Increases High Grade Mineral Resource at Monterde by More than 10%
VANCOUVER, Dec. 1 /PRNewswire-FirstCall/ -- Kimber Resources Inc.
(NYSE AMEX:KBX, TSX:KBR) is pleased to announce a new, upgraded
mineral resource estimate for the Veta Minitas Deposit, located 250
metres south-west of the Carmen Deposit, at its 100% owned Monterde
project, located in Mexico's Sierra Madre mining district. This
estimate is in addition to the Carmen mineral resource estimate
reported on November 18, 2009. The Veta Minitas mineral resource
estimate defines a high grade gold-silver mineral resource, which
lies within an overall larger, lower grade mineral resource. This
new mineral resource estimate is based on 64 drill holes and 17
metallurgical tests, and has been created after a thorough
geological review. The base case high grade mineral resource
estimate for Veta Minitas, along with the previously announced
results for Carmen, is tabulated below, while additional details
follow later in this release. Base Case High Grade Mineral Resource
Estimate for the Carmen and Veta Minitas Deposits (At a 3.0g/t
Recoverable Gold Equivalent Cut-off)
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In situ In Situ Contained Contained Tonnes Gold Grade Silver In
Situ In Situ Classification (000s) (g/t) Grade (g/t) Gold (oz)
Silver (oz)
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Indicated - Carmen 3,660 4.19 165.2 492,900 19,440,700
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Indicated - Veta Minitas 34 4.80 303.2 5,200 331,500
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Total Indicated 3,694 4.19 166.5 498,100 19,772,200
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Inferred - Carmen 1,921 4.40 94.6 271,800 5,845,000
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Inferred - Veta Minitas 689 4.69 182.8 103,900 4,050,000
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Total Inferred 2,610 4.48 117.9 375,700 9,895,000
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This mineral resource estimates for the Carmen and Veta Minitas
deposits include a high grade mineral resource considered to be
potentially amenable to underground mining, and which is surrounded
by a lower grade mineral resource halo, some of which may be
amenable to open pit mining. "We are pleased with this new mineral
resource estimate for the Veta Minitas deposit, which is a valuable
addition of high grade gold-silver mineral resources to the
recently revised mineral resource estimate for the Carmen Deposit,"
said Gordon Cummings, President & CEO of Kimber. "Since Veta
Minitas is only 250 metres from the Carmen Deposit, the review of
economics of the Carmen Deposit, based on this high grade
gold-silver mineral resource, will also include a review of the
Veta Minitas Deposit." The base case total resource estimate,
inclusive of the high grade estimate, is shown in the table below.
Base Case Total Mineral Resource Estimate (inclusive of High Grade)
for the Carmen and Veta Minitas Deposits (At a 0.3g/t Recoverable
Gold Equivalent Cut-off)
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In situ In Situ Contained Contained Tonnes Gold Grade Silver In
Situ In Situ Classification (000s) (g/t) Grade (g/t) Gold (oz)
Silver (oz)
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Indicated - Carmen 19,500 1.12 59.0 699,700 36,978,700
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Indicated - Veta Minitas 510 0.68 36.0 11,100 591,000
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Total Indicated 20,010 1.10 58.4 710,800 37,569,700
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Inferred - Carmen 10,800 1.09 32.0 381,600 11,155,400
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Inferred - Veta Minitas 2,700 1.37 70.9 119,200 6,153,000
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Total Inferred 13,500 1.15 39.9 500,800 17,308,400
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Mineral Resource Estimation Process The new mineral resource
estimate for the Veta Minitas Deposit at Monterde was prepared by
Mr. Gary Giroux P.Eng. a senior associate of Micon International
and the results are effective at November 30, 2009. This mineral
resource estimate was prepared using a three dimensional block
model and ordinary kriging of 6 x 6 x 6 metre blocks while the
inverse distance squared method was used for comparative purposes.
The estimation of grades was constrained by models of the
geological and mineralized zones created by Kimber geological staff
under the supervision of Mr. Petrus (Marius) Mare, P.Geo. Mr.
