KWG Files Updated NI 43-101 Technical Report for the Koper Lake Project Black Horse Chromite Resource Now 77.2 Million Tonnes...
03 Juni 2014 - 10:34PM
Marketwired
KWG Files Updated NI 43-101 Technical Report for the Koper Lake
Project Black Horse Chromite Resource Now 77.2 Million Tonnes @
35.1%
TORONTO, ONTARIO--(Marketwired - Jun 3, 2014) - KWG Resources
Inc. (TSX-VENTURE:KWG) ("KWG") has today filed an updated
geological report and calculation of the resources inferred from
drilling data recovered to date from the Black Horse
chromite deposit. The technical report, entitled "National
Instrument 43-101 Technical Report, Koper Lake Project Chromite
Deposit, McFaulds Lake Area, Ontario, Canada, Porcupine Mining
Division, NTS 43D16, Updated Mineral Resource Estimation Technical
Report, UTM: Zone 16, 548460m E, 5842511m N, NAD 83", is dated May
28, 2014 (the "Koper Lake Report") and was authored by Alan Aubut,
P. Geo., under the provisions of National Instrument 43-101. The
resources inferred in the Koper Lake Report were additionally
informed by three drill intercepts generated during the winter 2014
drilling campaign and by the intercept in hole FNCB-13-031 which
was not used in the 2013 calculation due to it being located 50
metres west of the western claim boundary on the adjoining claim of
Noront Resources Inc.
The inferred resources contained in the Koper Lake Report
supersede those reported in KWG's press release dated May 13, 2014.
The Koper Lake Technical Report can be found on KWG's SEDAR profile
at www.sedar.com.
The Koper Lake Report provides in part:
Using the drill hole data available as of May 11, 2014,
including new drilling done in early 2014, an Ordinary Kriged block
model was created for the Koper Lake Project chromite deposit. The
volume modelled is 0.6 km long and has a down dip extent of
approximately 1.0 km with the top of the mineral zone as high as
350 metres below surface and has been traced down to a depth of
approximately 1400 metres below surface. All of the resources
present have a low confidence in the estimate such that they can be
classified only as Inferred Resources. The following table provides
the identified Inferred Resources using a cut-off of 20% Cr2O3.
Classification |
Tonnes (millions) |
% Cr2O3 |
Inferred Resources |
77.2 |
35.1 |
- CIM Definition Standards were followed for classification of
Mineral Resources.
- The Mineral Resource estimate uses drill hole data available as
of May 11, 2014.
- The cut-off of 20% Cr2O3 is the same cut-off used for the Kemi
deposit as reported by Alapieti et al. (1989) and for the nearby
Big Daddy chromite deposit (Aubut, 2012).
- Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability.
Using this 20% cut-off, there are 77.2 million tonnes at a grade
of 35.1% Cr2O3 of Inferred Resources. Due to the uncertainly in the
estimate and that no mineability and dilution studies have been
applied to these resources, they may not all be economically
recoverable.
The drill hole spacing is 100 to 300 metres with several
off-azimuth holes. To date, only 8 holes have tested the mineral
zone on the property and most of these intersections are very steep
and cut the zone at a very oblique angle. As a result there is poor
confidence in the lateral continuity of the mineralization to a
degree that all of the defined resources can be classified only as
Inferred Resources at this time.
The deposit remains open on strike to the northeast and at
depth. The increase in the size of the inferred resource is the
result of thickening of the deposit with depth. The true width of
the deposit ranges from approximately 100 metres at the
southwestern end to about 25 metres in the northeastern half. The
southwestern half of the deposit is dominantly layered chromitites
while the northeastern half is dominantly massive chromitite. It is
recommended that initially, further drilling be done to better
define the limits and continuity of the mineralisation in the
northeastern half, and secondly by infill drilling. The estimated
cost of the initial program is $3.63 million.
M.J. (Moe) Lavigne, P.Geo., is the Qualified Person (QP) with
respect to this project and has reviewed and approved the related
information within this press release. Alan Aubut, P.Geo., author
of the Koper Lake Report, has reviewed and approved the related
information within this press release.
About KWG: KWG has a 30% interest in the Big Daddy
chromite deposit and the right to earn 80% of the Black Horse
chromite where resources are being defined. KWG has also acquired
interests in provisional patents including a method for the direct
reduction of chromite to metalized iron and chrome using natural
gas. KWG also owns 100% of Canada Chrome Corporation which has
staked claims and conducted a $15 million surveying and soil
testing program for the engineering and construction of a railroad
to the Ring of Fire from Exton, Ontario.
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.
Cautionary Note Regarding Forward-Looking
Statements: This Press Release contains or refers to
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as "plans", "expects", "is expected", "budget",
"estimates", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"might", "occur" or "be achieved". All information, other than
information regarding historical fact that addresses activities,
events or developments that KWG believes, expects or anticipates
will or may occur in the future is forward-looking information.
Forward-looking information contained in this Press Release is
subject to a number of risks and uncertainties that may cause the
actual results of KWG to differ materially from those discussed in
the forward-looking information, and even if such actual results
are realized or substantially realized, there can be no assurance
that they will have the expected consequences to, or effects on,
KWG. Should one or more of these risks and uncertainties, such as:
the actual results of current exploration programs; risks normally
incidental to exploration and development of mineral properties;
the uncertainty of mineral resources estimates; uncertainties in
the interpretation of drill results; the possibility that future
exploration, development or mining results will not be consistent
with expectations; the grade and recovery of ore varying from
estimates; the general risks associated with the mining industry;
adverse changes in commodity prices; currency and interest rate
fluctuations; increased competition and general economic and market
factors occur, or should assumptions underlying the forward-looking
statements prove incorrect, actual results may vary materially from
those described herein as intended, planned, anticipated, or
expected. We do not intend and do not assume any obligation to
update these forward‐ looking statements, except as
required by law. Shareholders are cautioned not to put undue
reliance on such forward‐looking statements.
Shares issued and outstanding: 777,512,273
KWG Resources Inc.Bruce HodgmanVice-President416-642-3575 Ext
103info@kwgresources.com
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