Castillian Files NI 43-101 Technical Report for Updated Mineral Resource at Hope Brook Gold Project, Newfoundland
20 11월 2012 - 7:41AM
Marketwired Canada
Castillian Resources Corp. (TSX VENTURE:CT)(OTCQX:CTIIF) ("Castillian" or the
"Company") has filed a National Instrument 43-101 ("NI 43-101") compliant
technical report related to its press release issued on October 1, 2012
announcing an updated mineral resource estimate for the Hope Brook Gold Project
in southwest Newfoundland.
The independent technical report entitled "Updated Mineral Resource Estimate
Technical Report, Hope Brook Gold Project, Newfoundland and Labrador, Canada"
(the "Technical Report"), dated October 1, 2012, was prepared for Castillian by
AGP Mining Consultants Inc. and Mercator Geological Services Limited. The
Technical Report is available under the Company's profile on SEDAR at
www.sedar.com and on the Company's website at www.castillian.ca.
Dr. Bill Pearson, P.Geo., President & CEO of Castillian, commented: "The updated
NI 43-101 mineral resource estimate is another important step in further
advancing the Hope Brook Gold Project. This updated resource was accomplished
with a limited, but highly targeted, drilling program. Our technical
understanding of the deposit continues to grow and the mineral resources remain
open along strike and downdip. We are proceeding with the Phase I exploration
drilling program recommended in the Technical Report. Drilling of 6,000 metres
at Hope Brook has already commenced with three drills now operating. This
program will test six major target areas over a 3.4 kilometre strike length
southwest of the former mine."
The updated NI 43-101 compliant mineral resources on the Company's Hope Brook
Gold Project, as reported in the press release issued on October 1, 2012, are
estimated to contain 590,000 indicated ounces of gold and 548,000 inferred
ounces of gold as set out in Table 1 below.
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Table 1: Hope Brook Gold Project as at October 1, 2012 (see press release
dated October 1, 2012)(i),(ii)
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Within constraining shell Below constraining shell
@ 0.50 g Au/t cut-off @ 2.0 g Au/t cut-off
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Gold Gold Gold Gold
Category Tonnes g/t (Oz) Tonnes (g/t) (Oz)
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Indicated 10,624,000 1.24 422,000 1,743,000 2.99 168,000
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Inferred 6,458,000 1.91 397,000 1,792,000 2.62 151,000
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Total
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Gold Gold
Category Tonnes g/t (Oz)
----------------------------------------------------
Indicated 12,367,000 1.48 590,000
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Inferred 8,251,000 2.07 548,000
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(i) Rounding of tonnes as required by NI 43-101 reporting guidelines may
result in apparent differences between tonnes, grade and contained ounces.
Mineral resources that are not mineral reserves do not have demonstrated
economic viability. This estimate of mineral resources may be materially
affected by environmental, permitting, legal, title, taxation,
sociopolitical, marketing or other relevant issues.
(ii) There is a possible copper credit that is not included in the mineral
resource estimate due to missing copper assays for the historical drill
holes.
The Technical Report makes a number of recommendations for further work at Hope
Brook including:
-- Phase I
-- Diamond Drilling 6,500 metres
-- Phase II
-- Diamond Drilling 9,450 metres
-- Metallurgical work, acid base accounting, preliminary environmental
and geotechnical evaluations, tailings deposit assessment and
updated mineral resource estimate
-- Wireframe model update and Preliminary Economic Assessment (PEA)
study
A 6,000 metre Phase I diamond drilling program that will test six priority
target areas over a 3.4 kilometre mineralized trend between the past producing
Hope Brook Mine and the Chetwynd South Prospect is now in progress. Eighty
percent of the planned drilling is outside the current mineral resource (see
press release November 5, 2012).
