Archive for category Resource Estimates

TTM Resources Updated Resource Estimate and Drill Results

TTM Resources Inc. has received an updated resource estimate from GH Giroux, PEng, MASc, of Giroux Consultants Inc., of Vancouver, B.C., for its 100-per-cent-owned Chu molybdenum project 75 kilometres southwest of Vanderhoof, B.C. The resource estimates will be included in a revised National Instrument 43-101 report to be filed within 45 days.

At a cut-off grade of 0.04 per cent Mo there are an estimated 139.9 million tonnes grading 0.061 per cent Mo (188.2 million pounds Mo), 173.3 million tonnes grading 0.06 per cent Mo (229.3 million pounds Mo) and 84.4 million tonnes grading 0.058 per cent (107.9 million pounds Mo) in the measured, indicated and inferred categories respectively.

 

                            MEASURED RESOURCE
           Tonnes greater
Mo cut-off   than cut-off   Grade greater than cut-off
                              Mo     Cu
(%)               (tonnes)     %     (%)   Million lb Mo   Million lb Cu

0.02          237,200,000  0.048  0.034            251.1           177.8
0.04          139,920,000  0.061  0.036            188.2           111.1
0.05           90,240,000  0.070  0.036            139.3            71.6
0.08           19,710,000  0.100  0.039             43.5            16.9
0.09           12,160,000  0.110  0.042             29.5            11.3

                            INDICATED RESOURCE
           Tonnes greater
Mo cut-off   than cut-off   Grade greater than cut-off
                              Mo     Cu
(%)               (tonnes)     %     (%)   Million lb Mo   Million lb Cu

0.02          410,160,000  0.042  0.034            379.8           307.5
0.04          173,340,000  0.060  0.037            229.3           141.4
0.05          102,710,000  0.070  0.037            158.5            83.8
0.08           26,130,000  0.097  0.039             55.9            22.5
0.09           14,840,000  0.106  0.041             34.7            13.4

                             INFERRED RESOURCE
           Tonnes greater
Mo cut-off   than cut-off   Grade greater than cut-off
                              Mo     Cu
(%)               (tonnes)     %     (%)   Million lb Mo  Million lb Cu

0.02          220,200,000  0.040  0.036            194.2           174.8
0.04           84,400,000  0.058  0.043            107.9            80.0
0.05           50,040,000  0.068  0.046             75.0            50.8
0.08           12,420,000  0.093  0.051             25.5            14.0
0.09            4,580,000  0.103  0.051             10.4             5.2

                     MEASURED-PLUS-INDICATED RESOURCE

           Tonnes greater
Mo cut-off   than cut-off   Grade greater than cut-off
                              Mo     Cu
(%)               (tonnes)     %     (%)   Million lb Mo  Million lb Cu

0.02          647,330,000  0.044  0.034            628.0           485.3
0.04          313,250,000  0.060  0.037            414.4           255.6
0.05          192,950,000  0.070  0.036            297.8           153.2
0.08           45,840,000  0.098  0.039             99.1            39.4
0.09           26,990,000  0.108  0.041             64.3            24.4

 

Resource criteria

The mineral resources mentioned above are defined in terms of the National Instrument 43-101 regulations and their estimation was carried out using industry standard practices using ordinary kriging of blocks 20 by 20 by 10 metres high. The mineral resources are undiluted and a total of 10 assays were capped at 0.54 per cent Mo. Measured mineral resources were produced using a search ellipse with dimensions equal to one-fourth the semi-variogram range, indicated mineral resource estimates were produced using a search ellipse with dimensions equal to one-half the semi-variogram range. A specific gravity based on 328 measurements of 2.69 was used for tonnage calculations. Assay results from 121 diamond drill holes totalling 64,610 metres were used. A total of 22,170 Mo assay and 20,917 Cu assay intersections made up the resource database.

The company is very pleased with the result of these independent estimates, and subject to the conclusions and recommendations in the upcoming National Instrument 43-101 report, it will use these resource estimates as a guide for the 2009 drill program and to enhance future economic development studies.

Warren Robb states: “Our current drilling will now focus on defining our highest-grade molybdenum areas. This drilling will help us properly identify and define the best areas for starter pits, and enhance our overall resource model. Our dedicated geological staff remains motivated and focused on outlining British Columbia’s second-largest primary molybdenum deposit.”

Drill results

The company is also pleased to release the results from CHE-08-38 to CHE-08-52 and CHW-08-20 to CHW-08-23, completed in 2008.

Analyses of samples from the current program are completed at Stewart Group in Kamloops, B.C. The company has in place a comprehensive quality-assurance/quality-control program including standards, blanks and duplicate samples that form part of the sampling protocol. In addition the laboratory has its own quality-assurance program.