Petrus (Marius) Mare, P.Geo. is the Vice-President Exploration, and
the designated Qualified Person ("QP") for the Monterde project
under National Instrument 43-101. The wireframes of the high grade
and low grade gold and silver mineralization were interpreted into
various sub-domains to optimize the sample search orientation by
Pierre Desautels P.Geo. of PEG Mining Consultants Inc. The gold and
silver metallurgical recovery models used to calculate gold and
silver recoveries by block and gold equivalent grade by block were
prepared by Kimber staff and consultants, and reviewed and approved
by Richard Gowans P.Eng., President of Micon International.
Interpolated results are reported in indicated and inferred
categories and were based on continuity of the mineralization and
sample density. This new mineral resource estimate for Veta Minitas
includes a high grade mineral resource considered to be potentially
amenable to underground mining, and which is surrounded by a lower
grade mineral resource halo, some of which may be amenable to open
pit mining. Mineral resources that are not mineral reserves do not
have demonstrated economic viability. Mineral resource estimates do
not account for mineability, selectivity, mining loss and dilution.
These mineral resource estimates include inferred mineral resources
that are normally considered too speculative geologically to have
economic considerations applied to them that would enable them to
be categorized as mineral reserves. There is also no certainty that
these inferred mineral resources will be converted to the measured
and indicated categories through further drilling, or into mineral
reserves, once economic considerations are applied. The high grade
mineral resource estimates at various cutoff grades are shown
below, with the base case bolded: High Grade Mineral Resource
Estimate for Veta Minitas Deposit - Indicated (At Various Cut-off
Grades)
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Grade Contained Metal Cutoff
------------------------------------------------- Grade Recoverable
(Recoverable Tonnes Gold Silver AuEq* Gold Silver AuEq* g/t) (000s)
(g/t) (g/t) (g/t) (ozs) (ozs)
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1.50 43 4.00 292.74 5.53 5,500 404,700
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2.00 42 4.08 294.12 5.62 5,500 397,200
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2.50 39 4.38 298.51 5.94 5,500 374,300
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3.00 34 4.80 303.22 6.37 5,200 331,500
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3.50 27 5.63 307.98 7.20 4,900 267,400
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4.00 25 5.89 311.39 7.47 4,700 250,300
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High Grade Mineral Resource Estimate for Veta Minitas Deposit -
Inferred (At Various Cut-off Grades)
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Grade Contained Metal Cutoff
------------------------------------------------- Grade Recoverable
(Recoverable Tonnes Gold Silver AuEq* Gold Silver AuEq* g/t) (000s)
(g/t) (g/t) (g/t) (ozs) (ozs)
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1.50 800 4.14 184.82 5.04 106,400 4,753,900
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2.00 761 4.39 186.40 5.29 107,400 4,560,600
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2.50 747 4.45 186.35 5.35 106,800 4,475,500
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3.00 689 4.69 182.83 5.56 103,900 4,050,000
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3.50 546 5.41 168.48 6.17 94,900 2,957,700
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4.00 466 5.90 158.87 6.60 88,500 2,380,200
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* Note 1: Gold Equivalent or "AuEq" g/t is based on assumed metal
prices of US$750/oz gold and US$12/oz silver and estimated gold and
silver recoveries for each block, using the following formula: AuEq
g/t = (Gold Grade * Gold Recovery %) + ((Silver Grade * Silver
Recovery %) * 12 / 750) Note 2: Columns with headings "Gold (g/t)",
"Silver (g/t)", "Gold (ozs)" and "Silver (ozs)" all relate to
contained metal and are before metallurgical recoveries are
applied. Total Mineral Resource, Inclusive of High Grade, for Veta
Minitas Deposit A second set of mineral resource tables are
provided below to show the grades and tonnages for the entire Veta
Minitas deposit, inclusive of high grade mineral resource estimates
detailed above. These tables reflect the block grades that might be
considered in a large scale open pit operation. The total mineral
resource estimate, inclusive of the high grade mineral resource, at
various cutoff grades is tabulated below, with the base case
bolded. Total Mineral Resource Estimate (inclusive of High Grade)
for Veta Minitas Deposit - Indicated (At Various Cut-off Grades)
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Grade Contained Metal Cutoff
------------------------------------------------- Grade Recoverable
(Recoverable Tonnes Gold Silver AuEq* Gold Silver AuEq* g/t) (000s)
(g/t) (g/t) (g/t) (ozs) (ozs)
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0.10 3,400 0.24 14.10 0.25 26,700 1,541,000
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0.20 880 0.49 29.32 0.58 13,700 829,600
