Canada Fluorspar Reports New Mineral Resources for Its Director and
AGS Vein Deposits Following Release of Its NI 43-101 Technical
Report and Successful Results on Its 2013 Exploration Program
ST. JOHN'S, NEWFOUNDLAND--(Marketwired - Dec 4, 2013) - Canada
Fluorspar Inc. (TSX-VENTURE:CFI) (OTC:CNDFF) ("CFI" or the
"Company"), is pleased to announce new mineral resources of the
Director Vein and AGS Vein (formerly the Grebes Nest Vein) deposits
at its 100% owned St. Lawrence property in St. Lawrence, NL,
including 2.1 million tonnes of Indicated Mineral Resources at an
average grade of 51.0% CaF(2)and 8.5 million tonnes of Inferred
Mineral Resources at an average grade of 42.2% CaF(2), as disclosed
in the Company's National Instrument 43-101 compliant Technical
Report titled "Technical Report on the Director Vein Extensions and
AGS Vein Deposits, St. Lawrence Property, Newfoundland and
Labrador" prepared by Agnerian Consulting Ltd. (Agnerian) and dated
November 15, 2013 (the "2013 Technical Report"). The 2013 Technical
Report was filed under the Company's profile on SEDAR
(www.sedar.com) on December 4, 2013.
The key assumptions,
parameters and methods used to estimate the mineral resources, as
well as other relevant information, including data verification,
with respect to the Director and AGS Veins can be found in the 2013
Technical Report.
These resources are
based on recent drilling at the down-dip and southern extensions of
the Director Vein as well as the western part of the AGS Vein
(Figure 1). These resources are estimated by MFW Geoscience Inc.,
in cooperation with Agnerian Consulting Ltd., by constructing a
block model of the mineralized zones of these two vein systems. The
table below lists the tonnage and average grades for each of the
Director and AGS Veins.
Mineral Resource Estimates of the Director Vein and AGS Vein, as
of November 1, 2013
Director Vein |
Category |
Area |
Tonnes |
|
% CaF(2) |
Indicated |
Northern Down Dip Extension |
1,160,000 |
|
58.0 |
Indicated |
Central Down Dip Extension |
210,000 |
|
43.0 |
Indicated |
Southern Extension |
690,000 |
|
43.0 |
Total Indicated Director Vein |
2,070,000 |
|
51.0 |
|
|
Inferred |
Northern Down Dip Extension |
670,000 |
|
52.0 |
Inferred |
Central Down Dip Extension |
630,000 |
|
36.0 |
Inferred |
South Extension |
60,000 |
|
28.0 |
Total Inferred Director Vein |
1,370,000 |
|
43.0 |
|
|
AGS Vein |
Category |
Area |
Tonnes |
|
% CaF(2) |
Inferred |
Vein A |
640,000 |
|
47.0 |
Inferred |
Vein B |
870,000 |
|
35.0 |
Inferred |
Vein C |
5,280,000 |
|
43.0 |
Inferred |
Vein D |
60,000 |
|
40.0 |
Inferred |
Vein E |
240,000 |
|
38.0 |
Total Inferred AGS Vein |
7,090,000 |
|
42.0 |
|
|
Total Inferred |
Director and AGS Veins |
8,460,000 |
|
42.2 |
|
|
|
|
|
Notes: |
|
(1) |
CIM
definitions were followed for the resource estimate. |
(2) |
Mineral resources are estimated at a cut-off grade of 20% CaF(2)and
a minimum horizontal width of 2.0 m. |
(3) |
Average density of mineralized rock is 3.10 t/m(3). |
(4) |
Tonnage and average grade numbers are rounded. |
(5) |
Mineral resources exclude mined out areas from historical
mining. |
The thickness of the
Director Vein ranges from less than 1.0 m to more than 11.0 m, and
the thickness of the AGS Vein ranges from 2.0 m to approximately
20.0 m, with values of mineralized intervals of diamond drill core
samples ranging from 7% CaF(2)to approximately 90% CaF(2).
There are additional
areas of fluorspar mineralization adjacent to the old mined out
parts of the Director Vein above the 550 level of the historic
fluorspar mine. Mineralization in these areas ranges from
approximately 1.0 million tonnes to 1.2 million tonnes at average
grades ranging from 50% CaF(2)to 55% CaF(2). Agnerian Consulting
Ltd. is of the opinion that this material cannot be considered as
Mineral Resources at the present time, because of weak ground
conditions experienced during mining in the past between levels 550
and 250.
To view the map associated with this release, click the
following link: http://media3.marketwire.com/docs/fluor.jpg.
