasonable assumptions made from compiled data. These figures should not be construed to reflect a calculated resource under standards of National Instrument 43-101 ("NI 43-101"). The potential quantities and grades reported above are conceptual in nature and there has been insufficient work to date to define a NI 43-101-compliant resource. Furthermore, it is uncertain if additional exploration will result in discovery of an economic mineral resource on the property.
Preliminary metallurgical testing shows the gold is partially refractory. Gold is easily concentrated through gravity and flotation with extraction up to 92% of the assay grade of the bulk sample. Test work also demonstrates that gold recoveries into doré up to 81% can be achieved if the concentrate is roasted prior to cyanidation. The abundance of pyrite relative to arsenopyrite in the higher-grade core suggests that higher gold recoveries might be possible with additional metallurgical testing.
A Phase 3 drilling program focused on the central block and comprised of 15 holes or 3,000 meters is planned for 2013.
The Technical Report is expected to be made available for review on the Company's website at www.whitetigergold.com and at www.sedar.com by October 5, 2012.
The Pridneprov license area is located in the Magadan Oblast of northeast Siberia, Russian Federation. The property can be accessed by paved and gravel roads from the capital city of Magadan, situated approximately 216 km south southwest of the Drevniy prospect. Magadan is the administrative centre of the Magadan Region. The Pridneprov licence area is located in the southern portion of Yana Kolyma Gold District, one of Russia's most prolific gold placer and bedrock mining areas.
The Pridneprov mining and exploration license is 80% owned by White Tiger Gold's subsidiary, LLC Geozvetmet ("Geozvetmet"), and 20% by LLC Stannolite ("Stannolite") and is registered under license number MAG 04155BR that was issued on July 7, 2008. The license area is valid until July 1, 2028. The license has no depth limitations.
The Drevniy prospect is similar to the Fort Knox gold mineralization and to the Lupin gold deposit in the Nunavut Territory, Canada. These similarities include granite porphyry and metasedimentary host rocks, the presence of abundant aplite and pegmatite dikes, low sulphide content for the ore and the geochemical abundance of Au-Bi-As. Fort Knox, however, contained coarse-grained gold, that formed an alluvial deposit downstream from the deposit. The Lupin deposit was similar in all respects except that the Au-As-Bi mineralization is associated with somewhat higher concentrations of sulphide minerals and is hosted in the iron formation portion of the Archean age Contwoyto metaturbidite Formation.
An extensive amount of reconnaissance exploration work was conducted by Russian State-funded geological expeditions which resulted in the discovery of a large number of gold, silver and base metal targets prior to the acquisition of the mining and exploration licence by Geozvetmet in 2008.
Work carried out by Geozvetmet since 2008 has focused on developing drill targets at Drevniy, Koldun, Uvalniy and Krasiviy. The first phase of drilling that was completed in August 2011 on Drevniy consisted of 1,953.6m in 6 holes, previously announced. The program identified a wide zone of gold-arsenopyrite mineralization that was defined along the southern drill profile and hosted primarily by a granite porphyry dike. A second phase drill program was initiated in October 2011 and completed in April 2012 on Drevniy target to test the north and south extensions of the current zone of gold mineralization. This program consisted of 18 holes with a total length of 3,900 m and identified a higher-grade core in the granite porphyry and nearby metaturbite rocks.
The Drevniy gold prospect was evaluated using diamond drilling that was conducted on behalf of Geozvetmet by Stannolite. The drilling program utilized a Boart Longyear rig, model number LF-90. The core diameter was HQ (76 mm diameter) in the upper and middle portions of the holes and was reduced to NQ (63 mm diameter) in the lower part of a hole if drilling conditions deteriorated. Core recovery averaged more than 97% in both the mineralized zones and host rocks.
The majority of the gold mineralization observed in the Pridneprov license area occurs in zones that trend northeasterly. This direction is a common fracture orientation observed in the Yana-Kolyma district. Three styles of gold-arsenic mineralization have been observed in the Pridneprov license area:
| | 1. Quartz-carbonate-arsenopyrite veining, sheeted in structure, typically hosted by hornfelsed metapelites. | | | 2. Quartz-arsenopyrite stockwork veining, hosted by granite porphyry. | | | 3. Quartz-carbonate-arsenopyrite-galena veins of a high grade, but narrow, hosted in fault and shear zones. | The major sulphide minerals associated with the gold mineralization in decreasing order of abundance are: arsenopyrite, lollingite, pyrite, pyrrhotite and minor to rare, chalcopyrite, sphalerite, galena, bismuthinite, native bismuth, scheelite, tin and tellurobismuthite. The average sulphide content is low, ranging from 1% to 2% and locally over narrow intervals up to 10%. Magnetite is rarely observed because of the reduced nature of the gold mineralization. Oxide minerals that formed after sulphides are limited to scorodite, limonite and goethite and restricted to the thin oxide soil and rock profile.
Gold occurs predominantly encapsulated in arsenopyrite as discreet blebs and in microfractures and is considered to be semi-refractory. Most of the free gold observed in polished sections is fine-grained and generally less than 10 µm in size although a few grains ranged up to 85 µm in size. Free gold is commonly hosted by quartz gangue and by scorodite. The silver content is low with a gold to silver ratio of approximately 10:1. Although the sulphide mineralization is variable in each prospect, arsenopyrite and lollingite are the dominant sulphide minerals making up 90 to 95% of the total sulphide content in most places. The only exception to this generalization is in the core of the Drevniy prospect where pyrite abundance is equal to or greater than that of arsenopyrite.
Gold mineralization was encountered in both porphyritic granite dikes cut by a stockwork of numerous sulphide-bearing quartz veinlets and in sheeted, quartz-sulphide veins hosted in the metaturbidites at the south end of the mineralized zone (near drill holes 100, 101 and 102). Higher gold values occur in the quartz-sulphide stockwork and the potassic altered granite porphyry dike. The dike dips southeast at -45° and gets thicker at depth. Strong alteration of the granite porphyry is indicated by the silica-Kspar-muscovite-sulphide mineral assemblage. Lower gold values are associated with the metaturbidite-hosted (shale and siltstone) sheeted, quartz-sulphide veins that occur in the hanging wall and to a lesser extent in the footwall rocks of the granite dike. The south end of the Drevniy mineralized zone increases in width with depth. Drill hole 102 has a 345.5 m intersection averaging 0.58 g/t Au. The main sulphide mineral arsenopyrite is accompanied by minor pyrite, sphalerite, galena, molybdenite and bismuthinite. The highest sulphide content occurs in the granite porphyry-hosted mineralization and ranges from 1% to 3%.
Gold occurs in sheeted, quartz-sulphide veins hosted by silicified metasedimentary rocks at the north end of the Drevniy mineralized zone (around drill holes 103, 104 and 105). Alteration is well developed along narrow vein selvages and consists of silica-sericite- siderite-albite-sulphide that grades outward into silica-carbonate-chlorite. The main sulphide mineral arsenopyrite is found in veins and vein selvages and is accompanied by lesser amounts of pyrite and minor pyrrhotite. The overall sulphide content is low, ranging from 0.5 to 1%. Oxidation of the sulphides is poorly developed to only a few meters below surface and consists of scorodite, limonite and goethite that forms a thin veneer covering the surface of the sulphide minerals.
