Posts Tagged TTM Resources

TTM Resources Metallurgical Results and Section 10

TTM Resources Inc. has received from the British Columbia Environmental Assessment Office (BCEAO) a Section 10 order for TTM Resources Inc.’s Chu molybdenum project located 85 kilometres south of Vanderhoof, B.C., in the Omineca mining division.

The Chu molybdenum project description was submitted by the company on April 2, 2009, and received a Section 10 order from the BCEAO on May 1, 2009. The Section 10 order is recognition by the British Columbia government that the Chu molybdenum project is reviewable project under the Environmental Reviewable Projects Legislation and will require an environmental assessment certificate prior to obtaining mining permits.

The project description for the company’s Chu molybdenum project outlines TTM’s proposed open pit molybdenum mine at a production rate of 60,000 tonnes per day for annual production of 21 million tonnes over a projected 31-year mine life. At this projected mining rate the project would produce in excess of 600 million pounds of molybdenum and in excess of 450 million pounds of copper. The proposed project would also include 120 kilometres of electric power transmission lines, an electric powered mill facility consisting of crushing, grinding and conventional flotation concentration yielding a molybdenite concentrate.

The project description has now been accepted by the BC and Canadian Environmental Assessment Agencies and the newly formed Federal Major Projects Management Office. The three offices will now inform TTM which first nations, local communities, provincial and federal agencies and other affected stakeholders will form the review committee for the assessment.

“This is a very important step in our continuing efforts to develop the Chu molybdenum project into a productive, 30-year mine. We look forward to working with the review committee and particularly the town of Vanderhoof and our first nations partners, to move towards that end,” says Crichy Clarke, president and chief executive officer of TTM Resources.

Two thousand nine drill highlights

TTM Resources has also released the results of four drill holes completed on the West zone earlier this spring. Three of these holes, 2009-CHU-W024 to W026, were designed as infill holes to be used in future resource/reserve calculations with an emphasis on testing near surface, higher-grade zones. The fourth hole, 2009-CHU-W027, was drilled oblique to the strike of the deposit to test for high-grade mineralization associated with northeast trending fault zones. Hole W027 was collared 60 metres south of hole CHU-06-06, with a similar orientation.

 

         DRILL RESULTS AT WEST ZONE

Drill hole       From (m) To (m)  Width (m)    Mo%

2009-CHU-W024     124.05  200.24     76.19   0.072 
and including     133.19  172.81     39.62   0.093 
2009-CHU-W024     454.70  462.36      7.66   0.135
2009-CHU-W025      84.43  108.40     23.97   0.073 
2009-CHU-W025     171.98  200.28     28.30   0.099
2009-CHU-W026      17.37  418.00    400.63   0.042 
including         230.00  273.39     43.39   0.086 
and including     235.12  265.00     29.88   0.096
2009-CHU-W027      10.67  778.83     68.16   0.053
including          22.86   71.62     48.76   0.073
including         384.37  659.86    275.49   0.073
and including     559.28  659.86    100.58   0.102

 

After spring break-up the company intends to drill up to 3,000 metres in a 12-hole program, designed to continue testing near surface, high-grade mineralization at the West zone. Some of these holes will infill gaps between reported sections, while the bulk of the drilling will test a thick quartz-feldspar-porphyry dike that has yielded high-grade values at depth and has not been tested near surface. If the initial near surface testing of the dike is successful, the program will be expanded to test downdip extensions. All 2009 drilling will be incorporated into a revised resource/reserve report to be released later this year.

“We continue to expand our resource within the confines of the pit design laid out by our engineers. Our focus to expand the near surface resource in the West pit area, continues to justify our early production plans. We continue to be impressed with our results at depth in the West area.” says Mr. Clarke.

Metallurgical results

The company is pleased to report results from metallurgical testing conducted on drill core samples from its 100-per-cent-owned Chu molybdenum project located 85 kilometres south of Vanderhoof, B.C.

The emphasis of the testing was to maximize the recovery of molybdenite into a marketable concentrate while maximizing the rejection of pyrite and chalcopyrite. Test F20 recovered 75.8 per cent molybdenum into a concentrate grading 51.5 per cent Mo, thus achieving the desired goal of producing a molybdenum concentrate of greater than 50 per cent from slightly lower than average grade material.

TTM has now prepared four additional composites from drill core assay rejects at an average grade of 0.06 per cent Mo to reflect the average grade and to reflect the various lithologies within which the mineralization is contained. These composites have been sent to SGS Lakefield to examine the universality of the F20 test parameters and to investigate additional optimization parameters. In addition to the metallurgical testing these new composites will be subjected to acid generation potential (ABA) studies.

The technical content of this metallurgical summary has been prepared by Gary Hawthorne (PEng), an independent qualified person as defined by National Instrument 43-101.

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 Wesley Raven (PGeo), who are both qualified persons for the purposes of NI 43-101.

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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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