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Selwyn Resources Announces Deep High-Grade Intercepts Continue to Expand Underground Mineral Potential of Don Valley
Thursday June 14, 10:57 am ET
http://biz.yahoo.com/ccn/070614/200706140396994001.html?.v=1
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 14, 2007) - Selwyn Resources Ltd. (TSX VENTURE:SWN - News) is pleased to provide an update on recent drilling activities in the Don Valley for the Selwyn Project. The results from the Don Valley are very encouraging and continue to expand the understanding of the high-grade zinc-lead mineral potential at depth in Don Valley. The initial drilling in Don Valley is focusing on the 4,200 metre length of Active Member between the Don and HC West Deposits. 18 drill holes have been completed year to date for a total of 5,529.8 metres, and 4 drill holes are in-progress for an additional total of 1,117.4 metres. The location of the new drill holes can be found on drill plan maps available at www.selwynresources.com.
Highlights
- DON-058 intersecting 13.50 metres true thickness of the Active Member at a depth of 420 metres with a grade 8.55% zinc and 2.88% lead including 5.50 metres grading 10.77% zinc and 3.18% lead.
- DON-056 intersecting 13.40 metres true thickness grading 4.74% zinc and 1.43% lead including 4.80 metres grading 7.70% zinc and 2.56% lead
Don Deposit Deep Drilling
One drill continues to operate on the high-grade underground mineral potential on the Don Deposit targeting an area of at least 600 by 600 metres that is modeled to potentially contain 22 million tonnes that occurs predominantly below open-pit limits (see May 31, 2007 news release). The intersection in DON-058 is significant because it extends the high-grade zinc-lead Active Member from DON-044, 160 metres further down-dip; DON-044 intersected 22.30 metres grading 8.94% zinc and 3.10% lead including 3.30 metres grading 24.21% zinc and 10.61% lead (see January 27, 2007 news release),. These new results clearly show that the high-grade underground target at Don Deposit is developing mineral potential similar to the known high-grade underground deposit at XY Central 16 kilometres to the southeast that contains 7,394,860 tonnes of Indicated mineral resources grading 9.88% zinc and 4.32% lead, which is flanked by 1,856,500 tonnes of Inferred mineral resources grading 10.41% zinc and 3.71% lead (see April 2, 2007 news release).
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True
Drill Hole From To Thickness Pb Zn Pb+Zn Thickness
(m) (m) (m) (%) (%) (%) (m)
--------------------------------------------------------------------------
DON-056 404.20 426.60 22.40 1.37 4.51 5.88 15.00
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Including 404.20 424.20 20.00 1.43 4.74 6.17 13.40
--------------------------------------------------------------------------
Including 416.00 424.20 8.20 2.39 7.39 9.78 5.50
--------------------------------------------------------------------------
Including 416.00 423.20 7.20 2.56 7.70 10.26 4.80
--------------------------------------------------------------------------
DON-058 321.80 344.40 22.60 1.55 4.75 6.31 11.30
--------------------------------------------------------------------------
378.00 383.70 5.70 2.87 6.26 9.12 2.80
--------------------------------------------------------------------------
411.60 416.50 4.90 2.36 6.69 9.05 2.40
--------------------------------------------------------------------------
420.00 446.90 26.90 2.88 8.55 11.42 13.50
--------------------------------------------------------------------------
Including 420.00 431.00 11.00 3.18 10.77 13.96 5.50
--------------------------------------------------------------------------
Including 436.70 446.90 10.20 3.63 9.14 12.76 5.10
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Thick- True
Drill Hole From To ness Pb Zn Pb+Zn Thickness
(m) (m) (m) (%) (%) (%) (m)
--------------------------------------------------------------------------
DON-057 75.80 79.20 3.40 1.24 4.10 5.34 3.20
--------------------------------------------------------------------------
142.90 157.90 15.00 0.96 4.66 5.62 14.00
--------------------------------------------------------------------------
Including 143.40 145.80 2.40 1.61 8.36 9.97 2.20
--------------------------------------------------------------------------
Including 152.40 157.90 5.50 1.15 5.95 7.10 5.10
--------------------------------------------------------------------------
DON-060 104.80 117.90 13.10 1.09 4.15 5.25 8.40
--------------------------------------------------------------------------
Including 107.90 117.90 10.00 1.26 4.93 6.19 6.40
--------------------------------------------------------------------------
Including 110.50 117.90 7.40 1.58 5.95 7.53 4.80
--------------------------------------------------------------------------
Including 110.50 115.90 5.40 1.43 6.48 7.91 3.50
--------------------------------------------------------------------------
DON-054 257.00 278.00 21.00(iii) Assays Pending for Active Member
--------------------------------------------------------------------------
DON-061 228.00 239.30 11.30(iii) Assays Pending for Active Member
--------------------------------------------------------------------------
DON-063 107.00 173.70 66.70(iii) Assays Pending for Active Member
--------------------------------------------------------------------------
DON-064 7.60 22.90 15.30(iii) Assays Pending for Active Member
--------------------------------------------------------------------------
DON-065 123.80 141.70 17.90(iii) Assays Pending for Active Member
--------------------------------------------------------------------------
DON-069 248.40 280.40 32.00(iii) Assays Pending for Active Member
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Active
Member
Width
Target UTM UTM Elev. EOH (iii) Start End
Hole ID Name Easting Northing (m) (m) (m) (m) (m)
--------------------------------------------------------------------------
DON-051 U/G 478002 6934438 1,150.00 696.80 32.50 643.20 675.70
--------------------------------------------------------------------------
DON-052 Open Pit 479110 6932696 1,247.00 251.50 Fault, no
significant results
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DON-053 Open Pit 478923 6933121 1,180.75 244.40 0.70 79.80 80.50
--------------------------------------------------------------------------
DON-054 Open Pit 479210 6933298 1,161.00 305.41 21.00 257.00 278.00
--------------------------------------------------------------------------
DON-055 Open Pit 478923 6933121 1,180.75 398.70 80.30 38.30 118.60
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DON-056 U/G 478002 6934438 1,150.00 544.42 30.50 405.50 436.00
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DON-057 Open Pit 479635 6932669 1,187.00 186.54 18.60 150.00 168.60
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DON-058 U/G 477808 6934580 1,138.00 483.40 22.60 321.80 344.40
--------------------------------------------------------------------------
13.50 381.70 395.20
--------------------------------------------------------------------------
35.10 411.50 446.60
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DON-059 Open Pit 479444 6932563 1,247.00 297.18 Fault, no
significant results
--------------------------------------------------------------------------
DON-060 Open Pit 479066 6933204 1,167.00 147.80 15.30 102.10 117.40
--------------------------------------------------------------------------
DON-061 Open Pit 479506 6933086 1,161.00 251.16 11.30 228.00 239.30
--------------------------------------------------------------------------
DON-062 U/G 477808 6934580 1,138.00 620.88 Hole Pending
Completion
--------------------------------------------------------------------------
DON-063 Open Pit 479079 6933054 1,179.57 207.30 66.70 107.00 173.70
--------------------------------------------------------------------------
DON-064 Open Pit 479761 6932717 1,164.00 117.35 15.30 7.60 22.90
--------------------------------------------------------------------------
DON-065 Open Pit 479341 6933190 1,163.00 172.21 17.90 123.80 141.70
--------------------------------------------------------------------------
DON-066 Open Pit 479623 6932975 1,160.00 227.08 Fault, no
significant results
--------------------------------------------------------------------------
DON-067 Open Pit 479477 6933226 1,160.00 74.37 Fault, no
significant results
--------------------------------------------------------------------------
DON-069 Open Pit 479099 6933507 1,140.00 303.28 32.00 248.40 280.40
--------------------------------------------------------------------------
WTM Reports 18.35 Metres Grading 5.15% Zinc, 0.45% Copper, 25.65 g/t Silver and 0.50 g/t Gold From Massive Sulphide Intercept at Montana de Oro, Mexico
Thursday June 14, 8:00 am ET
http://biz.yahoo.com/ccn/070614/200706140396925001.html?.v=1
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 14, 2007) - West Timmins Mining Inc. (TSX:WTM - News) announced that drill hole LC07-07 has returned 18.35 metres (60.32 feet) grading 5.15% zinc, 0.45% copper, 25.65 g/t silver and 0.50 g/t gold. The massive sulphide portion of this interval, initially announced April 26, 2007 (NR 07-15), returned 7.55 metres (24.77 feet) grading 7.28% zinc, 0.67% copper, 40.79 g/t silver and 0.91 g/t gold including a 0.90 metre massive sphalerite zone which assayed 27.22% zinc.
The La Dura West (LC) Zone intersected in Hole LC07-07 is located 1450 metres west and 300 metres vertically below the La Dura (LD) East Discovery which returned 95.75 metres grading 2.51% combined lead + zinc, 8.81 g/t silver and 0.08 g/t gold (NR 07-16 May 29, 2007; see location map at www.westtimminsmining.com/main/?laDura).
"The discovery of a large base-precious metal bearing system in the La Dura area of the Montana de Oro Project is a major step forward for WTM," said Darin Wagner, President of West Timmins Mining Inc. "The discoveries in the La Dura East and West zones are the first stages in outlining the potential of this large intrusive-related system which extends for over 2.0 kilometres east-west and over 3.0 kilometres north-south. The current Montana de Oro drill program will be expanded significantly to allow for aggressive testing of both discoveries and the entire La Dura mineralized system."
The La Dura discoveries are located in the south-central portion of West Timmins 100% owned, 495 square kilometre Montana de Oro Project in the Sierra Madre Belt of Sonora, Mexico. The Montana de Oro Project sits at the heart of the Three States District, less than 50 kilometres from seven new mines or mine development projects including Goldcorp's El Sauzal gold deposit, Palmarejo Silver and Gold's Palmarejo-Trogan deposit and Pan American Silver's Alamo Dorado silver mine.
-----------------------------------------------------------------------
From To Intercept Gold Silver Copper Zinc
Hole No Metres Metres metres g/t g/t % %
-----------------------------------------------------------------------
-----------------------------------------------------------------------
LC07-07 9.50 27.85 18.35 0.50 25.65 0.45 5.15
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Including 13.95 21.50 7.55 0.91 40.79 0.67 7.28
-----------------------------------------------------------------------
Including 17.80 18.75 0.95 0.82 65.44 1.03 27.22
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Donner Metals Ltd.: New Zinc-Copper Discovery Grading 9.24% Zinc, 0.99% Copper Over 27.95 Metres at the McLeod Area, Matagami
Thursday June 14, 12:15 am ET
http://biz.yahoo.com/ccn/070614/200706140396912001.html?.v=1
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 14, 2007) - Mr. Harvey Keats, Chief Executive Officer of Donner Metals Ltd. (TSX VENTURE:DON - News; FRANKFURT:D4M - News), announces the discovery of new, zinc - copper massive sulphide mineralization at the Key Tuffite horizon and in a second horizon 150 metres above the Key Tuffite in the McLeod area of the Matagami project (details listed in the attached table).
MC-05-18W2 intersected 9.24% zinc and 0.99% copper over 27.95 metres, including 26.08% zinc and 2.23% copper over 4.79 metres and 26.08% zinc and 0.29% copper over 3.9 metres. It is a wedge hole that intersected this mineralization at the Key Tuffite at a vertical depth below surface of 820 metres, 100 metres up-dip from historical drill hole MC-05-18 that intersected 22.7% zinc and 0.46% copper over 0.85 metres, also at the Key Tuffite.
MC-07-22 intersected 19.3% zinc and 1.32% copper over 5.04 metres at a vertical depth of 735 metres. This intersection is 100 metres directly up-dip from MC-05-18W2 at the Key Tuffite.
MC-07-24 intersected massive sulphide mineralization associated with an upper tuffite, 150 metres stratigraphically above the Key Tuffite, that returned 6.83% zinc and 1.62% copper over 2.3 metres. This mineralization is underlain by an alteration pipe with sulphide stringers and associated intense chlorite alteration that returned 2.25% copper over 2.0 metres. The massive sulphide mineralization and the alteration pipe suggest the development of a second mineralized horizon in the McLeod area 150 metres above the Key Tuffite. This drill hole was continued to the Key Tuffite where it intersected weak mineralization (pyrite), 300 metres west of MC-07-22.
Drill Hole MC-07-21 and MC-07-23 targeted a down-hole EM anomaly at the Key Tuffite 500 metres below surface and 350 metres up dip and to the west of MC-07-22. Strong chlorite alteration immediately below the Key Tuffite was encountered in MC-07-21 and MC-07-23 intersected very intense and locally mineralized chlorite alteration at, and below, the Key Tuffite.
The new sulphide zone indicated by the results from MC-05-18W2 and MC-07-22 is 200 metres down-dip from a historical mineralized zone at the Key Tuffite level that returned 3.66% zinc and 0.28% copper over 13.3 metres in MC-04-04; 11.25% zinc and 2.04% copper over 14.05 metres in MC-04-07 and 1.14% zinc and 2.38% copper over 13.2 metres in MC-04-08. The new sulphide zone is open towards this mineralization and is also open laterally and down plunge where the next nearest historical drilling is at a minimum distance of 300 metres.
The McLeod area is located approximately 5 kilometres southeast of the Matagami mill and 1 kilometre southeast of intersections previously reported from the Bracemac area. These new results were returned from an initial five hole program (MC-05-18-wedge and MC-07-21 to 25). The program is designed to investigate an extensive chlorite alteration system at, and immediately below, the Key Tuffite that was previously encountered by wide-spaced historical drilling in the McLeod area where the Key Tuffite marker horizon is well developed and dips at 70 degrees to the south west.
Drilling is continuing with 3300 metres drilled to date at the McLeod area.
Matagami Camp Geology
Throughout the Matagami Camp, mineralization occurs in multiple deposits as bedded and pinnacle massive sulphides at the laterally extensive, Key Tuffite stratigraphic level (e.g. Mattagami and Bell Allard deposits) immediately overlying "Alteration Pipes" that represent the conduit through which the mineralizing hydrothermal fluids rose to the sea floor and precipitated the massive sulphides as well as the much more extensive Key Tuffite (silica). Massive sulphides are now known to also occur as vertical, cone-shaped sulphide bodies hosted within the "Alteration Pipe" (e.g. Perseverance). Multiple, stacked mineralized zones and associated alteration pipes above the Key Tuffite are now demonstrated (e.g. Bracemac and Upper Bracemac) where massive sulphides can occur within tuffites developed at higher stratigraphic levels, likely from ongoing hydrothermal systems that were active over long periods of time. "Alteration Pipes" are typified by two styles of alteration: 1) "Pipe style" - characterized by intense chlorite, quartz and sulphide stringers (chalcopyrite, sphalerite, pyrite and pyrrhotite) with local talc, indicating the core of the hydrothermal vent system and, 2) strong chlorite developed proximal to the hydrothermal vents. The vents occur along structural corridors.
About the Matagami Project
The Matagami Project has an area of mutual interest of 4,737 square kilometres and presently includes 2,138 mineral claims covering 499 square kilometres. Taking advantage of Xstrata Zinc's extensive historical database, Donner and Xstrata Zinc Canada (Xstrata Zinc) are using a combination of 3D data integration, innovative advanced technologies, new concepts and diamond drilling to explore for new deposits in this prolific mining camp.
The Matagami Mining Camp is a world-class mining district, with 18 known VMS deposits, including 10 past producers of varying sizes, including the giant Mattagami Lake Deposit (25.64 million tonnes of 8.2% Zn, 0.56% Cu, 20.91 g/t Ag and 0.41 g/t Au) discovered in 1957 and mined from 1963 to 1988. The area is host to historical production of 8.6 billion pounds of Zn and 853 million pounds of Cu and has established infrastructure including the town of Matagami, a railway, a paved road, and a 2,350 t/day mill owned by Xstrata Zinc.
Donner has the option to earn a 50% participating joint venture interest in the Matagami Project by incurring a total of $20 to $23 million of expenditures on exploration and related work on or before May 31, 2011. Upon the expenditure of $20 million by Donner, five separate joint ventures will be formed, covering the property and the area of interest. In each of the five joint venture areas, Xstrata Zinc has the option to earn back a 15% interest in each area by incurring up to $20 million on a feasibility study.
The Company's strategy is to explore for and discover zinc - copper deposits in the Matagami Camp and to leverage existing processing facilities within a known and well-established cost structure for developing VMS deposits. Donner's exploration objective is to investigate multiple stratigraphic horizons with potential for VMS mineralization including the prolific Key Tuffite horizon throughout the Matagami Camp. Donner has discovered new mineralization at the Bracemac and Upper Bracemac levels, recently reported a new discovery in the Key Tuffite immediately below the Bracemac Zones and now reports an additional discovery in the McLeod area at the Key Tuffite.
Supplementary Information
The field work on the Matagami Project is being carried out by project operator Xstrata Zinc Canada who are responsible for the sampling, QAQC and submittal of samples for assay. Assaying of samples reported in this news release was carried out and certified by ALS Chemex-Chimitec, of Val D'Or, Quebec (zinc, copper and silver by atomic absorption, and gold by standard fire assay procedures). Sample preparation was done by ALS Chemex of Val D'Or, Quebec. Robin Adair, VP of Exploration for the Company, is the Qualified Person responsible for the technical information in this news release.
ON BEHALF OF THE BOARD OF DONNER METALS LTD.
Harvey Keats, Chief Executive Officer
McLeod Area
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Core
UTM Angle/ Zone len-
DDH Location direc- name - gth
(metres NAD 83 tion Mineral (met- g/t g/t
drilled) Zone 18 (True N) Type From To res) % Zn % Cu Ag Au
---------------------------------------------------------------------------
---------------------------------------------------------------------------
MC-05- 308266E, -79 KT-MS 828.05 832.84 4.79 25.04 2.23 60.2 1.16
18W2 5504910N degrees/
(486m) 037
degrees
---------------------------------------------------------------------------
KT-S 832.84 838.24 5.4 2.31 1.65 43.9 0.51
---------------------------------------------------------------------------
KT-D/S 838.24 849.24 11.0 2.06 0.30 8.5 0.25
---------------------------------------------------------------------------
KT-MS 849.24 853.14 3.9 26.08 0.29 16.2 0.96
---------------------------------------------------------------------------
KT-MS 853.14 856.0 2.86 0.50 1.27 16.9 0.34
---------------------------------------------------------------------------
-----------------------------------------
Total Zone 828.05 856.0 27.95 9.24 0.99 26.1 0.56
---------------------------------------------------------------------------
---------------------------------------------------------------------------
MC-07-21 307182E, -90 KT 920.70 921.5 0.8 Trace Pyrite and
(589m) 5505970N degrees/ Chalcopyrite
000
degrees
---------------------------------------------------------------------------
---------------------------------------------------------------------------
MC-07-22 308285E, -76 KT-MS 754.53 759.57 5.04 19.3 1.32 28.5 0.75
(849m) 5504950N degrees/
028
degrees
---------------------------------------------------------------------------
---------------------------------------------------------------------------
MC-07-23 308124E, -66 PIPE-S 518.33 519.33 1.0 0.09 2.4 9.2 0.06
(580m) 5505156N degrees/
028
degrees
---------------------------------------------------------------------------
PIPE-S 528.35 529.35 1.0 0.1 1.20 5.1 0.05
---------------------------------------------------------------------------
---------------------------------------------------------------------------
MC-07-24 308089E, -70 UT-MS 381.27 383.58 2.31 6.83 1.62 36.7 0.46
(796m) 5505016N degrees/
0
degrees
---------------------------------------------------------------------------
UT-S 521.7 523.7 2.0 0.23 2.25 15.9 0.22
---------------------------------------------------------------------------
KT 684.90 686.65 1.75 Trace pyrite
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Zone: UT equals Upper Tuffite correlateable with the Bracemac Zone,
KT equals Key Tuffite,
KTFW equals Key Tuffite Footwall.
Mineral Type: MS equals massive sulphides,
SM equals semi-massive sulphides and
S equals stringer sulphides,
D equals disseminated sulphides.
Pipe equals Intense chlorite and talc alteration,
+/- sulphide stringers.
LITHIC TO COMMENCE 10,000 METRE DRILL PROGRAM ON CRYPTO ZINC PROJECT
http://www.lithicresources.com/NewsRelease2007-4.htm
Lithic Resources Ltd. (LTH-TSX Venture ) (the “Company”) is pleased to announce that it has signed a contract with Connors Drilling LLC of Montrose, Colorado for a 10,000 metre program of drilling on the Crypto zinc project located in western Utah. The drill is expected to arrive on the property the week of June 25 and mobilization of personnel and equipment is underway.
The Crypto zinc deposit is a carbonate replacement deposit similar in style to mineralization in historical mining districts such as Park City, Bingham and Tintic in Utah that were major producers of zinc, lead and silver. It was first drilled by Utah International in the 1960’s and then by Cyprus Minerals in the early 1990’s. On the basis of that work, Cyprus estimated a historical resource of 5.4 million tonnes of sulphide mineralization grading 8.7% zinc and a further 2.8 million tonnes of near surface oxide mineralization grading 7.0% zinc. This historical estimate was made prior to the implementation of NI43-101 standards, does not conform to those standards and should not be relied on as being indicative of a resource or a reserve with demonstrated economic viability. However, it is believed by the Company to be relevant and a reliable indication of the mineral potential of the property.
The Company’s drilling program at Crypto will be aimed mainly at significantly expanding known mineralization, which is open in most directions, and will lead to an updated resource estimate. Additional drill targets include the extensions of high grade silver-lead-zinc mineralization at the formerly producing Utah Mine, geophysical anomalies identified in 2006 that could represent a new zone of Crypto-style zinc mineralization and porphyry-style molybdenum mineralization encountered in past drilling.
With over $5 million in the treasury, the Company is well-financed to complete this program of work.
