KWG Resources Inc.: Black Horse Chromite Resource Now 77.9 Million Tonnes @ 35.3%
13 5월 2014 - 10:55PM
Marketwired
KWG Resources Inc.: Black Horse Chromite Resource Now 77.9 Million
Tonnes @ 35.3%
TORONTO, ONTARIO--(Marketwired - May 13, 2014) - KWG Resources
Inc. (TSX-VENTURE:KWG) ("KWG") has received from Sibley Basin Group
Geological Consulting Services Ltd. an updated geological report
and calculation of the resources inferred from drilling data
recovered to date from the Black Horse chromite deposit.
The report dated May 12, 2014 was authored by Alan Aubut, P. Geo.,
under the provisions of National Instrument 43-101. The resources
inferred therein were additionally informed by three drill
intercepts generated during the winter 2014 drilling campaign and
by the intercept in hole FNCB-13-031 which was not used in the 2013
calculation due to it being located 50 metres west of the western
claim boundary on the adjoining claim of Noront Resources Inc. The
report provides in part:
Using the drill hole data available as of May 6, 2014, an
Ordinary Kriged block model was created for the Koper Lake Project
chromite deposit. The volume modelled is 0.6 km long and has a down
dip extent of approximately 1.0 km with the top of the mineral zone
as high as 350 metres below surface and has been traced down to a
depth of approximately 1400 metres below surface. All of the
resources present have a low confidence in the estimate such that
they can be classified only as Inferred Resources. The following
table provides the identified Inferred Resources using a cut-off of
20% Cr2O3.
Classification |
Tonnes (millions) |
%Cr2O3 |
Inferred Resources |
77.9 |
35.3 |
- CIM Definition Standards were followed for classification of
Mineral Resources.
- The Mineral Resource estimate uses drill hole data available as
of May 6, 2014.
- The cut-off of 20% Cr2O3 is the same cut-off used for the Kemi
deposit as reported by Alapieti et al. (1989) and for the nearby
Big Daddy chromite deposit (Aubut, 2012).
- Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability.
Using this 20% cut-off, there are 77.9 million tonnes at a grade
of 35.3% Cr2O3 of Inferred Resources. Due to the uncertainly in the
estimate and that no mineability and dilution studies have been
applied to these resources, they may not all be economically
recoverable.
The drill hole spacing is 100 to 300 metres with several
off-azimuth holes. To date only 8 holes have tested the mineral
zone on the property and most of these intersections are very steep
and cut the zone at a very oblique angle. As a result there is poor
confidence in the lateral continuity of the mineralization to a
degree that all of the defined resources can be classified only as
Inferred Resources at this time.
The deposit remains open on strike to the northeast and at
depth. The increase in the size of the inferred resource is the
result of thickening of the deposit with depth. The true width of
the deposit ranges from approximately 100 metres at the
southwestern end to about 25 metres in the northeastern half. The
southwestern half of the deposit is dominantly layered chromitites
while the northeastern half is dominantly massive chromitite. It is
recommended that initially, further drilling be done to better
define the limits and continuity of the mineralisation in the
northeastern half, and secondly by infill drilling. The estimated
cost of the initial program is $3.5 million.
Maps and a cross-section can be viewed on the KWG websites:
www.kwgresources.com
M.J. (Moe) Lavigne, P.Geo., is the Qualified Person (QP) with
respect to this project and has reviewed and approved the related
information within this press release. Alan Aubut, P.Geo., author
of the 43-101 report, has reviewed and approved the related
information within this press release.
About KWG: KWG has a 30% interest in the Big Daddy
chromite deposit and the right to earn 80% of the Black Horse
chromite where resources are being defined. KWG has also acquired
interests in provisional patents including a method for the direct
reduction of chromite to metalized iron and chrome using natural
gas. KWG also owns 100% of Canada Chrome Corporation which has
staked claims and conducted a $15 million surveying and soil
testing program for the engineering and construction of a railroad
to the Ring of Fire from Exton, Ontario.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements:
This Press Release contains forward-looking statements that
involve risks and uncertainties, which may cause actual results to
differ materially from the statements made. When used in this
document, the words "may", "would", "could", "will", "intend",
"plan", "anticipate", "believe", "estimate", "expect" and similar
expressions are intended to identify forward-looking statements.
Such statements reflect our current views with respect to future
events and are subject to such risks and uncertainties. Many
factors could cause our actual results to differ materially from
the statements made, including those factors discussed in filings
made by us with the Canadian securities regulatory authorities.
Should one or more of these risks and uncertainties, such actual
results of current exploration programs, the general risks
associated with the mining industry, the price of gold and other
metals, currency and interest rate fluctuations, increased
competition and general economic and market factors, occur or
should assumptions underlying the forward looking statements prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, or expected. We do not
intend and do not assume any obligation to update these
forward-looking statements, except as required by law. Shareholders
are cautioned not to put undue reliance on such forward-looking
statements.
Shares issued and outstanding: 777,512,273
KWG Resources Inc.Bruce HodgmanVice-President416-642-3575 Ext.
103info@kwgresources.com
(TSXV:KWG)
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