Anatolia's Copler reveals 3.8 million ounces of gold
2005-09-26 06:42 ET - News Release
Mr. Richard Moores reports
ANATOLIA MINERALS DEVELOPMENT LIMITED: MEASURED & INDICATED AT COPLER GROWS TENFOLD
Anatolia Minerals Development Ltd. has received an updated estimate of gold resources for that portion of its wholly owned Copler gold deposit drilled to date. The study by Independent Mining Consultants (IMC), of Tucson, Ariz., estimates the measured and indicated (M&I) in-pit oxide resources at 11.6 million tonnes of mill feed, averaging 2.96 grams per tonne gold, plus 30.9 million tonnes heap leach at 0.70 gram per tonne gold, totalling 1.8 million ounces gold (75 per cent measured). The inferred oxide resource totals 4.5 million tonnes at 0.84 gram per tonne gold, containing 121,600 ounces of gold.
Sulphide resources total 28.0 million tonnes of in-pit measured and indicated at 2.22 grams per tonne gold (2.0 million ounces gold), plus 15.5 million tonnes of inferred at 3.00 grams per tonne gold (1.5 million ounces gold).
Overall Copler measured and indicated resources total 70.5 million tonnes at a grade of 1.68 grams per tonne gold (3.8 million ounces) as contained in conceptual pit shapes. In addition to the measured and indicated resource, an inferred resource of 20.0 million tonnes at 2.52 grams per tonne gold (1.6 million ounces gold) was defined. This compares with the 359,000 ounces of measured and indicated and 3.6 million ounces of inferred reported last year.
The update follows a 171-hole, 29,564-metre, grid drilling campaign completed earlier this year as part of Anatolia's program to complete a feasibility study by end of first quarter 2006 and lead to a production decision shortly thereafter. Baseline and hydrological studies, metallurgy, site selection, and other work, are likewise well advanced. Andrew Kaczmarek, vice-president of mine development and Copler project manager, has been charged with overseeing and carrying out all aspects of this program, including co-ordinating with the engineering group charged with completing the feasibility study. The engineering group executing the feasibility study has been managing the metallurgical test program and co-ordinating study activities since last year and with the resource update in hand will now be able to complete the study.
Said Dick Moores, Anatolia's chief executive officer: "Confirmation of such a significant in-pit, measured and indicated resource is fantastic news, and should keep us on track to an early production decision. IMC's comprehensive review ensured that the measured and indicated resources met the criteria for economic extraction and were contained in a preliminary pit design based on a $430-per-ounce gold price. Estimates at other gold prices are also in the report. As a result, all material classified as measured and indicated qualifies as potentially minable material and will provide an excellent basis for the feasibility study. So far this year, Anatolia has grown the deposit by 1.4 million inferred ounces and converted 3.5 million ounces of inferred into measured and indicated. Our geologists continue to work to expand the gold resource at and around Copler."
A summary of the recently completed IMC resource estimate for Copler follows:
MEASURED
Tonnes Gold Silver
000s gpt gpt
Oxides --
mill only
Main 1,047 2.85 5.06
Manganese 7,189 2.74 10.69
Marble
Contact 1,424 4.21 4.89
Total
mill oxide 9,660 2.97 9.22
Oxides --
leach only
Main 2,539 0.95 2.08
Manganese 14,793 0.65 0.63
Marble
Contact 2,081 0.75 0.68
Total
leach oxide 19,413 0.70 0.83
Oxides
-- total
Main 3,586 1.50 2.95
Manganese 21,982 1.33 3.92
Marble
Contact 3,505 2.15 2.38
Total
oxides 29,073 1.45 3.61
Sulphides
total
Main 4,664 2.33 5.90
Manganese 4,749 2.01 10.90
Marble
Contact 610 3.63 2.11
Total
sulphides 10,023 2.26 8.04
Total
resource
Main 8,250 1.97 4.62
Manganese 26,731 1.45 5.16
Marble
Contact 4,115 2.37 2.34
Total
resource 39,096 1.66 4.75
INDICATED
Tonnes Gold Silver
000s gpt gpt
Oxides --
mill only
Main 1,083 2.82 3.92
Manganese 600 2.33 9.24
Marble
Contact 247 4.77 4.66
Total