Messina Minerals ("MMI") Infill Intersects Boomerang: 4.25 Meters of 9.1% Zinc, 8.2% Lead, 0.8% Copper, 265 g/t Silver, 6.1 g/t Gold
Tuesday June 12, 9:10 am ET
http://biz.yahoo.com/ccn/070612/200706120396466001.html?.v=1
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 12, 2007) - Messina Minerals Inc. (TSX VENTURE:MMI - News) has completed eight new infill holes at the Boomerang zinc-lead-copper-gold-silver massive sulphide deposit that continue to indicate excellent continuity of thickness and base metal enrichment. This phase of drilling at Boomerang is complete. Assays and geotechnical data has been submitted to Snowden Mining Industry Consultants Inc. ("Snowden") for inclusion in a mineral resource estimate anticipated to be available later in June 2007.
Results from the eight holes meet or exceed expectations for the sub-areas targeted within Boomerang. GA07-239 and GA07-245 intersected extended intervals of base metal enriched massive sulphides with subzones of high precious metals (6.1 g/t gold, 265 g/t silver over 4.25 meters, and 6.3 g/t gold with 201 g/t silver over 6.0 meters respectively) indicating continuity of precious metal enrichment of this subzone of Boomerang.
One hole of note, GA07-248, intersected 18.33 meters of base metal enriched massive sulphides on section 2975E. This hole extends the thicker portion of Boomerang west 25 meters and connects with two holes on section 2950E, GA05-90 and GA05-94, which reported thinner zones (6.35 meters and 5.72 meters respectively) of lower grade mineralization (NR December 20, 2005).
Assay results for the eight Boomerang holes are tabulated below.
---------------------------------------------------------------------------
True
Eleva- Len- Thick-
Sect- tion From To gth ness Cu Pb Zn Ag Au
Hole ID ion (m) (m) (m) (m) (m) % % % g/t g/t
---------------------------------------------------------------------------
GA07-239 3175E 1135 297.44 313.05 15.61 12.5 0.3 2.5 3.2 84 2.1
including 306.80 311.05 4.25 3.4 0.8 8.2 9.5 265 6.1
---------------------------------------------------------------------------
GA07-241 3340E 1215 233.31 238.31 5.00 4.0 0.7 3.7 10.2 82 0.5
---------------------------------------------------------------------------
GA07-242 3070E 1100 310.80 315.61 4.81 3.9 0.07 1.1 2.3 22 0.3
---------------------------------------------------------------------------
GA07-243 3340E 1235 222.84 224.34 1.50 1.2 0.7 4.3 6.4 243 1.4
---------------------------------------------------------------------------
GA07-245 3170E 1145 282.83 308.94 26.11 20.9 0.5 3.0 8.0 116 2.5
including 291.97 297.97 6.00 4.8 0.7 5.3 6.3 201 6.3
---------------------------------------------------------------------------
GA07-246 3070E 1125 302.20 311.36 9.16 7.3 0.3 4.0 6.5 109 1.5
---------------------------------------------------------------------------
GA07-248 2975E 1130 296.61 314.94 18.33 14.7 0.4 2.4 5.4 103 1.2
---------------------------------------------------------------------------
GA07-249 3050E 1120 310.58 315.56 4.98 4.0 0.2 5.0 7.8 144 1.3
---------------------------------------------------------------------------
Manicouagan Commences Phase II Diamond Drilling of the Brabant Lake Zinc-Copper Deposit
Tuesday June 12, 10:03 am ET
30 TO 40 HOLES TOTALING 12,000 TO 15,000 METRES EXPECTED
http://biz.yahoo.com/ccn/070612/200706120396526001.html?.v=1
TORONTO, ONTARIO--(CCNMatthews - June 12, 2007) - Manicouagan Minerals Inc. (TSX VENTURE:MAM - News) announced today that Phase II diamond drilling has commenced at its wholly owned Brabant Lake Zinc-Copper Deposit. Phase II drilling is expected to consist of approximately 30 to 40 drill holes totaling, in aggregate, some 12,000 to 15,000 metres.
This Phase II program is designed to expand the limits of the Lower Zone which remains largely unexplored. The Phase II program is also designed to facilitate the calculation of a new resource estimate of the deposit in late 2007 or early 2008.
The new resource estimate will be based on a closer spaced drill pattern than the previous resource estimates and as such it is expected that a significant portion of the new resource estimate will be in the indicated rather than inferred resource category. Manicouagan continues to focus on building resources in the Lower Zone which in the first 20 holes of the Phase I program averaged 9.40% zinc over 6.43 metres which is roughly double the zinc grade of the historical resource. All of these efforts are focused on determining the commercial attractiveness of the Brabant Lake Zinc-Copper Deposit.
The Brabant Lake Zinc-Copper Deposit was the subject of an NI 43-101 Technical Report completed by MPH Consulting Ltd. and dated September 15th, 2006. The Brabant Lake Technical Report can be viewed on the Company's website at www.manicouaganminerals.com. A copy can also be found with the Company's filings at www.sedar.com.
A drill hole location plan, a table showing drill results to date as well as additional information on the project is available on the Company's website at www.manicouaganminerals.com. The drill hole location plan shows collar locations of Phase I drill holes as well as idealized collar locations of planned Phase II drill holes. Proposed hole locations will be modified as the drill program progresses.
The Brabant Lake property consists of 21 contiguous claims registered as ML 5054 and is located immediately east of Highway 102 some 175 km from the all services community of La Ronge, Saskatchewan.
Exploration programs are being carried out under the supervision of Rod Thomas, Vice President - Exploration of the Company. Mr. Thomas, a professional geologist, has reviewed and verified the technical content of this press release on behalf of Manicouagan Minerals and is a "Qualified Person" as defined in National Instrument 43-101.
Manicouagan Minerals Inc. is a Canadian based exploration company with a diversified portfolio of properties. The Company currently holds four base metal projects located in Saskatchewan and Quebec, on which exploration programs are ongoing.
Additional information about Manicouagan Minerals and its exploration projects can be found at www.manicouaganminerals.com.
All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.
To view a copy of the map, please visit the link below:
http://www.ccnmatthews.com/docs/mammap.pdf
The TSXV has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this news release. The TSXV has neither approved nor disapproved the contents of this news release.
Contact:
Joseph Baylis
Manicouagan Minerals Inc.
President and Chief Executive Officer
(416) 542-3980
Email: investorrelations@manicouaganminerals.com
Website: www.manicouaganminerals.com
Source: Manicouagan Minerals Inc.
Argentex hits new sulphide targets in all 20 trenches of expanded program; immediately commences drilling
Tuesday June 12, 10:00 am ET
http://biz.yahoo.com/prnews/070612/to362.html?.v=22
TORONTO, June 12 /PRNewswire-FirstCall/ - Argentex Mining Corporation (OTCBB: AGXM - News) is pleased to report preliminary findings from a recently completed trenching program at its polymetallic Pinguino property located in Santa Cruz, Argentina. A total of 20 individual trenches tested six distinct and previously unexplored overburden-covered zones. All intersected gossanous vein in bedrock at depths averaging less than one meter (3.2 feet) below surface.
"We are very confident that the newly discovered gossans within these trenches represent the weathered portion of additional sulphide veins at Pinguino. If this is proven through drill testing, it appears that we will have significantly expanded the number of known sulphide veins and therefore the potential of sulphide-rich mineralization at Pinguino," said Ken Hicks, President of Argentex. "As a result, we immediately commenced drill testing of these newly discovered sulphide targets."
Specific zones targeted for initial drilling include Yvonne Sur, Yvonne Norte, Sonia, Kasia, Savary and Luna.
Argentex's expanded exploration program at Pinguino was initiated following successful drill programs on the high-sulphide Marta Centro and Yvonne zones, and was designed to test previously unexplored areas outside of these two established sulphide vein systems. Surface targets were identified based on their geological signature, which combines anomalous geophysics and geochemistry, and a total of 20 trenches covering 2,012 meters (6,601 feet) were completed in six distinct zones. All intersected gossanous vein in bedrock at depths averaging less than one meter (3.2 feet) below surface.
Results from the earlier drill programs at Marta Centro and Yvonne revealed consistent polymetallic zinc-lead-indium-silver-gold-copper mineralization along strike and to depth. A total of 23 holes drilled into Marta Centro showed a consistent high-grade base metal core surrounded by wide intervals of disseminated mineralization, as detailed in press releases dated April 23, 2007 and April 16, 2007.
About Pinguino
Argentex's Pinguino property is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. Both silver-gold and base metal discoveries have been made through the completion of almost 8,000 meters (26,247 feet) of diamond drilling to date. Mineralization remains open-ended along strike and at depth, and numerous targets remain to be tested by drilling. Exploration has focused on zinc-indium-lead-silver-gold-copper discoveries in the Marta Centro and Yvonne areas of the property. In addition, recent machine trenching intersected new sulphide targets at Yvonne Sur, Yvonne Norte, Sonia, Kasia, Savary and Luna.
Pinguino is easily accessible, situated approximately 500 meters (1,640 feet) above sea level in low-relief topography. An existing system of all-weather roads provides year-round access to the property.
There are currently two operating precious metal mines in Santa Cruz province. In addition, Pan American Silver is receiving great cooperation from the Federal and Provincial governments in Argentina and believes that its Manantial Espejo project remains on schedule to commence production in May 2008, as referenced in a press release issued by Pan American Silver on April 19, 2007. Also in Santa Cruz province, Minera Andes projects that its San Jose gold-silver development project should begin operations in 2007.
Quality Assurance
Exploration on the Pinguino property is being conducted under the supervision of Mr. Kenneth Hicks, P.Geo., Argentex's President and a "qualified person" as defined by Canada's National Instrument 43-101.
Samples selected for analysis are sent to Acme Analytical Laboratories' sample preparation lab in Mendoza, Argentina. From there sample pulps are sent to Santiago, Chile for fire assay gold analysis and to Vancouver, Canada for Group 1DX multi-element MS-ICP analysis. Samples with over-limit zinc, lead, silver and/or copper are reanalyzed using an ore-grade high detection limit 7AR analysis, also conducted in Vancouver. Acme Analytical Laboratories is an accredited ISO 9000:2001 full-service commercial laboratory with its head office in Vancouver. Referee analyses will be carried out by Alex Stewart (assayers) Argentina S.A. in Mendoza, Argentina. Argentex, Acme and Alex Stewart all maintain comprehensive and independent Quality Control/Quality Assurance programs. Drilling was conducted by Connors Drilling, a Canadian company with an office in Mendoza, Argentina.
ABOUT ARGENTEX:
Argentex Mining Corporation is a junior mining exploration company with significant holdings in the Patagonia region of Argentina. The company holds an option to acquire 100% mineral rights to the Pinguino property and owns 100% mineral rights to more than 30 properties with over 377,490 acres (152,766 hectares) of prospective land located in the Santa Cruz and Rio Negro provinces of Argentina. Argentex trades under the symbol AGXM on the OTCBB.
FURTHER INFORMATION:
Argentex Mining Corporation
Investor Relations
1-866-594-7687
info@argentexmining.com
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analysis and on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Forward-looking statements in this news release include statements about the Company's belief that the newly discovered gossans within these trenches represent the weathered portion of additional sulphides veins at Pinguino and that if this is proven through drill testing, it appears that we will have significantly expanded the number of known sulphide veins and therefore the potential of sulphide-rich mineralization. Actual results may differ materially from those currently anticipated due to a number of factors beyond the Company's control. These risks and uncertainties include, among other things, competition for qualified personnel and risks that are inherent in Argentex's operations. These and other risks are described in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
Source: Argentex Mining Corporation
Marifil Intercepts More Indium, Gold & Zinc in Latest San Roque Results
Tuesday June 12, 7:30 am ET
http://biz.yahoo.com/ccn/070612/200706120396504001.html?.v=1
SPOKANE, WASHINGTON--(CCNMatthews - June 12, 2007) - MARIFIL MINES LTD. (TSX VENTURE:MFM - News; "Marifil" or "the Company") announces it has received assay results from the balance of its recently completed 28-hole diamond drill program at the Company's(i) San Roque project in Rio Negro Province, Argentina. (See Marifil News Release of May 22, 2007.). The 2,104-metre drill program targeted five structures in this large, multi-phased sulphide system. One phase is enriched in base metals with indium and gold; another phase is enriched in gold and silver. DDH-1 through -9, plus DDH-26 through -28 tested for gold, zinc and indium on the Del Indio target; DDH-10 through -23 tested epithermal gold silver targets in the area; while DDH 24-25 tested for gold, zinc and indium on Target 5. (See San Roque map on the Company's website at http://www.marifilmines.com/i/maps/SanRoque_Del-Indio-Target.gif).
((i)Under the terms of Marifil's Purchase Option Agreement with M.I.M. Argentina Explorationes S.A. (MIM), the Company has already spent the required US$200,000 on the property and may acquire 100% ownership of San Roque by paying MIM US$400,000 before June 4, 2010.)
"We are very excited about this project, not only because of the high Indium values and the extensive Zinc mineralization, but also because we see it as a multi-phased, hydrothermal, alteration system involving at least 36-square kilometres," said Dick Walters, Marifil's Executive Vice-President. "As an exploration geologist I have been involved in a number of discoveries over the years and I'm confident we have a significant find here."
Although most of the detailed drill results have been received (pending assays are those with greater than either 1% lead or 1% zinc), the Company is conducting a detailed review over the coming weeks to:
- Determine the association between the high-grade indium and other elements, particularly zinc and bismuth, as well as the association between the gold and silver (which appears to have occurred largely in a later phase);
- Submit for assaying several drill samples that had not previously been tested for indium, particularly in areas where high levels of zinc had been found; and,
- Select targets for the next round of drilling, planned for the end of the Argentine winter in about three months.
San Roque is a 12,700-hectare property with zinc and high grade indium along with epithermal gold and silver. Mineralization is found in broad structural corridors containing silicified breccias, quartz veins, disseminated sulphides, and extensive associated stockwork fracturing. The mineralized system is largely hidden by thin alluvial cover and is hosted in Jurassic acidic volcanics and Paleozoic basement rocks of schist. Importantly, this is a strong sulphide system that penetrates all rock types and has the potential for significant size and porphyry-scale, bulk mining. The Company would like to emphasize the mineralization does extend into the underlying basement rocks thus increasing the potential size and importance of the ore targets.
Latest Results:
As noted above, DDH-25 was drilled to test for gold and silver on Target 5, located approximately 1,100 meters southwest of the Del Indio structure. However, in addition to the high values of silver with some gold intercepted, it also cut significant amounts of zinc, indium and bismuth in basement rocks. The area between Target 5 and Del Indio is covered with alluvium and is also the site of a large Induced Polarization (IP) anomaly carried out by MIM. This anomalous zone may conceal an important zinc-indium target.
John Hite, Marifil's CEO added, "As we continue to find more indium and zinc in some of our drilling, along with more gold and silver in other areas, San Roque is becoming increasingly interesting, both for our investors and geologically. For example, indium is selling for $850 per kilo, making this metal three times more valuable than uranium and twice as valuable as silver. Zinc and bismuth markets are also very strong. It is difficult to imagine a better time for this find."
El Relincho:
Hole No. Interval True Th Au Ag Zn In
(m) (m) (g/t) (g/t) (%) (g/t)
-------------------------------------------------------------------------
DDH-10 Strongly anomalous amounts of gold, lead, zinc and indium.
less less less
DDH-11 3.0-12.0 9.0 than 0.01 than 0.5 0.14 than 1.0
less
And 12.0-19.5 5.1 2.61 24.0 than 0.1 30.4
less
Including 12.0-15.0 2.0 4.46 7.4 than 0.1 36.3
This structure is sub-parallel to the Del Indio structure and is
apparently not as well mineralized as the main Del Indio structure.
San Roque:
Hole No. Interval True Th Au Ag
(m) (m) (g/t) (g/t)
-----------------------------------------------------
DDH-12 3.0-20.0 14.5 3.1 5.1
including 12.2-16.5 3.7 11.1 11.2
including 12.2-13.1 0.77 43.3 35.8
DDH-13 21.8-27.0 4.4 7.5 7.4
Including 21.8-23.0 1.0 29.6 27.4
Plus 93.0-96.0 3.0 0.7 357.0
DDH-14 9.0-10.2 1.2 1.8 120.0
plus 13.2-16.0 2.8 7.4 69.3
DDH-15 16.1-22.0 5.3 1.6 28.3
Plus 87.7-88.9 1.1 5.5 7.3
Plus 94.0-97.0 2.7 4.3 323.0(1)
DDH-16 3.0-16.1 11.4 2.0 5.6
Including 12.8-14.2 1.3 5.9 4.9
DDH-17 3.0-16.1 12.2 1.2 3.5
Including 10.2-11.0 0.8 6.9 5.0
DDH-18 3.0-12.2 6.9 1.1 4.7
Including 10.9-12.2 1.0 4.3 2.7
Plus 38.3-39.0 0.5 4.5 1.7
DDH-19 3.9-22.5 13.8 1.1 1.3
Including 19.0-20.1 0.8 4.7 12.4
DDH-20 7.6-16.0 8.4 0.9 0.7
DDH-21 10.0-18.5 7.1 4.5 1.5
Including 14.0-16.8 2.3 11.8 1.8
Target 3
DDH-22 Geochemically anomalous amounts of gold, silver and zinc
DDH-23 Geochemically anomalous amounts of gold, silver, zinc and lead
Target 5
DDH-24 7.0-18.9 10.5 2.1 31.9
Including 9.0-11.0 1.8 5.9 35.1
Interval True Th Au Ag Zn In
(m) (m) (g/t) (g/t) (%) ---
DDH-25 30.0-51.0 21 1.0 30.0 0.47 16.0
Including 25.0-38.0 11.4 2.1 49.0 0.28 102.0
less
Including 25.8-26.9 1.0 2.2 244.0 than 0.10 62
Including 34.0-36.0 1.8 1.1 63.6 0.52 95
Plus 45.0-48.0 2.6 0.2 pending 29.3 77
Del Indio
DDH-26 38.6-40.0 1.4 0.04 2.8 0.39 26
less less
Plus 36.9-101.0 62.9 than 0.01 2.0 0.21 than 1
less
DDH-27 3.0-7.0 4.0 0.02 than 0.1 0.28 32.5
Plus 34.5-36.2 1.7 1.09 1.8 0.25 12.5
less
Plus 42.0-44.1 2.1 0.41 1.5 pending than 1
DDH-28 Strongly anomalous lead and zinc but not "ore grades"
Including 65.0-66.5 1.4 .03 3.2 0.72 9
(1). pending assays are those with greater than 1% lead or greater
than 1% zinc.
Merrex drills 2.7 m of 20.16% Zn plus Pb at Jubilee
2007-05-29 09:46 MT - News Release
Mr. Greg Isenor reports
MERREX INTERSECTS 20.16% ZINC + LEAD OVER 2.7 METRES; NI 43-101 RESOURCE ESTIMATE COMMISSIONED
Merrex Gold Inc. is releasing further very positive drilling results from its Jubilee zinc property in Cape Breton, N.S.
Jubilee drill results summary
"Further diamond drilling results have been received from the Jubilee drilling program and we are extremely pleased with the spectacular intersection of zinc-lead mineralization in drill hole MJ07-17A," stated Gregory Isenor, Merrex president and chief executive officer. "The drilling at Jubilee continues to report significant numbers while both extending the length of the main Jubilee mineralized zone and increasing the size of the Jubilee zinc deposit." These results are significant providing further evidence of the continuity of Jubilee showing-type grade mineralization in the deposit.
Merrex is aggressively exploring its Jubilee zinc property with a 20,000-metre diamond drilling program. The program, which commenced late last year, is designed to further define the extent of the zinc/lead mineralization. Step-out drilling in the main mineralized zone has to date extended the length of the mineralized Jubilee zone to total length of two kilometres. At present, two drill rigs are working on the property and a third rig will be located 1,000 metres northwest across St. Patrick's Channel to test for the strike extension of the Jubilee zinc deposit in that area.
A mineral resource estimate for the Jubilee zinc deposit compliant with Canadian Institute of Mining, Metallurgy and Petroleum standards on mineral resources and reserves definitions and guidelines as well as National Instrument 43-101 has been commissioned and will incorporate historic results plus all of the 2006 and the 2007 results available by end June, 2007.
Assay highlights from the program are as follows:
- 20.16 per cent zinc plus lead over 2.70 metres;
- 41.39 per cent zinc plus lead over 1.20 metres;
- 9.22 per cent zinc plus lead over one metre;
- 3.15 per cent zinc plus lead over 1.05 metres; and
- 3.14 per cent zinc plus lead over 3.40 metres.
Jubilee drill results
Significant assay results for the most recently received drill holes are detailed in the accompanying table (for Merrex's 2006 drilling results visit its website). A map of the most recent results will be posted on the company website.
ASSAY SUMMARY TABLE
From To Interval Weighted average
Hole (m) (m) (m) Zn % Pb % Pb % + Zn %
MJ-07-13 463.70 467.10 3.40 3.09 0.05 3.14
Including 463.70 464.55 0.85 4.92 0.03 4.95
And 465.50 465.80 0.30 4.51 0.07 4.58
And 466.55 467.10 0.55 8.90 0.18 9.08
MJ-07-15A 460.25 460.65 0.40 2.77 0.69 3.46
MJ-07-15A 462.90 463.25 0.35 3.25 0.02 3.27
MJ-07-17A 455.75 458.45 2.70 19.89 0.27 20.16
Including 456.65 457.85 1.20 41.04 0.35 41.39
MJ-07-18 478.85 479.85 1.00 6.17 3.05 9.22
Including 478.85 479.30 0.45 8.07 6.24 14.31
MJ-07-18 483.95 485.00 1.05 3.04 0.11 3.15
Including 483.95 484.40 0.45 4.55 0.18 4.73
MI WEEK IN REVIEW: Falling zinc stocks catch out technical bears
http://www.metalsinsider.com/WIR/20070604zn.html
Metals Insider - 04 June 2007
MI WEEK IN REVIEW: LME zinc trading last week took its cue from a nervous copper market, which was gradually regaining some of its old poise after the previous two weeks’ storm of selling from technical funds.
