Purecore Metals Inc. press release
Pacifica Resources Confirms Selwyn Project Mineral Resources
CSE - Canadian National Stock Exchange ยท Canada
Trading Symbol: PAX.TSX-V
VANCOUVER, Feb. 9 /CNW/ - Pacifica Resources Ltd. (PAX.TSX-V) is pleased to announce an updated, National Instrument 43-101 compliant mineral resource estimate for the Selwyn Project, Yukon and Northwest Territories including the Howard's Pass zinc-lead deposit. The new mineral resource estimate incorporates information collected during the 2005 exploration program including 53 diamond drill holes totaling 8,317 metres. The new mineral resource estimate was prepared by Independent Qualified Person John Nilsson, P.Eng. of Nilsson Mine Services Ltd. of Pitt Meadows, BC, Canada together with John J. O'Donnell, P.Geo. the onsite Qualified Person for Pacifica.
Highlights:
New independent NI 43-101 compliant mineral resource estimate completed for Howard's Pass zinc-lead deposit that confirms overall continuity and distribution of stratiform sulphide mineralization.
Indicated category: 33.50 million tonnes grading 5.52% zinc and 2.10% lead.
Inferred category: 112.91 million tonnes containing 5.40% zinc and 2.14% lead.
Historical mineral resource estimates can be viewed in detail in the June 2005 NI-43-101 report on the Howard's Pass property (www.sedar.com). Historical drilling and resource estimates, at the XY and Anniv deposits, by previous operators defined an "Indicated Mineral Inventory" of 115.4 million tonnes grading 5.38% zinc (Zn) and 2.08% lead (Pb) utilizing a 4.00% Zn+Pb cut-off grade. The historical report also reported, for the same 4.00% Zn+Pb cut-off grade, an "Inferred Mineral Inventory" of 367.1 million tonnes grading 5.12% Zn and 1.90 % Pb. These estimates pre-date NI 43-101. Diamond drilling and underground development have demonstrated the geologic continuity of the Howard's Pass deposit. Prior to the 2005 field season a total of 218 drill holes totaling 36,359 metres had been drilled on the Howard's Pass property, by previous operators, over two separate periods: 1973 to 1981 and 2000. All known zinc and lead mineralization is hosted within the Active Member. Recent drilling by Pacifica suggests that mineralization within the Active Member is laterally continuous over a distance exceeding 30 kilometres. The areas included in this resource estimate represent a relatively small portion of the indicated extent of the Active Member. The resources were estimated using Ordinary kriging of a 3D block model. Databases were verified; mineralized intercepts were composited on 1.5 meter intervals; classical statistics were evaluated; variography was undertaken; and the block model was populated with a restricted search for high-grade outliers. Bulk density was assigned for each block and resources were classified and reported following model validation. The Indicated mineral resources for the Howard's Pass deposits now total 33.5 million tonnes grading 5.52% zinc and 2.10% lead that contains 4.08 billion pounds of zinc and 1.55 billion pounds of lead. The Inferred mineral resources now totals 112.9 million tonnes grading 5.40% zinc and 2.14% lead that contains 13.44 billion pounds of zinc and 5.31 billion pounds of lead. The Inferred mineral resources are located adjacent to the main areas of drilling. In addition to the Indicated and Inferred resources, a mineral potential was calculated which contains 220.0 to 230.0 million tonnes within the various zones estimated between 4.0-5.0% zinc and 1.0-2.0% lead. The mineral potential represents the down dip and strike extension of the defined zones. Distances to the nearest drill hole of the mineral potential blocks average less than 350 metres with ranges between 1 and 700 metres. The additional geological information and more closely spaced drill holes are required to increase the confidence level and classification of these mineral resources. Closer spaced drilling will be undertaken from surface drill stations in 2006 and 2007. It should be noted that for the Potential resources: the potential quantity and grade is conceptual in nature; there has been insufficient exploration to define a mineral resource; and it is uncertain if further exploration will result in discovery of a mineral resource.