The highest gold values (10.23 g/t over 16.0 m) were found in hole 114 associated with sheeted and stockwork quartz veins. This intersection and a similar one in hole 110 (3.0 g/t over 41.6 m) appear to indicate that there is a higher grade core in the Drevniy prospect that is on the order of 500 m long. The association of sheeted veins with the mineralization might indicate that it has great vertical continuity like that seen in mesothermal vein systems. Pyrite that accompanies gold is associated with minor arsenopyrite such that the pyrite to arsenopyrite ratio ranges from 100:1 in hole 114, to 2:1 in hole 110. These ratios suggest that new metallurgical tests of this mineralization might produce better total gold recoveries than obtained previously. A northeast-trending fault that traverses the higher-grade core might have cut it and produced two smaller zones. Intersections of 0.5 g/t and higher encountered in both recent drill programs are summarized in Table 1.0.
| Table 1.0: Assay Results Drevniy Prospect (cut-off 0.5 g/t Au) | | | | | | | | | | | | | ID | Depth (m) | Azimuth (deg) | Inclination (deg) | From (m) | To (m) | Width* (m) | Au (g/t) | Ag (g/t) | As (%) | | 100 | 141,0 | 316,9 | -61,9 | 6,5 | 10,5 | 4,0 | 1,2 | 0,3 | 1,00 | | | | | | 18,7 | 87,0 | 68,3 | 0,8 | 0,4 | 0,59 | | | | | | 57,5 | 69,5 | 12,0 | 0,6 | 0,6 | 0,64 | | | | | | 91,5 | 169,5 | 78,0 | 1,3 | 0,5 | 0,76 | | 101 | 278,5 | 315,3 | -62,2 | 181,5 | 187,5 | 6,0 | 0,5 | 0,3 | 0,32 | | | | | | 204,5 | 210,0 | 5,5 | 0,7 | 0,3 | 0,64 | | | | | | 274,5 | 278,5 | 4,0 | 0,7 | 0,3 | 0,42 | | Including | 116,5 | 118,5 | 2,0 | 3,4 | 1,6 | 1,50 | | 101 | 278,5 | 315,3 | -62,2 | 127,5 | 138,5 | 11,0 | 0,7 | 0,3 | 0,38 | | 102 | 404,0 | 326,1 | -62,4 | 143,6 | 262,8 | 119,2 | 1,0 | 0,3 | 0,66 | | Including | 167,5 | 171,5 | 4,0 | 3,2 | 0,4 | 1,00 | | | | | | 279,5 | 284,5 | 5,0 | 0,5 | 0,3 | 0,23 | | 102 | 404,0 | 326,1 | -62,4 | 287,5 | 290,5 | 3,0 | 0,6 | 0,3 | 0,17 | | | | | | 359,5 | 362,5 | 3,0 | 0,5 | 0,3 | 0,09 | | | | | | 367,5 | 390,5 | 23,0 | 0,7 | 0,3 | 0,08 | | | | | | 3,0 | 11,0 | 8,0 | 0,6 | 0,3 | 0,20 | | 103 | 300,8 | 326,2 | -62,2 | 16,2 | 22,8 | 6,6 | 0,6 | 0,3 | 0,63 | | | | | | 79,8 | 84,8 | 5,0 | 0,6 | 0,3 | 0,11 | | | | | | 60,0 | 75,0 | 15,0 | 0,9 | 0,3 | 0,77 | | 106 | 166,0 | 323,0 | -60,7 | 83,0 | 87,0 | 4,0 | 1,8 | 1,2 | 0,90 | | | | | | 143,2 | 150,6 | 7,4 | 1,3 | 0,3 | 0,14 | | | | | | 66,6 | 70,0 | 3,4 | 0,6 | 0,3 | 0,46 | | 107 | 184,0 | 325,0 | -60,2 | 121,7 | 125,4 | 3,7 | 0,7 | 0,3 | 0,46 | | | | | | 148,8 | 155,9 | 7,1 | 0,7 | 0,3 | 0,51 | | | | | | 167,0 | 173,9 | 6,9 | 1,0 | 0,6 | 0,82 | | | | | | 56,0 | 59,4 | 3,4 | 0,5 | 0,3 | 0,34 | | | | | | 124,0 | 127,7 | 3,7 | 0,6 | 0,3 | 0,07 | | | | | | 149,7 | 153,3 | 3,6 | 1,3 | 0,5 | 0,11 | | 108 | 262,0 | 325,0 | -61,1 | 167,7 | 181,7 | 14,0 | 0,9 | 0,3 | 0,11 | | | | | | 186,8 | 190,8 | 4,0 | 0,5 | 0,3 | 0,09 | | | | | | 194,0 | 207,2 | 13,2 | 1,1 | 0,3 | 0,14 | | | | | | 210,3 | 262,0 | 51,7 | 1,0 | 0,3 | 0,23 | | Including | 244,0 | 246,2 | 2,2 | 3,3 | 0,3 | 0,48 | | | | | | 11,1 | 17,0 | 5,9 | 1,3 | 0,7 | 0,46 | | 109 | 90,7 | 325,0 | -60,3 | 21,6 | 30,7 | 9,1 | 1,6 | 0,3 | 0,16 | | | | | | 47,1 | 51,5 | 4,4 | 0,7 | 0,7 | 0,08 | | | | | | 59,8 | 76,3 | 16,5 | 0,9 | 0,3 | 0,09 | | 110 | 254,5 | 325,0 | -62,6 | 16,8 | 23,4 | 6,6 | 0,9 | 0,3 | 0,45 | | | | | | 27,0 | 31,7 | 4,7 | 1,4 | 0,3 | 0,58 | | 110 | 254,5 | 325,0 | -62,6 | 36,4 | 188,0 | 151,6 | 1,9 | 0,3 | 0,51 | | Including | 48,5 | 50,1 | 1,6 | 5,8 | 0,7 | 0,27 | | Including | 87,5 | 91,0 | 3,5 | 6,7 | 0,7 | 0,46 | | Including | 97,0 | 103,0 | 6,0 | 4,6 | 0,7 | 0,70 | | Including | 105,0 | 113,6 | 8,6 | 3,4 | 0,3 | 1,16 | | Including | 133,0 | 135,0 | 2,0 | 3,6 | 0,3 | 0,80 | | | | | | 193,0 | 204,2 | 11,2 | 0,9 | 0,3 | 0,33 | | 110 | 254,5 | 325,0 | -62,6 | 225,6 | 237,4 | 11,8 | 0,6 | 2,0 | 0,49 | | | | | | 243,6 | 246,6 | 3,0 | 0,8 | 0,8 | 0,54 | | | | | | 35,0 | 40,0 | 5,0 | 0,5 | 0,3 | 0,07 | | | | | | 50,0 | 57,0 | 7,0 | 0,5 | 0,3 | 0,09 | | 111 | 239,0 | 325,0 | -59,4 | 65,0 | 78,0 | 13,0 | 0,6 | 0,3 | 0,07 | | | | | | 120,0 | 128,2 | 8,2 | 1,1 | 0,5 | 0,34 | | | | | | 135,0 | 141,0 | 6,0 | 0,6 | 0,7 | 0,56 | | | | | | 167,7 | 203,3 | 35,6 | 2,1 | 0,7 | 0,13 | | Including | 173,0 | 191,7 | 18,7 | 3,3 | 1,3 | 0,13 | | 112 | 353,5 | 42,0 | -60,5 | 25,8 | 29,5 | 3,7 | 0,6 | 0,4 | 0,45 | | | | | | 34,2 | 44,0 | 9,8 | 0,7 | 0,3 | 0,39 | | | | | | 43,2 | 51,5 | 8,3 | 0,7 | 0,3 | 0,41 | | 113 | 241,0 | 325,0 | -60,3 | 91,0 | 94,0 | 3,0 | 0,9 | 0,3 | 0,22 | | | | | | 178,0 | 184,0 | 6,0 | 2,2 | 0,3 | 0,24 | | | | | | 192,8 | 210,2 | 17,4 | 1,8 | 0,3 | 0,38 | | Including | 197,6 | 203,5 | 5,9 | 3,7 | 0,3 | 0,57 | | 114 | 237,5 | 325,0 | -59,3 | 143,4 | 147,0 | 3,6 | 0,5 | 0,3 | 0,21 | | | | | | 159,0 | 228,0 | 69,0 | 3,1 | 0,4 | 0,25 | | Including | 187,0 | 203,5 | 16,5 | 10,1 | 0,8 | 0,15 | | | | | | 8,0 | 20,1 | 12,1 | 0,7 | 0,3 | 0,07 | | 115 | 234,7 | 325,1 | -59,8 | 24,9 | 31,3 | 6,4 | 0,7 | 0,3 | 0,04 | | | | | | 68,0 | 72,2 | 4,2 | 0,8 | 0,3 | 0,15 | | | | | | 122,8 | 219,4 | 96,6 | 1,1 | 0,3 | 0,36 | | Including | 156,9 | 158,8 | 1,9 | 4,8 | 1,4 | 1,05 | | Including | 190,7 | 192,5 | 1,8 | 3,2 | 0,8 | 0,80 | | 116 | 127,0 | 325,1 | -59,9 | 20,3 | 27,9 | 7,6 | 0,8 | 0,3 | 0,97 | | 117 | 126,8 | 25,1 | -59,9 | 5,1 | 30,0 | 24,9 | 0,7 | 0,5 | 0,84 | | | | | | 34,5 | 106,3 | 71,8 | 1,2 | 1,1 | 0,75 | | Including | 34,5 | 38,0 | 3,5 | 4,1 | 1,6 | 1,08 | | Including | 84,0 | 91,0 | 7,0 | 3,1 | 0,4 | 0,89 | | | | | | 6,2 | 11,0 | 4,8 | 0,7 | 0,3 | 0,90 | | | | | | 18,4 | 22,4 | 4,0 | 1,0 | 0,4 | 1,00 | | 118 | 82,3 | 325,2 | -59,9 | 32,9 | 37,2 | 4,3 | 1,0 | 2,2 | 0,41 | | | | | | 42,2 | 53,1 | 10,9 | 1,1 | 1,0 | 0,76 | | | | | | 56,7 | 82,3 | 25,6 | 2,8 | 0,5 | 0,86 | | Including | 77,2 | 80,7 | 3,5 | 10,3 | 1,9 | 0,96 | | 119 | 29,0 | 325,0 | -60,0 | 1,9 | 10,6 | 8,7 | 0,5 | 0,4 | 0,87 | | | | | | 14,8 | 23,7 | 8,9 | 0,8 | 0,9 | 0,81 | | 120 | 145,5 | 325,4 | -59,8 | 37,3 | 49,6 | 12,3 | 0,7 | 1,4 | 1,00 | | 121 | 145,5 | 325,4 | -59,8 | 24,6 | 26,0 | 1,4 | 6,4 | 3,9 | 1,43 | *True thickness of the mineralized zone is unknown and is reported as drill hole length
Drill core samples were processed in the Stannolite preparation facility located in Magadan. The drill core sample pulps were shipped to the Alex Stewart Group commercial laboratory facilities in Moscow where the samples were analyzed by two methods; (1) 30 gram Fire Assay with AAS finish for gold; and (2) a 0.2 gram sample split analyzed by ICP-AES for 40 elements. The Alex Stewart Group is an internationally accredited minerals laboratory with 14 offices worldwide including two in Russia and the company was recently acquired by ALS Global Laboratories that operate 300 offices in 50 countries. All ALS labs are ISO 9001:2008 certified or in the process of being certified for the analysis of geochemical samples.
In 2011 initial metallurgical tests were completed on diamond drill material, and included the following tasks: phase analysis of the mineralized material; study of granulometric mineral composition and distribution of gold by size fraction; evaluation of the metallurgical characteristics of the gold mineralization; and evaluation of ore processing flow sheet for gold recovery.
The highest gold extractions ranging from 92.35-92.57% was achieved using flotation and a combination of gravity and flotation processing. However flotation concentrates are refractory and gold liberation through intense cyanidation is limited. The flotation concentrate treated by intense cyanidation results in low gold recoveries of 60.58%.
In order to achieve higher gold recoveries, testwork showed it is necessary to roast the arsenic dominated sulphide floatation concentrate. If the floatation concentrate is roasted prior to cyanidation, the gold recovery into doré are improved significantly to 81.67%.
Initial metallurgical testwork indicates that the Drevniy gold mineralization is semi-refractory and recovery will be optimized using a gravity-floatation-POX/Biox-intense cyanidation flow sheet. The discovery of a core of higher-grade, pyrite-rich mineralization in the Drevniy prospect indicates that additional metallurgical testing is required to characterize the recovery of gold in the higher-grade core of the deposit.
Drevniy is one of six prospects within the Pridneprov license area, though limited information is available on the following other prospects.
The Kuchakachan prospect has two styles of gold mineralization that have been identified including discrete veins and sub-parallel sheeted veins associated with silicification. Historic exploration in 1980 included trenching, channel sampling and 3 diamond drill holes, and defined a main vein that was traced over a strike length of 80 meters averaging 0.68 meters in width and at an average grade of 49.4 g/t. The drill results indicate that the vein system increases in thickness and frequency at depth with the same average grade.
The Uvalniy prospect has trenching and surface sampling conducted in 1990 that defined a northeast trending mineralized zone consisting of sheeted sulphide-quartz veins in the central part of the Uvalniy granite porphyry stock. The veins have variable widths ranging up to 4 cm and are associated with arsenopyrite that occurs as disseminations and veinlets. Outcrop sampling returned gold grades ranging from 0.34 to 0.49 g/t. A second program of chip sampling carried out in 2007 defined the zone of gold mineralization as up to 650 m in length and 300 m in width, with an average grade of 0.72 g/t Au.
The Koldun prospect historic exploration results defined two strongly altered areas, containing sulphide-quartz veinlets. In the western tributary, a wide zone of silicified hornfels that contains pervasive sulphide- quartz veining ranges up to 250 m in width, and traced over a strike length in excess of 1.5 km. Selective sampling of quartz veins that contain disseminated arsenopyrite returned gold grades that range from 0.7 to 10.7 g/t. Trench sampling returned anomalous gold values that range from 0.2 to 0.4 g/t. In the northwestern tributary of Praviy Asan Creek, a second zone of quartz-sulphide veining that possibly has a northwest orientation, can be traced over a strike length of 500 to 600 m. Grab sampling of quartz veins containing disseminated arsenopyrite within the mineralized zone returned gold grades ranging from 2.3 to 20.6 g/t.