 

                                HIGHLIGHTS

                                  Length
Hole No.    Azimuth   Dip       (m)       From       To  Length    Mo (%)

2008-CHU-
E038                                    389.21   419.00   29.79    0.098
                                        507.12   517.22   10.10    0.130
2008-CHU-
E040                                    306.92   323.27   16.35    0.100
2008-CHU-
E042            210   -69     742.76     32.61    55.01   22.40    0.103
                                        151.49   175.86   24.37    0.122

2008-CHU-
E044            210   -50     833.42    428.83   456.26   27.43    0.101
                                        495.89   514.17   18.28    0.107
2008-CHU-
E046            208   -49     481.26    339.84   356.80   16.96    0.188
2008-CHU-
E047            210   -69     980.49    419.69   444.07   24.38    0.129
                                        569.03   714.23  145.20    0.100
2008-CHU-
E050            210   -69     932.03    561.95   858.88  296.93    0.088
including                               561.95   709.54  147.59    0.104
and including                           601.20   694.30   93.10    0.127
and including                           676.01   694.30   18.29    0.215
2008-CHU-
W021                                    346.54   400.49   53.95    0.100
2008-CHU-
W022                                     32.61    66.14   33.53    0.110
                                        120.00   192.00   72.00    0.100
                                        581.00   599.51   18.51    0.210
2008-CHU-
W023                                    159.36   182.00   22.64    0.106
                                        210.18   242.91   32.73    0.115
                                        663.47   706.19   42.72    0.120

 

Mr. Clarke says: “Our goal throughout the 2008 drill program was to improve the resource classification by establishing a measured resource and to move most of the inferred resource into the indicated resource category. The preliminary economic assessment report (PEA) written by Moose Mountain guided these efforts. We are excited with our success. We continue to see areas of high-grade Mo throughout the potential mining area and are pleased to note that our exploration efforts have identified resources below the 650-metre pit bottom identified in Moose Mountains’ PEA report. Our resource continues to grow stronger at depth. This bodes well for a long profitable mining scenario for the company, the city of Vanderhoof and its surrounding communities. Our 2009 program, with the guidance of Moose Mountain and Giroux Consultants, will be to establish suitable near-surface, high-grade zones that will allow the company to maximize early returns in a future mining scenario. We will concentrate in the west pit area, where indications are good for the early recovery of high-grade Mo. We will keep our shareholders informed.”

Normal-course issuer bid

The company has completed the purchase of 2.5 million shares (5 per cent of its issued and outstanding) currently leaving 48,136,489 shares issued and outstanding. The company has applied for a continuation of this bid and has asked for approval to purchase up to an additional 1.6 million shares. “While we are surprised at the price shareholders are prepared to sell their shares at, we continue to believe purchase and cancellation is in the best interest of all shareholders,” says Mr. Clarke.

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. The technical information provided in this press release was reviewed by Warren Robb, PGeo, and Wes Raven, PGeo, who are both qualified persons for the purposes of National Instrument 43-101.

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Serengeti Resource Estimate Confirms 1.6 Million Ounce Gold and 1.1 Billion Pound Copper Indicated Resource at Kwanika

Serengeti Resources  is pleased to announce the initial mineral resource estimate for the Central Zone at the Company’s 100% owned Kwanika copper-gold property in British Columbia.

The estimate for the Central Zone is based on 78 holes totaling 40,784 meters drilled between 2006 and 2008 which establish the volume, grade, and continuity of the mineralization. The mineral resources are reported within a defined volume and at various cut-off grades as presented below in the table of Kwanika Central Zone Mineral Resources.

At a 0.25% copper equivalent (Cu Eq)1 cut-off the Kwanika Central Zone Mineral Resources are:

  • 182.6 million tonnes of Indicated Mineral Resources grading 0.47% Cu Eq or 0.71 g/t Au Eq, containing 1.62 million ounces of gold and 1.15 billion pounds of copper; AND
  • 28.5 million tonnes of Inferred Mineral Resources grading 0.32% Cu Eq or 0.49 g/t Au Eq containing an additional 0.2 million ounces of gold and 120 million pounds of copper.

A higher grade core within the zone, at a 0.4% Cu Eq cut-off, yields:

  • 75.1 million tonnes of Indicated Mineral Resources grading 0.69% Cu Eq or 1.05 g/t Au Eq, containing 1.02 million ounces of gold and 680 million pounds of copper.