The Mineral
Resources and Mineral Reserves in respect of the Tarefare and Blue
Beach North deposits, as disclosed in the National Instrument
43-101 compliant Technical Report by Scott Wilson Roscoe Postle
Associates Inc. dated April 30, 2009 and filed under the Company's
profile on SEDAR on May 21, 2009 ("2009 RPA Report"), were
estimated and reported as follows:
- Mineral Resources: At a cut-off grade of 20% CaF(2)and a
minimum horizontal thickness of 2 m, the Mineral Resources of Blue
Beach North and Tarefare veins total approximately 9.1 million
tonnes of Indicated Mineral Resources at an average grade of 42.0%
CaF(2), and 950,000 tonnes of Inferred Mineral Resources at an
average grade of 31.1% CaF(2).
- Mineral Reserves: At a cut-off grade of 30% CaF(2)and a minimum
horizontal thickness of 2 m, the Probable Mineral Reserves of the
Blue Beach North and Tarefare veins total approximately 5.4 million
tonnes at an average grade of approximately 39.8% CaF(2). The
Mineral Reserves are part of the Mineral Resources.
The key assumptions,
parameters and methods used to estimate the Mineral Resources and
Mineral Reserves, as well as other relevant information, including
data verification, with respect to the Blue Beach North and
Tarefare Veins can be found in the 2009 RPA Report. The Blue Beach
North and Tarefare Veins have overall average widths of 5.0 m and
3.5 m, respectively.
Lindsay Gorrill,
President and Chief Executive Officer of CFI, said, "We are very
pleased about the discovery at the AGS Vein, and estimates of the
Mineral Resources at the Director Vein and AGS Vein. This opens up
a new avenue for development of fluorspar mines at St. Lawrence.
Our immediate plans include further in-fill drilling at the western
part of the AGS Vein and drill testing at the eastern half of the
AGS Vein system, in an effort to upgrade the Mineral Resources in
the western part, and increase the Mineral Resources of the AGS
deposit".
The technical
information contained in this news release is based upon
information prepared by Hrayr Agnerian, P. Geo. and President of
Agnerian Consulting Ltd., and Michael F. Waldegger, P. Geo, of MFW
Geoscience Inc., each of whom is a "Qualified Person" as defined in
National Instrument 43-101 -Standards of Disclosure for Mineral
Properties.
About the
Company
The Company is a
specialty mineral resource company engaged in the development of
fluorspar deposits located in St. Lawrence, Newfoundland, Canada,
and is proposing, through Newspar, its 50/50 joint venture with
Arkema, to reactivate the existing Blue Beach North and Tarefare
underground fluorspar mines, by expanding the existing mill and
constructing a new, environmentally sound Tailings Management
Facility.
For more information
please see: www.canadafluorspar.com.
On Behalf of the
Board
Lindsay Gorrill,
President and CEO
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.
Cautionary Note
and Forward-Looking Statements
This press
release contains forward-looking statements which include, but are
not limited to: resource estimates, proposed mining techniques
required to construct and produce at expected levels, anticipated
timing for completion of metallurgical testing, the commencement of
the drilling program, current development and operating objectives
and outlook, expectations, opinions, forecasts, projections,
guidance or other statements that are not statements of fact.
Although the Company believes that the expectations reflected in
such forward-looking statements are reasonable, it cannot give any
assurance that such expectations will prove to be correct. Results
of the Company may be affected by a variety of variables and risks
associated with mining development including: loss of market,
volatility of commodity prices, currency fluctuations, imprecision
of reserve estimates, environmental risks, competition from other
producers, ability to access sufficient debt and equity capital
from internal and external sources, ability to generate sufficient
cash flow to meet its current and future obligations, regulatory
approvals affecting construction and mining operations. Such
forward-looking statements are also based on a number of
assumptions which may prove to be incorrect, including, but not
limited to, assumptions about the following: the availability of
financing for exploration and development activities, the estimated
timeline for the development of the project at St. Lawrence, the
supply and demand for, and the level and volatility of the price of
fluorspar, the assumptions on which resource estimates are based,
the receipt of necessary permit, market competition, ongoing
relations with employees and impacted communities, and general
business and economic conditions. Should one or more of the risks
or uncertainties involved in forward- looking statements
materialize, or should the assumptions prove incorrect, actual
results may vary materially from those anticipated, believed,
estimated or expected. Accordingly, readers should not place undue
reliance on forward-looking statements.
Forward-looking
statements are qualified entirely by this cautionary statement and
are given only as at the date of this press release. The Company
disclaims any obligation to update or revise any forward looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
Canada Fluorspar Inc.Lindsay GorrillPresident and
CEO1-800-823-8095lgorrill@canadafluorspar.comwww.canadafluorspar.com
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