Lithic Files Preliminary Economic Assessment Report for Crypto Zinc-Copper-Indium Project
05 Oktober 2010 - 3:25PM
Marketwired
Lithic Resources Ltd. (TSX VENTURE: LTH) (the "Company") announces
that the final report on a Preliminary Economic Assessment ("PEA")
of its 100% owned Crypto project in western Utah is now available
at www.sedar.com and www.lithicresources.com. The results of this
report, entitled "Preliminary Economic Assessment of the Crypto
Zinc-Copper Indium Project", were first published in an August 5,
2010 news release.
The study shows that the most likely development scenario at
Crypto would be that of a completely conventional underground mine
and mill complex producing clean, high value zinc-indium and
copper-gold-silver concentrates. In order to maximize economies of
scale and achieve an optimal processing rate of 3,500 tonnes per
day and a ten year mine life, however, it was necessary to consider
all sulphide resources, including lower grade mineralization. This
lowered overall head grades and led to a subeconomic conclusion for
the deposit as it has been outlined to date.
The study also noted that although the project has not yet
reached the economic threshold, there are higher grade zones within
the resource and that in aggregate, these represent 55-60% of the
minimum grade and tonnage required for an economic outcome. Since
the deposit is open in several directions, there is good potential
to expand existing sulphide and oxide resources and very good
potential for the discovery of new zones beyond these extensions.
The PEA recommends a US$3.6 million program of continued drilling
aimed at building the higher grade resource inventory and
identifying additional higher grade mineralization in outlying
zones. The project is fully permitted and bonded, allowing a quick
start to operations when market conditions permit.
The following independent resource estimate for Crypto, first
published in a November 19, 2009 release, reiterates both the base
case at a 3% zinc equivalent cutoff (Zn=$0.80/lb, Cu=$2/lb,
In=$500/kg) and a higher grade inventory using a 6% zinc equivalent
cutoff:
----------------------------------------------------------------------------
%ZnEq
Cut- Zn % % g/t Lb Lb Kg
off Tonnes Eq% Zn Cu In Zn Cu In
----------------------------------------------------------------------------
Sulp-
hide
----------------------------------------------------------------------------
Indic-
ated 3.00 5,800,000 6.60 4.44 0.309 48.8 568,151,000 39,446,000 283,100
----------------------------------------------------------------------------
Infe-
rred 3.00 13,805,000 6.83 4.84 0.372 37.4 1,472,057,000 113,191,000 516,400
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Indic-
ated 6.00 2,411,000 9.91 7.43 0.329 58.3 394,929,000 17,491,000 140,700
----------------------------------------------------------------------------
Infe-
rred 6.00 6,297,000 9.91 7.62 0.443 41.7 1,057,338,000 61,497,000 262,300
----------------------------------------------------------------------------
The technical information in this news release has been prepared
in accordance with Canadian regulatory requirements as set out in
NI43-101 and was reviewed by C.F. Staargaard, a Qualified Person as
defined in NI43-101.
A Preliminary Economic Assessment is a conceptual analysis of a
mine development scenario and is based on a number of economic and
technical assumptions. It includes Inferred Resources which are
considered too geologically speculative to be classified as Mineral
Reserves. Investors are cautioned that mineral resources that are
not mineral reserves do not have demonstrated economic viability.
US investors are further cautioned that existing SEC terminology
and rules regarding mineral resources do not conform with Canadian
and other internationally accepted standards.
LITHIC RESOURCES LTD.
C.F. Staargaard, President and CEO
"Neither the 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: Lithic Resources Ltd. C.F. Staargaard President and
CEO (604) 687-7211 info@lithicresources.com
www.lithicresources.com
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