CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX VENTURE:
CML) is pleased to present updated National Instrument (NI) 43-101
compliant mineral resource estimates for its Halfway Lake and M11A
North nickel deposits in the Thompson Nickel Belt. The deposits are
located near the Company's Bucko Lake Nickel Mine (Bucko) and mill
operations located near Wabowden, Manitoba.
Drilling at the M11A North deposit in 2008, which is
approximately four kilometres north of the mill at Bucko, has
resulted in a 197% increase in contained nickel. Using a 1.0%
nickel cut-off grade, the Inferred Resource at M11A North deposit
was increased to 903,125 tonnes grading 1.55% nickel. At Halfway
Lake, exploration drilling resulted in a 46% increase in contained
nickel. Utilizing a 1.0% nickel cut-off grade, the Inferred
Resource at Halfway Lake now stands at 989,268 tonnes grading 1.20%
nickel.
Greg Collins, Crowflight's Vice President of Exploration,
commented, "We are pleased with these increases, especially at the
M11A North deposit, the closest satellite deposit to the Bucko
Operations. Drilling at M11A North in 2008 intersected some of the
highest grade material over the longest intervals to date, with the
best intercept defining a new zone of mineralization that remains
open for further expansion along strike and at depth. It is hoped
that our efforts to build reserves and resources near our
operations at Bucko will assist us to identify new opportunities to
expand production and extend the life of operations."
Updated resources at Halfway Lake and M11A North are presented
in Table 1 along with a summary of other resources associated with
nearby satellite deposits and the Bucko Lake Nickel Mine. Figure 1
depicts the location of these deposits relative to operations at
Bucko.
Table 1.
Summary of Combined Crowflight Reserve/Resources (using a 1.0% nickel
cut-off grade)
-------------------------------------------------------------
-------------------------------------------------------------
Inferred Resources Indicated Resources Probable Reserves(i)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Deposit Ni% Tonnes Ni% Tonnes Ni% Tonnes
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Bucko 1.50 6,227,685 1.30 3,931,685 1.84 2,395,834
----------------------------------------------------------------------------
----------------------------------------------------------------------------
M11A 1.55 903,126
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Apex(ii) 0.84 363,219
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Bowden(ii) 0.84 23,049,200
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Halfway Lake 1.20 989,268
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total 1.00 31,532,498 1.30 3,931,685 1.84 2,395,834
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Contained Nickel Pounds (1000's)
-----------------------
Inferred 694,415
-----------------------
Indicated 112,700
-----------------------
Probable 97,203
-----------------------
(i) Probable Reserves based on 1.4% nickel cut-off utilized in design
feasibility study (filed on Sedar April 24, 2007)
(ii) Indicated Resources at Bowden and Apex disclosed in press release
issued September 17, 2007
Crowflight is currently conducting an engineering study to
optimize production at Bucko based on the existing resource with
the goal of expanding production capacity. The study considers
higher rates of mining facilitated by a ramp from surface, the
shaft and the currently constructed 1,500 tpd mill capacity to
exploit an increased mining reserve based on a reduction of nickel
cutoff grade from 1.4%. The objective of this study is to optimize
financial return from the Bucko Deposit. The Company expects to
release the results of this study in the coming weeks.
The Crowflight Exploration team is working to build a sufficient
mass of low cost resources proximal to the mill at Bucko to
facilitate expansion of production and/or to extend the mine life.
As described above, recent exploration activity has been successful
in expanding resources at M11A North and Halfway Lake, as well as
discovering two new zones of mineralization near the past producing
Manibridge Nickel mine. Plans for 2009 include further exploration
drilling to expand resources and reserves at Bucko and M11A North.
The increases to Inferred Resources in 2008 reflect a discovery
cost of approximately $0.10 per pound contained nickel.
Discussion of M11A and Halfway Lake Deposits
M11A Deposit:
The M11A intrusion, located four kilometres north of Bucko,
hosts several small lenses of higher concentration nickel
mineralization within larger zones of low grade nickel. Initial
indications of mineralization were identified by Falconbridge Ltd.
during the 1970s. In 2006, a higher grade nickel zone referred to
as M11A North was discovered, which has been the subject of recent
drilling by Crowflight (refer to press releases dated March 28,
2006, April 20, 2006, May 8, 2007 and April 21, 2008). The Inferred
Resource estimate for the M11A North Zone is based on seven
historical holes drilled by its partner Falconbridge (now Xstrata
Nickel), and 12 holes drilled by Crowflight between 2006 and 2008.
The Deposit consists of two main zones. The Upper Zone was the main
source of resources estimated in 2007 (refer to press release dated
September 17, 2007). Drilling in 2008 identified a new Lower Zone
of mineralization (see press release dated April 21, 2008). The
increase in estimated Inferred Resources at M11A North is related
to material related to this new zone and a re-interpretation of
deposit geometry. Additional exploration at M11A North is planned
to further assess the resource potential of this new zone.
Halfway Lake:
The Halfway Lake deposit is located approximately 25 kilometres
north of the town of Wabowden and the Bucko mill. Mineralization at
Halfway Lake was first discovered by Falconbridge in 1995. In 2007,
Crowflight followed up favourable intercepts with the goal of
further assessing resource potential of the area resulting in the
calculation of initial inferred resources for the deposit. In 2008,
Crowflight drilled and additional eight holes totalling 3,411
metres which have been incorporated in the current resource update
(see press releases dated February 29, 2008 and April 21, 2008).