Table 1 presents the Indicated and Inferred mineral resources for the Howard's Pass deposits at a 2.0% cutoff grade for zinc.
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Table 1: 2006 Mineral Resource Estimate (at 2.0% Zinc Cutoff Grade)
Deposit Resource Million Zn Pb Zn Pb Class tonnes (%) (%) (Mlbs) (Mlbs) XY Indicated 20.91 5.90 2.37 2,717 1,090 Inferred 54.13 6.15 2.77 7,339 3,306 XY Nose Indicated Inferred 7.32 4.08 2.20 658 354 Brodel Indicated Inferred 12.11 4.31 1.16 1,150 308 Anniv East Indicated Inferred 18.38 4.46 1.28 1,805 518 Anniv Central Indicated 12.59 4.91 1.66 1,360 460 Inferred 20.97 5.38 1.79 2,485 827 Total Indicated 33.50 5.52 2.10 4,077 1,550 Total Inferred 112.91 5.40 2.14 13,437 5,313
Notes for Table 1:
1. Mineral Resources reported above have been calculated as of February 7, 2006 in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101.
2. Metal Prices used zinc at $US 0.70/lb and lead at $US 0.40/lb.
3. Assumed Metal Recovery to concentrates is 85% for zinc and 78% for lead.
Not all tonnage will be recovered in mining, nor will all metal be recovered in milling and processing.
Table 2: 2006 Mineral Resource Estimate For Various Cutoff Grades.
Indicated Cutoff Zn Pb Resource (%Zn) Tonnes (%) (%) S.G. 1.0 34,284,848 5.44 2.07 2.73 2.0 33,501,022 5.53 2.10 2.74 2.5 32,407,378 5.64 2.14 2.74 3.0 30,918,997 5.77 2.20 2.74 3.5 28,770,658 5.96 2.29 2.75 4.0 25,423,875 6.25 2.43 2.76 4.5 21,597,909 6.61 2.61 2.77 5.0 17,220,587 7.08 2.87 2.79 Inferred Cutoff Zn Pb Resource (%Zn) Tonnes (%) (%) S.G. 1.0 115,416,587 5.32 2.11 2.73 2.0 112,907,937 5.40 2.14 2.73 2.5 109,989,397 5.48 2.17 2.74 3.0 103,467,985 5.65 2.24 2.74 3.5 93,890,252 5.90 2.36 2.75 4.0 82,002,333 6.21 2.51 2.76 4.5 69,122,564 6.57 2.71 2.77 5.0 57,917,616 6.93 2.91 2.79
The 2005 exploration program was overseen by Qualified Person Jason Dunning P.Geo., Vice President Exploration for Pacifica. Onsite direction for the Selwyn Basin Project was by Qualified Person John J. O'Donnell P.Geo, Exploration Manager for Pacifica. It should be noted that Pacifica has an internal quality control and quality assurance (QA/QC) protocol that included the insertion of blank and duplicate assay samples with each batch of 20 assays submitted to ALS Chemex. Lead, and zinc analyzes were done by aqua-regia digestion with an AAS finish (ALS-Chemex). Mr. John Nilsson, P.Eng., and John J. O'Donnell, P.Geo. have reviewed and approved the contents of this press release. In accordance with National Instrument 43-101, a technical report on the mineral resource estimate for the Howards Pass Deposit will be filed on SEDAR within 45 days.
Pacifica's main focus is the exploration of its properties in the Howard's Pass District, Yukon that hosts large tonnages of zinc-lead mineralization. The known deposits have the potential for large scale production of zinc and lead, at a time when world zinc mine supply is in deficit and there are few new mines under development. As follow-up to the successful 2005 exploration program, Pacifica is planning an $8 million exploration program in 2006 to continue definition drilling of the XY, Anniv, and Brodel deposits, as well as follow-up on both the new discovery in the Don Valley. Drilling is also planned to explore the large portion of the basin that has not been previously drilled to define overall basin dimensions and grade distribution.
This press release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control and actual results may differ materially from the expected results.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OF THIS NEWS RELEASE.
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