SAMPLING, ASSAYING AND QUALITY CONTROL
All drill core in the Castillian diamond drilling program (NQ (47.6 mm), BQTK
(40.6mm) and BQ (36.4mm)) was logged, photographed and then sawn in half with
one-half sent to the laboratory for analysis and the other half retained and
stored on site. All core samples were prepared and assayed at ALS Chemex, with
sample preparation done in Sudbury and analytical work done in Vancouver. All
locations of ALS Chemex are ISO 9001:2000 certified. The entire sample received
is weighed and crushed to greater than or equal to 70% passing 2mm (10 mesh). A
sample split of up to 1000g is then pulverized to greater than or equal to 85%
passing 75 microns (200 mesh) to produce a homogenized sample. A 50g aliquot is
used for fire assaying with an atomic absorption (AA) finish to determine gold
concentration. Copper is initially analyzed using a four acid digestion ICP
(inductively coupled plasma-atomic emission spectrometry) method. Any results
for copper greater than 10,000 ppm are assayed further by a four acid digestion
and "ore grade" ICP method. Internal quality control includes the use of blanks,
duplicates and standards in every batch of samples. The Company also conducts
internal check assaying using certified external reference standards and blanks.
Regular external check assays are performed at a second certified Canadian
commercial laboratory. Castillian also inserts external reference standards as
well as blank granite drill core in each sample batch as a further external
check.
QUALIFIED PERSONS
Dr. Bill Pearson, P.Geo., President and CEO of Castillian, who is a qualified
person as defined by NI 43-101, has reviewed and approved the scientific and
technical content of this press release. Pierre Desautels, P.Eng., Principal
Resource Geologist, and Jay Melnyk, P.Eng., Principal Mining Engineer, both of
AGP Mining Consultants and Qualified Persons under NI 43-101 who are independent
of the Company, have prepared and authorized the release of the mineral resource
estimates presented herein. The Castillian and historical diamond drill hole
databases and geological model developed by Castillian were reviewed and
validated by Michael Cullen, P.Geo., of Mercator Geological Services, a
Qualified Person as defined under NI 43-101 who is independent of the Company.
ABOUT CASTILLIAN
Castillian Resources Corp. is a Canadian mineral exploration company listed on
the TSX Venture Exchange under the symbol "CT" and on the OTCQX International
under the symbol "CTIIF" The Company has gold and base metal properties in
Canada and South America. Castillian's flag ship property is the Hope Brook Gold
Project located in southwestern Newfoundland, which has 2.4 million tonnes at
1.48 g Au/t for 590,000 ounces of NI 43-101 compliant indicated mineral
resources and 8.2 million tonnes at 2.07 g Au/t for 548,000 ounces of inferred
mineral resources. Castillian has outlined an extensive new Gold-in-Soil anomaly
trend on its Canadian Creek property in the Yukon that is adjacent to Kaminak's
Sugar Gold-in-Soil trend.
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of
applicable Canadian securities legislation. Forward-looking information
includes, but is not limited to, statements regarding exploration prospects and
timing of future exploration. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as "plans", "expects"
or "does not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain actions, events or
results "may", "could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be materially different
from those expressed or implied by such forward-looking information, including
but not limited to: general business, economic, competitive, political and
social uncertainties; the actual results of current exploration activities;
future prices of mineral prices; failure of plant, equipment or processes to
operate as anticipated; accidents, labour disputes and shortages and other risks
of the mining industry. Although the Company has attempted to identify important
factors that could cause actual results to differ materially from those
contained in forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no
assurance that such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
information. The Company does not undertake to update any forward-looking
information, except in accordance with applicable securities laws.
Information Concerning Estimates of Indicated and Inferred Resources
This news release uses the terms "indicated resources" and "inferred resources".
Castillian advises investors that although these terms are recognized and
required by Canadian regulations (under NI 43-101), the U.S. Securities and
Exchange Commission does not recognize them. Investors are cautioned not to
assume that any part or all of the mineral deposits in these categories will
ever be converted into mineral reserves. In addition, inferred resources have a
great amount of uncertainty as to their existence, and economic and legal
feasibility. It cannot be assumed that all or any part of an inferred mineral
resource will ever be upgraded to a higher category. Under Canadian rules,
estimates of inferred mineral resources may not form the basis of feasibility or
pre-feasibility studies, or economic studies except for preliminary economic
assessments as defined under NI 43-101. Investors are cautioned not to assume
that part or all of an inferred resource exists, or is economically or legally
mineable.
FOR FURTHER INFORMATION PLEASE CONTACT:
Castillian Resources Corp.
Rob Hopkins
Investor Relations Manager
416-861-5899
rhopkins@castillian.ca
Castillian Resources Corp.
Bill Pearson
President & CEO
416-861-2968
president@castillian.ca
www.castillian.ca
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