Northaven Historical Report on Regal Silver Mine
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 3, 2013) -
Northaven Resources Corp. (TSX-VENTURE:NTV) is pleased to announce
that it has obtained an historical technical report (the "Report")
dated 1971 containing a positive feasibility review and
recommendation for production at that time on its Regal Silver
polymetallic mine property 31 km north east of Revelstoke, B.C.
accessed by a 10 kilometer mine service road off the Trans-Canada
Highway.
The Report, written by M. C. Robinson, P.Eng. and J.D. Guild in
May 1971, contains a complete feasibility review of the Regal
Silver Mine, including a reserve report, mine plan, processing
recommendations and mill plans. The Report, which was prepared
using a silver price of $1.75 per troy ounce ("troz") makes a
positive recommendation for production, including the establishment
of a 500 ton per day concentrator with a 400 ton per day silver,
lead and zinc circuit and a 100 ton per day tin, tungsten and
copper circuit. Metallurgical recoveries, based upon an extensive
metallurgical study conducted by Energy, Mines and Resources in
Ottawa and 10 others, which were subsequently reviewed by Bacon
Donaldson, Vancouver (1983), are 86% for silver, 90% for lead and
70% for zinc with 64% recovery of tungsten, with the majority of
the silver reporting with the lead.
The Regal Silver Mine has had a long and varied history with
small amounts of production up to 1953. The Mine is largely
developed with over 22,000 feet (6,707 meters) of horizontal adits,
cross-cuts and raises over ten levels in place which cover a
vertical distance approximately 1,000 feet (305 meters) from the No
1 level at the 5,555 feet (1,693.6 meter) elevation down to the No.
10 level at 4,555 feet (1,388.7 meter) elevation. Very little work
and no known production has taken place since completion of the
Report in 1971.
Mineralization within the mine is comprised of galena,
sphalerite, pyrite, tetrahedryite, cassiterite, stannite, scheelite
and various silver minerals in a quartz-carbonate matrix deposited
in fracture zones. These zones are expressed as a series of
sub-parallel structurally controlled veins, striking northwesterly
and dipping to the northeast at angles varying between 65° near
surface, flattening to nearly 25° at 300 meters of depth, which
vary in width from 1 foot to 30 feet (0.3 to 9.1 meters), with an
average width of nearly 8 feet (2.44 meters).
The Report bases its analysis on the following reported
mineralization:
Category* |
Tons |
Silver (troz) |
Lead (%) |
Zinc (%) |
Tungsten (WO3) tons |
Tungsten (WO3) % |
"Probable Ore"* |
114,146 |
3.24 |
3.32 |
1.58 |
9,060 |
1.09 |
"Possible Ore"* |
323,911 |
3.15 |
3.26 |
1.61 |
9,700 |
1.02 |
* These reserve categories pre-date and are non-compliant
with National Instrument 43-101 ("NI 43-101"). The Company has not
independently verified the above results and considers them to be
"Historical Estimates" under NI 43-101 and is not relying on them
as current NI 43-101 compliant mineral resources or
reserves. |
Mineralization classified in the Report as "Probable Ore"
corresponds to "a Probable Mineral Reserve" and "Possible Ore" to
an "Inferred Mineral Resource" under NI 43-101, based on
calculations and costs at the time of the Report, but additional
work by a "Qualified Person" under NI 43-101 will be required to
upgrade or verify the Historical Estimate to current NI 43-101
standards, including confirming current potential for economic
recovery for any mineralization to be classified as a 'Reserve' by
way of a feasibility study. This work will include additional
mapping, assaying and drilling to verify quantity, grade and
category of mineral resource, review and updating of all cost data
to current levels, as well a review of the proposed mine plan,
metallurgical processing recommendations in the Report and
economic, pricing and other factors related to the recommendations
in the Report. The Company is currently reviewing the Report with
third party consultants to determine the costs and parameters for
upgrading the Report to full NI 43-101 standards and plans to
prepare an updated report for publication in due course.
The Report appears to have been prepared in a competent and
diligent manner and Company considers it to be reliable, subject to
verification and upgrading to current standards. The Company also
considers the Report particularly relevant in that, after careful
consideration, the Report authors found the project to be
economically viable and recommended production at that time.
Although the reported reserves will require re-verification, since
the mine was never put in to production after the date of the
Report, any resource that existed at that time is still in place.
Also, although there has been a significant escalation in many
costs since the date of the Report, metal prices have also
significantly increased, likely even more than relevant costs. The
Report based its calculations on a price of $1.75 per troz for
silver and $0.145 per pound for lead and zinc. Recent prices have
been 6- 10 times that amount (silver: $22.57 per troz; lead: $0.973
per lb.; zinc: $0.86 per lb. - Kitco, Nov 4, 2013). In addition,
there have been a number of significant improvements in access,
infrastructure and availability of resources and materials in the
Revelstoke area subsequent to the date of the Report, which should
have a positive impact on overall economic viability.
