DOT Resources Reports First NI 43-101 Resource Estimate
May 27 2009 - 6:00AM
Marketwired Canada
DOT Resources Ltd. (TSX VENTURE:DOT) ("DOT" or the "Corporation") is pleased to
announce that it has received the results of the first independent Mineral
Resource Estimate ("Mineral Resource") at its 4,800 acre, 100% owned DOT
porphyry copper +/- molybdenum, gold, silver property (the "Property") located
17 kilometres south of the Highland Valley Mining District, in central British
Columbia. The report titled "Technical Report on a Mineral Resource Estimate For
DOT Resources Ltd's Dot Property (the "Aurora Report") was prepared by Aurora
Geosciences Limited ("Aurora") and complies with National Instrument ("NI")
43-101 and the Canadian Institute of Mining ("CIM") standards for reporting
mineral resources. The NI 43-101 Technical Report will be filed on SEDAR within
45 days.
Highlights of the Aurora Report include:
- at a 0.20% copper cut-off, an indicated resource of 4.47 million tonnes at a
copper equivalent grade of 0.56% copper in the Southeast Zone,
- at a 0.20% copper cut-off, an inferred resource of 2.39 million tonnes at a
copper equivalent grade of 0.51% copper in the Southeast Zone, the Copper Zone
and the East Zone,
- the three zones of mineralization included in the resource estimate are open
along strike and down dip, and
- the copper mineralization outlined in the Northwest Zone has not been included
in the resource estimate (see Historical Resource Estimate).
As stated by John J. Komarnicki, Chairman and CEO of DOT, "This resource report
is an important milestone for the Property as it is our first NI 43-101
compliant report and it establishes a mineral resource for the Property. The
recommendations for further work contained in the Aurora Report will be
considered as we formalize the details of the next exploration phase including
diamond drilling and geophysical programs. The Property is strategically located
with regard to available infrastructure and we are anxious to continue with the
exploration and ultimate exploitation of the Property."
The current Mineral Resource incorporates all diamond drilling results from the
Property since 1996 including the drilling programs completed in 2007 and 2008.
The Property drill hole database contains assay results from 27 core holes
totaling 6,248 m. As a portion of the assay data used in the resource estimate
was collected prior to the implementation of NI 43-101 and modern quality
assurance-quality control ("QA/QC") protocols, a series of studies were
conducted to validate the historic assay results, including: re-sampling of
historic drill core, closest sample comparisons with 2007/2008 drill holes, and
database validation with historic assay records. Aurora has reviewed the
validation program conducted by DOT and has determined that the historic assays
are reliable and suitable for resource estimation.
Current Mineral Resource categories over a range of copper cut-off grades are
summarized in Tables 1 and 2.
TABLE 1 - Indicated Mineral Resource Estimate (1)
The indicated resources for the Property over a range of copper cut-off
grades are listed below:
----------------------------------------------------------------------------
copper
copper copper silver gold molybdenum equivalent
cut-off (%) tonnes (%) (g/t) (g/t) (%) (%)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
0.1 5,352,400 0.36 2.52 0.04 0.010 0.49
----------------------------------------------------------------------------
0.2 4,468,500 0.42 2.91 0.04 0.010 0.56
----------------------------------------------------------------------------
0.3 3,539,300 0.47 3.38 0.05 0.010 0.64
----------------------------------------------------------------------------
0.4 2,443,300 0.57 4.22 0.05 0.010 0.76
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TABLE 2 - Inferred Mineral Resource Estimate
The inferred resources for the Property over a range of copper cut-off
grades are listed below:
----------------------------------------------------------------------------
copper
copper copper silver gold molybdenum equivalent
cut-off (%) tonnes (%) (g/t) (g/t) (%) (%)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
0.1 2,873,300 0.35 2.51 0.03 0.003 0.44
----------------------------------------------------------------------------
0.2 2,386,900 0.4 2.89 0.03 0.004 0.51
----------------------------------------------------------------------------
0.3 1,863,300 0.46 3.41 0.04 0.004 0.63
----------------------------------------------------------------------------
0.4 1,105,000 0.58 5.00 0.05 0.004 0.73
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Notes:
(1) Mineral resources that are not mineral reserves do not have
demonstrated economic viability. See "Cautionary Note Concerning Reserve
and Resource Estimates".
(2) Rounding differences may occur from those numbers presented in the
Aurora Report following "best practice" principals.
