Animas Announces Three-Fold Increase in Gold Resource Estimates for the Santa Gertudis Project from the Prior NI 43-101 Report
November 17 2010 - 4:05PM
Marketwired
Animas Resources Ltd. (TSX VENTURE: ANI) is pleased to report that
Mr. Alan Noble, P.E., Principal Engineer for Ore Reserves
Engineering ("O.R.E."), completed a review and updated several of
the historic gold resource estimates at Santa Gertrudis to NI
43-101 compliant resource estimates. The updated NI 43-101
compliant resource estimates for seven gold deposits at Santa
Gertrudis, plus the previous estimate for the Cristina deposit,
contain inferred resources of 557,000 ounces of gold. The updated
resource estimates represent an increase of over 300% from the NI
43-101-compliant resource estimate filed on July 2, 2009 and are
all in the inferred resource category, as summarized in Table 1,
and are consistent with historical resources estimates for these
deposits. A revised NI 43-101 Technical Report to be filed on
www.sedar.com within 45 days.
Table 1
Inferred Resource Estimates for the Santa Gertrudis Project
----------------------------------------------------------------------------
Cutoff Tonnes Grade Contained
Deposit (ppm Au) (1,000's) (ppm Au) Ounces Gold
----------------------------------------------------------------------------
Trinidad 0.30 1,100 1.69 59,900
Escondida 0.30 1,389 1.16 52,000
Greta 0.30 800 2.41 62,000
La Gloria 0.30 500 2.68 43,100
Tigre 0.30 350 1.94 21,900
Tracy 0.30 500 2.42 38,900
Dora 0.30 1,200 2.53 97,600
Mirador 0.30 520 1.80 30,100
----------------------------------------------------------------------------
Total O.R.E. Oct 2010 Estimates
(1,2,3,4,5,6) 0.30 6,359 1.98 405,500
----------------------------------------------------------------------------
Cristina (MDA 2009) (1,5,7,8,9) 0.30 7,139 0.66 151,500
----------------------------------------------------------------------------
Project Total 0.30 13,498 1.28 557,000
----------------------------------------------------------------------------
1. CIM definition standards were followed for the resource category
estimates.
2. The 2010 resource models by O.R.E. use inverse-distance-power (IDP)
grade estimation within three-dimensional block models with mineralized
envelopes defined by wire-framed solids. Grade zones were defined using
nearest-neighbor assignment. A block size of 2x2x2-meters was used for
the block models.
3. A total of 48,815.47 meters of drilling in 574 drill holes were used in
the 2010 resource estimates by O.R.E. The majority of the drilling is
reverse circulation (RC) drilling.
4. Dilution is included for a minimum mining width of 2.0 m in the 2010
estimates O.R.E. Estimates for reserves will require additional dilution
depending on the mining method and selectivity.
5. Mineral Resources that are not mineral reserves do not have economic
viability
6. Resources may contain sulfide material that may be significantly less
economically viable than oxide material.
7. The 2009 resource model for Cristina, by MDA, used IDP grade estimation
within mineral zone outlines interpreted on N60 degrees E looking cross-
sections. A block size of 6x6m horizontally and 3m vertically was used
for the block model.
8. A total 7,159 meters of drilling in 13 core holes and 58 RC holes were
used for the Cristina estimate.
9. MDA resource parameters/methodology are detailed in the previously
released Animas NI 43-101 report on Santa Gertrudis.
10. Additional drilling and geologic modeling will be necessary to upgrade
these resources to indicated or measured status.
Cutoff Grade & Metallurgy
The resource size is sensitive to an assumed cut-off grade,
which is, in turn, very sensitive to metallurgical operating costs.
Cuff-off grades used in this study are reasonable given historic
operating data and current market conditions.
Mineral Resources are not Reserves
Mineral resources that are not mineral reserves do not have
demonstrated economic viability. Mineral resource estimates do not
account for minability, selectivity, mining loss and dilution.
These mineral resource estimates are 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 measured and
indicated mineral resource categories through further drilling, or
into mineral reserves once economic considerations are applied.
Quality Assurance
The mineral resource estimate was completed by Mr. Alan C.
Noble, P.E., principal engineer of Ore Reserves Engineering, and is
based on geological interpretations supplied by the Company to ORE
and subsequently modified by ORE. Mr. Noble is an independent
qualified person for the purposes of National Instrument 43-101
standards of disclosure for mineral projects of the Canadian
Securities Administrators and has verified the data disclosed in
this release.
Gregory E. McKelvey, President of Animas Resources Ltd.
commented: "We are pleased that the gold resources in these
deposits are remarkably close to the historic resources. We focused
on the largest of the known deposits with an eye to identifying
which deposits might be potentially considered for gold
production."
About Animas Resources Ltd.
Animas Resources Ltd., a North American mineral resource company
focused on acquisition and discovery, consolidated the Santa Teresa
District's Santa Gertrudis precious metal and related deposits and
prospects within a 562 square kilometer land holding. Our mission
is to grow Animas Resources through discovery and acquisition of
high-quality mineral deposits and to build upon the historic gold
resource base at Santa Gertrudis, Mexico, and maintain a pipeline
of only the highest quality projects. Golden Arrow and Kinsley
Mountain are the most recent additions to the Animas exploration
property portfolio.
This news release was prepared by Company management, who take
full responsibility for its content. The technical disclosure in
this press release has been reviewed by Dr. Roger Steininger, a
Qualified Person as defined by National Instrument 43-101 of the
Canadian Securities Administrators.
You may register to receive future news releases at
www.animasresources.com.
Gregory E. McKelvey, President & Director
This press release contains "forward-looking information" which
may include, but is not limited to, statements with respect to
drilling plans, timing of our planned NI 43-101 resource report,
timing of assays, resource estimates, projections, our planned
exploration and drilling programs, the availability of future
financing for exploration and other plans, projections, estimates
and expectations. Such forward-looking statements reflect our
current views with respect to future events and are subject to
certain risks, uncertainties and assumptions, including, the risks
and uncertainties outlined in our most recent financial statements
and reports and registration statement filed with the Canadian
securities administrators (available at www.sedar.com). Should one
or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those anticipated, believed, estimated or
expected
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Animas Resources Ltd. Gregory E. McKelvey President
& Director 604-687-6197 604-688-3392 (FAX)
www.animasresources.com
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