Zinc has taken its own battering since the start of May, crystallized by our sources’ estimate of the shift in positioning by the CTA systematic fund community—a move from collective long of 20% of historic capacity to 10% short as of Friday, May 25.
Such chart-based funds showed every sign of wanting to add to that short position last week, the collective position increasing to around 15% by Thursday before being reined back in to around 10%.
As such, they kept a cap at $3,700 on zinc’s attempts to move away from the $3,550 level, which is currently being underpinned by the 200-day moving average.
Intraday trading was choppy and largely inconclusive with the LME metals spooked by a sharp corrective sell-off mid-week in the Chinese stock markets, confused by the usual argy-bargy of the month-end window-dressing and slightly disheartened by the absence of any evidence pointing to fresh fund allocations at the start of the new month.
All this saw zinc gyrate within its $3,550-3,700 range for most of the week until something interesting happened on Friday.
LME 3-month metal made an early break up to the $3,750 level—thanks to another ominous LME stocks report (more cancellations)—and despite the later pull-backs by the likes of copper—no expected sprinkling of the magic bull fairy dust of new investment flow—it closed strongly on the back of a bout of short-covering on the spreads.
The full cash-to-3-months period flexed sharply tighter to end the day valued at $17.25 backwardation, compared with just $2 backwardation the previous day. That helped 3-month metal close the week out at the highs of $3,760—a week-to-week gain of $120 after the previous three weeks’ cumulative $530 of losses.
Stocks Crunch?
That sharp Friday movement in the spreads—although no doubt exaggerated in the count-down to the weekend—was a timely reminder of the structural imbalance of this market. The CTA funds and other parts of the investment community have chosen once again to go collectively short of zinc, just at the time that LME stocks have started falling again.
LME stocks fell by a net 19,150t, or 21.6%, over the course of May with the headline figure recording fresh cycle lows with just about each passing day. Draws have been less than exciting on a day-by-day basis but inflow has also become a lot more sporadic with each passing week.
Wednesday and Thursday both saw cancellation activity accelerate and the ratio of cancelled tonnage in the LME system rose to 12.6% Thursday, suggesting that the current downtrend will be extended and could even accelerate if fresh arrivals continue to dry up.
Our view is that we are now entering a key time for the zinc market. Mined production is now starting to accelerate as more new projects and restarts get underway. This will be a cumulative process over the rest of 2007 and 2008, last week bringing confirmation that the Middle Tennessee mines are due to be re-opened by the end of this year and that CBH Resources’ new Rasp mine in Australia will be fast-tracked for a Q3 2008 start.
However, the world’s galvanisers and other zinc consumers cannot use concentrates. Until this surge of mine production travels through the production chain to take the form of metal, the market will have to rely on dwindling LME stocks to make good any shortfall.
A surprise surge in Chinese exports of metal has delayed this ticking clock but the country flipped back to net importer in April, which does not seem to be coincident timing with the renewed downtrend developing in LME inventories. It’s worth pointing out that there is a complete lack of consensus among analysts as to whether China will now stay consistent net importer or return as net exporter in the coming months.
But right now the cushion of Chinese exports is not there. That’s feeding through into renewed demand for LME-warranted metal and that’s left the spreads at the front end of the LME forward curve susceptible to the sort of volatility we saw late Friday.
Rockcliff Resources Inc.: Final Shihan Drill Results Completed
Thursday June 7, 10:11 am ET
http://biz.yahoo.com/ccn/070607/200706070395704001.html?.v=1
SUDBURY, ONTARIO--(CCNMatthews - June 7, 2007) - Rockcliff Resources Inc. (TSX VENTURE:RCR - News) is pleased to announce that the final drill results from its first phase drill program have been received on its 100% owned Shihan VMS Project. The final results were from additional mineralized areas in hangingwall and footwall rocks located proximal to the Zinc Zone. The Zinc Zone remains the Company's main focus at the Shihan VMS Project. It is a single lens of semi-massive to massive sulphides with a strike length of at least 150 metres and has been drill tested to 150 metres vertical depth. The zone remains open to depth. Exploration plans for 2007 include a second phase of diamond drilling at the Zinc Zone and on numerous untested VMS geophysical targets throughout the project area.
The gold and silver results were intersected in the hangingwall and footwall rocks proximal to the main Zinc Zone. The assay results are tabulated below including:
- 4.50 metres grading 1.11 opt silver and 0.06 opt gold
- 2.30 metres grading 22.13 opt silver and 0.04 opt gold
- 1.00 metres grading 22.31 opt silver and 0.04 opt gold
- 3.35 metres grading 10.70 opt silver and 0.005 opt gold
- 0.60 metres grading 16.51 opt silver and 0.03 opt gold
- 0.50 metres grading 0.53 opt silver and 0.21 opt gold
- 1.15 metres grading 0.35 opt silver and 0.14 opt gold
Highlights of the gold and silver results from Rockcliff's first phase drill program are tabulated below. Previously reported drill results from the main Zinc Zone can be viewed on the company website at www.rockcliffresources.com. Drill lengths reported below are drill intersected core lengths and do not represent true widths.
---------------------------------------------------------------------------
Borehole From (m) To (m) Length (m) Ag g/t (opt) Au ppb (opt)
---------------------------------------------------------------------------
RS07-05 38.80 42.15 3.35 366 (10.70) 187 (0.005)
---------------------------------------------------------------------------
44.8 45.65 0.85 11 (0.32) 5056 (0.15)
---------------------------------------------------------------------------
RS07-06 29.00 33.50 4.50 38 (1.11) 2195 (0.06)
---------------------------------------------------------------------------
RS07-07 79.00 81.30 2.30 759 (22.13) 1454 (0.04)
---------------------------------------------------------------------------
RS07-09 11.20 12.20 1.00 765 (22.31) 3519 (0.10)
---------------------------------------------------------------------------
RS07-14 44.75 44.95 0.20 819 (23.89) 389 (0.01)
---------------------------------------------------------------------------
RS07-15 61.40 62.00 0.60 566 (16.51) 1124 (0.03)
---------------------------------------------------------------------------
RS07-16 29.10 33.05 3.95 81 (2.37) 128 (0.004)
---------------------------------------------------------------------------
RS07-25 86.50 87.00 0.50 18 (0.53) 7287 (0.21)
---------------------------------------------------------------------------
RS07-26 23.00 24.15 1.15 12 (0.35) 4882 (0.14)
---------------------------------------------------------------------------
- (m) equals metres, g/t equals grams per tonne, opt equals ounces
per ton, ppb equals parts per billion Ag equals silver, Au equals gold
Dia Bras Drills 31 Metres of 4.05% Cu and 22.75% Zn at Bolivar Mine
Thursday June 7, 7:30 am ET
http://biz.yahoo.com/ccn/070607/200706070395650001.html?.v=1
MONTREAL, QUEBEC--(CCNMatthews - June 7, 2007) - Dia Bras Exploration Inc. (TSX VENTURE:DIB - News) is pleased to announce more high-grade drill intercepts from its surface exploration and underground drilling program at the Bolivar Mine in the State of Chihuahua, Mexico.
Drill hole DB07B197, an extension type drill hole (see press release of March 1st, 2007) in the El Gallo area intercepted a wide zone of Cu mineralization in the Lower Skarn - magnetite-rich zone. This hole was drilled NE due to the rugged topography in the area, and intercepted an estimated true width of some 12 metres.
This drill hole adds to the resource estimate of the El Gallo area where a 20-hole, 5000 metres drill program has been ongoing since March 2007. The objective of the program is to investigate the potential continuous extent of the Lower Skarn Unit between Mina de Fierro and the El Gallo 1 area that is being explored for low grade - bulk tonnage potential.
More drilling results are expected in the near future.
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Au Ag Cu Fe Zn
From To Interval (ppm) (ppm) (%) (%) (%)
--------------------------------------------------------------------------
DB07B197 161.0 163.0 2.0 0.04 12 0.17 23.00 0.16
169.5 171.5 2.0 0.01 7 0.20 16.55 0.14
226.0 248.0 22.0 0.73 27 2.16 23.91 0.12
incl 230.0 231.0 1.0 0.05 54 4.93 39.90 0.55
incl 237.0 238.0 1.0 4.04 28 1.95 35.00 0.17
253.8 258.0 4.2 0.94 12 1.01 14.99 0.27
--------------------------------------------------------------------------
------------------------------------------------------------------
Au Ag Cu Zn
From To Interval (ppm) (ppm) (%) (%)
------------------------------------------------------------------
DB07BM097 0 31.0 31.0 0.08 37.4 4.05 22.75
------------------------------------------------------------------
Tribute Intersects 3 Metres of 8.63% Zinc 71.6 Grams Indium
Thursday June 7, 1:00 am ET
http://biz.yahoo.com/ccn/070607/200706070395598001.html?.v=1
TORONTO, ONTARIO--(CCNMatthews - June 7, 2007) - Tribute Minerals Inc. (the 'Company' or 'Tribute')(TSX VENTURE:TBM - News) is pleased to announce the completion of initial assays from its spring drilling program on its Confederation Lake Belt, Garnet Lake Property located in Northwestern Ontario.
Results have returned for the first Hole GL-2007-47, which tested the Arrow Zone 50 metres down-dip from previous Hole GL-2004-08. Hole GL-2007-47 intersected a 31 metre wide mixed chloritite-sulphide rich mineralized zone containing disseminated, stringer and semi-massive to massive, base metal sulphides. Partial analysis of the zone have returned values to date of 3.41% Zn, 0.61% Cu, 0.66 g/t Au, 11.9 g/t Ag and 40.9 g/t In over 10.6 metres (8.7 metres true width), including a high grade core of 8.63% Zn, 0.70% Cu, 1.04 g/t Au, 21.6 g/t Ag and 71.6 g/t In over 3 metres (2.5 metres true width). An additional 22 samples have been submitted for analysis from the hole, contiguous to these results. The results extend the width of the Arrow zone along strike 35 metres to the east-southeast.
Second hole GL-2007-48, testing the Arrow Zone 50 metres down dip from Hole GL-2006-39, has been completed, and an additional two batches of samples have been submitted for analysis. Drilling continues on the Garnet Property, and preparations are underway to re-start exploration with the second drill on the adjacent Copperlode Property.
Core samples were split in half using a diamond saw and sealed in secure packages, shipped by bonded carrier from Ear Falls to ALS Chemex in Thunder Bay for preparation, and to ALS Chemex in North Vancouver for AU-AA62 assay (gold by fire assay with AA finish) and ME-MS61 47 element analysis (4 acid dissolution and ICP-MS). High analyses (greater than 10,000 ppm, 1%) for copper, zinc and (greater than 100 ppm) silver were submitted for ore grade AA62 analysis (4 acid dissolution with AA finish). A duplicate unknown to the laboratory is submitted per batch of ten samples. A polymetallic standard, unknown to the laboratories, is included with each submission of samples. ALS Chemex fulfilled standard QA/QC protocols. The Confederation Lake exploration program is under the direction of Trevor Boyd, P.Geo, Geological Consultant, Tribute, and a qualified person (QP) for the purposes of NI 43-101.
Forward Looking Statements:
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Tribute undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Ian Brodie-Brown
Tribute Minerals Inc.
President and C.E.O.
(416) 368-2929
(416) 601-1450 (FAX)
Email: info@tributeminerals.com
Website: www.tributeminerals.com
Source: Tribute Minerals Inc.
Rox starts drilling in Laos
Rox Resources Limited (ASX: RXL) has commenced drilling to test several previously announced large IP anomalies at the Bon Noi and Nam Yen prospects at the Pha Luang zinc and lead project in Laos.
Rox has defined three large IP targets that sit below extensive high grade soil anomalies at Bon Noi, and two large IP targets at Nam Yen. An RC rig is currently on site drilling the pre-collars for the deeper diamond core holes that will be necessary to test these large targets. Diamond core drilling is expected to commence in approximately 2 weeks.
Hellyer zinc production grades up strongly in May
Intec Ltd (ASX:INL) on Tuesday said that production for May at the Hellyer zinc concentrate project achieved 5,707 tonnes of bulk zinc concentrate grading 40 per cent zinc, 8pc lead and 115 grams per tonne silver.
The record production was substantially because of a longer cutting arm on the dredge which allowed mining of deeper higher grade feedstock from the tailings dam.
Mining of this is expected to continue through June with lower average grades returning towards the end of the month.
Intec shares were last traded at 17.5c.
Pacifica Resources Ltd.: Plan of Arrangement, Name and Symbol Change
18:36 EDT Wednesday, June 06, 2007
http://www.globeinvestor.com/servlet/WireFeedRedirect?cf=GlobeInvestor/config&vg=BigAdVariableGe...
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 6, 2007) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Pacifica Resources Ltd. (TSX VENTURE:PAX) ("Pacifica") is pleased to announce the closing of the previously announced Plan of Arrangement (the "Arrangement"). The Arrangement was overwhelming approved by shareholders at the special meeting held on May 31, 2007 (see May 31, 2007 news release).
Pursuant to the Arrangement, Savant Explorations Ltd. ("Savant"), which was a wholly-owned subsidiary of the Company, acquired for aggregate consideration of 12,857,143 common shares of Savant ("Savant Shares"), the Company's interest in the Yava polymetallic sulphide property in Nunavut, the Blue Moon base-precious metal property in California, the Tillex copper prospect in Ontario, the various copper projects in Chile and 4,000,000 share purchase warrants of StrataGold Corporation exercisable at $0.60 until November 7, 2008. In addition, the Company transferred $2,590,000 in cash to Savant in exchange for 7,400,000 Savant Shares and 3,700,000 Savant Series A Warrants, each exercisable to acquire an additional Savant Share for $0.55 for a period of two years from June 7, 2007, Savant's listing date. Pacifica retains the mineral properties comprising the Selwyn Project and will initially control approximately 34% of the outstanding Savant Shares. Shareholders of Pacifica as of the close of business on June 6, 2007 will receive 0.1083829 of a Savant Share for each common share of Pacifica held at that time. These Savant Shares will be mailed to registered shareholders within a week.
Pursuant to the Arrangement, Pacifica has changed its name to "Selwyn Resources Ltd.". On the market opening on Thursday, June 7, 2007 Pacifica will trade on the TSX Venture Exchange (the "Exchange") under its new name with the trading symbol of "SWN". Savant will also commence trading on June 7, 2007 on the Exchange under the symbol "SVT".
Selwyn Resources Ltd.'s main focus will continue to be the exploration of its Selwyn Project in eastern Yukon and Northwest Territories. The Selwyn Project hosts very large tonnages of zinc-lead mineralization. The known deposits have the potential for large scale production of zinc and lead, at a time when World's zinc mine supply is in deficit and there are few new zinc-lead mines under development.
This press release contains forward-looking statements concerning the mineralization at and the potential of the Selwyn Project. These forward-looking statements are based upon the reasonable beliefs of Pacifica and its management as of the date of this news release; however, forward-looking statements involve risks and uncertainties and are based upon factors that may change and assumptions that may prove, with the passage of time, to be incorrect as a result of exploration and other risk factors associated with mineral exploration and development that are beyond the control of Pacifica. Accordingly, undue reliance should not be placed upon such statements. If factors materially change or assumptions are materially incorrect, the actual results, performance or achievements of Pacifica may be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Pacifica does not undertake any obligation to update or revise any forward-looking statements to reflect new information, future events or otherwise, except as required by applicable law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Pacifica Resources Ltd.
Dr. Harlan Meade
President and CEO
(604) 682-5474 or Toll Free: 1-877-682-5474
or International Toll Free: 1-800-8682-5474
or
Pacifica Resources Ltd.
Jasmin TamDoo
Manager of Investor Communications
(604) 682-5474 or Toll Free: 1-877-682-5474
(604) 682-5404 (FAX)
Email: info@pacifica-resources.com
Website: www.pacifica-resources.com/www.selwynresources.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release.
Donner Metals Ltd.: Bracemac Yields Additional Results With New Mineralization Identified at the Productive Key Tuffite Horizon Below the Bracemac Zones
Wednesday June 6, 7:30 pm ET
http://biz.yahoo.com/ccn/070606/200706060395602001.html?.v=1
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 6, 2007) - Mr. Harvey Keats, Chief Executive Officer of Donner Metals Ltd. (TSX VENTURE:DON - News; FRANKFURT:D4M - News), announces new results from the Bracemac Area on the Matagami Project, Quebec, and a new discovery of massive sulphide at the Key Tuffite Horizon below the Upper Bracemac/Bracemac Zones.
In the Upper Bracemac Zone, BRC-07-35 intersected two massive sulphide intervals grading 36.70% zinc and 0.05% copper over 0.65 metres and 10.70% zinc and 0.41% copper over 2.8 metres. BRC-07-39 intersected 3.5 metres grading 9.02% zinc and 0.56% copper. The intersections are 60 and 103 metres vertically below surface respectively.
Additionally, a drill test below the Bracemac Zones intersected the first indication of significant mineralization at the Key Tuffite horizon where BRC-07-38 intersected mineralized Key Tuffite over 2.6 metres, including a massive and semi-massive interval that graded 11.41% zinc and 0.26% copper over 1.3 metres, 230 metres below surface.
Reported results show a continued trend of mineralization towards surface in the Upper Bracemac Zone while delineation of the Bracemac Zone suggests an elongate trend that extends down-dip and down-plunge. Drilling is continuing where practical during break-up.
The intersection of massive sulphides at the Key Tuffite Horizon below Bracemac and Upper Bracemac is significant because it is a positive indicator of vertically stacked mineralizing activity at three levels, including the Key Tuffite horizon that hosts the majority of the deposits in the Matagami Camp. It is important to note that vertically stacked horizons can be exploited by single development infrastructure, providing a significant savings in development costs.
The Company's strategy is to explore for and discover Zinc - Copper deposits in the Matagami Camp and to leverage existing processing facilities within a known and well-established cost structure for developing VMS deposits. Donner's exploration objective is to investigate multiple stratigraphic horizons with potential for VMS mineralization including the prolific Key Tuffite horizon throughout the Matagami Camp. Donner has discovered new mineralization at the Bracemac and Upper Bracemac levels and now reports an additional discovery in the Key Tuffite immediately below the Bracemac Zone discoveries.
Work completed since the last press release (April 3, 2007) includes the completion of seven drill holes and one hole deepening in the Bracemac area leading up to break-up which has limited access to planned drill collar locations. A total of 20,500 metres have been drilled of the planned 45,000 metre drill program. Three drills are active on the Matagami property with two drills active at Bracemac and one drill active at McLeod where results will be forthcoming.
Bracemac Area
Delineation continues on both of the new discoveries in the Bracemac and Upper Bracemac Zones, as well as an investigation of the Key Tuffite in the Bracemac area. Break-up has limited access to some planned drill set-ups and these holes will be drilled once surface conditions improve.
The sulphide intersections in diamond drill hole BRC-07-35 and BRC-07-39 continue to expand the Upper Bracemac Zone that extends 125 metres along plunge, trending towards surface, with a lateral extent of 50 to 60 metres. Drill hole BRC-07-35 was drilled 35 metres up-dip and to the east of drill hole BRC-07-31 that intersected 12.13% zinc and 0.7% copper over 9.3 metres. Drill hole BRC-07-39 was drilled 50 metres east and up-dip from drill hole BRC-07-30 that intersected 10.08% zinc, 0.49% copper over 2.3 metres and 25 metres down-dip of BRC 07-31 described above. BRC-07-33 was drilled 50 metres due east of BRC-07-31 and BRC-07-37 was drilled a further 100 metres due east of BRC-07-33.
In the Bracemac Zone, drill hole BRC-07-36 intersected 0.91% copper over 4.75 metres. This hole was drilled 60 metres to the west and down-dip of BRC-07-32 that returned 1.98% copper and 2.99% zinc over 21.25 metres. All of the drill holes designed to test the Upper Bracemac Zone also tested the up-dip portion of the Bracemac Zone where the extent of mineralization is now limited. The Bracemac Zone remains open down-dip, and down-plunge as well as to the east and west of known mineralization. Presently, the Bracemac Zone extends over approximately 200 metres in the plunge extent and between 20 and 100 metres in the lateral extent.
A significant mineralized interval at the Key Tuffite was discovered by BRC-07-38 that intersected 11.41% zinc and 0.26% copper at a vertical depth of 230 metres. This intersection occurs immediately below mineralization in the Bracemac zones and is open in all directions. In addition, BRC-86-4 EXT-W was drilled to test the Key Tuffite at a vertical depth of 900 metres and intersected weak mineralization at the targeted horizon.
West Camp
Three reconnaissance holes were drilled 50 kilometers west of Matagami to test Mag and EM (VTEM) geophysical anomalies in an area with geological potential to contain Matagami-type VMS Mineralization. Two of the three holes intersected weakly mineralized graphitic sediments (pyrite and pyrrhotite) within a sequence of felsic volcanic rocks. The third hole intersected weakly mineralized felsic volcanic rocks (pyrrhotite).
About the Matagami Project
The Matagami Project has an area of mutual interest of 4,737 square kilometres and presently includes 2,138 mineral claims covering 499 square kilometres. Taking advantage of Xstrata Zinc's extensive historical database, Donner and Xstrata Zinc Canada (Xstrata Zinc) are using a combination of 3D data integration, innovative advanced technologies, new concepts and diamond drilling to explore for new deposits in this prolific mining camp.