The Shurik Prospect exploration has highlighted bedrock gold occurrences are confined to the quartz-sulphide veining and zones of fracture and shearing developed in the periphery of a gabbro-diorite stock. Chip samples produced gold grades that vary from trace to 0.4 g/t in quartz veins and 7.0 to 50.6 g/t in quartz-sulphide veins. Gold grades associated with the shear zones vary from 0.2 g/t to 2-4 g/t.
Qualified Person
Dr. E.H. van Hees, P.Geo., who by reason of education, experience and professional registration, fulfills the requirements of an independent Qualified Person (QP) as defined in NI 43-101, has reviewed and approved the scientific and technical information in this press release.
About White Tiger Gold
The Company is a TSX-listed mining and exploration company, focused on the development of mineral resources in the Russian Federation.
Caution Concerning Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements") relating, but not limited to, White Tiger Gold's expectations, intentions and beliefs (including, without limitation, statements regarding the Pridneprov licence area (including the potential thereof), exploration and development plans (including the timing thereof), exploration results, future plans and objectives of White Tiger Gold and plans with respect to the filing of the Technical Report (including the timing thereof)). Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology are used to identify forward-looking statements. Such statements are based on assumptions, estimates, opinions and analysis made by management of White Tiger Gold in light of its experience, current conditions and its expectations of future developments as well as other factors which they believe to be reasonable and relevant. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties that may cause actual results to vary include but are not limited to: changes in equity and debt markets; uncertainties relating to the availability and costs of financing needed to complete exploration, development and production activities; failure to establish mineral resources at the Pridneprov licence area; exploration costs varying significantly from estimates; delays in the exploration and development of the Pridneprov licence area; unexpected geological or hydrological conditions; operational and technical difficulties, including the failure of major mining and/or milling equipment; the availability to White Tiger Gold of suitable financing alternatives; as well as other risks and uncertainties which are more fully described in White Tiger Gold's Annual Information Form dated April 5, 2012 and in other filings made by White Tiger Gold with Canadian securities regulatory authorities and available at www.sedar.com.
Any forward-looking statement and information speaks only as of the date on which it is made and, except as may be required by applicable laws, White Tiger Gold disclaims any intent or obligation to update any forward-looking statement and information, whether as a result of new information, future events or results or otherwise. Although White Tiger Gold believes that the assumptions inherent in the forward-looking statements and information are reasonable, forward-looking statements and information are not guarantees of future performance and accordingly undue reliance should not be put on such statements or information due to the inherent uncertainty therein.
Contact:
White Tiger Gold Ltd.
James McBurney
CEO & Director
info@whitetigergold.com
www.whitetigergold.com |
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| To: LoneClone who wrote (95222) | 10/1/2012 9:21:40 PM | | From: LoneClone | | | | Goldstrike Samples 9.92 Grams Per Tonne Gold at Solomon's Summit Property, and Samples 1.216 Ounces Per Ton Gold at Lucky Strike Property
Press Release: Goldstrike Resources Ltd. – 13 hours ago
finance.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 1, 2012) - Goldstrike Resources Ltd. ( GSR.V) ( APRAF) ( KCG1.F) is pleased to report a fire assay of 9.92 grams per tonne gold, in a grab sample of decomposed bedrock from its Solomon's Summit property, located in the Selwyn Basin, 160km northeast of Ross River, Yukon. The high grade sample was taken in an area of limited outcrop from a north-south mineralized structure that has been traced on the ground for 400 metres and remains open. A total of five rock grab samples that include quartz vein material and breccia have now been taken from exposed bedrock along a 10 metre gold mineralized segment of the same structure that is drill ready and remains open. New assays from this segment include 9.92 grams per tonne gold, 8.7 grams per tonne, 2.78 grams per tonne gold, and 1.8 grams per tonne gold, in addition to 5.3 grams per tonne gold reported in the Company's November 2, 2011 news release. This gold-mineralized zone was discovered by Goldstrike's team in the summer of 2011 on a ridge known as Solomon's Summit, and cuts calcareous sandstone, limestone, limestone breccia, and siltstone. The gold shows a close spatial association with pathfinder elements arsenic, antimony, mercury, and thallium.
A strong multi-element geochemical anomaly 2,000 metres long, and up to 800 metres wide, extends northwest along Solomon's Summit, and remains open. This geochemical anomaly coincides with the hinge zone of a northwest-plunging fold mapped by government in lower Hyland Group clastic and calcareous sediments, below a cap rock of maroon and green shale typical of the Upper Hyland Group. A rock grab sample taken close to the trace of the fold hinge 1 kilometre northwest of the main showing area assayed 1.4 grams per tonne gold. A total of 88 anomalous soil samples taken along the ridge contained between 25 and 100 parts per billion gold, and 15 soil samples returned values between 100 and 500.8 parts per billion gold.
The gold anomaly on Solomon's Summit covers a large area with limited outcrop with high grade bedrock samples taken to date of 5.3, 8.7 and 9.92 grams per tonne gold within a well defined gold mineralized structure that remains open. The geological age, host lithology, structure, and geochemistry resemble ATAC's recent description of its Conrad zone, and Goldstrike's team believes Solomon's Summit has many indicators for a significant new gold discovery. Trenching and diamond drilling is planned.
A total of 140 rock grab samples, 235 soil samples, and 4 silt samples were collected on the Summit property in 2012. Rock samples ranged from below detection level to 9.92 grams per tonne, soil samples ranged from below detection level to 508.2 parts per billion, and silt samples ranged from below detection level to 29.4 parts per billion. There are no samples outstanding.
To view the figure associated with this press release, please visit the following link: media3.marketwire.com
LUCKY STRIKE PROPERTY (WHITE GOLD DISTRICT, YUKON)
GOLDSTRIKE SAMPLES 41.687 GRAMS PER TONNE GOLD (1.216 OUNCES PER TON GOLD) ON 410 METRE GOLD MINERALIZED STRUCTURE THAT REMAINS OPEN
Goldstrike has just received fire assay results of 41.687 grams per tonne (1.216 ounces per ton) gold from a rock grab sample taken from bedrock on its Lucky Strike property, Yukon. The high grade sample was taken along a gold-mineralized structure that trends east-northeast for 410 metres and remains open. This new discovery has been named "Lucky Shot". The Lucky Shot structure was discovered by follow up prospecting of strong gold in soil anomalies .The structure was traced in an area of little outcrop using high resolution ground geophysics that confirms it passes through the mineralized outcrop and beyond. The Lucky Strike property contains widespread gold soil anomalies over a 7 kilometre strike length, returning values up to 703.7 parts per billion gold to date. These gold anomalies coupled with high resolution airborne geophysics indicate excellent potential for additional gold-mineralized structures to be discovered on the property.
The Lucky Strike property is located in the heart of the White Gold District. It is contiguous with the Kinross Golden Saddle property, 12 kilometres south-southeast of Comstock's QV property, and 30 kilometres north-northeast of Kaminak's Coffee Creek property. The gold-mineralized Lucky Shot structure has the same east-northeast orientation reported for the Golden Saddle deposit, as well as Comstock's recently announced trench intersections (3.31 grams per tonne gold over 95 metres, and 3.74 grams per tonne gold over 75 metres), and many of the main mineralized zones at Coffee Creek.