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0.30 510 0.68 36.04 0.82 11,100 591,000
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0.40 240 1.06 67.70 1.37 8,100 522,400
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0.50 130 1.52 112.86 2.08 6,300 471,700
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0.60 100 1.81 141.16 2.54 5,800 453,800
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0.70 90 1.99 161.98 2.84 5,800 468,700
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0.80 85 2.07 168.70 2.95 5,700 461,000
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0.90 81 2.15 172.92 3.05 5,600 450,300
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1.00 78 2.21 175.81 3.13 5,500 440,900
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* Note 1: Gold Equivalent or "AuEq" g/t is based on prices of
US$750/oz gold and US$12/oz silver and estimated gold and silver
recoveries for each block and estimated using the following
formula: AuEq g/t = (Gold Grade * Gold Recovery %) + ((Silver Grade
* Silver Recovery %) * 12 / 750) Note 2: Columns with headings
"Gold (g/t)", "Silver (g/t)", "Gold (ozs)" and "Silver (ozs)" all
relate to contained metal and are before metallurgical recoveries
are applied. Total Mineral Resource Estimate (inclusive of High
Grade) for Veta Minitas Deposit - Inferred (At Various Cut-off
Grades)
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Grade Contained Metal Cutoff
------------------------------------------------- Grade Recoverable
(Recoverable Tonnes Gold Silver AuEq* Gold Silver AuEq* g/t) (000s)
(g/t) (g/t) (g/t) (ozs) (ozs)
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0.10 5,700 0.71 46.33 0.89 130,100 8,491,300
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0.20 3,300 1.14 63.63 1.41 121,000 6,750,700
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0.30 2,700 1.37 70.88 1.69 119,200 6,153,000
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0.40 2,400 1.51 74.86 1.85 116,400 5,776,500
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0.50 2,300 1.58 77.28 1.94 116,500 5,714,500
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0.60 2,200 1.64 79.50 2.01 115,600 5,623,000
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0.70 2,000 1.70 81.58 2.08 109,200 5,245,900
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0.80 1,900 1.76 83.30 2.15 107,600 5,088,300
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0.90 1,800 1.83 84.76 2.22 105,600 4,905,000
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1.00 1,700 1.90 86.12 2.30 103,700 4,707,100
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* Note 1: Gold Equivalent or "AuEq" g/t is based on prices of
US$750/oz gold and US$12/oz silver and estimated gold and silver
recoveries for each block and estimated using the following
formula: AuEq g/t = (Gold Grade * Gold Recovery %) + ((Silver Grade
* Silver Recovery %) * 12 / 750) Note 2: Columns with headings
"Gold (g/t)", "Silver (g/t)", "Gold (ozs)" and "Silver (ozs)" all
relate to contained metal and are before metallurgical recoveries
are applied. Metallurgical Recoveries for Gold & Silver in Veta
Minitas Deposit Micon International, under the supervision of
Richard Gowans, P. Eng. Qualified Person, has approved the
application of gold and silver metallurgical recovery models for
the Veta Minitas deposit. Based on the analysis of 17 individual
metallurgical recovery characterization tests conducted across the
Veta Minitas deposit, at a cut off of 3.0 g/t recoverable gold
equivalent, average modelled gold recoveries for Veta Minitas were
96% for indicated mineral resources and inferred mineral resources
while the average modelled silver recovery was 37% for indicated
mineral resources and for inferred mineral resources. Other Mineral
Resource Estimates The mineral resource estimate for Carotare is
expected to be released in January 2010. Carotare is the third
gold-silver deposit that with the Carmen and Veta Minitas deposits,
comprise the Monterde Project. About Kimber Kimber owns mineral
concessions covering in excess of 39,000 hectares in the
prospective Sierra Madre gold-silver belt, including the Company's
Monterde property, where three gold-silver mineral resources have
already been defined. The most advanced of these, the Carmen
deposit, has been extensively drilled and has undergone detailed
geologic modeling in order to evaluate the potential for a combined
open pit and underground mining operation based on current mineral
resources. The Company is now commencing a formal review of
potential economics at the Carmen and Veta Minitas deposits. In
addition, the Company has a 100% interest in the mineral
concessions of its Pericones property, an 11,890 hectare property
targeted for silver, located approximately 100 kilometres southwest
of Mexico City. Forward looking statements Statements in this
release may be viewed as forward-looking statements. Such
statements involve risks and uncertainties that could cause actual
results to differ materially from those projected. There are no
assurances the Company can fulfil such forward-looking statements
and the Company undertakes no obligation to update such statements.