The Matagami Mining Camp is a world-class mining district, with 18 known VMS deposits, including 10 past producers of varying sizes, including the giant Matagami Deposit (25.64 million tonnes of 8.2% Zn, 0.56% Cu, 20.91 g/t Ag and 0.41 g/t Au) discovered in 1957 and mined from 1963 to 1988. The area is host to historical production of 8.6 billion pounds of Zn and 853 million pounds of Cu and has established infrastructure including the town of Matagami, a railway, a paved road, and a 2,350 t/day mill owned by Xstrata Zinc.
Throughout the Camp, mineralization occurs as bedded and pinnacle sulphides at the Key Tuffite (e.g. Matagami and Bell Allard Deposits) as well as vertical cone-shaped sulphide bodies hosted within the "Alteration Pipe" that occurs immediately below the Key Tuffite (e.g. Perseverance). Multiple, stacked mineralized zones and associated alteration pipes are now demonstrated (e.g. Bracemac). "Alteration Pipes" are identified by two styles of alteration; strong chlorite developed proximal to the hydrothermal vents and "Pipe style" characterized by intense chlorite with quartz stringers and local talc indicating the core of the hydrothermal vent system.
Donner has the option to earn a 50% participating joint venture interest in the Matagami Project by incurring a total of $20 million of expenditures on exploration and related work on or before May 31, 2011. Upon the expenditure of $20 million by Donner, five separate joint ventures will be formed, covering the property and the area of interest. In each of the five joint venture areas, Xstrata Zinc has the option to earn back a 15% interest in such area by incurring up to $20 million on a feasibility study.
Supplementary Information
The field work on the Matagami Project is being carried out by project operator Xstrata Zinc Canada who are responsible for the sampling QAQC and submittal of samples for assay. Assaying of samples reported in this news release was carried out and certified by ALS Chemex-Chimitec, of Val D'Or, Quebec (zinc, copper and silver by atomic absorption, and gold by standard fire assay procedures). Sample preparation was done by ALS Chemex of Val D'Or, Quebec. Robin Adair, VP of Exploration for the Company is the Qualified Person responsible for the technical information in this news release.
ON BEHALF OF THE BOARD OF DONNER METALS LTD.
Harvey Keats, Chief Executive Officer
Bracemac
---------------------------------------------------------------------------
UTM Zone Core
Location Angle/ name - length
DDH NAD 83 direction Mineral (met- % % g/t g/t
(Depth) Zone 18 (True N) Type From To res) Cu Zn Ag Au
---------------------------------------------------------------------------
---------------------------------------------------------------------------
BRC-
86- Trace Pyrite and
4 EXT- -90 Chalcopyrite at
W degrees/ the KT No
(496m) 307182E, 000 Significant
(ii) 5505970N degrees KT 920.70 921.5 Assays
---------------------------------------------------------------------------
BRC- -50
07- degrees/
33 307387E, 018
(229m) 5505842N degrees UBZ 111.8 112.3 0.50 0.24 2.19 3.5 0.01
---------------------------------------------------------------------------
BRC-
07- -50
34 degrees/
(464- 307140E, 027
.5m) 5505854N degrees BZ 395.00 396.00 1.00 0.03 1.64 1.5 0.01
---------------------------------------------------------------------------
BRC- -50
07- degrees/
35 307380E, 018
(157m) 5505875N degrees UBZ-MS 78.65 79.30 0.65 0.05 36.70 54.2 0.04
---------------------------------------------------------------------------
UBZ-MS 87.70 90.50 2.8 0.41 10.70 37.6 0.28
---------------------------------------------------------------------------
BRC- -69
07- degrees/
36 307184E, 0.14
(814m) 5505829N degrees BZ-MS 372.25 377.00 4.75 0.91 0.58 9 0.06
---------------------------------------------------------------------------
BFW-S 427.0 434.00 7.00 0.11 1.85 4 0.02
---------------------------------------------------------------------------
BRC- -45
07- degrees/
37 307280E, 027 No Significant
(542m) 550510N degrees Results
---------------------------------------------------------------------------
BRC- -45
07- degrees/
38 307587E, 027 KT-MS+
(557m) 5505756N degrees SM 392.4 393.7 1.3 0.26 11.41 27.1 0.02
---------------------------------------------------------------------------
including MS 392.4 392.9 0.5 0.36 24.70 44.0 0.01
---------------------------------------------------------------------------
BRC- -45
07- degrees/
39 307355E, 018
(295m) 5505865N degrees UBZ-MS 119.6 123.1 3.5 0.56 9.02 26.7 0.21
---------------------------------------------------------------------------
West Flank
---------------------------------------------------------------------------
UTM Core
Location Angle/ length
DDH NAD 83 direction (met- % % g/t g/t
(Depth) Zone 18 (True N) Zone From To res) Cu Zn Ag Au
---------------------------------------------------------------------------
---------------------------------------------------------------------------
STH-
01- -60
07- degrees/
1 256327E, 010 No significant
(268m) 5519154N degrees results
---------------------------------------------------------------------------
---------------------------------------------------------------------------
STH-
02- -45
07- degrees/
1 256857E, 350 No significant
(201m) 5518943N degrees results
---------------------------------------------------------------------------
---------------------------------------------------------------------------
STH-
03- -60
07- degrees/
1 256553E, 015 No significant
(250m) 5519872N degrees results
---------------------------------------------------------------------------
Vena Resources Intersects High-Grade Zinc plus Gold Zone in Azulcocha
Tuesday June 5, 2:48 pm ET
http://biz.yahoo.com/ccn/070605/200706050395209001.html?.v=1
TORONTO, ONTARIO--(CCNMatthews - June 5, 2007) - Vena Resources Inc. (TSX VENTURE:VEM - News; LIMA:VEM - News; FRANKFURT:V1R - News; OTCBB:VNARF - News) is pleased to announce underground confirmation drilling in the historical Azulcocha Zinc mine continues to show positive results in a series of holes between levels 0 and -40:
---------------------------------------------------------------------------
Angle From To Inter- True % Zn Au gpt % Pb
L0 & L - 40 (mt) (mt) sect (mt) Thickness
---------------------------------------------------------------------------
---------------------------------------------------------------------------
DDH - 0 - 1 -10 18.0 45.0 27.0 15.5 15.3 0.54
---------------------------------------------------------------------------
including -10 18.0 33.0 15.0 8.6 16.4 0.38
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DDH - 0 - 2 -10 24.0 48.0 24.0 13.8 16.3
---------------------------------------------------------------------------
including -10 38.0 48.0 10.0 5.7 30.3 2.5
---------------------------------------------------------------------------
DDH - 0 - 3 -10 27.0 33.0 6.0 3.4 5.3
---------------------------------------------------------------------------
DDH - 0 - 3A -20 38.0 48.0 10.0 4.2 5.6
---------------------------------------------------------------------------
DDH - 0 - 4 -10 26.0 45.0 19.0 10.9 5.7
---------------------------------------------------------------------------
DDH - 0 - 5B -15 24.0 48.0 24.0 12.0 4.5
---------------------------------------------------------------------------
DDH - 0 - 5C -15 INCOMPLETE DATA CAN NOT CALCULATE AVERAGE OR INTERCEPT
---------------------------------------------------------------------------
DDH - 0 - 6 -20 0.0 25.0 SUBECONOMIC VALUES INTERCEPTED
---------------------------------------------------------------------------
DDH - 40 - 7 5 21.3 50.3 29.0 22.2 6.0
---------------------------------------------------------------------------
DDH - 40 - 8 20 20.4 28.5 8.1 7.3 5.1
---------------------------------------------------------------------------
DDH - 40 - 9 20 0.0 61.7 SUBECONOMIC VALUES INTERCEPTED
---------------------------------------------------------------------------
DDH - 40 - 10 20 19.7 37.5 17.8 16.1 9.1
---------------------------------------------------------------------------
including 20 20.5 23.7 3.3 2.9 27.5
---------------------------------------------------------------------------
DDH - 40 - 11 3 20.4 64.2 43.8 32.5 6.7
---------------------------------------------------------------------------
including 3 24.0 30.5 6.5 4.8 10.8
---------------------------------------------------------------------------
DDH - 40 - 12 20 INCOMPLETE DATA CAN NOT CALCULATE AVERAGE OR INTERCEPT
---------------------------------------------------------------------------
---------------------------------------------------------------------------
</PRE>
Azulcocha has been historically known as a Zinc mine; preliminary exploration work by Vena geologists into a new area of the property has encountered a gold zone of possible significance which is near surface and appears open in multiple directions. New surface drill locations will be added to test the extent of gold mineralization. Close to 1.1 gpt gold is known to exist in the million tons tailings structure (NI 43-101 compliant) and several drill holes report gold showings from 0.2 gpt to 3 gpt in multiple intersects.
Drill holes DDH - 0 - 01 through DDH - 40 - 12 tested for continuity of the historical ore body between the 0 and -40 levels of the mine, with good results. Results from DDH -40 -7, -40 - 10 and -40 - 11 were particularly encouraging with true vein widths of 22.2 m, 16.1 m and 32.5 m of potentially economic mineralization reported. In addition, a drill program testing for continuity of the historical ore body has from below level -40 has been initiated. The complete assay database will be posted on the company's web site at www.venaresources.com as soon as assays from all holes are received from the labs.
The drilling program is being supervised by William R. Henkle, Jr. P.Geo., Vena's Qualified Person as defined by NI 43-101. Core samples are cut with a diamond saw, with one-half of the core placed in sealed bags and shipped to SGS in Lima, Peru, an ISO certified assay laboratory. The program includes an extensive quality control program for assaying which includes the systematic use of standards, blanks, and field duplicate samples. Secondary laboratories are also used for check assaying.
Statements in this press release regarding the Company's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
Shares Outstanding: 70,697,073
Fully-Diluted: 90,910,644
The TSX does not accept the responsibility for the adequacy or accuracy of this release.
Contact:
Juan Vegarra
Vena Resources Inc.
Chairman & CEO
(416) 364-7739, ext. 120
Email: jvegarra@venaresources.com
Website: www.venaresources.com
Tracy Weslosky or Fred Cowans
Pro-Edge Consultants Inc.
Managing Partners
(416) 581-0177 or 1-866-544-9622
Email: info@pro-edge.com
Source: Vena Resources Inc.
Soaring price average has investors keen to get a piece of the zinc action
http://www.theage.com.au/news/business/soaring-price-average-has-investors-keen-to-get-a-piece-of-th...
Barry FitzGerald
June 4, 2007
TNG
THE market has a real appetite for zinc exploration results. And why wouldn't it, with the current price of $US1.69 a pound for the galvanising metal more than three times the 10-year average (1991-2000) of US49.5¢ a pound. Zinc is once again worth finding.
It looks like it will stay that way for at least a couple of years, with Macquarie forecasting an average of $US1.79 a pound in 2007 and $US1.30 a pound in 2008. JPMorgan is a bit more severe, predicting $US1.39 a pound in 2007 and US93¢ in 2008. Either way, prices look set to hold well above long-run averages for the foreseeable future.
That's why zinc explorers are now as keenly chased as their nickel or uranium cousins, particularly where they offer exposure to potential game-changing exploration programs. Tennant Creek Gold is in that boat, with a name change to just TNG to clear up any confusion part of its game plan.
TNG has just started an $8 million exploration program at its Manbarrum zinc-lead-silver project in the Northern Territory. Two rigs are on site and the market can expect a steady flow of results, both from extension drilling at the Sandy Creek deposit and from the testing of four high-priority exploration targets.
Sandy Creek ranks as a 10.5-million-tonne resource grading 3 per cent zinc, 0.74 per cent lead and 5.5 grams a tonne silver. It's not the highest-grade resource on the block but TNG is betting that it could well be bigger, as well as being the first of multiple deposits that characterise so-called Mississippi Valley-type base metal provinces.
Funding for the big drilling program was secured back in March when $11.5 million (before costs) was pulled in from an underwritten options exercise program and CBH Resources picked up a 4.5 per cent stake (6 million shares) at a cost of 39¢ each.
CBH knows more than most about base metals, thanks to its ownership of the Endeavour mine at Cobar in NSW and its developments at Sulphur Springs in Western Australia and at Broken Hill. It's doing all right on its entry price, with TNG shares since moving to the level seen on Friday of 50.5¢ a share.
CBH also owns the Sorby Hills lead-zinc-silver deposit about 30 kilometres west of Manbarrum in WA. It stands at 10 million tonnes grading 6.4 per cent lead, 0.9 per cent zinc and 66 grams of silver a tonne. Needless to say, CBH reckons a joint development of Sorby Hills/Manbarrum could make sense.
High Lake receives Part 5 review status
Monday June 4, 9:30 am ET
http://biz.yahoo.com/cnw/070604/high_lake_prt_5review.html?.v=1
Shares Issued: 90,750,378
THUNDER BAY, ON, June 4 /CNW/ - Wolfden Resources Inc. (WLF:TSX) is pleased to announce that the Honourable Jim Prentice, Minister of Indian Affairs and Northern Development Canada, has referred the High Lake project to the Nunavut Impact Review Board (NIRB) for a review under Part 5 of the Nunavut Land Claim Agreement.
This decision paves the way for the public review stage of the High Lake Project's Environmental Assessment. In Minister Prentices' letter of May 30, 2007 he notes that "a Part 5 review is appropriate" and that he "will also be requesting that they (federal government ministries) work with Indian and Northern Affairs Canada and a representative of the Environmental Assessment Agency to develop a practical means to enable the delivery of federal environmental assessment requirements in Nunavut through the Nunavut Impact Review Board (NIRB) process". This announcement marks a significant milestone in the project's progress through the Environmental Assessment process and sets the tone for a cooperative effort amongst the federal government regulators in conducting a timely and efficient review. The next step will be for the NIRB to rule on the November 2006 submitted Project Proposal's adequacy as a Draft Environmental Impact Statement, and to schedule the technical review phase of the process. Assuming a favourable ruling on this, the technical meetings and pre-hearing conference is expected to occur in the fall of 2007, with public hearings on a Final EIS in the spring of 2008.
Ewan Downie, President and CEO of Wolfden Resources Inc, said "This is a culmination of a huge group effort between all stakeholders in the High Lake project. The offices of NIRB and Indian Affairs and Northern Development have worked closely with Wolfden and these productive relationships are appreciated. The next step will be technical review and eventual public hearings on the project prior to development".
Wolfden is a Canadian-based mineral exploration and development company with a diversified portfolio of advanced stage properties and several ongoing exploration programs in Canada.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
For further information
Ewan Downie, President & CEO, Phone: (807) 346-1668, Fax: (807) 345-0284, e-mail: Info@wolfdenresources.com, Web Site: www.wolfdenresources.com
Source: Wolfden Resources Inc.
Redcorp Ventures Ltd.: Redfern Begins Design and Fabrication of River Barging Equipment
Monday June 4, 9:00 am ET
http://biz.yahoo.com/iw/070604/0261311.html
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jun 4, 2007 -- REDCORP VENTURES LTD. (Toronto:RDV.TO - News) and Redfern Resources Ltd. ("Redfern"), its wholly-owned subsidiary, (together the "Company"), are pleased to announce that the Company has initiated detailed design and construction of the Amphitrac.
The Amphitrac will be used as a tow vessel in transporting supplies on air cushion barges to the mine site and mineral concentrate out via the Taku River. The supply fleet for the project will consist of two air cushion barges, each capable of transporting 450 tonnes of cargo. Each air cushion barge will be towed by an amphibious vessel, the Amphitrac. The fleet will operate year-round, in open flow or on the river ice. The first units are anticipated to be operational by December of this year.
Hovertrans Ltd. provided the preliminary engineering, concepts and costing for the hoverbarging system that was included in the Company's January 2007 Feasibility Study as the main site access and transport. This transportation option eliminates the need for the previously considered access road to the mine. Hovertrans, with offices in Southhampton, U.K. and Houston, U.S.A., was formed in 2005 by the original managers of Mackace (Mackley Air Cushion Equipment) who have extensive experience designing, constructing and operating heavy lift hoverbarges and hover drilling platforms throughout the world.
Redcorp Ventures Ltd. is a Vancouver-based mineral exploration and development company with active projects in British Columbia and Portugal. Further information on Redcorp and the Tulsequah Project can be obtained on the Company's website at www.redcorp-ventures.com and at Redfern's website at www.redfern.bc.ca or by calling toll-free to Troy Winsor, Manager of Investor Relations, at 1-888-225-9662.
ON BEHALF OF THE BOARD OF DIRECTORS OF REDCORP VENTURES LTD.
Terence Chandler, President
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Securities Act (Ontario) and the Securities Act (Alberta). Forward-looking information includes disclosure regarding possible or anticipated events, conditions or results of operations that is based on assumptions about future economic conditions and courses of action and includes future oriented financial information with respect to prospective results of operations or financial position that is presented either as a forecast or a projection. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend"; statements that an event or result is "due" on or "may", "will", "should", "could", or might" occur or be achieved; and other similar expressions.
More specifically, forward-looking information contained herein includes, without limitation, statements concerning the Company's plans at its Tulsequah Project (inclusive of the Big Bull Project), the net present value of the Tulsequah Project, the timing and amount of estimated future production and mine life, expected future prices of gold, silver, copper, lead and zinc, metallurgical response and net smelter return valuations, mineral reserve and mineral resource estimates, estimated capital and operating costs of the project, estimated capital pay back period, timing of development and permitting time lines; all of which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Forward-looking information contained herein is based on material factors and assumptions and is subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from a conclusion, forecast or projection in the forward-looking information. These include, without limitation, material factors and assumptions relating to, and risks and uncertainties associated with, the availability of financing for activities when required and on acceptable terms, the accuracy of the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the consistency of future exploration, development or mining results with the Company's expectations, metal price fluctuations, the achievement and maintenance of planned production rates, the accuracy of component costs of capital and operating cost estimates, current and future environmental and regulatory requirements, favourable governmental relations, the availability of permits and the timeliness of the permitting process, the availability of shipping services, the availability of specialized vehicles and similar equipment, costs of remediation and mitigation, maintenance of title to the Company's mineral properties, industrial accidents,
equipment breakdowns, contractor's costs, remote site transportation costs, materials costs for remediation, labour disputes, the potential for delays in exploration or development activities, timely completion of future NP 43-101 compliant reports, timely completion of future feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, continuing global demand for base metals, expectations and beliefs of management and other risks and uncertainties, including those described under Risk Factors Relating to the Company's Business in the Company's Annual Information Form, dated March 28, 2006, and in each subsequent Management's Discussion and Analysis. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the forward-looking information. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
News Release 07-23
Contact:
Contacts:
Redcorp Ventures Ltd.
Troy Winsor
Manager of Investor Relations
1-888-225-9662
Website: http://www.redcorp-ventures.com / http://www.redfern.bc.ca
Source: Redcorp Ventures Ltd.
Canadian Zinc Corporation-Underground Drilling at Prairie Creek Mine: Significant Increase in Vein Widths as Drilling Progresses to the North
Monday June 4, 3:00 am ET
http://biz.yahoo.com/iw/070604/0261214.html
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jun 4, 2007 -- Canadian Zinc Corporation (Toronto:CZN.TO - News) is pleased to report drill assay results on the fifth completed section of underground diamond drill holes from the newly established decline tunnel at the Company's 100% owned Prairie Creek Mine in the Northwest Territories. Drilling has been on-going through the 2006/07 winter season and continues.
Previous news releases this year dated January 9, March 5, March 22 and April 24 reported results from the first four completed sections of drilling, Section 50600N, 50650N and 50700N, and 50750N from the new underground decline.
Underground Diamond Drill Results from Section 50850N
Assay results have now been received for the ring of seven drill holes completed on Section 50850N. All seven holes on Section 50850N intersected vein mineralization with significant increases in vein widths and, in addition, PCU-07-34 also reported multiple intercepts of stratabound type mineralization.
Prairie Creek Composite Underground Drilling Intersections: Section 50850N
---------------------------------------------------------------------------
Dip
From Length TT (deg- Ag
Hole Number (m) To (m) (m) (m) reesW) Pb% Zn% gm/t Cu% Type
---------------------------------------------------------------------------
PCU-07-028 118.06 129.11 11.05 10.06 24 6.17 9.66 168 0.476 V
---------------------------------------------------------------------------
PCU-07-029 111.44 116.40 4.96 4.91 7 7.81 13.00 130 0.309 V
---------------------------------------------------------------------------
PCU-07-030 122.66 128.14 5.48 5.23 -17 8.54 10.62 141 0.308 V
---------------------------------------------------------------------------
PCU-07-031 134.37 151.39 17.02 14.59 -31 6.59 6.54 86 0.144 V
---------------------------------------------------------------------------
includes 136.93 144.24 7.31 6.26 -31 9.51 10.40 138 0.240 V
---------------------------------------------------------------------------
PCU-07-032 233.62 280.32 46.70 29.52 -60 11.77 2.88 185 0.326 V
---------------------------------------------------------------------------
includes 233.62 241.35 7.73 4.89 -60 25.83 9.13 561 1.306 V
---------------------------------------------------------------------------
PCU-07-033 294.33 305.31 10.98 5.56 -69 23.94 1.83 267 0.201 V
---------------------------------------------------------------------------
includes 295.35 299.78 4.43 2.24 -69 37.59 2.65 391 0.134 V
---------------------------------------------------------------------------
PCU-07-034 249.50 252.50 3.00 2.68 -72 1.96 7.66 12 0.018 SB
---------------------------------------------------------------------------
PCU-07-034 299.10 300.95 1.85 1.65 -72 1.73 4.60 13 0.012 SB
---------------------------------------------------------------------------
PCU-07-034 305.10 307.32 2.22 1.98 -72 7.85 6.16 68 0.018 SB
---------------------------------------------------------------------------
PCU-07-034 312.20 314.50 2.30 1.06 -72 8.11 1.62 86 0.097 V
---------------------------------------------------------------------------
V equals Vein, SB equals Stratabound, TT equals estimated true thickness
---------------------------------------------------------------------------
Dip
From Length TT (deg- Ag
Hole Number (m) To (m) (m) (m) reesW) Pb% Zn% gm/t Cu% Type
---------------------------------------------------------------------------
PCU-07-026 130.28 132.46 2.18 1.86 20 2.13 20.44 32 0.052 V
---------------------------------------------------------------------------
PCU-07-027 95.24 95.42 0.18 0.10 -28 10.34 11.73 85 0.109 V
---------------------------------------------------------------------------
Not sure if it's a new website or not but their "Projects" section is more impressive than I remember it being:
http://www.mountain-lake.org
Here's a photograph from Bobby's Pond Drill Core:
China to Become Net Zinc Exporter This Year
By Interfax-China
31 May 2007 at 09:37 AM GMT-04:00
http://www.resourceinvestor.com/pebble.asp?relid=32414
SHANGHAI (Interfax-China) -- China is set to become a net exporter of refined zinc this year, due to oversupply pressure and a slowdown in domestic demand, a Chinese zinc expert told Interfax at the China International Nonferrous Metals Market Conference 2007, held in Hong Kong yesterday.