The new 41.687 gram per tonne (1.216 ounces per ton) gold sample consists of sheared, brecciated felsic schist, with strong silica, sericite, and pyrite alteration and contains finely disseminated dark grey sulphides. The assay record shows elevated values of silver, molybdenum, antimony, lead, and arsenic, all of which are also reported to be anomalous on the Golden Saddle property (Underworld Resources NI43-101 Report).
Goldstrike is very excited to have already established such a strong drill target in exposed highly gold-mineralized bedrock on the Lucky Shot structure. The host rock, gold mineralization, geochemistry, and structure closely resembling those on the Kaminak, Kinross, and Comstock properties. The Company looks forward to a program of additional high resolution ground geophysics and trenching, in order to define the full lateral extent of this new gold mineralized structure, and a drill program to define the full geometry of the gold mineralization to depth and along strike. The company is also planning a program of follow up prospecting on multiple gold soil anomalies along a 7 km strike.
A total of 37 rock grab samples, 44 soil samples, and 2 silt samples were collected on the Lucky Strike property in 2012. Rock grab sample assays ranged from below detection level to 41.687 grams per tonne, soil samples ranged from below detection level to 71.2 parts per billion, and the silt samples ranged from below detection level to 7.2 parts per billion. Assay results for 5 soil and no rock samples remain outstanding.
Big One Property, Yukon
Fifty-one follow-up soil samples taken on Goldstrike's Big One property in 2012 have returned values ranging from 1 to 400.8 parts per billion gold, including four samples that returned 76.9, 99.3, 237.2 and 400.8 parts per billion gold, and two others that were also over 50 parts per billion. Rock samples returned values ranging from below detection level to 0.34 grams per tonne gold. The new samples were taken over a soil anomaly that was discovered by first pass exploration in 2011.
The Big One property is located 15 kilometres southeast of Solomon's Summit, and covers a series of northwest trending folds in a sedimentary sequence of sandstone, grit, quartz pebble and lithic conglomerate, shale, phyllite, limestone, and quartzite that show varying amounts of hydrothermal alteration, silicification, quartz veining, and stockworks. Sulphides are mainly disseminated pyrite, arsenopyrite, pyrrhotite, galena, and stibnite. This geological setting closely resembles that seen on Goldstrike's Plateau and Summit properties, and the silicified sedimentary units seen at Big One are considered highly prospective because of their lateral extent. A tight spaced soil grid and mapping is planned for follow up.
Goldstrike looks forward to receiving drill results from its flagship Plateau property in the immediate future. Based on overall results from the 2012 season, the Company is planning an aggressive exploration program including trenching and diamond drilling on the Plateau, Lucky Strike and Summit properties.
The Company is also pleased to report it has accepted an invitation to speak on its Selwyn Basin prospects at the Yukon Geoscience Forum, to be held in Whitehorse November 18 to November 21.
Sample analysis and assaying for all of Goldstrike's projects are being conducted by Acme Analytical Laboratories Ltd in Vancouver, BC and AGAT Laboratories Limited in Mississauga, Ontario, both of which are ISO 9001 accredited. Soil samples are dried at 60 degrees C, reduced to 100 grams, and sieved to -80 mesh. A 15 gram charge is then dissolved with a 1:1:1 aqua regia digestion, and analyzed by a 72-element combination ICP-MS and ICP-AES package that includes gold. Rock samples are crushed, split, and 250 gram samples are sieved to 200 mesh. 30 gram charges are then assayed for gold using fire assay fusion and ICP-ES, and in addition, 0.5 mg charges are dissolved with a 1:1:1 aqua regia digestion, and analyzed by 37-element ICP-MS that also includes gold. Rigorous procedures are in place regarding sample collection, chain of custody and data entry. Certified assay standards, duplicate samples and blanks are routinely inserted into the sample stream to ensure integrity of the assay process.
Note: Grab samples are selective by nature, and are unlikely to represent average grades on the property.
Trevor J. Bremner, P. Geo., Senior Consulting Geologist and Advisor to Goldstrike's Board, is a qualified person, as defined by National Instrument 43-101, for Goldstrike's Yukon exploration projects and supervised the preparation of the technical information in this release.
For more detailed new information and maps on Summit and Lucky Strike properties, see Goldstrike's web site at GoldstrikeResources.com.
ON BEHALF OF THE BOARD
Terrence E. King
President and Chief Executive Officer
For further information, please visit Goldstrike's website at GoldstrikeResources.com and follow the Company's tweets at Twitter.com/GoldstrikeRes.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Contact:
Jeff Stuart
King James Capital Corporation
Investor Relations
(604) 805-0375
jstuart@kingjamescapital.com |
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| To: LoneClone who wrote (95223) | 10/1/2012 9:23:36 PM | | From: LoneClone | | | | Continental Gold Announces an Updated Mineral Resource Estimate for the Buritica Project, Colombia
Press Release: Continental Gold Ltd. – 14 hours ago
finance.yahoo.com
TORONTO, ONTARIO--(Marketwire - Oct 1, 2012) - Continental Gold Limited ( CNL.TO)( CGOOF) ("Continental" or the "Company") is pleased to announce an updated mineral resource estimate for the Yaraguá and Veta Sur vein systems at its 100%-owned Buriticá project in Antioquia, Colombia. Undertaken by independent consultants, Mining Associates Pty Ltd. ("MA"), the mineral resource estimate is based on 112,600 metres of drilling and 2,332 metres of underground sampling (as at June 30, 2012) and was prepared in accordance with National Instrument 43-101 ("NI 43-101"). The Company continues with a major surface and underground drilling program to expand and increase the level of confidence of the mineral resources for the Yaraguá and Veta Sur vein systems and to explore new targets at the Buriticá project.
