THEMAC Resources Group Limited (TSX VENTURE:MAC) ("THEMAC" or "the
Company") today provided an update on the Copper Flat project
including gold-silver historic pulp re-assay program,
pre-feasibility progress and 2011 drill program progress.
AU-AG RE-ASSAY PROGRAM
THEMAC Resources Group Ltd recently completed a re-assay of a
statistically selected number of Copper Flat's historical pulps for
gold and silver. SRK was requested, as part of the Preliminary
Economic Assessment, to ascertain if there are a sufficient number
of the gold and silver assays for inclusion in the resource
estimation. From a total copper-moly assay record database of
15,018 samples, a sub-set of 4,625 samples (2,969 of which were
re-assayed pulps) were shown to contain 0.1 grams of gold and 2.36
grams of silver per ton.
Figure 1 shows the distribution of the 4,625 gold and silver
assay intervals throughout the existing resource model.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/THEMAC-Fig1CopperM.pdf
For their evaluations, SRK assumed that copper, silver and gold
were geologically related. Essentially, the thought was that
copper, silver and gold occurred in the deposit at the same sites
and were deposited by the same geological processes. SRK carried
out a geostatistical analysis of gold and copper illustrating gold
as being well correlated with copper. SRK's conclusions and
recommendations state that gold be estimated using co-kriging
estimation and that gold and silver be incorporated in the resource
model.
This data has been provided to IMC, a geologic resource
estimating firm in Tucson that is currently working on a 43-101
compliant resource model for incorporation in the ongoing
pre-feasibility being conducted by M3 Engineering of Tucson,
Arizona. IMC will include the gold and silver data in their
resource modeling for pre-feasibility. IMC reviewed the SRK
analyses of the gold-silver re-assays, and concluded (using
different geostatistical methods, i.e. not co-kriging) no
additional re-assaying of the pulps will be necessary to
incorporate Au-Ag into the resource-reserve calculations for
pre-feasibility work indicating that the 4,625 assay intervals are
sufficient.
PRE-FEASIBILITY PROGRESS UPDATE
The pre-feasibility study is currently scheduled for completion
in early first quarter, 2012. All trade off studies have been
completed, a preferred tailings disposal plan was selected, milling
equipment has been sized and configured, site general arrangement
plans are being finalized, and an initial economic model has been
built. Mining sequence will fallout of IMC's resource and mine plan
report later this year as will the milling material and water
balance. Both are currently under study. The existing foundations
of the original Copper Flat Mine were covered with topsoil when
reclaimed in the 1980s. The foundations were recently excavated and
found to be in excellent condition. The current engineering design
incorporates use of the original foundations.
COPPER FLAT DRILLING PROGRAM-2011
A forty-seven hole drilling program and accompanying exploration
permit was approved through the state and federal agencies in May,
2011, with drilling initiated in June 2011. This is designed as a
pre-feasibility and feasibility drilling program to address
resource and engineering questions at Copper Flat. Fourteen high
priority infill holes of this program will be completed during
2011, evaluated and used to design the drilling needed for the
final feasibility.
Leading up to the drilling program, a Titan 24 DCIP/MT survey
was completed in March 2011 by Quantec Geosciences over the Copper
Flat area. In June, Emblem Exploration Services were contracted to
interpret the results. The survey consisted of 9 Titan-24 "spreads"
approximately 2500 meters in length, with lines 1 and 2 each
composed of 3 end-to-end spreads and lines 3, 4, and 5 one spread
each. Lines 1 and 5 are oriented NNE and lines 2, 3 and 4 are
oriented WNW. The survey and lines were designed to intersect over
the known intrusive exposure at Copper Flat, with the exception of
line 4 which lies well south of the intrusive. Both MT and DC/IP
were acquired on all 5 lines, with MT used for deep resistivity
investigation which allows for a high degree of lateral resolution;
and IP used in the search for sulfide mineralization. The MT
resistivity data was used to determine the potential subsurface
extent and geometry of the intrusive stock (where the current
Copper Flat resource is defined); and the IP data was used to
determine the location of sulfide mineralization. The data and
interpretations from the survey were used to guide some of the
drill hole placements during this 2011 drilling program.