Despite the Chinese government's decision to introduce a 5% export tax on 1# zinc (>=99.99% and <99.995%) on Nov. 1, 2006 and increase the export tax on refined zinc (2# zinc <99.99%) from a current 5% to 10%, effective June 1, the country will remain a net zinc exporter for the rest of the year, Feng Juncong, a zinc expert with Beijing Antaike Information Co. Ltd., a mining and metals information provider affiliated with China Nonferrous Metals Industry Association, told Interfax.
China returned to net zinc importer status in April this year, after maintaining net exporter status for nearly six months since October last year.
"There will be no change in the 5% value-added tax (VAT) rebate on 0# refined zinc (>=99.995%), which makes up over 65% of China's zinc exports. As a result, we will not see a significant reduction in zinc exports this year," Feng said.
China's zinc oversupply will reach nearly 200,000 tonnes this year, she forecasted.
Based on first quarter production levels, the average monthly production this year will be up 30,000 to 40,000 tonnes from 2006. Domestic consumption is also set to increase 270,000 to 280,000 tonnes this year, from 3.39 million tonnes in 2006, she said
"China produced 3.15 million tonnes of refined zinc in 2006, at an average rate of 260,000 tonnes per month. However, zinc smelting capacity reached 4.3 million tonnes last year. In the past seven years, China's zinc smelting capacity has grown on average 12.8% each year. We predict growth to continue to climb until 2010, when China's total zinc smelting capacity will reach 5.8 million tonnes, up 45.7% from 2005," she said.
China's rapid capacity expansion has been mainly driven by rising zinc prices, technological upgrades and government policies that encourage new projects above 100,000 tonnes in annual capacity, she explained.
China's zinc consumption slackened in August last year, due to pressure from increasing zinc prices. Actual consumption growth decreased from 15% in 2005, to 9.8% last year.
According to her predictions, China's zinc consumption will remain at 7.6% between 2007 and 2010, during which domestic zinc consumption will exceed 4.7 million tonnes.
She further predicted domestic zinc spot prices would fall to RMB 26,000 ($198,874.00) per tonne in the second half of this year, due to a slowdown in domestic consumption and an eased zinc concentrate supply. The benchmark spot price for 0# refined zinc was RMB 30,100 ($230,234.90) per tonne yesterday on the Shanghai Yangtze River Nonferrous Metals Market.
China's zinc concentrate production amounted to 2.84 million tonnes in 2006, up 10.9% from 2005 while the annual average growth rate was 7.2% from 2000 to 2005.
Zinc futures closed higher on speculative buying after zinc fell 1.5% to $3,595 per tonne on the LME overnight, despite a 16-year low of LME stocks.
However, zinc futures will continue to remain weak compared to the foreign markets due to Beijing's curbs on exports, said analysts.
A rumour that tax rebates on 0# zinc exports might be lowered soon might send a bearish signal to the domestic market.
© Interfax-China 2007.
This article comes from Interfax China Commodities Daily, a daily digest produced by Interfax News Agency in Mainland China. To receive 10 free copies of this, please e-mail david.harman@interfax-news.com.
Mountain Lake names Woods as president, CEO
2007-05-31 11:15 MT - News Release
Mr. Allen Sheito reports
GARY WOODS APPOINTED PRESIDENT AND CEO
Mountain Lake Resources Inc. has appointed Gary Woods as president and chief executive officer.
Mr. Woods has been actively involved in mineral exploration for over 30 years. Most recently, he was based in Hermosillo, Mexico, as country manager for Noranda/Falconbridge for the past 4-1/2 years. The principal focus in Mexico was porphyry copper deposit exploration and, in addition to generating and evaluating new projects throughout Mexico, the main project was a copper oxide project at the scoping study level in northern Sonora state. Prior to Mexico, Mr. Woods was the exploration manager for Noranda in both New Brunswick and Newfoundland and was actively involved in exploring the volcanic belts of central Newfoundland where Mountain Lake is primarily focused today.
Prior to his 16 years with Noranda, Mr. Woods spent 1-1/2 years as vice-president of exploration with PGE Resource Corp., a junior company listed on the Alberta Stock Exchange. His career began in 1977 with BP Minerals (later BP Selco) where he spent over 11 years as a project geologist involved in uranium, gold and base metal exploration.
Mr. Woods has a bachelor of science in geology from the University of Western Ontario and has taken several geology- and management-related courses throughout his career as well as the Canadian Securities Course. He has been a professional geoscientist with the Professional Engineers and Geoscientists Newfoundland and Labrador for 10 years.
Mr. Woods has experience in a wide variety of deposit types, in numerous types of environments, ranging from grassroots to advanced exploration. His time spent in Mexico resulted in an understanding of the challenges of working in a foreign culture and resulted in numerous contacts in Mexico.
"We are very pleased that Gary has agreed to join the company," stated Allen Sheito, chairman of Mountain Lake. "His vitality and experience would be a huge asset to any resource company, and I have every confidence this will prove to be a defining moment in Mountain Lake's development."
Effective immediately, Mr. Woods will assume the role of president and chief executive officer, and Mr. Sheito will become chairman of the board of the company, replacing Dr. Egbert Gerryts who is retiring.
The board of directors wish to thank Mr. Sheito for his years of stewardship as past president and Dr. Gerryts for his valued contribution to the company over the years.
The company has granted incentive stock options to purchase up to 250,000 shares at 68 cents per share for a period of five years.
War Eagle Mining Company Inc.: Progress on Mine Development and Exploration Program Tres Marias Mine, Mexico
Thursday May 31, 4:49 pm ET
http://biz.yahoo.com/iw/070531/0260368.html
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--May 31, 2007 -- War Eagle Mining Company Inc. (CDNX:WAR.V - News) -
HIGHLIGHTS
- Eighty seven additional exploration targets have been identified within the mining concession.
- War Eagle Mining expects to release measured and indicated resource in July 2007 that will be compliant with the Canadian National Instrument, NI 43-101
- Ongoing drilling underground on the 6 1/2 mine level at Tres Marias returned high-grade zinc value of 26.5% over 10.26 meters (unweighted average) and high-grade germanium of 143 g/t over 3.36 meters.
Mr. Terence Schorn, P.Geo., President and CEO of War Eagle Mining Company Inc., reports on the progress of the mine development and expanded regional exploration programs at the Tres Marias Mine Chihuahua, Mexico.
Exploration Program
Exploration Targets, Recon Work
Through geologic & structural mapping, remote sensing and field surveys, 87 exploration targets within the concession have been identified by Henry Truebe, PhD. Field crews are currently conducting detailed reconnaissance, including geophysical testing and sampling over these targets.
Geophysics
High Resolution Resistivity Survey
This spring (2007), seventeen lines of high resolution resistivity geophysics were performed over the Tres Marias mine site and exploration targets of interest within the associated concession boundaries, including exploration targets La Blanca canyon & El Graven (mentioned in previous news releases as high priority targets). The goal of the geophysical survey is to clearly identify collapse breccia features in areas of interest. Collapse breccias host the mineral deposit within the Tres Marias mine and we expect to see similar features associated with any new discoveries in the concession.
Mine Area (Target 26)
A total of 9 resistivity lines were collected above and directly south of the mine workings. Three features were noted directly south of the mine site have been identified as areas of additional interest. These features are all within 250 meters (820 ft) of current mine workings.
Northwest of Mine (Target 17)
A resistivity line located northwest of the mine indicates high conductivity over 90 meters (295 ft) indicative of a collapse breccia zones. The area is only 450 meters (1476 ft) away from current mine workings.
La Blanca Canyon (Target 19)
Two resistivity lines were carried out cross-cutting the canyon. Both lines indicate a correlating conductive feature, characteristic of a collapse breccia zone.
El Graven (Target 18)
Three resistivity lines were carried out at the El Graven area, including a new area of interest adjoining to the northwest, along strike. The geophysics has produced a conductive feature ranging from 160 (525 ft) to over 300 meters (984 ft), laterally, with considerable depth and sharply defined boundaries. Again, this conductive feature is characteristic of a brecciaed collapse zone.
Gravity
379 gravity readings were collected over the mine area and to the south, including a detailed survey over La Blanca Canyon. Processing is near completion and very preliminary interpretations indicate density contrasts and zones of interest. Final processing and interpretation may yield additional results
Definition Drilling Progress
The underground drilling program is on the 37th hole located on the 6 1/2 level of the mine and surface drilling is completing the 7th drill hole in the mine area. There are drill samples at the lab being analyzed at this time and we are expecting more results shortly. As is the case at most labs throughout North America, assay results are taking longer due to the volume of samples in the system.
Resource drilling on the 6 1/2 level includes the following results from
holes #24 and #25.
--------------------------------------------------------------------------
Distance Mine
Drillhole From To (meters) Level Zn(%) Pb(%) Ge (ppm)
--------------------------------------------------------------------------
TE-24 0 1 1 6 1/2 28.31 0.0759 less than 2
--------------------------------------------------------------------------
TE-24 2.4 5.61 3.21 6 1/2 28.22 0.0803 less than 2
--------------------------------------------------------------------------
TE-24 5.61 8.61 3 6 1/2 26.24 0.1060 less than 2
--------------------------------------------------------------------------
TE-24 8.61 10.95 2.34 6 1/2 33.14 0.2370 less than 2
--------------------------------------------------------------------------
TE-24 10.95 12.66 1.71 6 1/2 18.51 0.1040 10.80
--------------------------------------------------------------------------
TE-24 16.4 17.6 1.2 6 1/2 20.15 0.1140 less than 2
--------------------------------------------------------------------------
TE-24 18.9 20.5 1.6 6 1/2 31.26 0.0820 less than 2
--------------------------------------------------------------------------
TE-24 20.5 22 1.5 6 1/2 33.62 0.0712 7.83
--------------------------------------------------------------------------
--------------------------------------------------------------------------
TE-25 0 3 3 6 1/2 17.33 0.0672 7.27
--------------------------------------------------------------------------
TE-25 3 7.14 4.14 6 1/2 33.97 2.3700 37.80
--------------------------------------------------------------------------
TE-25 7.14 10.5 3.36 6 1/2 12.54 14.8200 143.00
--------------------------------------------------------------------------
TE-25 10.5 12.6 2.1 6 1/2 2.64 0.0286 less than 2
--------------------------------------------------------------------------
TE-25 12.6 14.5 1.9 6 1/2 29.12 0.4440 49.70
--------------------------------------------------------------------------
TE-25 14.5 16.5 2 6 1/2 0.18 0.0121 less than 2
--------------------------------------------------------------------------
TE-25 19 21 2 6 1/2 14.72 0.5150 93.60
--------------------------------------------------------------------------
TE-25 21 23.3 2.3 6 1/2 9.12 0.5490 80.60
--------------------------------------------------------------------------
Cobwebs now off second Broken Hill lead/zinc/silver mine
http://www.mineweb.net/mineweb/view/mineweb/en/page36?oid=21612&sn=Detail
The revival of the Broken Hill mining camp continues with CBH Resources working high grade ore from the old mining area’s Central Mining Lease.
Author: Ross Louthean
Posted: Thursday , 31 May 2007
PERTH -
CBH Resources Ltd (ASX: CBH) which holds the central mining lease on Broken Hill's famous Line of Lode has started trucking ore to its mine plant near Cobar in New South Wales to get an early cash flow from a decline mining operation now under development.
This gives the world famous lead-zinc-silver mining city a second lease of life after the future of mining on this world class deposit was in serious doubt five years ago with the collapse of the Pasminco mining house.
This was also in a period when the zinc price was flat, and both lead and silver were nowhere near today's solid prices.
Perth company Perilya Ltd took over the barely operating Pasminco mines and is now one of the emerging, cashed up mining houses looking to acquire new assets and companies.
CBH, which missed out on securing the whole Line of Lode, after gaining Central Mining Lease 7 (CML7) earlier from Normandy Mining, had the consolation of buying the Elura mine near Cobar from Pasminco's administrators and sharpened this unloved operation into a smarter operation. Like Perilya's Broken Hill operations, Elura (renamed Endeavour) is now providing CBH with a big cash flow thanks mainly to the record zinc price.
Part of the profits have been directed towards reopening CML7 where a substantial zinc-rich lode was discovered in the upper reaches of well mined areas by companies up to a century ago, including BHP which began its life in this area. In the early mining days zinc was despised as it had no real value and provided a metallurgical obstacle to recovering lead and silver.
CBH Resources' managing director Bob Besley told Mineweb today that in starting the decline development for the new Rasp mine (named after Charles Rasp, the boundary rider who discovered the Broken Hill orebody) from within the Kintore pit, a large high grade outcrop was exposed and evaluation showed a significant amount of ore.
Approvals were gained to truck high grade ore to CBH's Endeavour mill near Cobar, about 450 kilometres away, and 6,000 tonnes is being prepared for trucking, and CBH said this ore was expected to grade more than 20% zinc plus lead and 200 grams/tonne silver. The high grade ore earmarked for trucking could total more than 15,000t.
Meanwhile, the Rasp decline is now about 200m long and will extend to about 1.2 kilometres to hit the top of the Western Mineralisation, starting at about 200m depth.
Long lead items including a ball mill for the Rasp mine treatment plant have been ordered and Besley said many enquiries for jobs have been received from miners who had left Broken Hill in the tough years and wanted to return home.
The mill will have a capacity of 750,000 tonnes per annum to produce 65,000 tonnes per annum zinc concentrate (50% Zn) and 35,000 tpa lead concentrate (70% Pb).
Besley said it was hoped to have stockpiled up to 100,000t for the new mill for the commissioning phase, currently set at August, 2008.
The company said today the backbone for the Rasp mine is a resource on the Western Mineralisation of 10 Mt grading 4.9% Zn, 3.5% Pb and 43 g/t Ag. There is a further 10 Mt present in the Centenary zone, a fault displaced depth extension of the Western Mineralisation.
Terramin details resource for Algerian zinc project
http://www.mineweb.net/mineweb/view/mineweb/en/page66?oid=21611&sn=Detail
Adelaide-based Terramin Australia has produced a JORC Code compliant resource for the Tala Hamza zinc-lead deposit in Algeria.
Author: Ross Louthean
Posted: Thursday , 31 May 2007
PERTH -
Terramin Australia Ltd. (ASX: TZN) announced today that a JORC compiant resource of 55 million tonnes grading 5% zinc and 1.2% lead, using a cut-off grade of 2.5% Zn has beenproduced for its Tala Hamza deposit in Algeria. It further said that this was 83% higher than the original non JORC Code for this deposit, made several years ago.
Terramin's Executive Chairman, Dr Kevin Moriarty, said the resource estimate, prepared by Golder Associates, was an inferred mineral resource because it was largely based on earlier drill results from the Algerian Government's exploration arm, ORGM.
Golder Associates made its estimate on the basis of assay results from 30 diamond core drill holes completed by ORGM and four diamond core holes by Terramin.
"When Terramin completes this stage of its drill programme in September, we expect to be able to estimate an Indicated resource," Moriarty said.
"Many of the older holes did not reach the base of the mineralisation and so the full depth extent is not known. The deposit is also open to the south, where recent announcements reported additions of more than 30m of the high grade (>12% Pb+Zn) mineralisation beneath the previous drilling."
Terramin has also reached an advanced stage in developing the Angas zinc-lead-silver mine near Adelaide in South Australia.
Globex Mining Enterprises Inc.: Tennessee Zinc Mines Take Important Step Forward
Wednesday May 30, 1:00 am ET
http://biz.yahoo.com/ccn/070530/200705300393773001.html?.v=1
ROUYN-NORANDA, QUEBEC--(CCNMatthews - May 30, 2007) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX - News; FRANKFURT, STUTTGART, BERLIN, MUNICH, XETRA:G1M - News News News News News; PINK SHEETS:GLBXF - News) is pleased to inform shareholders that Strategic Resource Acquisition Corporation (SRA) has closed an initial public offering totaling CDN$111,750,000 which will be directed to funding the restart of mining and milling operations at the Middle Tennessee Zinc mines near Gordonsville, Tennessee.
SRA has also engaged Dynatec Mining Corporation as contract operator to reactivate and operate the mines for two years. Mine start-up is expected to be achieved before year end.
SRA expects to produce 150 million pounds per year of zinc in one of the highest quantity zinc concentrates in the world.
Globex owns 660,000 shares of SRA valued at approximately CDN$5.00 per share and holds a one point four percent (1.4%) Gross Metal Royalty at today's zinc price payable on zinc produced from the Tennessee mines. See press release dated January 17, 2007 for royalty details. The current zinc price is approximately US$1.65 per pound.
Globex is pleased with the rapid pace of developments at the Tennessee site and looks forward to the commencement of long term cash flow from the property.
We Seek Safe Harbour. Foreign Private Issuer 12g3 - 2(b)
CUSIP Number 379900 10 3
Forward Looking Statements
Except for historical information this News Release may contain certain "forward looking statements". These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the Company's expectations and projections.
16,680,950 shares issued and outstanding
Contact:
Jack Stoch, P.Geo, Q.P.
GLOBEX MINING ENTERPRISES INC.
President & CEO
819-797-5242
819-797-1470 (FAX)
info@globexmining.com
www.globexmining.com
Source: GLOBEX MINING ENTERPRISES INC.
Messina Minerals ("MMI") Infill Intersects Boomerang: 11.93 meters of 8.7% Zinc, 8.1% Lead, 1.0% Copper, 248 g/t Silver, 6.1 g/t Gold
Tuesday May 29, 9:10 am ET
http://biz.yahoo.com/ccn/070529/200705290393403001.html?.v=1
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 29, 2007) - Messina Minerals Inc. (TSX VENTURE:MMI - News) has completed three new infill holes at the Boomerang zinc-lead-copper-gold-silver massive sulphide deposit that all continue to indicate excellent continuity of thickness and high base metal enrichment. Two of the three holes exceeded expectations in terms of thickness of mineralization.
GA07-233 intersected an 11.93 meter (9.5m true thickness) interval of 8.7% zinc, 8.1% lead, 1.0% copper, 248 g/t silver, and 6.1 g/t gold, within a broader 20.6 meter interval (16.5 meter true thickness) of 5.6% zinc, 5.2% lead, 0.6% copper, 163 g/t silver, and 3.9 g/t gold. GA07-233 intersected greater than expected thickness of mineralization compared to GA05-52 (7.9 meters) 25 meters to the west and GA05-41 (20.05 meters) 25 meters to the east.
GA07-234 intersected expected grade and thickness of mineralization compared to GA06-134 (25 meters west) and GA05-62 (25 meters east).
GA07-235 intersected a 5.17 meter (4.1m true thickness) interval of 13.1% zinc, 7.9% lead, 0.7% copper, 259 g/t silver, and 4.8 g/t gold, within a broader 20.75 meter interval (16.6 meter true thickness) of 6.3% zinc, 3.4% lead, 0.4% copper, 121 g/t silver, and 2.2 g/t gold. GA07-235 intersected greater than expected thickness of mineralization compared to GA05-88 (9.52 meters) 15 meters above and to the west and GA05-79 (14.0 meters) 15 meters to the east.
Assay results are tabulated below.
---------------------------------------------------------------------------
True
Eleva- Thick-
tion From To Length ness Cu Pb Zn Ag Au
Hole ID Section (m) (m) (m) (m) (m) % % % g/t g/t
---------------------------------------------------------------------------
GA07-233 3175E 1160 271.00 291.60 20.60 16.5 0.6 5.2 5.6 163 3.9
including 278.67 290.60 11.93 9.5 1.0 8.1 8.7 248 6.1
---------------------------------------------------------------------------
GA07-234 3325E 1200 240.30 246.55 6.25 5.0 0.7 2.3 10.2 81 0.9
---------------------------------------------------------------------------
GA07-235 3075E 1140 284.60 305.35 20.75 16.6 0.4 3.4 6.3 121 2.2
including 290.08 295.25 5.17 4.1 0.7 7.9 13.1 259 4.8
---------------------------------------------------------------------------
WTM Intersects Lead-Zinc Mineralization Over 95.75 Metres at Montana de Oro
Tuesday May 29, 8:00 am ET
http://biz.yahoo.com/ccn/070529/200705290393484001.html?.v=1
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 29, 2007) - West Timmins Mining Inc. (TSX:WTM - News) announced today that initial drill testing of the La Dura (LD) base metal zone on the Montana de Oro Project has returned 95.75 metres (estimated 85 metres true thickness) grading 2.51% combined lead + zinc, 8.81 g/t silver and 0.08 g/t gold from hole LD07-01. The intercept includes two higher grade sections which returned 4.70 metres grading 0.63 g/t gold, 12.76 g/t silver, 8.75% combined lead + zinc and 8.95 metres grading 0.05 g/t gold, 27.59 g/t silver and 7.22% combined lead + zinc.