The estimate was prepared by independent geological and mining consultants, Scott Wilson Roscoe Postle Associate Inc., under the direction of David W. Rennie, P.Eng. an independent Qualified Person, as defined by the National Instrument 43-101. Mr. Rennie has reviewed and approved the contents of this release. A technical report providing details of the estimate will be filed on Sedar (www.sedar.com) within 45 days.

“We are extremely pleased to have achieved this important milestone at Kwanika.” stated Serengeti Resources President and CEO, David W. Moore. “This NI 43-101 compliant Indicated Resource containing 4.2 million ounces gold-equivalent is a very significant building block for the Company. In light of current market conditions, our efforts this year at Kwanika will focus on selectively testing targets in the vicinity of the resource area, including targets mentioned elsewhere in this release, to seek and expand additional high grade mineralized centers.” elaborated Moore.

Kwanika Central Zone Indicated Mineral Resources

CuEq
% Cut-off

Tonnage
 Mt

Au
g/t

Au
 M oz

Cu
%

Cu
M lb

    Cu
 Eq %

Au Eq
g/t

1.00

10.20

0.90

0.295

0.77

173.0

1.36

2.07

0.75

21.93

0.70

0.494

0.63

304.9

1.09

1.66

0.50

48.58

0.51

0.801

0.49

521.3

0.82

1.26

0.45

59.31

0.47

0.894

0.45

591.6

0.76

1.16

0.40

75.07

0.42

1.015

0.41

684.0

0.69

1.05

0.35

98.42

0.37

1.170

0.37

806.4

0.61

0.94

0.30

133.26

0.32

1.370

0.33

964.8

0.54

0.82

0.25

182.63

0.28

1.616

0.29

1,152.6

0.47

0.71

Inferred Mineral Resources

CuEq
% Cut-off

Tonnage
 Mt

Au
g/t

Au
 M oz

Cu
%

Cu
M lb

     Cu
     Eq %

Au Eq
g/t

1.00

0.01

0.83

0.000

0.61

0.1

1.16

1.77

0.75

0.22

0.52

0.004

0.51

2.4

0.86

1.31

0.50

1.15

0.40

0.015

0.39

9.7

0.65

0.99

0.45

1.59

0.37

0.019

0.36

12.5

0.60

0.91

0.40

2.99

0.31

0.030

0.31

20.6

0.52

0.79

0.35

6.20

0.27

0.053

0.27

36.4

0.44

0.67

0.30

14.47

0.23

0.106

0.22

71.4

0.37

0.57

0.25

28.54

0.20

0.181

0.20

122.5

0.32

0.49

Note 1: Copper and gold equivalent calculations use metal prices of US$2.00/lb for copper and US$900/oz for gold and do not include factors for metallurgical recoveries. Preliminary metallurgical testing on one composite sample from Kwanika has indicated 88.5% recovery for copper and 65.2% recovery for gold in a locked cycle test. Characterization work is underway on gold distribution and additional test work could result in improved gold recovery. Cu Eq = Cu % + [Au g/t x ( 900 / 31.1 / 2.00) / 22.06] Au Eq = Au g/t + [Cu % x ( 22.06 x 2.00) / ( 900 / 31.1)]

Note 2: CIM definitions were followed for mineral resource estimation and classification. By prescribed definition Mineral Resources do not have demonstrated economic viability and Indicated Resources have a higher degree of confidence than do Inferred Resources. The mineral resources fall within a volume or shell defined by long term metal price estimates of US $2.00/lb for copper and $900/oz for gold. A 0.25% Cu Eq cut-off is considered to be reasonable for a porphyry deposit open pit in this location.

Drilling elsewhere on the property has indicated three additional mineralized areas for which drilling density is not currently sufficient to estimate a resource (see table below). The South Zone, has approximate dimensions of 1000 meters by 300 meters; the South historical Zone, 600 meters by 300 meters; the North target is presently defined by one hole (see maps on www.serengetiresources.com). Importantly, all three areas remain open for expansion and additional targets also include a geochemically anomalous trend lying to the east of the Central Zone as well as a very attractive new target located 10 km to the south described in news release #2009-02 dated January 26, 2009. Drilling in any one of these areas could result in the discovery of additional high grade, near surface copper-gold mineralization.

Other Mineralized Zones

Zone

# of Holes Cu Eq
%Cut-off

Average Composite Intercept

(Length m) Cu% Au g/t Mo% Cu Eq%
South

14

0.25

82

0.36

0.13

0.013

0.53

South Historical

11

0.25

40

0.31

—-

0.008

0.37

North target

1

—-

76

0.42

0.06

trace

0.46

Note 3: Copper equivalent calculation uses metal prices of US$2.00 per pound for copper, US$900/oz for gold and US$15/lb for molybdenum with no provision for metallurgical recoveries. Cu Eq = Cu % + [(Mo % x 15/2.00) + (Au g/t x 900 / 31.1 / 2.00 / 22.06)]

Note 4: Gold data are not available for the South Zone historical drilling.

