TORONTO, ONTARIO ("Geoinformatics" or the "Company") is pleased
to announce an initial independent National Instrument (NI)
43-101-compliant Mineral Resource Estimate for the Azulitas
Prospect ("Azulitas") on its La Noria Project in Sinaloa, Mexico.
The estimate establishes an Inferred Resource consisting of 5.63
million tonnes grading 0.54% copper, 12.2 grams per tonne (g/t)
silver, 0.08g/t gold and 0.04% molybdenum (0.06% MoS2) which
contains 67.4 million pounds (Mlbs) of copper, 2.2 million ounces
(Moz) of silver, 4.34 Mlbs of molybdenum and 15,200 ounces of gold.
On a copper equivalent basis, total contained metal equals 111.3
million lbs. of copper, using the metal pricing assumptions set
forth in Note 2 to Table 1.
Highlights
The NI 43-101 Mineral Resource Statement for Azulitas
indicates:
- An Inferred Resource containing 5.63 million tonnes (Mt) of
mineralization grading 0.54% copper, 12.2 grams per tonne (g/t)
silver, 0.08 g/t gold and 0.04% molybdenum (0.06% MoS2), all
determined using a copper-equivalent cut-off grade of 0.30%.
- The average overall grade of the Inferred Resource is 0.90% on
a copper-equivalent basis.
- A higher-grade molybdenum core contains 1.89 million tonnes
grading 0.09% molybdenum (0.15% MoS2).
- Azulitas is the first of a cluster of polymetallic breccia
pipes and fracture zones on the La Noria Project to be evaluated
under NI 43-101 guidelines. Geoinformatics has identified several
other pipes on the property that have shown potential for economic
widths and grades from historical drilling.
Resource Estimate Summary
The independent resource estimate, prepared by SRK Consulting
(Canada) Inc. ("SRK"), is reported in accordance with Canadian
Securities Administrators' NI 43-101 and conforms with the
generally accepted Canadian Institute of Mining (CIM) "Estimation
of Mineral Resource and Mineral Reserves Best Practices"
Guidelines.
Drilling at Azulitas has confirmed a mineralized
breccia/fracture zone over a strike length of approximately 300
metres, averaging 60 metres in width, with mineralization extending
from surface to depths of at least 220 metres. The mineralized-zone
is open at depth on at least one section.
Table 1. Inferred Mineral Resource Statement(i) for the Azulitas Copper-
Silver-Gold-Molybdenum Deposit, Sinaloa, Mexico
SRK Consulting (Canada) Inc. - February 11, 2008
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Quantity and Grades Total Contained Metal
----------------------------------------------------------------------------
Cop-
per Moly- Moly-
Eq. Cop- Sil- bde- MoS2 Copper bde- Sil-
Tonnes (2) per Gold ver num (3) Eq.(2)Copper num Gold ver
(000s) (%) (%) (g/t) (g/t) (%) (%) (Mlbs) (Mlbs) (Mlbs) (oz)(Moz)
----------------------------------------------------------------------------
5,630(1) 0.90 0.54 0.08 12.2 0.04 0.06 111.3 67.4 4.34 15,206 2.21
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) The Inferred Resource for copper equivalent is calculated at a 0.30%
copper-equivalent cut-off and includes all blocks from surface to a
depth of approximately 220 metres.
(2) Copper-equivalent estimated based on 75% recovery for gold and silver;
85% recovery for copper and molybdenum; $550 per ounce gold, $8 per
ounce silver, $1.50 per pound of copper and $10 per pound of
molybdenum (oxide).
(3) Molybdenum sulphide (MoS2) is not an estimated field in the block model
but is calculated by multiplying Mo% by 1.6681.
(i) Notes: Mineral Resources, which are not reserves, do not yet have
demonstrated economic viability.
SRK is unaware of any environmental, permitting, legal, title,
taxation, socio-political, marketing or other relevant issues
that may materially affect this Resource Estimate.
All figures rounded to reflect the relative accuracy of the
estimates.
The Mineral Resource Estimate is sensitive to the selection of
cut-off grades as shown in Tables 2 and 3, which present the
Mineral Resource Estimate at various copper-equivalent and
molybdenum grades.