Hole LD07-01 is located 1.45 kilometres east of the disseminated and massive sulphide intercept (Hole LC07-07) announced April 26, 2007 for which assay results remain pending. The LD Zone is part of the same large, intrusive-related base-precious metal bearing system. Additional lead-zinc skarn occurrences are known in the La Dura area for over five hundred metres to the north, 900 metres to the south and 600 metres to the west of hole LD07-01, including surface occurrences of greater than 10% combined lead + zinc. Drilling in this area is continuing.
"The scale of the sulphide intercepts and surface mineral occurrences discovered to date in the La Dura area indicates the presence of a large base and precious metal bearing intrusive-related (porphyry-skarn) system that we are beginning to test," said Darin Wagner, President of West Timmins Mining.
The LD Zone is located in the south-central portion of West Timmins' 100% owned, 495 square kilometre Montana de Oro Project in the Sierra Madre Belt of Sonora, Mexico. The LD Zone is one of several mineralized zones currently being drill tested within the Project. The Montana de Oro Project sits at the heart of the Three States District, less than 50 kilometres from seven new mines or mine development projects including Goldcorp's El Sauzal gold deposit, Palmarejo Silver and Gold's Palmarejo-Trogan deposit and Pan American Silver's Alamo Dorado silver mine.
Hole LD07-01 collared into skarn-hosted lead-zinc mineralization and terminated in a strongly altered quartz diorite intrusion. Two additional holes (LD07-02 and 03) have been completed to test zones of copper-gold skarn mineralization within the same system 1,300 and 1,100 metres south and southwest of LD07-01 respectively. Several unsourced precious and base metal stream sediment anomalies, including a 2.50 g/t gold in stream sediment anomaly, are present along the northern extension of the LD trend.
---------------------------------------------------------------------------
Inter- Lead +
From To cept Gold Silver Zinc Lead Zinc
Hole No metres metres metres g/t g/t % % %
---------------------------------------------------------------------------
LD07-01 9.05 104.80 95.75 0.08 8.81 1.61 0.90 2.51
Including 21.85 42.75 20.90 0.03 17.16 2.83 2.15 4.98
Including 28.10 37.05 8.95 0.05 27.59 4.08 3.14 7.22
Including 63.25 77.80 14.55 0.32 13.24 3.64 1.58 5.22
Including 63.25 67.95 4.70 0.63 12.76 6.14 2.61 8.75
---------------------------------------------------------------------------
Pacifica Resources Announces Significant Expansion of High-Grade Mineral Potential in Don Valley
Monday May 28, 9:27 am ET
http://biz.yahoo.com/ccn/070528/200705280393259002.html?.v=1
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 28, 2007) - Pacifica Resources Ltd. (TSX VENTURE:PAX - News) is pleased to provide an update on recent drilling activities in the Don Valley for the Selwyn Project. The results of these first drill holes of 2007 are very encouraging and significantly advance the understanding of the mineral potential for larger tonnages of higher-grade zinc-lead mineralization at depth in Don Valley. The initial drilling in Don Valley is focusing on the 4,200 metre length of Active Member between the Don and HC West Deposits. Currently there are four diamond drills from two contractors working on the Selwyn Project. All diamond drills are currently based out of the newly established Don Camp in the Don Valley. The location of the new drill holes can be found on drill plan maps available at www.pacifica-resources.com.
Highlights
- DON-051 intersecting 16.50 metres true thickness grading 5.95% zinc and 1.90% lead including 2.50 metres grading 9.07% zinc and 4.64% lead.
- DON-053 intersecting 5.40 metres true thickness grading 6.55% zinc and 1.51% lead including 2.20 metres grading 14.53% zinc and 3.61% lead.
- DON-055 intersecting 33.90 metres true thickness grading 5.11% zinc and 1.37% lead including 6.25 metres grading 11.39% zinc and 3.10% lead.
- 9 drill holes have been completed year to date for a total of 3,184.0 metres. 4 drill holes are in-progress for an additional total of 1,159.2 metres.
Higher-Grade Mineral Potential of the Selwyn Project
Drilling in late 2006 defined higher-grade mineralization beneath open-pit zinc-lead targets in the Don, Don East and HC West Deposits in Don Valley (see February 5, 2007 news release). The higher-grade mineralization is very similar to that encountered in deep drilling in the XY Central Deposit, approximately 16 kilometres along strike to the southeast. The higher-grade mineralization differs in character from the finely-laminated zinc-lead mineralized Active Member that typifies the majority of the open-pit mineral resource targets (see April 2, 2007 news release). In particular, it is characterized by higher lead grades greater than 3% lead; which marks the transition into higher-grade zinc-lead Active Member. This transition to higher-grade mineralization was first identified at the XY Central Deposit when drilling at depth defined extensive high-grade mineralization over an area of 1,000 by 600 metres that is open down dip and along strike.
Modeling of the new drill data indicates there is greater structural complexity in the Don Valley; however, the overall integrity of the Active Member remains very good as defined currently by the eleven holes in the Don Deposit and ten holes in the Don East Deposit. Faulting locally truncates zinc-lead mineralized Active Member and rotates the stratigraphy within fault blocks. As drilling progresses in 2007, these geometries will be defined during additional fill-in drilling for mineral resource definition and mine planning. Initial drilling on the Don and Don East Deposits is wide spaced to confirm the tonnage potential of these targets; with later fill-in drilling better defining the mineral resources for any future open pit and underground mining opportunities.
Don Deposit Deep Drilling
One drill is drilling on the Don Deposit where it is targeting an area of 600 by 600 metres of Active Member that is modeled to contain potential for approximately 22 million tonnes of which approximately 80% of the tonnage occurs at a depth of 200 to 600 metres below surface. Drilling the Don Deposit has successfully tested the steeply dipping Active member to a depth of 600 metres below surface (see DON-051 and 056).
Deep drilling in the Don Deposit has now tested an area of 400 by 600 metres to a vertical depth of 600 metres. Drill hole DON-051 is located 500 metres southeast from DON-044 and it is now the deepest intersection drilled to date in the Don Deposit that hosts a thick sequence of higher-grade zinc-lead mineralization within the Active Member. DON-051 is only one of several drill holes that have intersected higher-grade mineralization over the 22 kilometres between the Anniv Central and XY Central Deposits. The zinc-lead mineralization in DON-44; is comprised of 22.30 metres true thickness grading 8.94% zinc and 3.10% lead, including 3.30 metres grading 24.21% zinc and 10.61% lead (see January 27, 2007 news release) remains the highest-grade intersection outside of the XY Central Deposit; however, DON-051 clearly shows there remains an opportunity to significantly expand the underground target mineral potential in the Don Deposit. The Don Deposit remains open to expansion along strike and at depth.
----------------------------------------------------------------------------
True
Drill Hole From To Thickness Pb Zn Pb+Zn Thickness
(m) (m) (m) (%) (%) (%) (m)
----------------------------------------------------------------------------
DON-051 643.20 675.20 32.00 1.90 5.95 7.85 16.50
----------------------------------------------------------------------------
Including 661.20 664.90 3.70 2.78 13.84 16.62 1.91
----------------------------------------------------------------------------
Including 661.20 675.20 14.00 2.93 3.66 6.58 7.20
----------------------------------------------------------------------------
Including 664.40 675.20 10.80 2.95 6.83 9.78 5.60
----------------------------------------------------------------------------
Including 670.30 675.20 4.90 4.64 9.07 13.70 2.50
----------------------------------------------------------------------------
Including 673.10 675.20 2.10 7.28 11.23 18.51 1.10
----------------------------------------------------------------------------
DON-056 405.50 436.00 30.50(3) Assays Pending for Active Member
----------------------------------------------------------------------------
DON-058 330.80 446.40 115.60(3) Assays Pending for Active Member
----------------------------------------------------------------------------
(3) denotes apparent thickness with true thickness reported upon receipt and
processing of assay results
----------------------------------------------------------------------------
True
Drill Hole From To Thickness Pb Zn Pb+Zn Thickness
(m) (m) (m) (%) (%) (%) (m)
----------------------------------------------------------------------------
DON-053 75.60 81.20 5.60 1.51 6.55 8.06 5.40
----------------------------------------------------------------------------
Including 78.90 81.20 2.30 3.61 14.53 18.13 2.20
----------------------------------------------------------------------------
Including 80.20 81.10 0.90 5.84 25.77 31.61 0.90
----------------------------------------------------------------------------
DON-055 38.40 118.60 80.20 1.37 5.11 6.48 33.90
----------------------------------------------------------------------------
Including 45.30 118.60 73.30 1.48 5.48 6.96 31.00
----------------------------------------------------------------------------
Including 45.30 67.70 22.40 2.33 8.88 11.21 9.50
----------------------------------------------------------------------------
Including 51.90 66.70 14.80 3.10 11.39 14.49 6.25
----------------------------------------------------------------------------
Including 112.30 118.30 6.00 2.52 10.34 12.86 2.50
----------------------------------------------------------------------------
Rosebery expansion ups Zinifex resource
May 28, 2007 - 4:31PM
http://news.brisbanetimes.com.au/rosebery-expansion-ups-zinifex-resource/20075928-f73.html
Exploration drilling at Zinifex Ltd's Rosebery Mine has upped the Tasmanian asset's resource by about 65 per cent.
The zinc, lead, silver, gold and copper mine on the west coast of Tasmania currently produces about 800,000 tonnes of ore each year.
"This increase in resource has exceeded our expectations," Zinifex's outgoing chief executive Greig Gailey said.
"Rosebery for the past 70 years has been like the Magic Pudding. As you mine some, it always replaces itself," he said.
"However, with these results, we are optimistic that we will increase the size of the Rosebery resource rather than merely replenish it."
Exploration drilling has expanded the resource to 11.7 million tonnes, and at 3.8 million tonnes the reserves are nearly 50 per cent higher than at the same time last year.
"What is most impressive is that we are only one year into the three-year Project Horizons program to increase the life of the Rosebery Mine.
"The results to date make our goal of still mining at Rosebery in 2020 look very achievable," he said.
Project Horizons is a $19 million, three-year exploration program to extend the life of the mine.
Zinifex is repositioning itself as a pure-play miner after it unveiled plans to combine its smelting assets with those of Belgian metals group Umicore in a spin-off called Nyrstar.
Nyrstar will be incorporated in Belgium, headquartered in London and is expected to list on the Euronext exchange.
It will comprise about $4 billion in assets from countries including Australia, US, Netherlands, Belgium and France, and will be the world's biggest zinc metal producer.
Since the announcement, Zinifex has moved to bolster its mining portfolio with exploration joint ventures in Queensland, South Australia, Tasmania, Tunisia, Sweden, Mexico and China.
It has also progressed its much-hyped $500 million Queensland-based Dugald River project.
In February it launched a $384 million offer for Canadian explorer and developer Wolfden Resources, which has projects in the Nanavut territory of Canada, including the Izok and High Lake copper, zinc, gold and silver deposits.
Zinifex closed up 20 cents at $16.97.
© 2007 AAP
CORRECTED - (OFFICIAL)-Peru April exports rise 10.5 pct as zinc sales surge
Thu May 24, 2007 4:42PM EDT
http://www.reuters.com/article/economicNews/idUSN2437350520070524
(Corrects figures throughout story after official correction from Promperu)
LIMA, May 24 (Reuters) - Peruvian exports rose 10.5 percent in April from a year earlier to $2.003 billion, thanks mainly to strong export sales of minerals, particularly of zinc, a state-run agency said on Thursday.
Mining exports jumped 11.2 percent in April to $1.325 billion -- or 66 percent of total earnings, Promperu, an agency that promotes exports, said.
Zinc exports more than doubled to $283 million, while copper sales abroad rose 16.7 percent to $554 million.
In contrast, gold exports fell 18.1 percent to $270 million compared with the same month a year earlier.
Mining is one of the economy's main drivers and regularly accounts for more than half of Peru's export earnings. The South American country is the world's No. 3 copper and zinc producer, a top-two silver producer and No. 5 in gold.
Peruvian exports in the first four months of the year rose to $7.54 billion, up 17 percent from the same period in 2006, said Promperu, formerly known as Prompex.
The United States accounted for 18.7 percent of Peruvian exports, followed by China, 13.5 percent; Switzerland, 9.2 percent, and Japan, 6.9 percent.
Redcorp Ventures Ltd.: Preliminary Short Form Prospectus for Up to $240,000,000 Debt and Equity Offering
17:51 EDT Friday, May 25, 2007
http://www.globeinvestor.com/servlet/WireFeedRedirect?cf=GlobeInvestor/config&vg=BigAdVariableGe...
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 25, 2007) -
NOT FOR DISSEMINATION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
REDCORP VENTURES LTD. (TSX:RDV) (the "Company" or "Redcorp") announced today that it has obtained a receipt for a preliminary short form prospectus dated May 25, 2007, filed in the Provinces of British Columbia, Alberta, Manitoba and Ontario, in respect of an offering (the "Offering") of series D subscription receipts (the "Series D Receipts") and series E subscription receipts (the "Series E Receipts") for total gross proceeds of up to $240,000,000.
The net proceeds of the Offering will be used for development and construction through to production of the Tulsequah Project, owned 100% by Redfern Resources Ltd. ("Redfern"), Redcorp's wholly-owned subsidiary, and for exploration and working capital. The Tulsequah Project is focused on the construction of a new mine at the Tulsequah Chief deposit in northwest British Columbia to produce zinc, copper and lead concentrates with significant gold and silver by-products. The mine requires a pre-start-up capital investment of $201.5 million as more fully detailed in the Company's news release of January 29, 2007 concerning the results of the Feasibility Study conducted by Wardrop Engineering Inc.
Each Series D Receipt will be exercisable, for no additional consideration, into one unit of the Company, each unit to be comprised of a secured redeemable $1,000 principal amount series D note (a "Note") and a number of common shares of the Company (the "Shares") to be determined. The Notes will bear interest at a rate per year to be determined, payable semi-annually and will mature in five years. The Notes will be direct secured obligations of the Company ranking equal or senior to all existing and future indebtedness and will be secured by way of a share pledge in respect of the common shares of Redfern and Redcorp Empreendimentos Mineiros Unipessoal Lta., Redcorp's wholly-owned Portuguese subsidiary, such common shares held by the Company in favour of the holders of the Notes.
Each Series E Receipt will be exercisable, for no additional consideration, into one unit of the Company, each unit to be comprised of one common share and one-half of one common share purchase warrant of the Company. Each whole warrant (a "Warrant") will be exercisable to purchase one common share of the Company for a period of 24 months after the closing of the Offering, subject to the right of the Company to accelerate the expiry date of the Warrants after the first anniversary of the closing in certain circumstances based on the volume weighted trading price of the common shares of the Company on the Toronto Stock Exchange (the "TSX").
The Offering will be conducted on a best efforts agency basis. Paradigm Capital Inc. will act as lead agent of a syndicate of agents that includes Canaccord Capital Corporation, Dundee Securities Corporation, Octagan Capital Corporation, Blackmont Capital Inc. and MGI Securities Inc. (collectively the "Agents"). The Agents will be granted an option to sell such number of additional Series D Receipts and Series E Receipts (collectively, the "Additional Receipts") as is equal to 15% of the total number of Series D Receipts and Series E Receipts sold under the Offering, which option is exercisable, in whole or in part, at any time on or before the day prior to the closing.
In consideration of the services performed by the Agents in connection with the Offering, the Agents will receive a cash commission equal to 5.75% of the gross proceeds realized from the sale of the Series E Receipts and 4.25% of the gross proceeds realized from the sale of the Series D Receipts and corresponding amounts from the gross proceeds realized from the sale of any Additional Receipts (the "Agents' Fee") and such number of compensation options (the "Compensation Options") as is equal to 2% of the total gross proceeds of the Offering divided by the issue price of the Series E Units. Each Compensation Option will be exercisable to purchase one common share of the Company for a period of 24 months after the closing date at the issue price of the Series E Receipts.
To ensure that the Company is able to meet its interest payment obligations under the Series D Notes to December 1, 2008, an amount of the gross proceeds of the Offering equal to the first three interest payments payable under the Notes (the "Interest Escrow Amount") will be deposited in escrow on the closing date. In addition, the gross proceeds of the Offering less: (a) $50 million of the gross proceeds, as split between the Series D Receipts and Series E Receipts sold under the Offering; (b) one-quarter of the Agents' Fee and all of the Agents' expenses payable by the Company to the Agents; and (c) the Interest Escrow Amount (collectively, the "Escrowed Funds") will be deposited in escrow and will be released to the Company and the balance of the Agents' Fee released to the Agents upon satisfaction of certain conditions. In the event that such conditions are not satisfied on or before 5:00 p.m. (Toronto time) on the date that is 90 days following the closing date, the holders of Series D Receipts and Series E Receipts shall receive their pro rata portion of the Escrowed Funds (plus accrued interest thereon), and the Company shall redeem and cancel such number of Series D Receipts and Series E Receipts as may be redeemed at a redemption price equal to the issue price thereof through payment of the Escrowed Funds. The balance of the Series D Receipts and Series E Receipts then outstanding shall be deemed exercised, with no further action on the part of the holder thereof, into Shares, Warrants and Series D Notes, as the case may be.
The amount and issue price of the Series D Receipts and the Series E Receipts, the number of common shares of the Company issuable upon exercise of the Series D Receipts and the exercise price of the Warrants will be determined at the time of filing the final short form prospectus in the context of the market. The Offering is subject to certain conditions including, but not limited to, the receipt of all regulatory approvals including the TSX.
Redcorp is a Vancouver-based mineral exploration and development company with active projects in British Columbia and Portugal. Further information on Redcorp and the Tulsequah Project can be obtained on the Company's website at www.redcorp-ventures.com and at Redfern's website at www.redfern.bc.ca or by calling toll-free to Troy Winsor, Manager of Investor Relations of the Company, at 1-888-225-9662.
ON BEHALF OF THE BOARD OF DIRECTORS OF REDCORP VENTURES LTD.
Terence Chandler, President
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Securities Act. (Ontario) and the Securities Act (Alberta). This includes statements concerning the Company's plans at its Tulsequah Project and other mineral properties, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the availability of financing for activities, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, metal price fluctuations, environmental and regulatory requirements, availability of permits, escalating costs of remediation and mitigation, risk of title loss, the effects of accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration or development, the potential for delays in exploration or development activities or the completion of feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, expectations and beliefs of management and other risks and uncertainties, including those described under Risk Factors Relating to the Company's Business in the Company's Annual Information Form and in each management discussion and analysis. In addition, forward-looking information is based on various assumptions including, without limitation, contractor's costs, remote site transportation costs and materials costs for future remediation. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
News Release 07-22
FOR FURTHER INFORMATION PLEASE CONTACT:
Redcorp Ventures Ltd.
Troy Winsor
Manager of Investor Relations
1-888-225-9662
Website: www.redcorp-ventures.com / www.redfern.bc.ca
Increased Zinc Export Tax Causes Domestic Oversupply Concerns
By David Harman
24 May 2007 at 08:50 AM GMT-04:00
http://www.resourceinvestor.com/pebble.asp?relid=32218
SHANGHAI (Interfax-China) -- The Chinese government's policy to increase the export tax on unwrought zinc (2# zinc <99.99%) from a current 5% to 10%, effective June 1, is causing concern that abundant domestic supplies will lower domestic zinc prices and increase international prices, a Shanghai COFCO Futures analyst told Interfax yesterday.
"Zinc exports have been in decline since January this year, resulting in domestic oversupply and sluggish cash prices, and any further reduction in exports will further exacerbate the situation," analyst with Shanghai COFCO Futures, Wang Xiang, said.
China exported 33,624 tonnes of refined zinc in March this year, down 29.83% from February and sliding 58.46% from January.
Zinc exports in the first quarter of the year amounted to 152,916 tonnes, up 399.2% from the same period last year.
China's zinc exports have declined following the introduction of a 5% export tax on 1# zinc (>=99.99% and <99.995%) since Nov. 1, 2006, as well as stronger domestic prices compared with international prices for the first quarter of the year, Wang said.
"China's reduced zinc exports have resulted in abundant supply in the domestic market, but shortages in the international market. China has become a key player in influencing international market supplies," Wang said.
He commented that the new policy would further reduce China's refined zinc exports and exacerbate the domestic oversupply and international shortage situation.
The benchmark spot price for 1# refined zinc on the Shanghai Yangtze River Spot-Market stood between RMB 29,700 ($3,880.32) and RMB 29,800 ($3,893.39) per tonne yesterday, down RMB 500 ($65.33) from the previous day's trading. The price of 0# refined zinc (>=99.995%) was also down RMB 500 ($65.33) with prices ranging between RMB 29,800 ($3,893.39) and RMB 29,900 ($3,906.45) per tonne.
This downward trend following market oversupply was reflected in Shanghai zinc inventories, which stood at 38,154 tonnes last Friday, up 5,051 tonnes from the previous Friday.
LME zinc stockpiles on the other hand fell to 79,425 tonnes on Tuesday, down 425 tonnes from Monday.
Zhu Yiman, an analyst from Shanghai consultancy Metalease, commented that exports would not fall as much as market predictions, since the most traded type, 0# refined zinc, still enjoys a 5% export tax rebate.
0# zinc is the standard form of zinc on both the London Metal Exchange and the Shanghai Futures Exchange.
"Both 1# and 0# refined zinc exports will be excluded from this policy, and exports of 2# refined zinc are both not significantly large and less used in downstream industries," Zhu said.
2# refined zinc is mostly used in the production of casting alloys, batteries and zinc oxide, while 1# and 0# zinc is mainly used for galvanizing steel plates.
Zhu expects 0# zinc exports to rise over the next few months due to current export tax rebates, while exports of 1# and 2# zinc will dramatically decline.
