Cogitore Resources Inc. (the "Company") (TSX VENTURE: WOO) is
pleased to report a material increase in the NI43-101 compliant
resource estimate for its copper, zinc, gold and silver project in
Scott Township, Chibougamau, PQ. The mineral resource estimate was
prepared by Bernard Salmon, ing., of Roscoe Postle Associates Inc.
("RPA"). A Technical Report in compliance with National Instrument
NI-43-101 will be filed on SEDAR within 45 days of this release.
Mineral resources have been classified as Inferred. Highlights
include:
5.3 million tonnes of 1.1% copper, 4.7% zinc, 0.3 g/t gold and
35 g/t silver using a $80 NSR cut-off grade (i).
-- 47% tonnage increase over initial 2010 resource estimate
-- 53% increase in contained pounds of copper metal of 46 million pounds
for a total of 133 million pounds of copper
-- 34% increase in contained pounds of zinc metal of 142 million pounds for
a total of 554 million pounds
-- 43% increase in contained ounces of silver of 1.7 million ounces for a
total of 5.9 million ounces
(i) Assumptions made by RPA for the determination of the $80 NSR
cut-off include a US$1.00 Canadian dollar and the following metal
prices: copper - US$3.25/lb, zinc - US$1.00/lb, gold - US $1000/oz,
and silver - US $20/oz.
The recently updated resource includes mineralization in eight
volcanogenic massive sulphide (VMS) lenses and two stringer
mineralized zones located over a 1.4 kilometre strike length. All
lenses range in depth from about 250 metres to 900 metres below
surface. Increases in resources attributable to higher value
massive sulphide-type (MS) mineralization are offset by lower
tonnage (66% of total tonnage in 2010 versus 49% in 2011) of lower
value footwall stringer and disseminated sulphides. Stringer-type
mineralization is particularly sensitive to a high Canadian dollar,
smelter terms and commodity prices, especially for zinc.
An historic non-compliant resource of 0.7M tonnes of 0.4% copper
and 6.9% zinc from bedrock surface to a depth of 400 metres for the
Selco-Scott Lens is NOT included in the updated NI43-101 compliant
resource. Further exploration is required to upgrade or verify this
historic resource estimate as a current mineral resource.
The current mineral resource estimate was done by block modeling
techniques, using a minimum horizontal width of 2.0 metres and a
Net Smelter Return cut-off of $80 per tonne. All technical
parameters will be fully disclosed in the RPA report, which will
also be posted on Cogitore's web site when received.
Potential for Additional Resources
There is potential to increase the resource base at Scott Lake.
Target areas include:
1. A new copper zone discovered in hole SC-61 (2.8% copper over 3.1m of
massive sulphide (MS) within a broader interval of MS and stringer-type
sulphides averaging 0.9% copper over 21.0m - press release of May 18,
2011)
2. Underexplored sections also remain associated with the Selco Rhyolite.
A 300+ metre 'gap' occurs between the still open Central Lens and still
open '34' Zinc Lens at relatively shallow depth (less than 400 metres
below surface).
3. A modest diamond drill program consisting of duplicate and infill drill
holes would also allow mineralization in the Selco-Scott Lens to become
NI43-101 compliant.
The potential to add significantly more tonnes to the current
mineral resource base is best exemplified by the dramatic increase
in tonnes and grade in the Central Lens in 2011, which is
indicative of the remaining potential to add material quantities of
mineralization within 'gaps' of relatively short trend lengths
within longer stretches of sparsely drilled or undrilled favourable
trends.
Dr. Gerald Riverin, Company President and CEO, commented: "This
new mineral resource estimate is yet another key milestone for the
Company and we are keen now to get back to our interpretation work
and design drilling programs that will continue to increase mineral
resources."
Work is carried out by technical personnel of Cogitore Resources
Inc., under the supervision of Gerald Riverin, PhD, P.Geo, who
prepared this release. He is a qualified person (as defined by
National Instrument 43-101) and has more than 31 years of
experience in mineral exploration.
Cogitore explores for VMS-type deposits in areas where
mineralization has been found and mined before. Exploring in such
areas is preferred because of existing infrastructure,
knowledgeable local workforces and broad public support for mining.
Collectively, these are major competitive advantages for logistics
and economics.
http://www.cogitore.com/
Forward Looking Statements
Certain statements contained in this news release may constitute
forward-looking information within the meaning of securities laws.
Forward-looking information may relate to our future outlook and
anticipated events or results and may include statements regarding
the expected infilling of intervening intercepts and the timing of
the updated report. In some cases, forward-looking information can
be identified by terms such as "may", "will", "should", "expect",
"plan", "anticipate", "believe", "intend", "estimate", "predict",
"potential", "continue", "does not expect", "budget", "scheduled",
"forecast" or other similar expressions concerning matters that are
not historical facts. These statements are based on certain factors
and assumptions regarding expected developments. While we consider
these assumptions to be reasonable based on information currently
available to us, they may prove to be incorrect.
Forward looking-information involves known and unknown risks,
uncertainties and other important factors that could cause actual
results, performance or achievements of the Company to differ
materially from the future results, performance or achievements
expressed or implied by such forward looking information. Such
risks, uncertainties and other important factors include, without
limitation: general economic conditions; access to skilled
consultants; the possibility that future exploration results will
not be consistent with the Company's expectations; uncertainties
involved in interpreting drilling results; unanticipated costs and
expenses; timing and availability of external financing on
acceptable terms; dependence on key personnel; future prices of
precious and base metals; failure of equipment or processes to
operate as anticipated; and risks inherent in mining exploration
and development including, but not limited to, unusual or
unexpected geological formations. Such factors are also described
or referred to under the headings "Property and Financial Risk
Factors Affecting Financial Instruments" and "Other Risk and
Uncertainties" of the Company's Management's Discussion and
Analysis for the quarter ending September 30, 2009, all of which
are incorporated by reference herein and are available at SEDAR at
www.sedar.com. We caution that the foregoing list of important
factors is not exhaustive. Investors and others who base themselves
on Cogitore's forward-looking statements should carefully consider
the above factors as well as the uncertainties they represent and
the risk they entail.
You should not place undue importance on forward-looking
information and should not rely upon this information as of any
other date. The Company undertakes no obligation to update publicly
or release any revisions to these forward-looking statements to
reflect events or circumstances after the date of this document or
to reflect the occurrence of unanticipated events except where
required by applicable laws.
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.
Contacts: Cogitore Resources Inc. Gerald Riverin President &
CEO 819-764-6666 Cogitore Resources Inc. Mark Goodman 416-924-9693
#1 www.cogitore.com/
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