Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE: ADE) is
pleased to announce that it has completed an updated National
Instrument 43-101 ("NI 43-101") mineral resource estimate for the
Fire Tower Zone ("FTZ") tungsten-molybdenum deposit at its
wholly-owned Mount Pleasant Mine Property in southwestern New
Brunswick, Canada ("Mount Pleasant" or the "Property"). The
resource estimate includes an "indicated" resource of 13,489,000
tonnes, as well as an "inferred" resource of 841,700 tonnes.
"Upgrading the FTZ resource estimate to NI 43-101 "indicated"
status was a necessary prerequisite to advancing the FTZ to the
feasibility stage of development," said Kabir Ahmed, President and
CEO of Adex. "Having efficiently and effectively achieved this
important milestone, we look forward to continuing our fast-track
approach to mine development at Mount Pleasant."
The resource estimate, completed by SRK Consulting (Canada) Ltd.
("SRK") using an updated GEMCOM model, was conducted in conjunction
with the preparation of an independent NI 43-101 Technical Report
currently being completed by Watts, Griffis and McOuat Limited
("WGM"), all under the supervision of Trevor Boyd, P.Geo., the
Company's Geological Consultant. Details of the resource estimate
are as follows:
FIRE TOWER ZONE - MINERAL RESOURCE ESTIMATE,
MOUNT PLEASANT MINE PROPERTY
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Area Tonnes %WO3 %MoS2 %As %Bi
(tungsten) (molybdenum) (arsenic) (bismuth)
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Indicated
Fire Tower 9,148,900 0.32 0.21 0.29 0.04
West
Fire Tower
North 4,340,100 0.35 0.20 1.15 0.09
Total
Indicated 13,489,000 0.33 0.21 0.57 0.06
Inferred
Fire Tower 831,000 0.26 0.20 0.21 0.04
West
Fire Tower 10,700 0.26 0.17 0.26 0.05
North
Total
Inferred 841,700 0.26 0.20 0.21 0.04
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The resource estimate was based on a cut-off grade of 0.3%WO3
equivalent, equal to %WO3 + 1.5 x %MoS2. The 0.3% WO3 equivalent
cut-off grade was provided by Adex based on a value of the
mineralized material of US$30/tonne at a tungsten price of
US$100/MTU (US$10.0/kg WO3), a mine life of ten or more years, and
the previous ten-year price relationship between W and Mo. In
consultation with SRK and based upon these metal prices, the
Company has determined that 0.3%WO3 equivalent is the minimum
acceptable cut-off grade to report.
The assumed metal prices for the cut-off are believed to be
conservative given that present prices are approximately US$20/kg
for WO3 and US$30/lb for MoO3. Until an economic evaluation is
completed, the economic cut-off for this deposit is unknown.
Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
The boundaries of the mineralized body were interpreted manually
by Trevor Boyd, P.Geo., the Company's Geological Consultant.
Mineralized zones were commonly cross-cutting geological units and
structural boundaries. Consequently, resource boundaries were
defined based solely on %WO3 and %MoS2 values. These were plotted
on cross sections, and mineralization boundaries were drawn halfway
between drill holes. If no holes existed to limit the
mineralization outlines, the boundaries were extended to a maximum
of twenty metres away from the nearest hole. In general, extensions
of the boundaries were made consistent with the trends defined by
joining known cut-off boundaries. A minimum width of three metres
was used for defining the zones, while a rock-specific gravity of
2.65 was used for calculating the resource.
The mineral resources are reported in accordance with NI 43-101
and the Canadian Institute of Mining, Metallurgy and Petroleum
("CIM") Definition Standards, November 2004 and have been estimated
in conformity with the CIM Estimation of Mineral Resource and
Mineral Reserves Best Practices Guidelines, November 2003.
The Company has had an industry standard quality control program
on its drill core and assaying since the inception of its drilling
program.