Highlights
Combined mineral resources for the Yaraguá and Veta Sur vein systems at a 3 g/t gold cut-off grade are newly estimated as: | Combined Yaraguá and Veta Sur Mineral Resources above a 3 g/t gold cut-off, June 30, 2012 | | | | Resource | | Grades | | Metal | | Category | Tonnes | | Au g/t | | Ag g/t | | Zn % | | Au oz | | Ag oz | | Zn lb | | Measured | 320,000 | | 27.8 | | 69 | | 1.4 | | 290,000 | | 700,000 | | 9,500,000 | | Indicated | 3,420,000 | | 12.3 | | 35 | | 0.6 | | 1,350,000 | | 3,900,000 | | 46,300,000 | | M & I | 3,740,000 | | 13.6 | | 38 | | 0.7 | | 1,640,000 | | 4,600,000 | | 55,800,000 | | Inferred | 13,330,000 | | 8.8 | | 33 | | 0.5 | | 3,760,000 | | 14,200,000 | | 156,500,000 | | | | Note - Reported tonnage and grade figures have been rounded from raw estimates to reflect the order of accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. There have been no assumptions made as to metal prices or recoveries in this mineral resource estimate. | Combined mineral resources for the Yaraguá and Veta Sur vein systems at a 4 g/t gold cut-off grade are newly estimated as: | Combined Yaraguá and Veta Sur Mineral Resources above a 4 g/t gold cut-off, June 30, 2012 | | | | Resource | | Grades | | Metal | | Category | Tonnes | | Au g/t | | Ag g/t | | Zn % | | Au oz | | Ag oz | | Zn lb | | Measured | 290,000 | | 30.5 | | 75 | | 1.4 | | 280,000 | | 700,000 | | 9,100,000 | | Indicated | 2,890,000 | | 14.0 | | 39 | | 0.7 | | 1,300,000 | | 3,600,000 | | 41,500,000 | | M & I | 3,180,000 | | 15.5 | | 42 | | 0.7 | | 1,580,000 | | 4,300,000 | | 50,600,000 | | Inferred | 10,000,000 | | 10.5 | | 34 | | 0.6 | | 3,390,000 | | 10,900,000 | | 122,000,000 | | | | Note - Reported tonnage and grade figures have been rounded from raw estimates to reflect the order of accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. There have been no assumptions made as to metal prices or recoveries in this mineral resource estimate. | The mineral resource estimates represent substantial increases in measured, indicated and inferred resources of gold, silver and zinc over those of the maiden mineral resource estimate for the Buriticá project (announced by the Company on September 15, 2011) reflecting the growth of the Company's drilling and sampling database.
Grade-Tonnage charts demonstrate the high-grade nature and robust character of the mineral resources over a range of cut-off grades from 0 to 5 g/t gold. Furthermore, estimates of tonnage-grade per vertical-metre for the major vein domains demonstrate only limited variation through elevation ranges of more than 400 metres.
Significant potential remains for future mineral resource estimate increases in the Yaraguá and Veta Sur vein systems as most of the vein domains modeled in both Yaraguá and Veta Sur are open at depth and laterally. The current mineral resource estimates also exclude a number of veins in these systems for which there was limited drilling as of June 30, 2012.
"It is quite an accomplishment to drill a robust resource estimate of this size in just under two-and-one-half years since going public. I would personally like to congratulate everyone in the Company for their invaluable contributions," commented Ari Sussman, CEO. "Now with the updated mineral resource estimate in hand, we will announce a comprehensive revised exploration and development plan for the Buriticá project in the next few weeks."
Details
Buriticá, Continental's 100%-owned project, contains several known areas of high-grade gold and silver mineralization, of base metal carbonate-style ("Stage I") variably overprinted by texturally and chemically distinctive high-grade ("Stage II") mineralization. The two most extensively explored of these areas - the Yaraguá and Veta Sur systems - are central to this land package. The Yaraguá system has been drill-outlined along 900 metres of strike and 1,300 vertical metres and partially sampled in underground developments. The Veta Sur system has been drill intersected along 570 metres of strike and 1,180 vertical metres. Both systems are characterized by multiple, steeply-dipping veins and broader, more disseminated, mineralization and both remain open at depth and along strike, at high grades. This press release outlines updated mineral resource estimates for the Yaraguá and Veta Sur systems, superseding the maiden mineral resource estimate announced by the Company on September 15, 2011.
MA was commissioned to undertake mineral resource estimations for Yaraguá and Veta Sur. Mr. Andrew J. Vigar (B.Sc., FAusIMM, MSEG and MA Director) has been responsible for estimations largely undertaken by Mr. Martin Recklies (BAppSc. (Geoscience)), which will be detailed in a Technical Report prepared in accordance with NI 43-101 to be filed on SEDAR within 45 days of this press release. There was close collaboration between MA and the Buriticá site geologists and consultants, undertaken during site visits and at MA's Brisbane offices, in particular on the selection and tagging of the vein domains in the context of available underground and surface geology.
Resource modeling was based on Continental's Buriticá database as at June 30, 2012, audited and provided by Resource and Exploration Mapping Ltd., which maintains the Company's database. Database statistics are summarized below:
| Validated Drilling Database as of June 30, 2012 | | Drilling/sampling type | | Area | | Drill-holes | | Samples (m) | | Metres | | Surface DH (BUSY-, BUSM-) | | Yaraguá and Veta Sur | | 276 | | 81,105 | | 92,366 | | Underground DH (BUUY-) | | Yaraguá | | 87 | | 16,943 | | 17,901 | | Channel samples, surface samples (CH-) | | Yaraguá underground | | 995* | | 2,332 | | 2,335 | | Total | | | | 1,358 | | 100,380 | | 112,602 | | | *Channel sample data stored as pseudo drill-holes | In view of their geology, grade distributions and potential mining methods, Yaraguá and Veta Sur were modeled as sets of sub-parallel, steeply-dipping vein domains. In the case of Yaraguá, 33 vein domains were interpreted from geological mapping and sampling of underground developments and drilling in the upper part of the system and extended to greater depth and along strike from drill intercepts.
The mineral resource estimate is constrained by domains consisting of 3D geological models. The drill-hole data (and underground channel samples where available) were displayed in section and elevation slices showing assays and geology. Intercepts were selected and coded for each vein domain based on the following selection criteria, in decreasing hierarchy:
Gold grades greater than 2 g/t Au; No assays received, but a "vein" lithology code in the expected location; or Sub-grade areas where the interpreted vein domain passed through the drill-hole but was not already coded (i.e. "brought through"). Vein domains were modeled using MA's proprietary software. For Veta Sur, 25 vein domains were interpreted from drilling. Intercepts were tagged by vein domain name and several iterations of 3D sections, plans and visualizations were done to ensure geologically consistent vein domains. Other mineralization is present outside these domains but requires further delineation drilling.
Informing samples were vein composites within domains, one composite sample across each vein intercept. The estimation grid size was 5 metres in X and Y with vein thicknesses (horizontal widths), and gold, silver and zinc grades estimated in unfolded space using Ordinary Krige estimation. The informing sample grades were capped on a domain or sub-domain basis as determined by geostatistical analysis. A minimum of one composite and a maximum of eight are required to estimate a block. As well as the tightly-constrained vein domains, high- grade and low-grade sub-domains were used within the vein domains, using a 3 metre*grams gold boundary. Results of the Krige estimation were validated against raw data statistics. Trend analysis against the informing samples and check estimates using Inverse Distance Squared and Nearest Neighbour (Polygonal) estimation techniques are in generally good agreement with the Krige estimates and grade patterns, highlighting the importance of the sub-domaining in minimizing grade "smearing" where data density was low.
Results of the 2D estimation for each vein domain are combined to a normal 3D block model with sub-block size of 2.5 m (E) by 0.25 m (N) by 2.5 m (RL). The model was screened for topography. The number of informing samples, presence of underground development or mining, kriging variance (gold) and distance to nearest informing sample were used to define contiguous areas defining Resource Categories, are as follows:
Measured Maximum of 8 informing vein composites, distance to the nearest informing sample is less than 10 metres At least 8 informing vein composites clustered within a contiguous 10-metre distance zone or drifts or rises with at least 8 face samples within a contiguous 10-metre distance zone Kriging variance is less than 50% of the maximum
Indicated Maximum of 8 informing vein composites, distance to the nearest informing sample is less than 25 metres At least 3 informing vein composites clustered within a contiguous 25-metre distance zone Kriging variance is less than 50% of the maximum
Inferred Minimum of 3 informing vein composites, distance to the nearest informing sample less than 50 metres At least 2 informing vein composites clustered within a contiguous 50-metre distance zone Some additional areas included at depth where geological continuity is good but drilling is sparse, must have at least one informing sample within the maximum search range of 200 metres. Areas within a vein domain already taken by development and/or historical mining have been removed and screened for topography. Volumetric estimates were converted to tonnage estimates utilizing an average specific gravity of 3.1, based on core measurements and computed from multi-element assay data.