(3) The Mineral Resource set out above for the Property is based on a 3D
geologic model (see Figure 1) and wireframe restricted block model that
integrated the exploration work on the Property up to June, 2008. The block
model used a cell size of 10 m by 10 m by 10 m and Ordinary Kriging
interpolation technique was performed at different search radii and
ellipsoid orientations.
(4) A composite value of greater than 0.20% copper was used as the lower
limit for the definition of mineralization.
(5) The Indicated and Inferred mineral resource categories for the
Property set out in Tables 1 and 2 comply with the resource definitions
of the CIM and NI 43-101: Standards of Disclosure for Mineral Projects.
(6) Copper equivalent grades are calculated using the following average
metal prices: US$1.50/lb copper, US$14.00/oz silver, US$13.50/lb
molybdenum, US$975/oz gold and assumes 100% recovery of all metals.
Commodity prices are constantly fluctuating and will be corrected by
the Corporation from time to time. Note: the copper equivalency determined
is essentially a semi-quantitative number in that it is not based on
metallurgical studies and does not address metal recovery and a host of
other production considerations.
BASIS OF RESOURCE ESTIMATE
The current resource estimate was prepared by Mr. Ronald James Robinson, BSc.,
P.Geol., a consulting geologist from Aurora, who is an independent qualified
person within the meaning of NI 43-101. Mr. Robinson has reviewed and verified
the technical information that forms the basis of and has been used in the
preparation of the current mineral resource estimate and this news release. Mr.
Robinson reviewed all analytical data, diamond drill hole logs, QA/QC data,
density measurements, and sampling, diamond drilling and analytical techniques.
Aurora used Gemcom's Surpac geology and mine modeling design and analysis
software and an Ordinary Kriging wireframe restricted linear block model to
estimate the current mineral resources contained in three of the mineralized
zones on the Property. Classification methodology used to assign a level of
confidence to the mineral resources conforms to the CIM mineral resource
definitions referred to in NI 43-101. The input data for the current mineral
resource estimate of the Property included all diamond drill hole results on the
Southeast, Copper and East Zones of mineralization collected from the Property
since 1996. The analytical results and other technical information included in
the current resource estimate have been previously announced by way of news
releases over the past three years and are available on www.sedar.com.
Top cut analyses were not performed on the input data set prior to block model
estimation. Using these analyses, the assay values for the drill holes used in
the resource estimate were composited and composite values greater than 0.20%
copper were used for the definition of mineralization.
All samples contained within the mineralized wireframe were composited to a
standard length of 2.0 m for geostatistical analysis and interpolation.
Variography was performed on the assay data within the mineralized wireframe to
generate a series of semi-variograms. These variograms were incorporated into
the search ellipsoid parameters used in the interpolation process.
Based on the geological model, exploration grid, search ellipsoid ranges and
composite sizes and, the data used in the resource estimate was block modeled
with a block size of 10 m by 10 m by 10 m for the purposes of the resource
estimate.
Ordinary Kriged method of interpolation technique was used at different search
radii for the Southeast and Copper Zones and the application of Inverse Distance
Squared estimation was used for the East Zone due to the limited number of drill
holes completed into this zone.
HISTORICAL RESOURCE ESTIMATE
Prior to completion of the current mineral resource estimate, an historical
estimate which is not compliant with NI 43-101 was completed on the Property.
The historical estimate which included the Southeast Zone and the Northwest Zone
did not conform to the CIM standards of reporting pursuant to requirements under
NI 43-101. It should be noted that a "qualified person" has not done sufficient
work to classify the historical estimate as a current resource or mineral
reserve. DOT is not treating the historical estimate as current mineral
resources or mineral reserves as defined by NI 43-101 and historical estimates
should not be relied upon.
The drilling completed in 2007 and 2008 did not verify the historical results of
the Northwest Zone, therefore, additional drilling is required to verify the
historical results. Based on the historical estimate, the Northwest Zone was
estimated to contain 1.29 million metric tonnes grading 0.56% copper. This zone
has a minimum strike length of 270 m, a width of 55 m and has been drilled to a
depth of 200 m. The mineralization in this zone is open long strike and at
depth.
CAUTIONARY NOTE CONCERNING RESERVE AND RESOURCE ESTIMATES
This press release and other information released by DOT uses the terms
"resources", "indicated resources" and "inferred resources". United States
investors are advised that, while such terms are recognized and required by
Canadian securities laws, the United States Securities and Exchange Commission
(the "SEC") does not recognize them. Under United States standards,
mineralization may not be classified as a "reserve" unless the determination has
been made that the mineralization could be economically and legally produced or
extracted at the time a reserve determination is made. Mineral resources that
are not mineral reserves do not have demonstrated economic viability.
