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.