Such forward-looking statements are only predictions; actual events
or results may differ materially as a result of risks facing the
Company, some of which are beyond the Company's control. The
mineral resource estimate for the Carmen and Veta Minitas Deposits
at Monterde was prepared by Mr. Gary Giroux P.Eng., a senior
associate of Micon International, and the results for Veta Minitas
are effective at November 30, 2009. The estimation of grades was
constrained by models of the geological and mineralized zones
created by Kimber geological staff under the supervision of Mr.
Petrus (Marius) Mare, P.Geo. Mr. Petrus (Marius) Mare, P.Geo. is
the Vice-President Exploration, and the designated Qualified Person
("QP") for the Monterde project under National Instrument 43-101.
Models of the geology and mineralization of gold and silver at
Carmen were reviewed and approved by Mr. Terrence Hennessey P.Geo.
of Micon International. The wireframes of the high grade and low
grade gold and silver mineralization were interpreted into various
sub-domains to optimize the sample search orientation by Pierre
Desautels P.Geo. of PEG Mining Consultants Inc. The gold and silver
metallurgical recovery models used to calculate gold and silver
recoveries by block and gold equivalent grade by block were
prepared by Kimber staff and consultants, and reviewed and approved
by Richard Gowans P.Eng., President of Micon International. The
technical information in this news release has been prepared in
accordance with Canadian regulatory requirements set out in
National Instrument 43-101 and reviewed by Mr. Petrus (Marius) Mare
P.Geo., Vice-President Exploration of the Company. The exploration
activities at the Monterde and Pericones project sites are carried
out under the supervision of Mr. Mare, who is the designated
Qualified Person under National Instrument 43-101 for the Monterde
and Pericones projects. Mr. Petrus (Marius) Mare, Vice-President
Exploration, is the designated Qualified Person (Q.P.) for the
Monterde project, being responsible for quality assurance and
quality control ("QA/QC"), and has verified the data being
disclosed. He has determined that the laboratory reports matched
the surface and adit sample logs and that the quality control
assays fall within reasonable limits. QA/QC procedures incorporate
blanks inserted at the core shack and standards inserted after
sample preparation in respect of the Monterde Project samples.
Pulps are analyzed by ALS Chemex at its laboratory in North
Vancouver, British Columbia, using 50 gram sub-samples, using fire
assay with an AA finish for gold and four-acid digestion and ICP
finish for silver from a 0.4 gram subsample. High grade gold or
silver intervals are re-assayed by fire assay with gravimetric
finish. Cautionary Note to U.S. Investors - The United States
Securities and Exchange Commission permits U.S. mining companies,
in their filings with the SEC, to disclose only those mineral
deposits that a company can economically and legally extract or
produce. Kimber Resources uses certain terms on its website (and
certain press releases), such as "measured," "indicated," and
"inferred," "resources," which the SEC guidelines strictly prohibit
U.S. registered companies from including in their filings with the
SEC. U.S. Investors are urged to consider closely the disclosure in
our Form 20-F which may be secured from us, or from the SEC's
website at http://www.sec.gov/edgar.shtml. DATASOURCE: Kimber
Resources Inc. CONTACT: Matthew Hamilton, Manager of Investor
Relations, or Gordon Cummings, CA, President and CEO, North America
Toll Free: 1-866-824-1100, Tel: (604) 669-2251, Fax: (604)
669-8577, Website: http://www.kimberresources.com/, Email:
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