VANCOUVER, Sept. 20, 2016 /PRNewswire/ - Taseko Mines
Limited (TSX: TKO; NYSE MKT: TGB) ("Taseko" or the "Company") is
pleased to announce the discovery of a new high grade copper zone
northwest of the perimeter of the Extension Pit at Gibraltar.
Diamond Drill Hole (DDH) 2015-001 was drilled to a depth of 2,500
feet and intersected varying copper grades over 1,120 feet
including selected intervals totaling 240 feet averaging 0.68%
copper equivalent inside an interval of 510 feet averaging 0.42%
copper equivalent (see table for intersection details).
DDH 2015-001 was drilled to test the total thickness of
mineralization presented by three drill holes drilled in 1992.
There is evidence which indicates that Gibraltar has a large, high-grade core that
remains to be discovered, to the northwest and at reasonable depth.
The three holes illustrated in the table below all terminated in
mineralization at a depth of between 800 and 900 feet. None
of the core was assayed for gold at that time.
Historical Intersections
DDH 92-26 contains 305 feet of 0.50% Cu, last 45 feet returned
0.90% Cu
DDH 92-70 contains 220 feet of 0.61% Cu, last 73 feet returned
0.68% Cu
DDH 92-71 contains 240 feet of 0.41% Cu, last 250 feet returned
0.40% Cu
Russell Hallbauer, President and
CEO of Taseko, stated, "We are extremely excited about the grades
and intersection widths we have encountered in this most recent
drill hole. The new geological information gained was an
important consideration for our recently announced purchase of
adjacent mineral claims."
"Not only do copper grades appear to be dramatically increasing
towards the northwest, and at depth, the historical drill holes
were never assayed for gold. With gold and silver replacing
molybdenum in the mineralized zones, the copper equivalent grade
will increase, compared to that of our current resources and
reserves."
Mr. Hallbauer continued, "Based on historical and 2015 drill
results, we have initiated an exploration work program and will
commence drilling with an initial six holes, totaling approximately
15,000 feet, to better define and expand this new discovery.
We do not believe the core of the new zone has been found, as world
class porphyries like Gibraltar
usually exhibit links between the deeper magmatic source ores
upwards through transitional porphyry systems. Our present
ore deposits on the Gibraltar
property show indications of this vertical evolutionary
relationship. Up until this time, however, we have not
completely evaluated the overall potential for deeper
mineralization with increased grades beyond those we are presently
mining."
Assay summaries for DDH 2015-001; 1992-26; 1992-70;
1992-71
DH
ID
|
|
From
(feet)
|
To
(feet)
|
Interval
(feet)
|
Cu
(%)
|
Au
(gpt)
|
Ag
(gpt)
|
Mo
(%)
|
DDH
2015-001
|
|
577
|
1,087
|
510
|
0.38
|
0.04
|
1.5
|
0.0006
|
DDH
2015-001
|
Including
|
577
|
627
|
50
|
0.71
|
0.07
|
3.2
|
0.0009
|
DDH
2015-001
|
Including
|
687
|
747
|
60
|
0.53
|
0.06
|
3.1
|
0.0003
|
DDH
2015-001
|
Including
|
787
|
827
|
40
|
0.55
|
0.08
|
2.2
|
0.0005
|
DDH
2015-001
|
Including
|
957
|
1007
|
50
|
0.52
|
0.04
|
1.0
|
0.0002
|
DDH
2015-001
|
Including
|
1,047
|
1,087
|
40
|
0.72
|
0.09
|
2.9
|
0.0002
|
|
|
|
|
|
|
|
|
|
DDH
1992-26
|
|
600
|
905
|
305
|
0.49
|
Not
Assayed
|
2.9
|
0.0017
|
DDH
1992-26
|
Including
|
860
|
905
|
45
|
0.86
|
Not
Assayed
|
4.3
|
0.0007
|
|
|
|
|
|
|
|
|
|
DDH
1992-70
|
|
720
|
983
|
263
|
0.55
|
Not
Assayed
|
3.8
|
0.0010
|
DDH
1992-70
|
Including
|
900
|
983
|
83
|
0.68
|
Not
Assayed
|
2.9
|
0.0010
|
DDH
1992-70
|
Including
|
910
|
960
|
50
|
0.93
|
Not
Assayed
|
1.3
|
0.0010
|
|
|
|
|
|
|
|
|
|
DDH
1992-71
|
|
740
|
980
|
240
|
0.41
|
Not
Assayed
|
2.34
|
0.0008
|
DDH
1992-71
|
Including
|
740
|
860
|
120
|
0.54
|
Not
Assayed
|
2.7
|
0.0010
|
|
|
|
|
|
|
|
|
|
Note: Copper
equivalent grade is defined as (cu grade x cu recovery x 2204 x cu
price + au grade x au recovery / 31.1 x au price + ag grade x ag
