Quri Resources Inc. Plans 16,000 Meter Drill Program to Prove Up Resources
Wednesday, February 11, 2009 18:28ET
QUITO, Ecuador, Feb. 11, 2009 (GLOBE NEWSWIRE) -- Jaime S. Gomez, CEO and President of Quri Resources, Inc. (Pink Sheets:QURI), during a shareholder's meeting in Quito disclosed the independent geologist report from Duncan Bain, National Instrument 43-101. Mr. Gomez stated that the Wellington Project was in the last phases of exploration and was ready to begin a 16,000-meter drilling program to prove its resources.
Mr. Gomez further stated that the NI-43-101 documented that the Wellington Project had a probable reserve of 1,225,000 ounces of Gold (Au) and in order to prove these reserves the company would have to continue with the outlined drilling program.
An excerpt of NI43-101 states "The WELLINGTON Mining Project is located to the southwest of Ecuador, 400 km southwest of Quito, and approximately 40 km to the east of Machala. The property is made up of three (3) contiguous mining concessions in the western foothills of the Andean Cordillera Occidental. The mining Project covers a total surface area of 1.800 Hectares, having an irregular polygonal configuration. The Wellington Project lies within the Jubones River drainage basin, which has been placer mined for gold for at least 20 years. Exploration first occurred in 1985 in the Ponce Enriquez area, 25 km to the northwest. In 1987 local miners prospected the Rio Jubones for gold-copper in the area of Wellington Project. Over 30,000 oz of gold has been reported to have been recovered using basic equipment and extraction methods from the region up to the mid-1990s. Regional geological mapping at a scale of 1:100,000 were completed in 1988 by the Ecuadorian government. During 1989-1990 a systematic exploration program of ground geological, geochemical and geophysical surveys, stream sediment sampling, soil and rock sampling, bulldozer trenching, road building and magnetometer surveys was carried out by Rio Tinto. A preliminary estimate of the resource from within the Wellington Project is made by the author from the surface expressions of the major vein structures. It is assumed that the average strike length is 1000 m for the three structures. At this stage in exploration these are stockwork mineralized zones. Each of these zones has been given an average width of 3 m and an average depth of 200 m (a typical depth for this type of mineralization). Using a rock density of 2.5 tonnes per cubic meter this would produce an estimated tonnage of 1,500,000 T for each structure. There are three structures so this would produce a potential resource of 4,500,000 tonnes. As well there are additional subsidiary zones of stockwork mineralization parallel to those three known zones. The author's sampling, as well as previous work has shown that significant gold, silver, copper, lead and zinc mineralization is present within quartz vein stockwork zones at the Wellington Project. A conservative estimate on the author's part would give of the ore an average grade of 9 g/T (including dilution by extraction of secondary stockwork and disseminations). This could produce 40,500,000 grams gold (1,266,000 oz). At a commodity price of $USD800 per ounce this would give a reserve value in the order of $USD 1,013,000,000. If only 60% of the zone material averaged 9 g/T the reserve would be worth approximately $USD 608,000,000. No estimate of the value derived from silver, copper, lead or zinc has been made, but with the improved commodity prices it would add a significant amount to the value of this resource."
Jaime S. Gomez, the President stated, "The project is still in the exploration phase but a preliminary NI43-101 report, written by an independent Canadian geologist, shows us an inferred resource of 1,225,000 ounces of Gold (Au). This project has tremendous potential as, I believe, this represents a minute part of our property, (4,000 acres). Ecuador is a mineral rich country, which is 100 years behind, in exploration and mining, than the number one gold producer in South America, our neighboring country Peru. This gives us an incredible opportunity as true explorers. We are an Ecuadorian based management team with the best geologists in the field and a truly remarkable management team."
For more information contact Jaime S. Gomez: Jaime@quriresources.net.
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