Purecore Metals Inc. press release
Pacifica Resources Provides Additional Information on Historical Resource Estimate
CSE - Canadian National Stock Exchange ยท Canada
VANCOUVER, May 6 /CNW/ - Pacifica Resources Ltd. (PAX.TSX-V) in its news release of May 2, 2005 indicated that drilling in the 1970's by Placer Development Limited defined an Indicated Reserve of 115 million tonnes grading 5.4% zinc and 2.1% lead as part of a much larger body of mineralization, making the Howard's Pass District. The historical resource estimate predates the implementation of NI 43-101 and is not compliant with current accepted reserve and resource classification as set forth by Canadian Institute of Mining and Metallurgy, August 20, 2000 ("CIM Guidelines"). This release will provide additional information on the previously defined reserves, pending a detailed review of reserve and resource estimates in compliance with NI 43-101. Investors are cautioned that recent independent verification of the data has not been preformed and Pacifica has not conducted sufficient exploration to verify this historical resource and reserve estimate. Investors should not rely on the above published resource estimate until verified by a qualified person has been conducted and reported. The mineralization was first discovered in 1972 by Placer Development Limited and exploration continued through 1981, defining three mineralized zones. The mineralization is of the sedimentary exhalative type, characterized by stratabound and stratiform zinc-lead sulphide mineralization. A total of 210 diamond drill holes were completed in the period 1972 to 1981 by the Howard's Pass Joint Venture. The historic Indicated reserve of 115 million tonnes was defined in the XY and Anniv zones with a grade of 5.4% zinc, 2.1% lead (Placer, 1982 Annual Report). There is no economic evaluation that demonstrates the potential economic recovery of the mineralization and as such, applying current CIM Guidelines for reserve and resource classification none of the reserves should be considered as reserves. The published Indicated reserves should be considered as resources, with the following qualification, until a more detailed review of reserves and resources can be undertaken by an independent qualified person. In January 1983, an internal report by J. Morganti of Placer Development Ltd, stated and Indicated reserve of 115.4M metric tonnes (conversion of 127,208,000 million short tons) grading 5.41% zinc and 2.10% lead in the XY and Anniv zones. The Indicated reserve consisted of 60 million tonnes grading 5.51% zinc and 2.38% lead in the XY zone, and 55.5 million tonnes grading 5.29% zinc and 1.79% lead in the Anniv zone. The tabulation of reserves and resources also included 367 million tonnes of inferred resources grading 5.12% zinc and 1.90% lead within the Anniv and XY zones. The XY reserves and resources estimate was based on a total of 137 surface and underground diamond drill holes and included information from underground workings. The reserve estimate for the Anniv zone is based on 64 surface drill holes which are generally wide spaced. Dr. Harlan Meade, Qualified Person (note that Dr. Meade is not an independent QP), has undertaken a cursory review of the reserve and resource estimate in the January 1983 report, and is of the opinion that the estimate for the XY zone includes both indicated and inferred resources; similarly, the Anniv zone also includes both indicated and inferred resources as defined in CIM Guidelines. Until the reserves and resources have been reviewed in more detail or a new estimate has been determined, the published Indicated reserve and the inferred resources in the January 1983 report should be considered inferred resources. However, the Issuer is not treating the historical resources as NI 43-101 resources or reserves verified by an independent qualified person and investors should not rely on the above published resource estimate until verification by a qualified person has been conducted and reported.
Pacifica is a junior resource company focused on exploration for base metals in the Americas. The Company shares management with its major shareholder, Yukon Zinc Corporation, which is developing the Wolverine zinc-lead-copper-silver-gold deposit in south central Yukon.
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.
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