United States investors are cautioned not to assume that all or any part of
Indicated resources will ever be converted into reserves. Inferred resources are
in addition to Indicated resources. Inferred resources have a great amount of
uncertainty as to their existence and as to whether they can be mined legally or
economically. It cannot be assumed that all or any part of an inferred resource
will ever be upgraded to a higher category. United States investors are
cautioned not to assume that all or any part of an inferred resource exist, or
that it can be mined economically.
NI 43-101 is a rule developed by the Canadian Securities Administrators, which
established standards for all public disclosure an issuer makes of scientific
and technical information concerning mineral projects. Unless otherwise
indicated, all resource estimates contained in this press release or released by
DOT in the future, have been or will be prepared in accordance with NI 43-101
and the CIM and Petroleum Classification System. The requirements of NI 43-101
are not the same as those of the SEC.
QUALITY CONTROL
The drilling programs and sampling protocol was completed under the supervision
of Elmer B. Stewart, MSc., P. Geol., DOT's Qualified Person as defined by NI
43-101. A rigorous quality control and quality assurance protocol was used
during the drilling program, including blank, duplicate and reference samples
with each batch of assays. All drill core samples were analyzed by atomic
absorption and fire assay at Eco Tech Laboratory Ltd. in Kamloops British
Columbia. Eco Tech Laboratory Ltd. is registered for International Standards
Organization ("ISO") rating 9001-2000 and is independent of DOT. Mr. Robinson
has verified the data that forms the basis for the mineral resource estimate and
the technical information contained in this press release.
ABOUT DOT
DOT is a Canadian corporation currently focused on the exploration and
development of its copper property in central British Columbia. The Corporation
is planning to assess future copper and copper-gold properties for exploration
and development opportunities throughout North and South America.
DOT shares trades on the TSX Venture exchange under the symbol DOT. There are
41,500,001 DOT shares outstanding. The Corporation's website can be accessed at
www.dotresourcesltd.com.
Forward-Looking Statements
Certain statements contained in this news release constitute "forward-looking
statements" as such term is used in applicable Canadian and US laws. These
statements relate to analyses and other information that are based on forecasts
of future results, estimates of amounts not yet determinable and assumptions of
management. In particular, any statements concerning the timing, content and
future success of diamond drilling or geophysical survey or the ability to
obtain funding to complete same and other factors and events described in this
news release should be viewed as forward-looking statements to the extent that
they involve estimates thereof. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as "expects" or "does not expect", "is
expected", "anticipates" or "does not anticipate", "plans", "estimates" or
"intends", or stating that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved) are not statements of
historical fact and should be viewed as "forward-looking statements". Such
forward-looking statements, including but not limited to, the amount of
estimated mineralization, the timing and possible outcome of possible pending
economic evaluations, the Corporation's liquidity and financial capacity, the
Corporation's funding sources to meet various obligations and other factors and
events described in this document, involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Corporation to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such risks and other factors include, among others,
potential drilling targets, exploration results, the timing of future diamond
drilling, geophysical survey results, the availability of capital to fund
exploration activities and the resulting dilution caused by the rising of
capital through the sale of shares, the effects of the recessionary economy and
such other business risks as discussed herein and other publically filled
disclosure documents. Although the Corporation has attempted to identify
important factors that could cause actual actions, events or results to differ
materially from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be anticipated,
estimated or intended. There can be no assurance that such statements will prove
to be accurate as actual results and future events could vary or differ
materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking statements contained in this
news release.
Forward-looking statements are made based on management's beliefs, assumptions,
estimates and opinions on the date the statements are made and the Corporation
undertakes no obligation to update forward-looking statements if these beliefs,
estimates and opinions or other circumstances should change, except as required
by applicable law. The forward-looking statements contained herein are expressly
qualified by this cautionary statement.
To view FIGURE 1 - 3D GEOLOGICAL MODEL OF THE DOT PROPERTY MINERALIZED ZONES;
please visit the following link:
http://media3.marketwire.com/docs/DOT527MAP.pdf.
Isoenergy (TSX:ISO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Isoenergy (TSX:ISO)
Historical Stock Chart
From Jul 2023 to Jul 2024