Table 2. Sensitivity of the Azulitas' Inferred Mineral Resources to
copper-equivalent cut-off grade.
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Grade
---------------------------------------------------
Copper
Equiv. Copper Molyb-
Cut-off TONNES Equiv. Copper Gold Silver denum MoS2
(%) (000s) (%)(2) (%) (g/t) (g/t) (%) (%)
-----------------------------------------------------------------------
0.10 6,960 0.76 0.47 0.07 10.5 0.03 0.05
-----------------------------------------------------------------------
0.30(1) 5,630 0.90 0.54 0.08 12.2 0.04 0.06
-----------------------------------------------------------------------
0.50 4,424 1.03 0.62 0.10 13.8 0.04 0.07
-----------------------------------------------------------------------
0.70 3,282 1.19 0.70 0.11 15.4 0.05 0.08
-----------------------------------------------------------------------
0.90 2,143 1.39 0.79 0.13 16.8 0.06 0.11
-----------------------------------------------------------------------
1.00 1,710 1.51 0.85 0.14 17.9 0.07 0.12
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Contained Metal
---------------------------------------------------
Copper
Equiv. Copper- Molyb-
Cut-off TONNES equiv. Copper denum Gold Silver
(%) (000s) (Mlbs)(2) (Mlbs) (Mlbs) (Oz) (Moz)
-----------------------------------------------------------------------
0.10 6,960 116.9 71.4 4.45 16,111 2.34
-----------------------------------------------------------------------
0.30(1) 5,630 111.3 67.4 4.34 15,206 2.21
-----------------------------------------------------------------------
0.50 4,424 100.8 60.3 4.00 13,653 1.96
-----------------------------------------------------------------------
0.70 3,282 85.8 50.3 3.62 11,608 1.62
-----------------------------------------------------------------------
0.90 2,143 65.9 37.4 3.02 8,821 1.16
-----------------------------------------------------------------------
1.00 1,710 56.8 31.9 2.68 7,641 0.98
-----------------------------------------------------------------------
-----------------------------------------------------------------------
(1) The Mineral Resource Statement is reported at a 0.30% copper-
equivalent cut-off.
(2) Copper-equivalent grade is calculated based on 75% recoveries for
gold and silver; 85% recoveries for copper and molybdenum; $550 per
ounce gold, $8 per ounce silver, $1.50 per pound of copper and $10
per pound of molybdenum (oxide).
Table 3. Sensitivity of the Azulitas' Inferred Mineral Resources(i)
to the molybdenum cut-off grade.
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Grade
-------------------------------------------------
Molybdenum TONNES Molybdenum MoS2 Gold Silver Copper
Cut-off (%) (000s) (%) (g/t) (g/t) (%) (%)
-----------------------------------------------------------------------
0.01 2,963 0.06 0.11 0.08 11.42 0.45
-----------------------------------------------------------------------
0.03 1,892 0.09 0.15 0.08 11.24 0.44
-----------------------------------------------------------------------
0.05 1,302 0.11 0.19 0.09 10.91 0.44
-----------------------------------------------------------------------
0.06 1,096 0.13 0.21 0.08 10.58 0.43
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Contained Metal
----------------------------------------------
Molybdenum TONNES Molybdenum Gold Silver Copper
Cut-off (%) (000s) (Mlbs) (Oz) (Moz) (Mlbs)
-----------------------------------------------------------------------
0.01 2,963 4.18 7,336 1.09 26.66
-----------------------------------------------------------------------
0.03 1,892 3.75 4,865 0.68 16.49
-----------------------------------------------------------------------
0.05 1,302 3.27 3,558 0.46 11.53
-----------------------------------------------------------------------
0.06 1,096 3.02 2,925 0.37 9.49
-----------------------------------------------------------------------
-----------------------------------------------------------------------
(i) Mineral Resource Statement is reported at a 0.30% copper-equivalent
cut-off.
