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Cusac Gold Mines Ltd.: New 43-101 Report Confirms
1.04 Million Ounce Taurus Resource
Taurus Drilling Underway, Oro Assays Pending
June 14, 2007 - 9:11 AM EDT
Cusac Gold Mines Ltd.
(TSX: CQC)(OTCBB: CUSIF)(FRANKFURT: DCB)
("Cusac"), David H. Brett, President, reports that a
National Instrument 431-103 compliant technical report
prepared by -
Wardrop Engineering Inc. -
has confirmed that the Taurus Deposit contains an Inferred
Mineral Resource of 32.4 million tonnes at an average
gold grade of 1 g/t, equating to 1,040,886 troy ounces of
gold (see table below).
The report also includes a $1 million recommended
exploration program.
A 25-hole diamond drill program is now underway to expand
and further define the Taurus Deposit.
A team of geologists led by Cusac VP of Exploration
Lesley Hunt and Senior Project Geologist Mike Glover
is supporting the drill program and executing on a series
of other recommendations in the report.
Drilling on the Oro Vein is now complete and assays are
pending.
The Taurus Deposit is located partly within claims under
option from another company and partly within Cusac's
100% owned 175 square kilometer Cassiar Gold Property
(formerly called the Table Mountain Gold Property),
which also hosts the Table Mountain Gold Mine,
the Taurus II Project, and many other gold prospects
along a 10 Kilometer long gold trend.
A copy of the Wardrop report will shortly be available
online at www.sedar.com.
Cusac believes that the Taurus Deposit resource has
the potential to increase in size, grade and
resource confidence level, particularly in
the 88-Hill and 88-West zones, which form the heart
of the deposit.
Cusac's immediate goal is to complete the additional work
required to commence an NI43-101 compliant pre-feasibility
study, focusing on the 88-Hill zone as a
potential starter pit.
A previous scoping study was completed by
Mineral Resources Development Inc. in 1996 for
Cyprus Canada Inc. and metallurgical testing was carried
out at that time by Hazen Research and others.
The Hazen work showed 77% whole ore cyanide leach gold
recovery for crushed and milled 88-Hill mineralization
and 95% floatation recovery.
Some of the Taurus mineralization, mainly in
the Taurus West zone, has been found to be refractory,
whereas the bulk of the resource has been found to
exhibit reasonable recovery rates.
A detailed review of past metallurgical work is contained
in the Wardrop report.
Wardrop recommends that new metallurgical tests be completed
to verify past work and to determine if
the Taurus Deposit is heap-leachable.
Key findings and recommendations of the Wardrop report include:
- The resource calculation is based on 372 drill holes and
15,787 assays:
- Numerous un-sampled drill core intervals
(mainly pre-1994 drilling) has lead to a conservative
resource estimate and this core should be sampled
and assayed (underway)
- Re-logging of drill core should be done to integrate
past work into a consistent lythological framework and
thereby increase confidence in the resource (underway)
- A reliable geological model for the deposit should
be developed to add further confidence to future
resource calculations (underway)
- Infill drilling (14 holes recommended at 150 meters each)
is recommended
- Larger diameter metallurgical drilling (HQ, 6 holes)
mainly on 88-Hill followed by column and other
tests is recommended (underway)
- The deposit is potentially heap leachable.
Encouraging past recoveries of up to 74% need to be
properly defined and confirmed (underway)
- Exploration drilling (5 holes) should be completed to
test possible expansion of the deposit to the west
Summary of Inferred Mineral Resource Estimate
at 0.50 g/t Au Cutoff:
--------------------------------------------------
Average
Tones Grade Contained
Zone Name (000's) (gt/Au) Ounces of Gold
--------------------------------------------------
Sable 1,350 1.32 57,339
--------------------------------------------------
88 Hill 8,505 1.15 315,797
--------------------------------------------------
88 West 13,102 0.87 366,930
--------------------------------------------------
Highway 2,456 0.98 77,276
--------------------------------------------------
Taurus West 3,709 1.02 121,056
--------------------------------------------------
Taurus 2,348 0.99 74,489
--------------------------------------------------
Plaza 917 0.95 27,999
--------------------------------------------------
Total 32,386 1.00 1,040,886
--------------------------------------------------
"Cusac is moving quickly to leverage all of its assets on its newly expanded and enhanced Cassiar Gold Property," said Cusac CEO David H. Brett. "Investors should note that we have decided to rename the Table Mountain Gold Property the Cassiar Gold Property to help clarify the true scope of Cusac's gold assets near Cassiar. The Cassiar Gold Property now encompasses the Taurus Deposit, the Table Mountain Gold Mine, all the gold zones in the Taurus II project area (Oro, Backyard, Somerville, Blue), Wings Canyon, the Vollaug Vein, and a multitude of other gold veins and showings in the district."
George Sanders, P.Geo, is a Qualified Person under National Instrument 43-101 for the technical portion of this News Release.
Cusac Gold Mines, Ltd., in existence since 1966,
is a gold production and exploration company focused
on the Cassiar Gold Property in northern British Columbia.
Please visit our website -
http://www.cusac.com
for more information.
CUSAC GOLD MINES LTD.
David H. Brett, President & CEO
Forward-Looking Statements
There are forward-looking statements contained herein that are not based on historical fact, including without limitation statements containing the words "believes", "may", "plans", will", "estimate", "continue", "anticipates", "intends", "expects" and similar uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others, Cusac's exploration results, lack of revenues, additional capital requirements, risks associated with the exploration activity. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.
The TSX has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
Contacts:
Cusac Gold Mines Ltd.
Investor Relations
Toll Free: 1-800-670-6570 (Canada) or
1-800-665-5101 (USA)
Email: info@cusac.com
Website: http://www.cusac.com
Source: Market Wire (June 14, 2007 - 9:11 AM EDT)
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its a start - nice time comming :)
want to see another flagpost made -
LT wave 2 in making -
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http://www.investorshub.com/boards/board.asp?board_id=8207
http://www.investorshub.com/boards/board.asp?board_id=8209
http://www.siliconinvestor.com/subject.aspx?subjectid=56967&ref=IH
AI