The Report indicates there is also excellent potential for
upgrading or improving mineral resources in and around the
Mine.
Reserve blocks in the Report were calculated mainly by level
assays extending, in most cases, a maximum of 25 feet (7.62 meters)
above and below the assay level. Since mine level separations
average approximately 100 feet (30.48 meters), over 50% of most of
the mineralization within the vein structures has not been
adequately sampled and has consequently been treated as "Possible
Ore" and not "Probable Ore", even though it lies within the vein
structure. Additional assay information developed by subsequent
drilling should increase the sampling density and provide better
definition to the confidence level of the Reserve calculations,
which could significantly increase the amount or quality of
identified mineral resources.
The Report notes that, although there are at least 5-6 veins
identified in the mine area, only one ("No 5 vein") provided 95% of
the reported reserve, with most of the other veins being excluded
due to limited exploration or development. None of the veins
reported in the Mine have been drilled to depth and all remain open
in both strike directions.
Geological mapping executed to date (2013), including the
mapping on the veins in the Mine, has been very limited. The Report
also notes that are at least 14 other veins exposed at surface for
distances of up to 2,400 feet (731.7 meters) which have not yet
been fully mapped and have received only limited exploration. All
20+ veins are open at both ends and to depth. The authors conclude
that "the presence of additional economic mineral occurrences
appears likely". There is currently insufficient exploration
to define a mineral resource based on this information, and the
quantity and possible grade of any such potential resource should
be considered conceptual until delineated by subsequent mapping,
sampling and drilling.
In addition to exploration targets in and immediately around the
existing mine area, existing data from the mine and the surrounding
region supports a geological model that offers a much larger
exploration target.
The Regal Silver Mine lies at the southeastern end of an
anomalous zone of mineralization identified as being over 2,500
meters long and approximately 300 meters wide. Approximately 6,500
meters northwest, on the same anomalous zone, the Allco Silver
showing has been identified as being 300 meters wide and over 3,000
meters long. Prior limited production of hand-picked ore from the
Allco Silver Workings yielded average grades of 1,230 g/t silver
(35.87 troz/ton), 15% zinc and 40% lead (Minfile # 082N016). Data
from the Company's previously reported ZTEM geophysical program
shows a strong geophysical anomalous zone that corresponds closely
to the geology and extends over 6 kilometers in length, connecting
both projects. As a conceptual model, if both projects are part of
a continuous mineralizing structure with average width of 300
meters and approximate length of 6 kilometers, this structure may
contain an exploration target of 3.1-76+ million tons of
mineralization (assuming identification of 4-20 veins averaging 1-3
meters each and average depth of 400 meters and 10%
mineralization), which could in turn contain grades ranging from
1.5 troy ounces (troz) of silver (Ag) per metric tonne, 1.5% lead
(Pb) and 1.0% zinc (Zn) to 3.0 troz Ag per metric tonne, 3.5% Pb
and 2.0% Zn, plus quantities of recoverable tin and tungsten.
The Company plans to test this model, subject to financing, by
further mapping, sampling and drilling starting with extensions of
known zones of mineralization at the Regal Silver Mine and at the
Allco Silver Workings and expanding further through the target zone
between the projects.
"We are very excited by this Report," said Malcolm
Fraser, Chief Geologist for Northaven. "Not only does it
strengthen our confidence in the Regal Silver Mine, it also
provides support for a geological model with a very large
exploration target adjacent to the Mine, which, if confirmed, could
make this into a very large project."
The Company plans to advance the Regal Silver toward possible
production and testing the target in the coming year, subject to
funding.
To view the maps associated with this press release, please
visit the following link:
http://media3.marketwire.com/docs/Northaven-Dec312-Maps.pdf.
This news release has been reviewed with respect to technical
information by Phil Southam, P. Geo., an independent Qualified
Person under National Instrument 43-101.
On behalf of the Board of Directors of Northaven Resources
Corp.
Allen D. Leschert, CEO
All other technical data herein is based on information
contained in technical reports or summaries prepared by independent
third parties which has not been independently verified by the
Company, and which remains subject to confirmation by subsequent
evaluation. Neither the TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. This news release may contain
assumptions, estimates, and other forward-looking statements
regarding future events. Such forward-looking statements involve
inherent risks and uncertainties and are subject to certain
factors, many of which are beyond Northaven's control, which may
cause actual results or performance to differ materially from those
currently anticipated in such statements.
Northaven Resources Corp.Malcolm FraserPresident604
696-3608malcolm@northavenresources.comNorthaven Resources
Corp.Allen LeschertCEO604
696-3600allen@northavenresources.comwww.northavenresources.com
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