"The SRK Resource Estimate at the Azulitas Prospect has provided
Geoinformatics with a good start to developing a solid resource
base at La Noria," commented Mr. Kevin L. Snook, Chairman of
Geoinformatics. "Azulitas itself remains open at depth, and we have
identified numerous additional high-quality exploration targets on
the property, such as the nearby Los Laureles Prospect, where
recent drilling returned a core length interval of 107 metres
grading 0.12% molybdenum (0.20% MoS2); 0.14% copper, 0.08 g/t gold
and 11.91 g/t silver in a drill hole which ended in mineralization
(Refer to the "About the La Noria Project" below). We intend to
continue to explore aggressively on this property to identify
additional poly-metallic, high-value, near-surface mineralization
with the intention of developing an integrated mining project."
SRK Qualifications and Methodology
SRK is a worldwide independent engineering, environmental and
geological consulting company with over 700 engineers and
scientists and a reputation for excellence in the comprehensive
estimation of mineral resources.
In October 2007, Geoinformatics engaged SRK to audit the prior
work carried out on the La Noria Project and to prepare an initial
independent resource estimate for Azulitas in compliance with NI
43-101 guidelines. The NI 43-101 report will be filed on SEDAR
within 45 days.
The resource estimate is based on a three-dimensional (3-D)
geologic and mineralization model that integrated 1,058 metres of
drilling and 612 individual composite results within 10 holes that
intersected the mineralized zone and included a block model. The
drilling has been audited and validated by SRK in accordance with
CIM Estimation of Mineral Resources and Mineral Reserves Best
Practice Guidelines and with NI 43-101 Guidelines. Metal grades
were estimated into the block model using capped drill hole
composites and an inverse-distance-squared methodology. A density
factor of 2.81 tonnes per cubic metre was used to convert volumes
into tonnage, based on 24 drill core specific gravity
determinations performed by ALS Chemex Laboratory in Vancouver,
Canada. The resource estimate included all blocks from surface to a
depth of approximately 220 metres below surface.
Copper-equivalent was adjusted by SRK for assumed metallurgical
recoveries based on its experience with similar projects around the
world. Factors such as refinery costs and concentrate shipping
charges were not included in the calculation.
About the La Noria Project
The La Noria Project is located approximately 60 kilometres
(km.) northeast of the port of Mazatlan in the State of Sinaloa,
Mexico. Geoinformatics has been exploring the property, which
comprises mineral claims and option agreements covering
approximately 20 km. by 8 km. since May 2006. Geoinformatics
previously announced mineralized drill results from several other
prospects at La Noria including:
Los Laureles Prospect: 107 metres grading 0.12% molybdenum (0.20% MoS2),
0.14% copper, 0.08 g/t gold and 11.9 g/t silver.(1)
La Verde Prospect: 76 metres grading 0.32% copper, 0.04 g/t gold and
7.22 g/t silver.(2)
Amarillito Prospect: 56 metres grading 0.27% copper, 0.03g/t gold and
9.65 g/t silver.(2)
Mozulitas Prospect: 47 metres grading 0.12% molybdenum (0.20% MoS2).(3)
Refer to previous press-releases dated (1) January 30, 2008, (2)
May 8, 2007 & (3) February 28, 2007 for details on intercept
calculations, assay method / laboratory, and comment on true width
versus drilled width.
Geoinformatics recently completed a 5-hole program at Los
Laureles and announced results from the first three holes (see
Geoinformatics' press release dated January 30, 2008) with
laboratory assay results pending on Holes 4 and 5. The rig has now
moved to the Amarillito Prospect to complete a one-hole program to
test continuation of the prior intercept of 56 metres of 0.27%
copper.
To view Figure 1 and Figure 2, please visit the following link:
http://media3.marketwire.com/docs/gxl213.pdf
Kennecott - Geoinformatics Alliance Agreement
All La Noria prospects and properties fall under the
Kennecott-Geoinformatics Master Strategic Alliance Agreement (the
"Alliance Agreement") between Geoinformatics and Kennecott
Exploration Company ("Kennecott"), a subsidiary of Rio Tinto plc.
The Company entered into the Alliance Agreement effective March
2006 under which it is using its proprietary geo-science and
technology platform (the "Geoinformatics Process") to identify,
prioritize and drill more than 30 exploration drill targets over
the initial two years of the Agreement. The La Noria Project was
acquired by Geoinformatics as a target-of-merit under the Alliance
Agreement in August 2006, and Kennecott retains a back-in right to
acquire either a 51% or 60% interest in the project. Please refer
to Geoinformatics' press-release dated August 14, 2006, for further
information.