The Kwanika discovery has demonstrated that important tonnages of higher grade, supergene-enriched porphyry copper-gold mineralization can occur in the Quesnel Trough of B.C., where very favorable geology for hosting these deposits is blanketed by widespread overburden. Modern geophysical techniques are now able to penetrate this overburden cover and open up this very large under-explored area for exploration. Within this region, Serengeti has extensive holdings with many high quality exploration targets which remain to be tested.

About Serengeti
Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of exploration success. The Company is focused on the advancement of its Kwanika copper-gold project and on the discovery of gold and copper deposits on its extensive portfolio of properties in the highly prospective Quesnel Trough of British Columbia. Additional information on Serengeti’s projects can be found on the Company’s website at www.serengetiresources.com. Serengeti is well funded to advance its projects with a working capital position of approximately $9.0 million.

Quality Assurance/Quality Control
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, and reviewed by the Company’s qualified person David W. Moore, P. Geo., President and CEO of Serengeti Resources Inc. Sample analysis for the Kwanika drilling was completed at Global Discovery Lab in Vancouver, BC. A comprehensive quality assurance/quality control program formed part of the sampling protocol in addition to the laboratory’s own quality assurance program.

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Lone Pine Molybdenum 43-101 Resource Estimate Completed Measured + Indicated 110,340,000 tonnes Grading 0.083% Mo

Bard Ventures Ltd. (“Bard” or the “Company”) is pleased to provide the first independent National Instrument 43-101 compliant resource estimate on the Alaskite Zone molybdenum mineralization from the Lone Pine Property (the “Property”) located in the Omineca Mining Division approximately 15 kilometres north-northwest of Houston, BC. The resource estimate was completed by GeoSim Services Inc.

Lone Pine measured and indicated mineral resource summary:

 

MEASURED

Cut-off % Mo

Tonnes ≥ Cutoff (000’s)

Mo%

in-situ lbs Mo (000’s)

0.02

43,767

0.078

75,262

0.03

40,450

0.082

73,125

0.04

33,356

0.092

67,654

0.05

26,676

0.104

61,163

0.06

22,486

0.113

56,018

0.07

19,625

0.120

51,919

0.08

17,699

0.125

48,775

0.09

15,853

0.130

45,435

0.10

13,922

0.135

41,435

 

 

INDICATED

 

Tonnes ≥ Cutoff (000’s)

Mo%

in-situ lbs Mo (000’s)

107,769

0.066

156,809

99,967

0.069

152,069

76,984

0.079

134,079

58,193

0.090

115,464

43,968

0.102

98,871

35,077

0.111

85,839

29,884

0.117

77,084

25,703

0.123

69,698

21,053

0.129

59,875

 

 

MEASURED+INDICATED

Cut-off % Mo

Tonnes ≥ Cutoff (000’s)

Mo%

in-situ lbs Mo (000’s)

0.02

151,536

0.069

232,071

0.03

140,417

0.073

225,193

0.04

110,340

0.083

201,733

0.05

84,869

0.094

176,628

0.06

66,454

0.106

154,890

0.07

54,702

0.114

137,758

0.08

47,583

0.120

125,858

0.09

41,556

0.126

115,132

0.10

34,975

0.131

101,310

Lone Pine inferred mineral resource summary:

 
INFERRED
   

Cutoff % Mo

Tonnes ≥ Cutoff (000’s)

Mo%

in-situ lbs Mo (000’s)

0.02

27,827

0.084

51,532

0.03

27,555

0.085

51,636

0.04

25,840

0.088

50,131

0.05

22,839

0.094

47,331

0.06

18,295

0.104

41,947

0.07

15,238

0.111

37,290

0.08

13,092

0.117

33,769

0.09

11,800

0.121

31,477

0.10

10,186

0.125

28,070

Notes:

  • The mineral resources were estimated in December, 2008 using ordinary kriging constrained by grade domain and lithologic solid models. Only molybdenum grades were estimated.
  • Assay grade distribution was evaluated statistically before compositing. No cutting or capping of molybdenum grades was deemed necessary.
  • Density measurements were made on 83 core samples and density was assigned based upon the median value for each lithologic domain.
  • ‘Best Fit’ 10 m downhole composites were generated within a grade shell domain based on 0.02% Mo cut-off grade.
  • Semi-variograms were modeled in order to develop kriging parameters, search parameters and anisotropy. The block model size was set at 20 m x 20 m x 10 m. block grades were estimated using three interpolation passes with increasing search distance.
  • The model was validated by comparing to nearest neighbour estimated and composite grade distributions, swath plots and visual inspection of sections and plans. Resources were classified as measured, indicated or inferred based upon a number of constraints including, zone, drilling density and distance to nearest composite.
  • A preliminary optimized open pit was generated in order to assess the potentially mineable portion of the resource. Blocks located beyond the pit limits were excluded from the resource classification.
  • Resources are summarized in the tables below for a range of cutoff grades. The cutoff grade selection in operating molybdenum mines is sensitive to a large range of economic factors and can be impacted by processing and mining method selection and scale. Cutoff grades are not static during a typical mine life and hence a resource estimate that provides a summary over a range of cutoff grades is useful in assessing potential development options.


QA/QC Procedures and Methodology

The resource estimation has been prepared by Geosim Resources Inc., under the direction of Ronald G. Simpson, P.Geo. an independent Qualified Person for the purposed of NI 43-101. A report under NI 43-101 disclosing these updated Lone Pine resources is being prepared by Geosim Services Inc. and will be filed by Bard Ventures Ltd. on SEDAR within 45 days. Mr. Simpson has reviewed and approved the contents of this news release.

There are no known drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data used to prepare the mineral resource included in this news release. Bard is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing, or any other relevant issues by which the mineral resource included in this news release may be materially affected.

The drill core, placed in wooden boxes, was logged, photographed, and split using a hydraulic core splitter at the Company’s core logging facility in Smithers. In general, samples of halved core were taken every 2 meters. Litho-breaks, especially dykes, eventually forced an uneven sample proportion. Samples were bagged in plastic bags including the sample interval tags and sample number. Every 20th sample, either a blank or a standard material, was put in a bag with a tag and sample number. From BD-08-33 on, a second standard was used, so the sequence every 20th sample was Blank-standard01-standard02-Blank for quality control purposes.

Samples from BD-07-01 to BD-07-20 were shipped by Canadian Freightways in Smithers, to Acme Analytical Laboratories in Vancouver, B.C. for analysis. Samples from BD-07-21 to BD-08-32 were shipped by Canadian Freightways in Smithers, to Eco Tech Laboratory of Kamloops, BC. for analysis. Samples from BD-08-33 on, were shipped to Acme Analytical Laboratories in Smithers, B.C. for preparation. Acme Smithers send the split sample to their facility in Vancouver, BC. for analysis. Both, Eco Tech Laboratory of Kamloops, and Acme Analytical of Vancouver, BC, are ISO 9001:2000 accredited laboratories.

The drill core was prepared for assaying using Acme’s R150 prep method, and assaying was then completed for 35 element including Mo, Cu, Pb, Zn and Ag utilizing their 1E ICP-ES package. The R150 prep package, consists of crushing 1kg of sample to 70% passing 10 mesh, then 250g of this material is split and pulverized to 95% passing 150 mesh. A 0.25g split of this material is then heated in HNO3-HCIO4-HF to fuming and taken to dryness. The residue is dissolved in HCL, and then the solution is analyzed by ICP. Mo assays exceeding 4,000ppm were re-assayed using Group 7TD Single Element (Mo) Assay by ICP-ES and 4-Acid Digestion. Eco Tech uses the similar procedure except the threshold for Mo re-assay was 500ppm. The split drill core is currently stored in a yard at the core logging facilities in Smithers. The stacks of cores are covered by a tin roof. The storage yard is fenced in and locked. The pulp samples are stored in an insulated shed.

The Company is very pleased with the resource of the Alaskite Zone, “This is only one of several known mineralized areas on the Lone Pine Property,” stated Eugene Beukman, President, “This resource, as well as the recently reported positive metallurgical results (see news release dated January 9, 2009), adds critical components to the economics of the Lone Pine mineralization. We are extremely excited with the excellent results to date, and look forward to an aggressive exploration year ahead.” The information from the resource calculations and the Company’s database will help guide future exploration on the Lone Pine Property.

Ideal location with established infrastructure

The Property has access to an existing infrastructure including:

  • Highway 16;
  • a natural gas pipeline;
  • a major hydro power transmission line and transformer sub-station; and
  • is located only 15 kilometers from the CN rail line in Houston, BC.

A plan of the drill holes in the Alaskite Zone may be viewed on the Company’s website at www.bardventures.com

Bard is earning a 100% interest in the Property under the terms of an option agreement (see News Release dated September 15, 2006). The Lone Pine exploration work is being conducted under the supervision of Qualified Person Jim Miller-Tait, P. Geo., a Director of Bard.

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