However, there is also market expectation that China will cancel export tax rebates for 0# refined zinc within the year.
The most traded July zinc contract closed at RMB 30,130 ($3,936.5) per tonne on the Shanghai Futures Exchange yesterday, down RMB 1,010 ($131.96), or 3.24% from the previous day.
Commentary
Export tax changes to 2# zinc will not have any price impact on the international markets and, of anything, will help stabilize price on the local market. This is one of the few areas where there is sufficient domestic demand to warrant export control.
Zinc 0# domestic inventories are rising, however, this can be seen as a reserve stockpiling strategy on expected increased high-end steel finished product output. Even as zinc production is expected to grow by 15%, this will still leave a shortfall of 100,000 tonnes on forecast consumption of 3.7 million tonnes this year.
Bear in mind though, expected production of 3.6 million tonnes in 2007 may prove conservative as newly added facilities may not be factored in.
© Interfax-China 2007.
This article comes from Interfax China Commodities Daily, a daily digest produced by Interfax News Agency in Mainland China. To receive 10 free copies of this, please e-mail david.harman@interfax-news.com.
Galvanizers reduce zinc usage due to high metal prices
High zinc prices can take up as much as 35% of galvanized steel production costs, forcing galvanizers to find ways to reduce their usage of zinc, said Heather Griffiths, lead strategist at Corus.
Corus consumes roughly 120,000 metric tons of zinc per year as a major supplier of the galvanizing market, said Griffiths during the Metal Bulletin zinc conference Wednesday.
Moreover, global demand growth in galvanized steel is expected to increase roughly 12% from 2007 to 2010, said Griffiths.
However, as the zinc price grows, the impact on galvanized steel production costs rise, said Griffiths, adding that zinc takes up roughly 35% of production costs when London Metal Exchange zinc prices are above $4,500 a metric ton.
And in order to deal with the cost pressure, Corus has to hedge its zinc exposure on the market, said Griffiths, declining to give any further details.
"We want to be galvanizing, but we need a balance" as zinc prices are so high, said Griffiths on the sidelines of the conference.
And, although zinc prices are expected to decrease to 2010, the possibility of supply disruptions raise many questions, said Griffiths, adding that the speculation and uncertainty of the market means galvanisers are being more cautious.
In the construction and transportation sectors, which account for roughly 70% of galvanized steel demand or roughly 15 million tons, galvanized steel is seeing some threats from substitution, said Griffiths.
The substitution threat for galvanized steel is real with post-painted steel, concrete and timber vying for market share, Griffiths said. And in the transportation sector, galvanized steel is seeing threats from plastics and aluminium, Griffiths added.
In response to the high zinc price, galvanizers are optimizing current processes to reduce zinc usage, lowering coating weights, and switching to less zinc intensive coatings such as Galvalume, said Griffiths.
Galvalume is comprised of 55% aluminium, 2% lead and 43% zinc. However, because the exposure in Galvalume is to both aluminium and zinc prices, Griffiths questioned the long-term viability of this alternative.
Griffiths said Corus expects to expand its galvanizing steel production capacity in the Netherlands to 3.5 million tons from 3 million tons by 2010. Griffiths urged zinc producers to keep investing in supply. Tata Steel (500470.BY) completed its acquisition of Corus Group PLC on April 2.
Russian zinc companies to double output by 2010
Russia's zinc industry plans to double its zinc metal production over the next 3 to 5 years, having produced 236,000 metric tons in 2006, the commercial director of Russia's Chelyabinsk Zinc Plant (CHZN.RS) said Wednesday.
In addition, the industry hopes to double or treble its zinc concentrate production in the next 3 to 5 years from a 2006 production figure of 162,000 tons, Berislav Galovich told the Metal Bulletin zinc conference in Madrid.
Russian domestic zinc consumption is meanwhile expected to rise to 300,000 tons during the next 3 to 5 years, up from 174,000 tons consumed in 2006, he added.
Demand has increased mainly due to the expansion of continuous galvanizing capacity, Galovich noted.
Chelyabinsk recently commissioned a new furnace which will enable its smelter to boost annual zinc output by 18,500 tons from the 148,384 tons produced in 2006. The smelter intends to increase its annual zinc output to 200,000 tons by 2010.
Geodex announces 10.23 m of 3.45% Zinc and 128.64 g/t Indium at the Mount Pleasant West Project, New Brunswick
Thursday May 24, 1:56 pm ET
http://biz.yahoo.com/cnw/070524/e_geodexmin_ninehole.html?.v=1
Trading Symbol GXM
VANCOUVER, May 24 /CNW Telbec/ - Geodex Minerals Ltd. (TSX-V: GXM - News; "Geodex") is pleased to announce the remaining results from the nine-hole program at the Pughole-Whopper Zone on the Mount Pleasant West project, situated 3 km west of the former Mount Pleasant mine in southwestern New Brunswick. These intersections round out results from the winter drill program at Mount Pleasant West and complement the results which the company issued in a News Release of April 9, 2007.
Pughole-Whopper is the most mature of a number of identified drill targets to the west of the former mine which the company assembled in 2006 by virtue of five option agreements and an extensive staking program. Exploration will move ahead in 2007 on all of these prospects, in addition to further drilling on Pughole-Whopper.
The holes reported here were targeted on a soil geochemical anomaly about 1 km long on the south flank of a magnetic anomaly which is believed to represent a buried intrusive. Because of the thin but persistent cover of till, these holes should be regarded as 'scout' holes and only further drilling and trenching will determine the orientation and depth extent of the mineralized zones.
WP-07-05 Intersections
This angle hole was drilled from the same set-up as WP-07-04 (Line 25+00E) which intersected 31.7 m of 2.8% zinc and 62.8 g/t indium near the top of the hole (see previous News Release). WO-07-05 was drilled in the opposite direction (to the south) and reported multiple intersections as set out below. The quartz-sulphide-chlorite veining, related to felsic dykes, is visibly similar to samples from the Mount Pleasant mine. The multiple intersections over a combined 100 m width in both holes are interpreted to reflect the high-level manifestation of a deeper source system.
From To Length Zn (%) Pb (%) Cu (%) In (ppm (equal sign) g/t)
-------------------------------------------------------------------------
13.36 13.60 0.24 1.01 0.27 1.50
-------------------------------------------------------------------------
14.45 14.75 0.30 0.92 0.61 1.60
-------------------------------------------------------------------------
15.72 15.80 0.08 9.17 1.25 0.23 126.00
-------------------------------------------------------------------------
19.60 19.97 0.37 5.30 0.18 0.10 54.70
-------------------------------------------------------------------------
22.47 32.80 10.33 0.60 0.23 1.50
52.40 52.78 0.38 1.01 0.47 1.60
-------------------------------------------------------------------------
61.66 61.90 0.24 1.19 0.66 3.30
-------------------------------------------------------------------------
84.58 86.97 2.39 0.73 0.19 11.13
-------------------------------------------------------------------------
169.25 169.87 0.62 2.20 37.65
-------------------------------------------------------------------------
WP -07-06 Intersections
Hole WP-07-06 was drilled on line 29+00E, some 400 m east of the previous
hole WP-07-04. As in the previous area, intersections are multiple and of
similar character, although with more significant values in tin. The best
intersection (shown in the table below) returned 10.23 m of 3.45% zinc,
128.64 g/t indium, 1.07% lead, 0.35% copper and 0.19% tin. At least at this
level, it may represent a discrete vein system or pipe-like zone. The
polymetallic character is similar to mineralization at the former mine and
deeper drilling should test the granitic batholith which is thought to
underlie the Pughole-Whopper region.
From To Length Zn (%) Pb (%) Cu (%) Sn (ppm) In (ppm (equal sign) g/t)
-------------------------------------------------------------------------
17.35 17.65 0.30 4.33 5.19 0.12 2500 0.30
-------------------------------------------------------------------------
41.90 42.25 0.35 11.90 16.90 0.34 6140 1.00
-------------------------------------------------------------------------
115.45 116.60 1.15 0.95 0.54 5.59
-------------------------------------------------------------------------
124.83 135.06 10.23 3.45 1.07 0.35 1935 128.64
-------------------------------------------------------------------------
Three Australian zinc hopefuls get high grade drill hits
http://www.mineweb.net/mineweb/view/mineweb/en/page36?oid=21357&sn=Detail
Three Western Australian junior companies this week reported high grade zinc drill intersections to give hope for a boost in this vast mining state’s limited zinc production.
Author: Ross Louthean
Posted: Thursday , 24 May 2007
PERTH -
Northern Star Resources Ltd (ASX: NST) today detailed fresh drilling from shallow depths at its Emull zinc zone at the Red Billabong project in the East Kimberley region which has been a prime focus for the company.
Best results were 3 metres grading 9.58% zinc from 39m depth, including 2m at 13.75%, 3m at 7.06% from 45m, including 1m % 17.4%. Managing director Charles Wilkinson said the high grades were picked up within a broader envelope of 55m at 1.41% Zn, 0.36% copper, 0.12% lead and significant silver values.
Results from the remaining nine of a 13 drill hole programme were expected in two weeks - reflecting the backlog problem all Australian explorers, particularly in WA, are experiencing with overworked assay laboratories. Drilling also took place on the regional Lamboo platinum and Red Billabong North nickel prospects.
Wilkinson said these results were the first received from Northern Star's project for the 2007 programme.
High grade shoots at Emull are now known to be within a broadly-drilled mineralised zone 500m long and 50m wide.
Prairie Downs Metals Ltd (ASX: PDZ) has received assays from three of its RC holes in its 2007 programme at the Zed Lode at the Prairie Downs zinc prospect, 60 kilometres south west of the iron ore mining town of Newman in the Pilbara. Best hits were 6m at 8.5% zinc, 8.6% lead and 41.8 grams/tonne silver and 6m at 10.5% zinc, 7.9% lead and 35.4 g/t silver.
Managing director Mark Hansen said that to put these results into perspective, the existing resource at Prairie Downs is primarily hosted by Main Lode "which is evidently misnamed" and has a grade of 8.3% zinc, 1.7% lead and 22 g/t silver, with an average intersection width of 4.3m.
"Zed Lode is consistently of higher tenor," he said.
Hansen said the results bode well for underground mining, as the company has been advised the mineralisation is amenable to mechanised mining down to a width of 1.5m at 3.5% Zn.
The drilling programme should be completed by the end of this month and diamond drilling should re-commence in July. Zed Lode remains open in all directions and Prairie Downs Metals was encouraged by intersecting the Gabbro Lode below Zed in the eastern sector.
Metals Australia Ltd (ASX: MLS) released new drill results from the Kultarr prospect at the Manindi zinc project - the largest of four deposits where there is already a resource of 603,130t at 7.66% Zn, which the company says was calculated in 2000 and does not include extensions found in 2006-07 drilling.
The best new intercept was 18.15m at 10.72% Zn, from 122m depth, including a 3m section at 27.57% and another of 2m at 16.3% Zn.
Manindi, formerly Freddie Well, is in the Yalgoo field - the same region that holds WA's big zinc-rich polymetallic mine Golden Grove, run by Oxiana Ltd.
Zinc prices could fall on higher production in West, but China remains key factor in market
Zinc prices could decline if forecasts from consultant group CRU International that western zinc mining production will soar in the next three years prove correct.
The expectation for mine supply growth of 30% during that period compares to 15% between 1997 and 2000, according to Octagon Capital analyst Hendrik Visagie.
However, he thinks the new mines included in the CRU forecast will likely not come onstream as soon as expected because of financing and infrastructure problems, fiscal disputes, and the strained supply of both labour and materials.
While acknowledging the importance of mine growth in the West, China is the key driver for the market, Mr. Visagie said in a note to clients.
From a net exporter of zinc concentrate in the 1997-2000 period to a large importer these days (450,000 tonnes in 2006), Mr. Visagie expects this trend will continue for China as its own production plateaus.
Given that China’s zinc concentrate imports rose 148% in the first three months of 2007, Mr. Visagie thinks zinc markets will remain tighter than many expect.
Jonathan Ratner
jratner@nationalpost.com
Online source:
http://communities.canada.com/nationalpost/blogs/tradingdesk/archive/2007/05/23/zinc-prices-could-fa...
Tyler Resources More Than Triples Measured and Indicated Copper Mineral Inventory to 4.56 Billion Pounds and Adds 6 Billion Pounds Zinc at Bahuerachi Deposit, Mexico
Wednesday May 23, 3:47 pm ET
http://biz.yahoo.com/ccn/070523/200705230392540001.html?.v=1
Second resource estimate outlines 4.56 and 0.67 billion pounds contained Copper in the Measured+Indicated and Inferred categories respectively, as well as 96.19 and 12.42 million pounds Molybdenum, 67.95 and 8.03 million ounces Silver, and 6.3 and 0.80 billion pounds Zinc at Bahuerachi Deposit.
CALGARY, ALBERTA--(CCNMatthews - May 23, 2007) - Tyler Resources (TSX VENTURE:TYS - News) is extremely pleased to report results of the second resource estimate calculations prepared by Associated Geosciences Ltd., including new drilling data from July 15th, 2006 to March 31 2007 within the Main Deposit of its Bahuerachi Project.
The new resource estimate shows significant increases in contained metals in the critical higher confidence Measured and Indicated categories at a 0.2% Copper Cutoff grade as follows: Copper more than tripled from 1.44 billion pounds to 4.56 billion pounds (217% increase), molybdenum went from 26.67 million pounds to 96.19 million pounds (261% increase), silver went from 18.39 million ounces to 67.95 million ounces (270% increase), gold from 216,529 ounces to 550,626 (154% increase) and zinc from 248.92 million pounds to 6,308 million pounds (2,434 % increase).
This second resource estimate was based on a drilling database comprising 185 drill holes for a total of 42,643 meters of drilling which were compiled, interpreted and modeled within the Surpac Visions ® mining and modeling software package. In addition to expanding the high grade skarn and porphyry domains modelled in the Initial Resource Estimate as released on September 25th, 2006, mineralization hosted to the east and west of the porphyry complex in calc-silicate skarns, limestones, marbles and sediments was calculated and outline a more accurate picture of the Main Deposit's emerging true potential. This second resource estimate does not include tonnage from known mineralized areas in either the South Lobe or North Lobe porphyry or Mina Mexicana Skarn Zones.
A summary of Measured, Indicated and Inferred resources defined to date at various copper as well as copper equivalent (CuEq) cutoff grades has been provided by Tyler's Independent Consultants and results are presented below:
BAHUERACHI MAIN DEPOSIT, Measured, Indicated and Inferred Resources, based
strictly on Copper grade cut-offs.
----------------------------------------------------------------------------
Copper In CuEq
% Situ Cu Au Ag Mo Zn (1)
cutoff Category Tonnes % g/t g/t % % %
----------------------------------------------------------------------------
0.1 Measured 127,776,630 0.38 0.04 3.33 0.008 0.41 0.56
----------------------------------------------------------------------------
Indicated 780,641,161 0.28 0.02 3.04 0.007 0.45 0.45
----------------------------------------------------------------------------
M+I 908,417,791 0.29 0.02 3.08 0.007 0.44 0.46
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 181,030,207 0.25 0.02 2.26 0.006 0.33 0.38
----------------------------------------------------------------------------
----------------------------------------------------------------------------
0.2 (2) Measured 92,398,260 0.47 0.05 3.86 0.008 0.44 0.67
----------------------------------------------------------------------------
Indicated 432,111,525 0.38 0.03 4.07 0.008 0.57 0.60
----------------------------------------------------------------------------
M+I 524,509,785 0.40 0.03 4.03 0.008 0.55 0.61
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 80,174,744 0.38 0.02 3.11 0.007 0.45 0.55
----------------------------------------------------------------------------
----------------------------------------------------------------------------
0.3 Measured 61,245,978 0.58 0.06 4.64 0.006 0.52 0.81
----------------------------------------------------------------------------
Indicated 243,605,237 0.48 0.04 5.13 0.007 0.68 0.74
----------------------------------------------------------------------------
M+I 304,851,215 0.50 0.04 5.03 0.007 0.65 0.75
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 49,658,919 0.47 0.03 3.57 0.006 0.51 0.65
----------------------------------------------------------------------------
----------------------------------------------------------------------------
0.4 Measured 42,837,558 0.68 0.06 5.38 0.006 0.60 0.93
----------------------------------------------------------------------------
Indicated 145,135,711 0.58 0.05 6.07 0.007 0.78 0.87
----------------------------------------------------------------------------
M+I 187,973,269 0.60 0.05 5.91 0.007 0.74 0.88
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 28,909,551 0.55 0.03 3.74 0.006 0.63 0.73
----------------------------------------------------------------------------
----------------------------------------------------------------------------
0.5 Measured 28,506,152 0.79 0.07 6.31 0.005 0.75 1.08
----------------------------------------------------------------------------
Indicated 90,885,421 0.65 0.05 6.95 0.007 0.90 0.98
----------------------------------------------------------------------------
M+I 119,391,573 0.69 0.06 6.79 0.007 0.86 1.01
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 15,285,342 0.64 0.04 3.56 0.006 0.86 0.83
----------------------------------------------------------------------------
(1) Copper equivalents calculated using US$1.50/lb Cu, $10.00/lb Mo,
$7.00/oz Ag. Gold and Zinc were not factored in the copper equivalent
Calculation. Copper equivalents, metallurgical recoveries and net
smelter returns are assumed to be 100%.
(2) A 0.2% copper cutoff is consistent with, and in the case of oxide
material above cut off grades currently being used in Mexico at other
operations in this type of environment.
(3) For modeling purposes, all metal values were capped at the 99(th)
percentile of their normal population distribution.
BAHUERACHI MAIN ZONE, Contained metals based on Measured, Indicated and
Inferred Resource categories.
----------------------------------------------------------------------------
Copper Copper Silver Molybdenum Zinc
% Million Gold Million Million Million
cutoff Category lbs Ounces Ounces lbs lbs
----------------------------------------------------------------------------
0.1 Measured 1,064.10 152.615 13.67 22.34 1,149.74
----------------------------------------------------------------------------
Indicated 4,764.27 556,893 76.23 122.33 7,703.51
----------------------------------------------------------------------------
M+I 5,828.38 709,508 89.90 144.67 8,853.25
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 1,005.01 93,518 13.16 22.58 1,319.79
----------------------------------------------------------------------------
----------------------------------------------------------------------------
0.2 Measured 947.02 134,322 11.46 16.16 902.03
----------------------------------------------------------------------------
Indicated 3,615.75 416,303 56.49 80.03 5,406.05
----------------------------------------------------------------------------
M+I 4,562.77 550,626 67.95 96.19 6,308.07
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 673.77 56,334 8.03 12.42 797.49
----------------------------------------------------------------------------
----------------------------------------------------------------------------
0.3 Measured 776.84 109,321 9.13 8.67 702.81
----------------------------------------------------------------------------
Indicated 2,589.52 295,383 40.21 38.57 3,644.52
----------------------------------------------------------------------------
M+I 3,366.36 404,704 49.34 47.24 4,347.33
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 511.65 41,763 5.70 6.60 551.88
----------------------------------------------------------------------------
----------------------------------------------------------------------------
0.4 Measured 636.59 88,134 7.41 5.35 566.55
----------------------------------------------------------------------------
Indicated 1,837.34 216,53 28.33 23.40 2,491.37
----------------------------------------------------------------------------
M+I 2,473.93 304,668 35.74 28.74 3,057.92
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 347.52 29,086 3.48 3.79 399.88
----------------------------------------------------------------------------
----------------------------------------------------------------------------
0.5 Measured 495.57 68,061 5.8 3.44 472.31
----------------------------------------------------------------------------
Indicated 1,308.30 159,536 20.3 14.78 1,797.12
----------------------------------------------------------------------------
M+I 1,803.87 227,598 26.08 18.22 2,269.43
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 216.74 20,637 1.75 2.01 287.74
----------------------------------------------------------------------------
BAHUERACHI MAIN DEPOSIT, Measured, Indicated and Inferred Resources, based
on Copper Equivalent (CuEq) grade cut-offs.
----------------------------------------------------------------------------
CuEq In CuEq
% Situ Cu Au Ag Mo Zn (1)
cutoff Category Tonnes % g/t g/t % % %
----------------------------------------------------------------------------
0.1 Measured 144,641,972 0.34 0.03 3.11 0.007 0.39 0.52
----------------------------------------------------------------------------
Indicated 963,917,864 0.24 0.02 2.70 0.006 0.40 0.39
----------------------------------------------------------------------------
M+I 1,108,559,836 0.25 0.02 2.75 0.007 0.40 0.41
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 229,514,732 0.21 0.01 2.00 0.005 0.28 0.33
----------------------------------------------------------------------------
----------------------------------------------------------------------------
0.2 (2) Measured 125,877,791 0.38 0.04 3.37 0.008 0.41 0.57
----------------------------------------------------------------------------
Indicated 742,287,815 0.29 0.02 3.18 0.008 0.47 0.46
----------------------------------------------------------------------------
M+I 868,165,606 0.30 0.02 3.20 0.008 0.46 0.48
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 161,783,493 0.27 0.02 2.45 0.006 0.35 0.41
----------------------------------------------------------------------------
----------------------------------------------------------------------------
0.3 Measured 104,010,758 0.43 0.04 3.72 0.009 0.44 0.64
----------------------------------------------------------------------------
Indicated 499,781,394 0.35 0.03 3.91 0.009 0.58 0.57
----------------------------------------------------------------------------
M+I 603,792,152 0.37 0.03 3.88 0.009 0.55 0.58
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 90,307,127 0.35 0.02 3.18 0.008 0.48 0.53
----------------------------------------------------------------------------
----------------------------------------------------------------------------
0.4 Measured 80,338,770 0.50 0.05 4.19 0.009 0.49 0.73
----------------------------------------------------------------------------
Indicated 352,792,052 0.41 0.03 4.57 0.009 0.65 0.66
----------------------------------------------------------------------------
M+I 433,130,822 0.43 0.04 4.50 0.009 0.62 0.67
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 62,806,915 0.42 0.02 3.56 0.008 0.50 0.62
----------------------------------------------------------------------------
----------------------------------------------------------------------------
0.5 Measured 57,706,773 0.58 0.06 4.87 0.008 0.57 0.83
----------------------------------------------------------------------------
Indicated 243,864,484 0.47 0.04 5.39 0.009 0.78 0.75
----------------------------------------------------------------------------
M+I 301,571,257 0.50 0.04 5.29 0.009 0.74 0.76
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 47,597,782 0.47 0.02 3.84 0.008 0.57 0.67
----------------------------------------------------------------------------
(1) Copper equivalents calculated using US$1.50/lb Cu, $10.00/lb Mo,
$7.00/oz Ag. Gold and Zinc were not factored in the copper equivalent
Calculation. Copper equivalents, metallurgical recoveries and net
smelter returns are assumed to be 100%
(2) A 0.2% CuEq cutoff is consistent with cut off grades currently reported
for other operations in this type of environment.