Paul Dunbar, M.Sc., P.Geo., Senior Associate Geologist of WGM, a
qualified person as defined by NI 43-101, carried out site visits
to the Mount Pleasant Mine Property in May and June, 2008 during
which he examined the drill program and core, and completed check
sampling and assaying of core samples. Dorota El-Rassi, M.Sc.,
P.Eng., Geological Engineer of SRK, a qualified person as defined
by NI 43-101, checked assay results against the GEMCOM database.
The database verification found no significant discrepancies in the
geological information, which conformed to industry standards. Pulp
duplicates of the drill core samples, unknown to the laboratory,
were sent to a second laboratory, fulfilling standard QA/QC
protocols. Analytical results for some of these samples remain
pending.
None of Trevor Boyd, the Company's Geological Consultant, Paul
Dunbar, Dorota El-Rassi or Management of the Company is aware of
any known environmental, permitting, legal, title, taxation,
socio-political, marketing or other relevant issues that may
materially affect the estimate of the mineral resource.
Trevor Boyd, P.Geo., the Company's Geological Consultant,
supervised the preparation of the mineral resource estimate for the
FTZ and the technical information contained in this press release
in compliance with NI 43-101. Paul Dunbar, M.Sc., P.Geo., Senior
Associate Geologist of WGM, is writing the updated NI 43-101
Technical Report on the Fire Tower Zone of the Mount Pleasant
Property, which Adex will file on SEDAR within 45 days of today's
date.
ABOUT ADEX
Adex Mining Inc. is a Canadian junior mining company with an
experienced management team. The Company is focused on developing
its flagship Mount Pleasant Mine property, a multi-metal project
that is host to promising tungsten-molybdenum and
tin-indium-zinc-copper mineralization. Located in Charlotte County,
New Brunswick, the Mount Pleasant Mine property is situated
approximately 80 kilometres south of Fredericton, the provincial
capital, and is 65 kilometres from the United States border. The
common shares of Adex trade on the TSX Venture Exchange under the
stock symbol "ADE."
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute
"forward-looking" statements which involve known and unknown risks,
uncertainties and other factors which may cause actual results,
performance or achievements of Adex, its subsidiary or the industry
in which they operate to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. When used in this press release, the
words "estimate", "believe", "anticipate", "intend", "expect",
"plan", "may", "should", "will", the negative thereof or other
variations thereon or comparable terminology are intended to
identify forward-looking statements. Such statements reflect the
current expectations of the management of Adex with respect to
future events based on currently available information and are
subject to risks and uncertainties that could cause actual results,
performance or achievements to differ materially from those
expressed or implied by those forward-looking statements. These
risks and uncertainties are detailed from time to time, including,
without limitation, under the heading "Risk Factors", in reports
filed by Adex with the Alberta, British Columbia and Ontario
Securities Commissions which are available at www.sedar.com and to
which readers of this press release are referred for additional
information concerning Adex, its prospects and the risks and
uncertainties relating to Adex and its prospects. New risk factors
may arise from time to time and it is not possible for management
to predict all of those risk factors or the extent to which any
factor or combination of factors may cause actual results,
performance and achievements of Adex to be materially different
from those contained in forward-looking statements. Although the
forward-looking statements contained in this press release are
based upon what management believes to be reasonable assumptions,
Adex cannot assure investors that actual results will be consistent
with these forward-looking statements. Given these risks and
uncertainties, investors should not place undue reliance on
forward-looking statements as a prediction of actual results.
The forward-looking information contained in this press release
is current only as of the date of the press release. Adex does not
undertake or assume any obligation to release publicly any
revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events, except as required by law.
No securities commission or regulatory authority has approved or
disapproved the contents of this press release.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this press release.
Contacts: Adex Mining Inc. Kabir Ahmed President, Chief
Executive Officer and Director 1-866-508-2339 (ADEX) Email:
investorrelations@adexmining.com Website: www.adexmining.com
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