Grade-Tonnage charts for 0 to 5 g/t gold cut-off grades are presented below (Figures 1a and 1b) by mineral resource category for both the Yaraguá and Veta Sur vein systems. These are the capped Ordinary Krige estimates for vein domains, diluted to one-metre minimum horizontal widths with geostatistics-based grades of 0.4 g/t gold and 4-6 g/t silver and 0.16-0.17% zinc.
To view Figures 1a and 1b, please visit the following link: media3.marketwire.com
These results demonstrate the high-grade nature and robust character of the Yaraguá and Veta Sur vein systems over a broad range of gold cut-off grades. The mineral resource tonnes tabled in Figure 1a and 1b are only within the tightly-constrained vein domains and thus do not reflect large quantities of undefined lower-grade (less than 3 g/t Au) material outside the currently-defined vein domains.
The results presented below are capped Krige estimates at 3 g/t and 4 g/t gold cut-off grades and for one-metre minimum horizontal vein thicknesses. These gold cut-off grades reflect the range of conceptual costs for underground development, mining and treatment.
Yaraguá Vein System
| Yaraguá Mineral Resources classified above a 3 g/t gold cut-off grade | | | | Resource | | Grades | | Metal | | Category | Tonnes | | Au g/t | | Ag g/t | | Zn % | | Au oz | | Ag oz | | Zn lb | | Measured | 310,000 | | 28.2 | | 70 | | 1.4 | | 280,000 | | 700,000 | | 9,500,000 | | Indicated | 2,430,000 | | 12.7 | | 31 | | 0.8 | | 990,000 | | 2,400,000 | | 41,500,000 | | M & I | 2,740,000 | | 14.5 | | 35 | | 0.8 | | 1,270,000 | | 3,100,000 | | 51,100,000 | | Inferred | 8,100,000 | | 8.9 | | 31 | | 0.7 | | 2,320,000 | | 8,000,000 | | 131,600,000 | | | | Yaraguá Mineral Resources classified above a 4 g/t gold cut-off grade | | | | Resource | | Grades | | Metal | | Category | Tonnes | | Au g/t | | Ag g/t | | Zn % | | Au oz | | Ag oz | | Zn lb | | Measured | 280,000 | | 30.7 | | 76 | | 1.4 | | 280,000 | | 700,000 | | 9,000,000 | | Indicated | 2,090,000 | | 14.2 | | 33 | | 0.8 | | 950,000 | | 2,200,000 | | 37,400,000 | | M & I | 2,380,000 | | 16.2 | | 38 | | 0.9 | | 1,230,000 | | 2,900,000 | | 46,400,000 | | Inferred | 6,080,000 | | 10.8 | | 30 | | 0.8 | | 2,100,000 | | 5,900,000 | | 103,600,000 | | | | Note - Reported tonnage and grade figures have been rounded from raw estimates to reflect the order of accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. There have been no assumptions made as to metal prices or recoveries in this resource estimate. | These mineral resource estimates for the Yaraguá vein system are largely contained in 27 vein domains modeled over average strike extents of 550 metres and average depths extents of 500 metres (Figures 2 and 3). All modeled veins are open at depth and along strike.
A significant proportion of and the increase in the measured and indicated resources (relative to the 2011 maiden mineral resource estimate) reflects the underground sampling of several of the major vein domains and also the intensity of drilling in the central part of the vein system.
A chart of tonnage and gold grade (calculated at 50 vertical metre intervals) versus elevation (500 metre range) for the most drilled portion of the Yaraguá resource (above 3 g/t gold) is presented below.
To view Table 1, please visit the following link: media3.marketwire.com
Level slice tonnages decrease above RL's of 1,500 metres due to a lack of drilling and due to various veins intersecting with the topographic surface. Tonnages decrease below 1,200 metres RL due to sparse drilling-data, resulting in limited modeling of the vein domains at depth. Tonnages and grades otherwise show limited variation over a 400-metre elevation range.
The table appended to the tonnage-grade versus elevation chart also shows tonnage (millions of tonnes) and gold resources (thousands of ounces) for each 50 vertical metre slice, also illustrating the substantial character of the Yaraguá resource over a 500-metre vertical range.
Veta Sur Vein System
| Veta Sur Mineral Resources classified above a 3 g/t gold cut-off grade | | | | Resource | | Grades | | Metal | | Category | Tonnes | | Au g/t | | Ag g/t | | Zn % | | Au oz | | Ag oz | | Zn lb | | Measured | 10,000 | | 16.1 | | 25 | | 0.3 | | 5,000 | | 8,000 | | 100,000 | | Indicated | 990,000 | | 11.3 | | 47 | | 0.2 | | 360,000 | | 1,500,000 | | 4,700,000 | | M & I | 1,000,000 | | 11.4 | | 47 | | 0.2 | | 370,000 | | 1,500,000 | | 4,800,000 | | Inferred | 5,230,000 | | 8.5 | | 37 | | 0.2 | | 1,430,000 | | 6,200,000 | | 24,900,000 | | | | Veta Sur Mineral Resources classified above a 4 g/t gold cut-off grade | | | | Resource | | Grades | | Metal | | Category | Tonnes | | Au g/t | | Ag g/t | | Zn % | | Au oz | | Ag oz | | Zn lb | | Measured | 7,000 | | 20.7 | | 27 | | 0.3 | | 5,000 | | 6,000 | | 40,000 | | Indicated | 790,000 | | 13.3 | | 53 | | 0.2 | | 340,000 | | 1,300,000 | | 4,100,000 | | M & I | 800,000 | | 13.4 | | 52 | | 0.2 | | 350,000 | | 1,300,000 | | 4,100,000 | | Inferred | 3,920,000 | | 10.2 | | 40 | | 0.2 | | 1,290,000 | | 5,000,000 | | 18,400,000 | | | | Note - Reported tonnage and grade figures have been rounded from raw estimates to reflect the order of accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. There have been no assumptions made as to metal prices or recoveries in this resource estimate. | These mineral resource estimates for the Veta Sur vein system are mainly contained in 24 vein domains modeled over average strike extents of 450 metres and average depths extents of 450 metres. All modeled veins are open to depth and along strike.
Measured and indicated resource estimates are currently confined to the more intensively-drilled central part of the Veta Sur vein system.
A chart of tonnage and gold grade (calculated at 50 vertical metre intervals) versus elevation (500 metre range) for the bulk of Veta Sur resource (above 3 g/t gold) is presented below. Tonnages for level slices decrease at higher RL's, due to the intersection of certain veins with the topographic surface and also limited drilling at shallow depths. Lower tonnages at lower RL's reflect limited deep drilling, but gold grades continue to be high-grade in these areas and attest to the potential of deep Veta Sur. The Table appended to the tonnage-grade versus elevation chart further illustrates the substantial nature of the Veta Sur resource over a 500 metre vertical extent.