recovery / 31.1 x ag price)/(cu recovery x 2204 x cu price). Values
used to calculate copper equivalent are: 87% cu recovery,
US$2.50/lb cu price, 80% au recovery, US$1,300/oz au price, 80% ag
recovery and US$18/oz ag price. True widths cannot be
determined from the information available.
|
Technical information contained in this Press Release has been
reviewed and approved by Scott
Jones, P.Eng., Vice President, Engineering and a Qualified
Person under National Instrument 43-101.
Russell Hallbauer
President and CEO
No regulatory authority has approved or
disapproved of the information contained in this news
release.
CAUTION REGARDING FORWARD-LOOKING
INFORMATION
This document contains "forward-looking statements" that were
based on Taseko's expectations, estimates and projections as of the
dates as of which those statements were made. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "outlook", "anticipate",
"project", "target", "believe", "estimate", "expect", "intend",
"should" and similar expressions.
Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the Company's
actual results, level of activity, performance or achievements to
be materially different from those expressed or implied by such
forward-looking statements. These included but are not limited
to:
- uncertainties and costs related to the Company's exploration
and development activities, such as those associated with
continuity of mineralization or determining whether mineral
resources or reserves exist on a property;
- uncertainties related to the accuracy of our estimates of
mineral reserves, mineral resources, production rates and timing of
production, future production and future cash and total costs of
production and milling;
- uncertainties related to feasibility studies that provide
estimates of expected or anticipated costs, expenditures and
economic returns from a mining project;
- uncertainties related to the ability to obtain necessary
licenses permits for development projects and project delays due to
third party opposition;
- uncertainties related to unexpected judicial or regulatory
proceedings;
- changes in, and the effects of, the laws, regulations and
government policies affecting our exploration and development
activities and mining operations, particularly laws, regulations
and policies;
- changes in general economic conditions, the financial markets
and in the demand and market price for copper, gold and other
minerals and commodities, such as diesel fuel, steel, concrete,
electricity and other forms of energy, mining equipment, and
fluctuations in exchange rates, particularly with respect to the
value of the U.S. dollar and Canadian dollar, and the continued
availability of capital and financing;
- the effects of forward selling instruments to protect against
fluctuations in copper prices and exchange rate movements and the
risks of counterparty defaults, and mark to market risk;
- the risk of inadequate insurance or inability to obtain
insurance to cover mining risks;
- the risk of loss of key employees; the risk of changes in
accounting policies and methods we use to report our financial
condition, including uncertainties associated with critical
accounting assumptions and estimates;
- environmental issues and liabilities associated with mining
including processing and stock piling ore; and
- labour strikes, work stoppages, or other interruptions to, or
difficulties in, the employment of labour in markets in which we
operate mines, or environmental hazards, industrial accidents or
other events or occurrences, including third party interference
that interrupt the production of minerals in our mines.
For further information on Taseko, investors should review the
Company's annual Form 40-F filing with the United States Securities
and Exchange Commission www.sec.gov and home jurisdiction filings
that are available at www.sedar.com.
SOURCE Taseko Mines Limited