Phase 1 of the drill program has concluded. A total of 14 holes
were drilled totaling 16,539 feet. Assay results are being returned
and will be analyzed internally prior to beginning phase 2.
All geological information gained through phase 1 will be
incorporated into the overall pre-feasibility evaluations that are
progressing at Copper Flat. Initial drill results will be released
as soon as internal analysis and QAQC procedures have been
completed and verified.
"Work at Copper Flat is progressing well," said Andre Douchane,
CEO of THEMAC Resources Group. "The advancements in the gold-silver
re-assays and the 2011 drilling program are providing valuable
insight for the pre-feasibility work going forward."
About the Copper Flat Project
Copper Flat is a former producing mine located approximately 20
miles southwest of Truth or Consequences in Sierra County.
Permitting for a return of the project to production is at an
advanced stage, and a prefeasibility study is in progress and
targeted for completion during 2011.
The Copper Flat project is a porphyry
copper-molybdenum-gold-silver deposit. The deposit has NI43-101
Indicated Mineral Resources of 107 million short tons grading
0.303% copper and 0.01% molybdenum for 645 million lbs copper and
21.4 million lbs molybdenum, plus Inferred Mineral Resources of 46
million short tons grading 0.24% copper and 0.006% molybdenum for
222 million lbs copper and 5.6 million lbs molybdenum.
The gold and silver content of the deposit is evidenced by
historic production and metallurgical test work, and gold and
silver are targeted for incorporation into the deposit's NI43-101
Mineral Resource statement following completion and interpretation
of a re-assay program using historic drill pulps.
An NI43-101 Preliminary Economic Assessment ("PEA") dated June
30, 2010 and updated February 25, 2011 has been completed for
Copper Flat and can be viewed on SEDAR. Technical information in
this news release has been approved by Mr. Barrett Sleeman, P.Eng.,
a Qualified Person under NI 43-101, who is Executive Director of
the Company.
Civil infrastructure in place at Copper Flat includes a tailings
dam, largely pre-stripped open pit, power lines, water well field
and pipeline, access roads, diversion channels and building
foundations. The project land package comprises in excess of 1,200
hectares. For more information visit
www.THEMACresourcesgroup.com.
About THEMAC Resources Group Limited
THEMAC is a copper development company with a strong management
team and as of May 18, 2011, a 100% ownership interest in the
Copper Flat copper-molybdenum-gold-silver project in New Mexico,
USA. We are committed to bringing the closed copper mine, Copper
Flat, in Sierra County, New Mexico back into production with
innovation and a sustainable approach to mining development and
production, local economic opportunities and the best reclamation
practices for our unique environment. The Company is listed on the
TSX Venture Exchange (ticker: MAC) and has issued share capital of
74,117,622 common shares (fully diluted share capital 134,523,241).
For more information please visit www.themacresourcesgroup.com or
review the Company's filings on SEDAR (www.sedar.com).
Forward-Looking Statements
This news release may contain certain information that
constitutes forward-looking statements. Forward-looking statements
are frequently characterized by words such as "plan," "expect,"
"project," "intend," "believe," "anticipate" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. Forward-looking statements are based on the opinions
and estimates of management at the date the statements are made,
and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
These factors include the inherent risks involved in the
exploration and development of mineral properties, the
uncertainties involved in interpreting drilling results and other
geological data, fluctuating metal prices and other factors
described above. The Company disclaims any obligation to update or
revise any forward-looking statements if circumstances or
management's estimates or opinions should change. The reader is
cautioned not to place undue reliance on forward-looking
statements.
Neither the TSX Venture Exchange (the "TSXV") nor its Regulation
Services Provider (as that term is defined in the policies of the
TSXV) has reviewed, nor do they accept responsibility for the
adequacy or accuracy of, this release.
Contacts: THEMAC Resources Group Limited Andre J. Douchane CEO
(416) 671 8089 or (520) 850 7529www.themacresourcesgroup.com
Themac Resources (TSXV:MAC)
Historical Stock Chart
Von Okt 2024 bis Nov 2024
Themac Resources (TSXV:MAC)
Historical Stock Chart
Von Nov 2023 bis Nov 2024