The deposit is located in an under explored portion of the belt and
retains the potential for additional resource expansion.
Notes on Mineral Resource Estimates
The resource calculations were completed by Crowflight personnel
under the supervision of Greg Collins, who is VP Exploration of
Crowflight, a Qualified Person under NI 43-101 guidelines and a
professional geoscientist experienced in the determination of
mineral resources and reserves.
The resource estimates were based on geological data collected
by representatives from Crowflight and chemical analysis provided
by ALS Chemex. The update incorporates historical exploration
information collected by Falconbridge and recent data collected by
Crowflight under a Joint Venture partnership with Xstrata
Nickel.
The resource estimates were prepared in accordance with the
Canadian Institute of Mining, Metal, and Petroleum (CIM) definition
standards regarding Mineral Resources and Reserves. Updated
resource calculations at M11A North and Halfway Lake were
independently reviewed by Eugene Puritch, P.Eng. of P&E Mining
Consultants Inc. (P&E) of Brampton, Ontario. Based on this
review, the resource estimation methodology employed by Crowflight
was verified and found to be consistent with industry standards.
Please refer to news releases dated April 20, 2006, April 27, 2006,
May 11, 2006, July 11, 2006, May 8, 2007, May 31, 2007, February
29, 2008, and April 21, 2008 for information concerning mineralized
intercepts.
The determination of mineral resources was based on
geostatistical block modeling using Gemcom Software utilizing the
inverse distance squared method for grade interpolation. Estimates
were based on a total of 19 holes at M11A North and 13 holes at
Halfway Lake. Composite lengths were based on a 1.5 metre ideal
interval within resource domain solids. The density of material was
based on average bulk density measurements taken in mineralized
intervals based on available density data. The Inferred Resource
calculation used a 150 metre search ellipse with minimums of two
drill holes and five samples per block. A 0.5% nickel cut-off grade
was used to constrain the interpolation model. Mineral resources
that are not reserves do not have demonstrated economic viability.
The estimate of mineral resources may be materially affected by
environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant issues.
Qualified Person Comments/Quality Control Procedures
This press release has been prepared and approved by Mr. Greg
Collins, P. Geo., Crowflight's Vice President of Exploration, a
Qualified Person under the NI 43-101 guidelines. The resource
estimate has been prepared in compliance with NI 43-101 reporting
guidelines, which requires that the estimate be prepared in
accordance with the "CIM Definition Standards on Mineral Resources
and Mineral Reserves as prepared by the CIM Standing Committee on
Reserve Definitions and as adopted by CIM Council, November 14,
2004".
The core sampling method applied during the 2005-2008 drill
campaigns followed NI 43-101 requirements and procedures as set
forth in the Diamond Drill Standard Procedures developed by
Falconbridge Limited. One control standard and one blank were
inserted per 40 samples. Three different internal control standards
representing different grades were utilized and the standard was
selected with similar grade as the samples submitted. All diamond
drill core samples collected during the 2005-2008 drill programs
were sent to the primary laboratory ALS Chemex in Thunder Bay,
Ontario for preparation and were subsequently analyzed in
Vancouver, British Columbia. Fire assays were performed on all the
samples for gold and PGE's which undergo an ICP-AES finish and
Sodium Peroxide Fusion. All other metals undergo an ICP-AES
finish.
Crowflight Minerals - Canada's Next Nickel Producer
Crowflight Minerals Inc. (TSX VENTURE: CML) is a Canadian junior
mining company that is bringing the Bucko Lake Nickel Mine near
Wabowden, Manitoba into production. Full commercial production is
expected to be achieved at Bucko in early 2009. The Company is also
focused on nickel, copper and Platinum Group Mineral (PGM) projects
in the Thompson Nickel Belt and Sudbury Basin.
Cautionary Note on Forward-Looking Information
Except for statements of historical fact contained herein, the
information in this press release constitutes "forward-looking
information" within the meaning of Canadian securities law. Such
forward-looking information may be identified by words such as
"plans", "proposes", "estimates", "intends", "expects", "believes",
"may", "will" and include without limitation, statements regarding
mineralization projections; exploration programs and the costs and
timing thereof; ability to convert resources into reserves and to
profitably mine identified deposits; production forecasts; and
development plans and costs. There can be no assurance that such
statements will prove to be accurate; actual results and future
events could differ materially from such statements. Factors that
could cause actual results to differ materially include, among
others, metal prices, competition, risks inherent in the mining
industry, and regulatory risks. Most of these factors are outside
the control of the Company. Investors are cautioned not to put
undue reliance on forward-looking information. Except as otherwise
required by applicable securities statutes or regulation, the
Company expressly disclaims any intent or obligation to update
publicly forward-looking information, whether as a result of new
information, future events or otherwise.
To view Figure 1: Location Map of Updated Inferred Resources
please view the following link:
http://media3.marketwire.com/docs/cml1021.pdf
----------------------------------------
TSX-V Trading Symbol: CML
Total Shares Outstanding: 269.7MM
Fully Diluted: 307.9MM
52-Week Trading Range: C$0.13 - $0.93
----------------------------------------
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Crowflight Minerals Inc. Mike Hoffman President and
CEO (416) 861-2964 Crowflight Minerals Inc. Heather Colpitts
Manager, Investor and Public Relations (416) 861-5803 Email:
info@crowflight.com Website: www.crowflight.com
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