The majority of both the Yaraguá and Veta Sur resource estimates in the tonnage-grade versus elevation tables are all at RL's higher than proposed plan tunnel development, which is anticipated to commence towards the end of the fourth quarter, 2013 (Figure 3).
To view Table 2, please visit the following link: media3.marketwire.com
Combined Yaraguá and Veta Sur Mineral Resources
| Combined Yaraguá and Veta Sur Mineral Resources above a 3 g/t gold cut-off, June 30, 2012 | | | | Resource | | Grades | | Metal | | Category | Tonnes | | Au g/t | | Ag g/t | | Zn % | | Au oz | | Ag oz | | Zn lb | | Measured | 320,000 | | 27.8 | | 69 | | 1.4 | | 290,000 | | 700,000 | | 9,500,000 | | Indicated | 3,420,000 | | 12.3 | | 35 | | 0.6 | | 1,350,000 | | 3,900,000 | | 46,300,000 | | M & I | 3,740,000 | | 13.6 | | 38 | | 0.7 | | 1,640,000 | | 4,600,000 | | 55,800,000 | | Inferred | 13,330,000 | | 8.8 | | 33 | | 0.5 | | 3,760,000 | | 14,200,000 | | 156,500,000 | | | | Combined Yaraguá and Veta Sur Mineral Resources above a 4 g/t gold cut-off, June 30, 2012 | | | | Resource | | Grades | | Metal | | Category | Tonnes | | Au g/t | | Ag g/t | | Zn % | | Au oz | | Ag oz | | Zn lb | | Measured | 290,000 | | 30.5 | | 75 | | 1.4 | | 280,000 | | 700,000 | | 9,100,000 | | Indicated | 2,890,000 | | 14.0 | | 39 | | 0.7 | | 1,300,000 | | 3,600,000 | | 41,500,000 | | M & I | 3,180,000 | | 15.5 | | 42 | | 0.7 | | 1,580,000 | | 4,300,000 | | 50,600,000 | | Inferred | 10,000,000 | | 10.5 | | 34 | | 0.6 | | 3,390,000 | | 10,900,000 | | 122,000,000 | | | | Note - Reported tonnage and grade figures have been rounded from raw estimates to reflect the order of accuracy of the estimate. Minor variations may occur during the addition of rounded numbers. There have been no assumptions made as to metal prices or recoveries in this resource estimate. | The tabulated mineral resource estimates are for areas in the Yaraguá and Veta Sur systems with adequate sampling densities to permit estimation. Tonnage-grade per vertical metre estimates for the major vein domains demonstrate only limited variation through depth ranges of more than 400 metres.
Further drilling at the Buriticá project has continued to demonstrate that both systems are open along strike and at depth, as well as delineating other veins on the margins of the current mineral resource model.
Dr. Vic Wall, Special Advisor to Continental, oversaw the mineral resource modeling and noted, "The Mining Associates mineral resource model for the Yaraguá and Veta Sur vein systems is well constrained geologically and conservative in its estimations. I am confident in the results which are reinforced by more recent drilling. The gold and silver resource estimates in both systems are likely to grow substantially from infill and step-out drilling and mineral resource confidence levels will increase with planned underground drilling. Exploration of other (to-date largely untested by drilling) targets will likely contribute to realizing additional multimillion ounce precious metal potential of Continental's broader Buriticá project."
Technical Information
Vic Wall, PhD, Special Advisor to the Company and a qualified person (QP) for the purpose of NI 43-101, has prepared or supervised the preparation of, or approved, as applicable, the technical information contained in this press release. Dr. Wall is a geologist with over 35 years' experience in the minerals mining, consulting, exploration and research industries. Following a career in Australian and North American academes, he held senior positions in a number of multinational major and junior minerals companies. A Fellow of the Australian Institute of Geoscientists, Dr. Wall is Principal of Vic Wall & Associates, a Brisbane-based consultancy that provides geoscientific services to mineral companies and government agencies, worldwide.
The technical information in this press release relating to mineral resource estimates is based on technical information prepared under the direction and supervision of Andrew J. Vigar, a consultant geologist (FAusIMM, MSEG) holding a B.Sc (Applied Geology), with over 30 years' experience including specialist experience in resource evaluation and mining of gold deposits. Mr. Vigar, an independent QP (as defined in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves and NI 43-101) has reviewed this press release and consented to the inclusion in this press release of extracts from, or a summary of, the technical information prepared under his direction and supervision.
For additional technical information on the Buriticá project, please refer to the technical report entitled "Mineral Resource Estimate of the Buriticá Gold Project, Colombia" dated October 24, 2011, as amended November 23, 2011, available on SEDAR at www.sedar.com, on the OTCQX at www.otcmarkets.com and on the Company website at www.continentalgold.com.
About Continental Gold
Continental Gold Limited is an advanced-stage exploration and development company with an extensive portfolio of 100%-owned gold projects in Colombia. Spearheaded by a team with over 40 years of exploration and mining experience in Colombia, the Company is focused on advancing its high-grade Buriticá gold project to production.
In August 2012, Continental achieved an important milestone, receiving formal approval for the modification of its existing Environmental Impact Assessment. The amendment allows the Company to build a six-kilometre switchback road and begin underground development by constructing a one-kilometre access tunnel. With a goal of being the first modern-day gold producer in Colombia, Continental will commence the construction of the access tunnel in H2 2012, initially providing access for underground drilling and eventually used for commercial production. A Phase III drill program is underway at the Buriticá project to further delineate the resource and drill new target zones identified within its concessions.
Additional details on the Buriticá project and the rest of Continental's suite of gold exploration properties are available at www.continentalgold.com.
Forward-Looking Statements
This press release contains or refers to forward-looking information under Canadian securities legislation, including statements regarding the estimation of mineral resources, exploration results, potential mineralization, exploration and mine development plans, timing of the commencement of operations and is based on current expectations that involve a number of business risks and uncertainties. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.
Differences in Reporting of Resource Estimates
This press release was prepared in accordance with Canadian standards which differ in some respects from United States standards. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources," "measured mineral resources" and "mineral resources" used or referenced in this press release are Canadian mining terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves (the "CIM Standards"). The CIM Standards differ significantly from standards in the United States. While the terms "mineral resource," "measured mineral resources," "indicated mineral resources," and "inferred mineral resources" are recognized and required by Canadian regulations, they are not defined terms under standards in the United States. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. Readers are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into reserves. Readers are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, United States companies are only permitted to report mineralization that does not constitute "reserves" by standards in the United States as in place tonnage and grade without reference to unit measures. Accordingly, information regarding resources contained or referenced in this press release containing descriptions of our mineral deposits may not be comparable to similar information made public by United States companies.
To view "Figure 2: Plan view of 3D Model of Yaraguá and Veta Sur vein systems, showing drilling and proposed developments," please visit the following link: media3.marketwire.com
To view "Figure 3: View of 3D model of Yaraguá and Veta Sur vein systems (looking west) with drilling and proposed developments," please visit the following link: media3.marketwire.com
Contact:
Continental Gold Limited
Nisha Hasan
Director, Investor Relations
+1.416.583.5611
info@continentalgold.com
www.continentalgold.com |
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