Qualified Persons
The technical content of this release has been reviewed by
Darren Holden, MAusIMM, Executive Vice President - Operations of
Geoinformatics. The 43-101 Resource Estimate and technical report
for the project was completed by Mr. Ebi Ghayem, Senior Resource
Geologist, assisted by Dr. Lars Weiershauser, P.Geo, Consulting
Geologist, and Dr. Jean-Francois Couture, P.Geo, Principal
Consultant, all with SRK. By virtue of their academic backgrounds
and professional experience, Mr. Holden, Mr. Ghayem, Dr.
Weiershauser and Dr. Couture are all "qualified persons" as defined
by NI 43-101.
About Geoinformatics
Geoinformatics is a global exploration company which has
developed a unique approach to minerals exploration applying
innovative and proprietary technology.
On January 9, 2008, the Company announced an independent
43-101-compliant Mineral Resource Estimate on the discovery zone
("Whistler Zone") at the Whistler Project in southern Alaska,
comprising an Indicated Resource of 840,000 ounces of gold and an
additional Inferred Resource of 2.7 million ounces. Significant
copper and silver mineralization increases the Indicated
gold-equivalent mineral resource to 1.3 million ounces and the
additional Inferred mineral resource to 4.4 million ounces. The
Whistler Project is being acquired by Geoinformatics as a
target-of-merit under the Alliance Agreement, and upon
Geoinformatics' completion of its earn-in for the Whistler Project,
Kennecott retains a back-in right to acquire either a 51% or 60%
interest in the project. Please refer to Geoinformatics'
press-release dated June 7, 2007.
Geoinformatics is also actively exploring several advanced
projects located in Utah, the Cortez Trend region of Nevada, and
British Columbia. Fourteen Company-owned properties in the State of
Sonora, Mexico, fall under a joint venture in which Azure Minerals
Limited is earning a 51% interest by spending US$4 million.
Geoinformatics also has an extensive portfolio of other direct and
indirect property interests, joint ventures, and royalties covering
a wide range of minerals in Mexico, Australia and New Zealand and
North America.
The Geoinformatics Process integrates large-scale data
aggregation, data mining and three-dimensional modeling, and has
been designed to assist in understanding and quantifying risk at a
much earlier stage of the exploration cycle than has traditionally
been available. The Company's objective is to advance its
properties to the stage of commercial development by applying
faster, less expensive and more reliable analytical methods to
resource exploration.
This news release includes certain forward-looking statements
concerning the future performance of Geoinformatics' business,
operations and financial performance and condition, as well as
management's objectives, strategies, beliefs and intentions.
Forward-looking statements are frequently identified by such words
as "may", "will", "plan", "expect", "anticipate", "estimate",
"intend" and similar words referring to future events and results.
Forward-looking statements are based on the current opinions and
expectations of management. All forward-looking information is
inherently uncertain and subject to a variety of assumptions, risks
and uncertainties, including the speculative nature of mineral
exploration and development, fluctuating commodity prices,
competitive risks and the availability of financing, as described
in more detail in Geoinformatics' securities filings available at
www.sedar.com. Actual events or results may differ materially from
those projected in the forward-looking statements and the reader is
cautioned against placing undue reliance thereon. We assume no
obligation to revise or update these forward-looking
statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Geoinformatics Exploration Inc. Dr. Nick Archibald
Executive Vice-Chairman and CEO (416) 861-1300 x224 Email:
nicka@geoinformex.com Geoinformatics Exploration Inc. Mr. Darren
Holden Executive Vice President - Operations (604) 605-3073 x101
Email: darrenh@geoinformex.com Geoinformatics Exploration Inc. 330
Bay Street, Suite 1109 Toronto, Ontario M5H 2S8 Website:
www.geoinformex.com
Galileo Exploration (TSXV:GXL)
Historical Stock Chart
From May 2024 to Jun 2024
Galileo Exploration (TSXV:GXL)
Historical Stock Chart
From Jun 2023 to Jun 2024