(3) For modeling purposes, all metal values were capped at the 99(th)
percentile of their normal population distribution.
BAHUERACHI MAIN ZONE, Contained metals based on CuEq Measured, Indicated
and Inferred Resource categories.
----------------------------------------------------------------------------
CuEq Copper Silver Molybdenum Zinc
% Million Gold Million Million Million
cutoff Category lbs Ounces Ounces lbs lbs
----------------------------------------------------------------------------
0.1 Measured 1,091.84 159,908 14.47 23.41 1,237.93
----------------------------------------------------------------------------
Indicated 5,059.11 615,660 83.64 135.85 8,469.75
----------------------------------------------------------------------------
M+I 6,150.95 775,568 98.11 159.26 9,707.69
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 1,081.74 105,273 14.75 27.26 1,433.15
----------------------------------------------------------------------------
----------------------------------------------------------------------------
0.2 Measured 1,058.35 152,085 13.64 22.59 1,148.82
----------------------------------------------------------------------------
Indicated 4,658.91 543,595 75.79 122.57 7,655.36
----------------------------------------------------------------------------
M+I 5,717.26 695,680 89.43 145.16 8,804.18
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 952.34 88,039 12.76 22.87 1,255.97
----------------------------------------------------------------------------
----------------------------------------------------------------------------
0.3 Measured 988.44 140,195 12.44 19.72 1,018.14
----------------------------------------------------------------------------
Indicated 3,863.97 447,578 62.83 96.27 6,339.95
----------------------------------------------------------------------------
M+I 4,852.41 587,772 75.27 115.99 7,358.08
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 704.54 59,197 9.22 15.20 943.92
----------------------------------------------------------------------------
----------------------------------------------------------------------------
0.4 Measured 879.52 122,764 10.81 15.60 869.78
----------------------------------------------------------------------------
Indicated 3,206.72 368,519 51.83 72.12 5,034.52
----------------------------------------------------------------------------
M+I 4,086.24 491,283 62.64 87.72 5,904.30
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 582.90 47,400 7.20 11.16 688.34
----------------------------------------------------------------------------
----------------------------------------------------------------------------
0.5 Measured 742.56 103,818 9.03 10.16 728.92
----------------------------------------------------------------------------
Indicated 2,546.11 296,650 42.26 47.12 4,158.10
----------------------------------------------------------------------------
M+I 3,288.68 400,468 51.28 57.27 4,887.01
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred 488.88 38,226 5.88 7.91 596.03
----------------------------------------------------------------------------
Peru Copper says finding more zinc at Toromocho
Wed May 23, 2007 8:24pm ET16
http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20070524:MTFH79045_2...
LIMA, May 23 (Reuters) - Peruvian miner Peru Copper (PCR.TO: Quote, Profile , Research) (CUP.LM: Quote, Profile , Research) said on Wednesday it hoped to confirm the discovery by the end of this year of a significant zinc deposit at its Toromocho copper project in central Peru.
The company's vice president Angel Alvarez told Reuters its miners started to find zinc in the northern and southern stretches of the deposit in December last year.
"We're exploring the south and north, where the zinc, silver, gold and copper content is at its highest," he said at a mining conference in the Peruvian capital Lima.
"This raises the prospect of additional reserves which we hadn't counted on before."
Peru Copper has said Toromocho, in Junin province, could become one of biggest copper mines in Peru by 2010, producing 300,000 tonnes of refined copper a year.
Alvarez said the zinc deposits were significant enough for the company to believe it might be extractable through open cast mining, although more drilling needed to be done to determine the ore grade.
"We're looking at more than 200 million tonnes of mineral with possible grades for copper of 0.5 percent, for silver of 10 grams and for zinc of possibly 0.6 percent in the new areas in the south of the project," he said.
Peru is one of the world's biggest metal producers, ranking in the top five for output of silver, copper, zinc and gold.
Metco Acquires 50% of the B6-20 McIvor Property: Matagami Mining Camp
Tuesday May 22, 4:16 pm ET
http://biz.yahoo.com/ccn/070522/200705220392268001.html?.v=1
MONTREAL, QUEBEC--(CCNMatthews - May 22, 2007) - Metco Resources Inc. ("Metco") (TSX VENTURE:MKO - News) is pleased to announce that SOQUEM Inc. ("SOQUEM") has confirmed the exercise of the B6-20 option and Metco's acquisition of an undivided 50% interest in the mining claims of the B6-20 property, as the Company has fulfilled its obligations under the option. Metco has consequently increased its position in the western flank of the Matagami mining camp, as the B6-20 property comprises 54 claims covering 2,221 hectares contiguous to the southeastern portion of the Caber block, already owned 50-50 by Metco and SOQUEM.
The Caber block surrounds the Caber and Caber North deposits, which are wholly-owned by Metco. The Company is presently conducting a prefeasibility study on future production from these deposits. Resources for the Caber and Caber North deposits are currently estimated at:
---------------------------------------------------------------------------
Deposit Tonnes Resources Zn Cu Ag Au
---------------------------------------------------------------------------
Caber 515,000 Indicated 11.00% 0.56% 11.10 g/t 0.14 g/t
---------------------------------------------------------------------------
285,000 Inferred 8.50% 0.80% 11.60 g/t 0.14 g/t
---------------------------------------------------------------------------
Caber North 2,610,000 Inferred 4.26% 1.59% 21.06 g/t -
---------------------------------------------------------------------------
Golden Arch Resources releases NI 43-101 Report: Wakefield Lakes Zinc Property
Tue May 22, 3:13 PM
http://ca.news.finance.yahoo.com/s/22052007/30/link-finance-news-golden-arch-resources-releases-ni-4...
Potential for several million tonnes grading 4% zinc and 0.50% lead
GAI: TSX Venture Exemption 12g3 - 2(b)
GARCF: O.T.C SEC File No. 82-659
www.goldenarchresources.com
VANCOUVER, May 22 /CNW/ - Les Kjosness, President is pleased to announce the completion and filing of the NI 43-101 Summary Report on the Wakefield Lakes Zinc Property, located approximately 300 kms northeast of La Ronge, Saskatchewan. The Company has evaluated the previous drilling on the property, which is located 15 kms east of an all-purpose gravel road, maintained to access other year-round mining operations.
Golden Arch Resources Ltd. has an option to acquire an 80% interest in the Wakefield Lakes Property which contains the George Lake Zinc Zone. The property consists of six claims covering 3,669 hectares and straddles a deeply dipping quartzite bed that hosts a concordant zinc deposit in a zone of heavy sulphides. Based on a review of all reports available on the Saskatchewan Government Mineral Resource Index, including the results from 43 diamond drill hole program by Falconbridge, Noranda et al, this NI 43-101 report summarizes the current understanding of the Wakefield Lakes Zinc Property.
According to the Saskatchewan Government Mineral Resource Index, the George Lake deposit has an historically published resource of 2.9 million tons at 3.67% zinc and 0.53% lead, using a 2% zinc cut-off. Previous drilling by Falconbridge analyzed in the NI 43-101 report indicates the possibility of a +5% core in this zone, which appears to be plunging to the east and open to the east and down dip. The George Lake Zinc Zone, contained in the Wakefield Lakes Property, extends over a strike length approximately 8 km and is generally unexplored. This report proposes an exploration and development plan to ascertain the potential of the George Lake Zinc Zone and verify whether the project is suitable for economic development. In addition, this report proposes to explore two other previously discovered zinc concentrations in drill-holes both east and west of the George Lake deposit.
On closing of the previously announced private placement, Golden Arch intends to implement the work program outlined in the NI 43-101 Summary Report.
The entire report is available on our website: www.goldenarchresources.com.
On behalf of the Board
Les Kjosness, President & Director
Golden Arch Resources is a metals, oil, and gas exploration company headquartered in Vancouver, B.C., Canada. Its principal assets in addition to Wakefield Lakes zinc are the copper, gold and silver Mildred Peak (Arizona) and Abbott Wagner (BC) silver properties.
Contacts
Les Kjosness: (604) 219-4050
Kirsti Mattson: (604) 202-2484 - media
Marifil Cuts Broad Zones of Zinc Mineralization in Drilling at San Roque
Tuesday May 22, 8:43 am ET
Supplements Strong Indium and Gold Intercepts
http://biz.yahoo.com/ccn/070522/200705220392070001.html?.v=1
SPOKANE, WASHINGTON--(CCNMatthews - May 22, 2007) - MARIFIL MINES LTD. (TSX VENTURE:MFM - News; "Marifil" or "the Company") announces the assay results received from the next five holes of its 28-hole diamond drill program at its wholly-owned San Roque project, Rio Negro Province, Argentina. Holes DDH-5 through -9 continued to cut significant intervals of indium, as seen in the first four holes (see Marifil news release of May 8, 2007), as well as intercepting promising levels of gold and base metals, particularly zinc (see Table 1 below.) In fact, all of the first six holes intercepted significant zinc mineralization (see Table 2 below.) (The balance of the assay results are in process at Alex Stewart Laboratory in Mendoza, Argentina and are expected later this month.)
Table 1
True
Thickness
Interval (m) Au (g/t) Pb (%) Zn (%) In (g/t)
DDH-5 21.7-22.7 0.65 0.49 0.19 0.08 236
37.0-39.0 1.30 0.42 0.12 0.14 149
DDH-6 22.7-23.4 0.45 1.07 0.19 0.32 209
59.6-60.3(1) 0.45 0.28 0.20 2.51 319
65.7-68.0 1.50 0.18 0.49 1.87 365
147.4-149.0 1.04 0.09 0.36 1.93 772
151.6-153.2 1.04 0.28 less than 0.1 1.84 210
DDH-7 3.0-4.0 0.75 2.05 0.22 0.32 448
64.6-66.1 1.13 0.37 2.68 3.31 9.0
DDH-8 45.9-47.2 1.00 1.71 0.33 0.36 12
70.5-71.5 0.76 0.38 0.47 2.07 33
DH-9 Anomalous values but no "ore grade" values.
(1) This interval also assayed 3.11% copper
Table 2
True
Thickness
Hole Interval (m) (m) Zn (%)
DDH 1 3.0 to 54.0 m 51 0.28
DDH-2 4.0 to 105 101 0.16
DDH-3 3.0 to 51.0 48 0.43
DDH-4 3.0 to 120.0 117 0.95
DDH-5 3.0 to 90.0 87 0.44
DDH-6 3.0 to 154 151 0.79
DDH-7 3.0-81.0 78 0.36
Zinc's Turn to Shine?
May 15, 2007
In December, we responded to readers’ questions about why the consistent drop in LME Zinc inventories had paused. Other than a one-day spike in June 2005, LME Zinc inventories had dropped nearly 90% in a very consistent pattern since April 2004, from 785,000 tonnes to a low of 84,825 tonnes, but that pattern appeared to have changed late last year.
From December through late March, a shallow uptrend developed, and media skeptics came out of the woodwork suggesting that the trend change in zinc LME inventories indicated a permanent shift in the supply/demand situation, as China became a “net exporter” of zinc. The truth was that a couple of short-term factors, delayed shipments from the world’s biggest zinc mine and a change in Chinese export tax law, had helped to create a short-term surge in refined zinc supply, causing a temporary pause in the downtrend.
Despite the media claims, China remained a huge net importer of zinc, as they imported more and more zinc in the form of zinc concentrate, which they then processed in their smelters to create refined zinc. Because they had dramatically increased their refining capacity via rampant smelter construction, China had decreased their refined zinc imports relative to their zinc concentrate imports, using their low-cost advantages to process the zinc raw materials from other countries to the extent that they were exporting more refined zinc than they imported. However, the huge consumption of zinc in China’s growing economy, far exceeding the capacity of their own mines, compelled them to remain huge net importers of zinc overall, importing enormous amounts of zinc concentrate from overseas mines. Conveniently, the media zinc skeptics never mentioned the fact that China was relying on other countries for much of the zinc concentrate they used to produce refined zinc, instead focusing only on the “net exporter” status for the refined zinc finished product.
Continued at:
http://www.greatinvestments.blogspot.com/
Blue Note Mining Reports First Quarter Results - Caribou Mines on Schedule
Thursday May 17, 1:31 pm ET
http://biz.yahoo.com/cnw/070517/e_bluenote_1stquarres.html?.v=1
Symbol & Exchange: BN-TSXV Shares outstanding: 271 Million
MONTREAL, May 17 /CNW Telbec/ - Blue Note Mining Inc. is reporting its unaudited financial results for the period ending March 31, 2007. During this quarter, the Company incurred a net loss of $2,656,435 ($0.01 per share) compared to a net loss of $259,966 ($0.02 per share) for the same period last year.
The company is also pleased to announce that it has signed an engagement letter for private placement of flow-through common shares for proceeds of up to $2,500,000, subject to the approval of the regulatory authorities having jurisdiction over the securities of the Company.
Each common share of the Company will be issued at a price of $0.60 per common share on a flow-through basis. The flow-through common shares issued under the private placement will be subject to a four-month hold period and offered only to accredited investors. The gross proceeds will be used for exploration of Blue Note's properties in Canada.
Blue Note also reports an increase in its capital budget for the refurbishment and restoration of the Caribou underground mine and mill and Restigouche open pit mine. Capital costs for the project have risen by C$24 million from $60 to $84 million. These additional capital investments were critical to delivering the project as planned and on schedule in order to capitalize on robust metals prices.
The bulk of the capital budget increases stem from three areas, namely, mill rehabilitation ($10.9 million), mine dewatering and rehabilitation ($9.8 million) and capitalized operating costs ($3.5 million).
The significant hike in costs of goods and services, across the board, due to a boom in the mining and construction industries, played a major part in the budget increases. For instance, the piping and pipe fittings purchase price was found to have increased by up to 70% over the original budget price.
In the mill, it was discovered that more piping was required than was previously anticipated due to the poor condition of the existing piping. This, combined with the associated increased cost of materials and labour, accounted for an additional $5.3 million in capital expenditures.
There was also an additional $4 million investment in electrical and instrumentation infrastructure including the associated increased labour costs. Blue Note was not able to undertake the physical inspection of much of the mill's electrical gear until 2007 and thus was unable to foresee the extent of the deterioration of the existing equipment. This necessitated either costly repairs and/or modifications, or in some cases, complete replacement. Elevated instrumentation costs, while in part related to increased cost of materials and labor were due to a strategic increase in the degree of automation installed in the mill.
Upon the completion of the Caribou mine dewatering, sections of the mine were found to require more ground re-conditioning than previously anticipated. As well, management made the strategic decision to undertake some aspects of mine development earlier than scheduled to ensure meeting the projected start-up date. The combined total amount invested for these purposes was $7.3 million.
At Restigouche, the water treatment plant which was modified to handle the increased volume of water to be treated during the pit dewatering operation was found to be inadequate to achieve this site's regulated stringent discharge requirements. Additional consultants and contractors were engaged to modify and operate a re-engineered process. This required an increase in capital investment of $2.5 million.
In the present market conditions, more new equipment than anticipated had to be acquired as a result of the unavailability of good condition used equipment. This will, however, have the benefit of lowering our operating and maintenance costs over the long term.
The start-up of the mine is on schedule and with the recently closed C$25 million debt financing, the Company is fully funded through start-up of production.
Blue Note Mining is a mineral exploration and mine development company with properties in New Brunswick. The company's shares trade on the TSX Venture Exchange under the symbol BN.
Forward-Looking Statements
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
For further information
Lorne Woods, Vice President, Investor Relations, Blue Note Mining, (800) 937-3095, lwoods@bluenotemining.ca, www.bluenotemining.ca
Source: Blue Note Mining Inc.
Sultan Minerals Inc. Commences Underground Mine Survey at Jersey-Emerald Zinc Mine, BC
Thursday May 17, 1:28 pm ET
http://biz.yahoo.com/ccn/070517/200705170391545001.html?.v=1
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 17, 2007) - Sultan Minerals Inc. (TSX VENTURE:SUL - News; FRANKFURT:RZN - News; "Sultan") is pleased to announce that it has contracted Talon Survey Solutions of Calgary, Alberta to undertake an underground Cavity Measuring Survey of its 100% owned Jersey Lead-Zinc Mine on the Jersey-Emerald Property in the Kootenay District of British Columbia. The survey will accurately outline the previously mined ore deposits in order that the remaining lead-zinc mineralization may be determined. The survey is expected to be completed by the end of the summer.
Sultan is presently completing a 14,000-foot (4,200 metre) diamond drill program on the Dodger tungsten and molybdenum zone with initial assays anticipated in mid-June. In addition, Wardrop Engineering Inc. ("Wardrop") is currently finalizing a Scoping Study for Sultan on the tungsten resource as reported in the November 2006, NI 43-101 preliminary resource estimate. The study will provide a conceptual mine design, determine the potential for underground mining and deliver process design criteria. Wardrop have advised Sultan that the scoping study will be available in June 2007.
Mr. Ed Lawrence, P.Eng., former Manager of the Jersey and Emerald Mines, is managing the ongoing exploration programs. Mr. Perry Grunenberg, P.Geo., of PBG Geoscience of Kamloops, B.C., is Sultan's project supervisor and "Qualified Person" for the purpose of NI 43-101, "Standards of Disclosure for Mineral Projects".
For further information on the Company's projects, visit www.sultanminerals.com.
Arthur G. Troup, P.Eng., Geological, President and CEO
Should you wish to receive Company news via email, please email catarina@chfir.com and specify "Sultan Minerals News" in the subject line or contact the Company directly.
This release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.
Cautionary Language and Forward-Looking Statements
This press release may contain "forward-looking statements", which are subject to various risks and uncertainties that could cause actual results and future events to differ materially from those expressed or implied by such statements. Investors are cautioned that such statements are not guarantees of future performance and results. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure documents filed from time to time with the Canadian securities authorities.
SEC 12g3-2(b): 82-4741
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this News Release.
Contact:
Marc Lee
Sultan Minerals Inc.
Investor & Corporate Communications
(604) 687-4622 or Toll Free: 1-888-267-1400
(604) 687-4212 (FAX)
Email: mlee@sultanminerals.com / info@sultanminerals.com
Website: www.sultanminerals.com
Linda Armstrong
CHF Investor Relations
Vice President
(416) 868-1079, Ext. 229
Email: Linda@chfir.com
Source: Sultan Minerals Inc.
Manicouagan Reports Additional Drill Results From Brabant Lake Including 15.88% Zinc Over 6.93 Metres
Thursday May 17, 8:30 am ET
PHASE II DRILLING PROGRAM TO COMMENCE EARLY JUNE
http://biz.yahoo.com/ccn/070517/200705170391348001.html?.v=1
TORONTO, ONTARIO--(CCNMatthews - May 17, 2007) - Manicouagan Minerals Inc. (TSX VENTURE:MAM - News) announced today additional encouraging assay results from the five most recently completed holes of the Phase I drilling program at the Company's Brabant Lake zinc deposit. Results for drill holes BR-07-16, BR-07-17, BR-07-18, BR-07-19 and BR-07-20 are presented in the table below. As previously reported on April 24, 2007 drilling on the property is expected to resume on June 4, 2007 following spring break-up. Results are being compiled and evaluated to formulate a systematic Phase II drill program that meets Manicouagan's objective of producing a new resource estimate in late 2007 or early 2008. Phase II drilling is planned to consist of 30 to 40 holes for an additional 12,000 to 15,000 metres of core drilling.
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Hole Zone Length(ii) Zn Cu Pb Ag Au
ID ID(i) From To (m) (%) (%) (%) (g/t) (g/t)
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16 UZ 291.89 293.64 2.84 8.92 1.01 0.13 35.55 0.15
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LZ 330.60 339.10 8.50 3.91 0.52 2.70 112.00 0.38
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17 UZ 153.81 154.21 0.40 5.32 7.42 0.05 148.00 0.05
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LZ 157.62 165.91 8.29 7.70 0.55 0.20 17.37 0.00
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18 UZ 212.35 213.05 0.70 6.61 0.54 0.09 29.71 0.01
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LZ 239.05 250.25 11.20 8.19 0.68 0.09 29.71 0.00
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FWZ 250.53 256.88 6.35 1.96 0.58 2.11 177.42 2.74
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19 UZ 231.95 235.00 3.05 4.59 0.16 0.07 2.53 0.00
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LZ 263.34 270.27 6.93 15.88 0.72 0.35 63.57 0.11
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20 UZ 250.73 253.85 3.12 3.31 0.22 0.13 11.62 0.04
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LZ 271.72 275.86 4.14 6.28 0.83 1.38 43.77 0.08
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(i) Upper Zone (UZ), Lower Zone (LZ) and Footwall Zone (FWZ)
(ii) down-hole length approximately 85% true width
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