mill oxide 1,930 2.92 5.67
Oxides --
leach only
Main 4,813 0.91 1.80
Manganese 5,843 0.54 0.33
Marble
Contact 824 0.71 1.28
Total
leach oxide 11,480 0.71 1.01
Oxides
-- total
Main 5,896 1.26 2.19
Manganese 6,443 0.71 1.16
Marble
Contact 1,071 1.65 2.06
Total
oxides 13,410 1.03 1.68
Sulphides
total
Main 14,038 2.24 5.75
Manganese 3,687 1.92 0.03
Marble
Contact 258 3.61 1.96
Total
sulphides 17,983 2.19 6.57
Total
resource
Main 19,934 1.95 4.70
Manganese 10,130 1.15 4.39
Marble
Contact 1,329 2.03 2.04
Total
resource 31,393 1.70 4.49
MEASURED + INDICATED
M+I
Tonnes Au Ag Au ozs
000s gpt gpt 000s
Oxides --
mill only
Main 2,130 2.83 4.48 194
Manganese 7,789 2.71 10.55 679
Marble
Contact 1,671 4.29 4.85 230
Total
mill
oxide 11,590 2.96 8.61 1,103
Oxides
-- leach
only
Main 7,352 0.92 1.90 217
Manganese 20,636 0.62 0.55 411
Marble
Contact 2,905 0.74 0.85 69
Total
leach
oxide 30,893 0.70 0.90 697
Oxides --
total
Main 9,482 1.35 2.48 411
Manganese 28,425 1.19 3.29 1,090
Marble
Contact 4,576 2.04 2.31 299
Total
oxides 42,483 1.32 3.00 1,800
Sulphides
total
Main 18,702 2.27 5.80 1,365
Manganese 8,436 1.98 10.54 537
Marble
Contact 868 3.61 2.06 101
Total
sulphides 28,006 2.22 7.11 2,003
Total
resource
Main 28,184 1.96 4.68 1,776
Manganese 36,861 1.37 4.95 1,627
Marble
Contact 5,444 2.29 2.27 400
Total
resource 70,489 1.68 4.64 3,803
INFERRED
Inferred
Tonnes Au Ag Au ozs
000s gpt gpt 000s
Oxides --
mill only
Main 290 2.57 0.92 24
Manganese 255 1.90 0.35 15
Marble
Contact 9 2.90 0.19 1
Total
mill
oxide 554 2.27 0.65 40
Oxides
-- leach
only
Main 1,552 0.80 0.73 40
Manganese 2,146 0.55 0.26 39
Marble
Contact 251 0.53 2.50 4
Total
leach
oxide 3,949 0.65 0.59 83
Oxides --
total
Main 1,842 1.08 0.76 64
Manganese 2,401 0.69 0.27 54
Marble
Contact 260 0.61 2.42 5
Total
oxides 4,503 0.84 0.59 123
Sulphides
total
Main 15,046 3.03 5.41 1,466
Manganese 454 2.01 5.24 29
Marble
Contact 28 5.55 2.52 5
Total
sulphides 15,528 3.00 5.40 1,500
Total
resource
Main 16,888 2.82 4.90 1,531
Manganese 2,855 0.90 1.06 82
Marble
Contact 288 1.09 2.43 10
Total
resource 20,031 2.52 4.32 1,623
The resource estimate prepared by IMC reflects metallurgical testwork performed by Research Development Inc. (RDi) of Denver, Colo. Recoveries for oxide ores are based on available test results. Approximate average mill recoveries for gold were 88 per cent for the Manganese zone, 83 per cent for the Marble Contact zone and 78 per cent for the Main zone. Recoveries used for the heap leach ores were generally between 66 per cent and 76 per cent. Heap leach testwork continues. Sulphide mill recoveries were estimated at 75 per cent based on preliminary testwork as reported in the December, 2003, conceptual study.
The following bottle-roll results are presented for comparative purposes with previously announced results. For 2004, about 264 samples from the grid drilling were composited for bottle-roll tests to determine the cyanide leachability of the gold. The composites varied from totally oxidized to unoxidized. The 2005 values for the Manganese mine zone result from the composite of about 315 samples which are oxide. A total of 131 oxide composite samples were used for the 2005 values associated with the Marble Contact zone.
The table below indicates average recoveries achieved from these oxide zone samples, compared with previous tests:
Average Bottle Bottle
cyanide Au roll roll
recovery cyanide Au cyanide Au
Rio Tinto recovery recovery
2003 2004 2005
Manganese
mine zone 92% 82% 90%
Marble
Contact
zone 80% 88% 84.9%
Main zone 80% 84% -
Assays are performed by OMAC Laboratories, Ireland, and ALS-Chemex, Vancouver, B.C., Canada, with quality control of sampling, preparation and assaying overseen by Anatolia, whose president, Richard C. Moores, is a qualified person for the purposes of applicable Canadian securities regulations. The independent qualified person responsible for the above resource estimates is John M. Marek, PEng, president of IMC. A technical report prepared to National Instrument 43-101 requirements will be lodged within 30 days of this release.
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