Bullman Minerals Reports Inferred Resource of 39.8 Mt Grading 0.94 g/t Gold (1.21 Moz) on the Balandougouba Project
April 02 2014 - 8:00AM
Marketwired
Bullman Minerals Reports Inferred Resource of 39.8 Mt Grading 0.94
g/t Gold (1.21 Moz) on the Balandougouba Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 2, 2014) -
Bullman Minerals Inc. (TSX-VENTURE:BUL) is pleased to announce the
results of the first independent NI43-101 resource estimate for the
Balandougouba project (Sidikila deposit), located in northeast
Guinea, West Africa. The inferred resource estimate for the
Sidikila deposit is 39.8 Mt grading 0.94 g/t gold (1.21 Moz) at a
0.3 g/t cut-off. No economic studies have been completed for the
Balandougouba project and therefore a cut-off grade of 0.3 g/t gold
was chosen as a possible open pit cut-off; the resource at various
cut-off is shown in Table 1. The Sidikila deposit is one of several
targets the Company is actively exploring on the Balandougouba
project, which comprises three contiguous exploration concessions
for a total area of 265 km2.
Highlights
- Maiden NI43-101 resource estimate outlines an inferred resource
of 39.8 Mt grading 0.94 g/t gold (1.21 Moz) at a 0.3 g/t
cut-off.
- Increasing the cut-off grade to 0.6 g/t gold, the resource
grade increases to 1.17 g/t gold and the total ounces and tonnage
decreases to 1.02 Moz and 27.1 Mt, respectively.
- Significant potential to increase the resource by drilling down
dip of existing shallow drilling, which mostly intersected the
mineralization zone between surface and 100 m depth, and along
strike to the north and southeast.
- Structure hosting the Sidikila deposit can be traced over 15 km
to the north and 6 km to the southeast by geophysics.
- Several targets (Niani, Gberekole, Mandiantri, Jade and Fouani)
have seen limited exploration to date, but will be the focus of
exploration programs with the aim to outline satellite deposits
that are within a short distance of Sidikila.
- Near surface gold mineralization may be amenable to open pit
extraction and heap leach processing, which Bullman plans to
investigate in future mining and metallurgical studies.
The Sidikila deposit is over 600 m long, up to 100 m wide and
has been intersected in reverse circulation (RC) holes to
approximately 100 m below surface, except for four holes that were
drilled between 200 to 250 m below surface. The deposit strikes
north and dips steeply; the deposit is open at depth and along
strike to the southeast and to the north. Gold mineralization is
hosted in felsic intrusive rocks and adjacent Birimian-age
sedimentary rocks. Gold mineralization occurs in quartz stockworks
and disseminations and is associated with silica, sericite, biotite
and sulphide alteration; sulphide minerals include pyrite and
arsenopyrite with trace pyrrhotite, sphalerite and galena.
Table 1: Balandougouba Project - Inferred Mineral Resource
estimate for the Sidikila deposit.
|
|
Grade > Cut-off |
Au Cut-off (g/t) |
Tonnes > Cut-off (tonnes) |
Au (g/t) |
Contained Ozs Au |
0.10 |
43,980,000 |
0.87 |
1,236,000 |
0.20 |
42,200,000 |
0.91 |
1,228,000 |
0.30 |
39,800,000 |
0.94 |
1,208,000 |
0.40 |
36,180,000 |
1.00 |
1,167,000 |
0.50 |
31,850,000 |
1.08 |
1,104,000 |
0.60 |
27,050,000 |
1.17 |
1,019,000 |
0.70 |
22,690,000 |
1.27 |
928,000 |
0.80 |
19,090,000 |
1.37 |
841,000 |
1.00 |
13,690,000 |
1.56 |
686,000 |
Inferred Mineral Resource
"An 'Inferred Mineral Resource' is that part of a Mineral
Resource for which quantity and grade or quality can be estimated
on the basis of geological evidence and limited sampling and
reasonably assumed, but not verified, geological and grade
continuity. The estimate is based on limited information and
sampling gathered through appropriate techniques from locations
such as outcrops, trenches, workings and drill holes.
"Due to the uncertainty that may be attached to Inferred
Mineral Resources, it cannot be assumed that all or any part of an
Inferred Mineral Resource will be upgraded to an Indicated or
Measured Mineral Resource as a result of continued exploration.
Confidence in the estimate is insufficient to allow the meaningful
application of technical and economic parameters or to enable an
evaluation of economic viability worthy of public disclosure.
Inferred Mineral Resources must be excluded from estimates forming
the basis of feasibility or other economic studies."
The Sidikila resource estimate is based on 42 RC holes (5,763 m)
containing 5,163 assays. The drill holes have been drilled on
east-west fences spaced 100 m apart; the holes were mostly drilled
towards the west at -50°. The samples (1.0 m lengths) were
composited to 2.5 m in length and interpolated into blocks
measuring 10 m by 10 m by 5 m using ordinary kriging. The kriging
exercise was completed in a series of 4 passes using an expanding
search ellipse oriented and dimensioned from the semivariograms.
Solid wireframes of the oxide and sulphide mineralization were used
to constrain the estimate. The first pass used a search ellipse
with dimensions equal to 1/4 of the semivariogram range. A minimum
of 4 composites were required to estimate a block with a maximum of
3 allowed from a given drill hole. In this manner, a minimum of two
drill holes were required to estimate a block. For blocks not
estimated in Pass 1, a second pass using a search dimension equal
to 1/2 the semivariogram range. A third pass using the full range
and a fourth pass using twice the range completed the exercise. In
all cases a maximum of 12 composites were allowed and if more than
12 were found the closest 12 were used. For all estimated blocks
containing some percentage of external waste, a second kriging
exercise was completed using only composites outside the
mineralized solids; the kriging was completed in a similar manner
as described for the mineralized blocks.
The kriging parameters and number of blocks estimated in each
pass are tabulated below (Table 2).
Domain |
Pass |
Number of Blocks Estimated |
Az / Dip |
Dist. (m) |
Az / Dip |
Dist. (m) |
Az / Dip |
Dist. (m) |
Mineralized Solids (9,284 blocks not estimated) |
1 |
7 |
353 / 0 |
35.0 |
263 / -30 |
11.25 |
83/ -60 |
15.0 |
2 |
4,782 |
353 / 0 |
70.0 |
263 / -30 |
22.5 |
83/ -60 |
30.0 |
3 |
27,215 |
353 / 0 |
140.0 |
263 / -30 |
45.0 |
83/ -60 |
60.0 |
4 |
18,520 |
353 / 0 |
280.0 |
263 / -30 |
90.0 |
83/ -60 |
120.0 |
Note - The 9,284 blocks within the geologic 3D solid model not
estimated were at depth where the minimum of 4 composites, with a
maximum of 3 from a single hole, were not found.
This maiden resource estimate is based on 42 RC holes with an
average length of 137 m. Considerable potential exists to expand
the existing resource by additional drilling down dip as well as
along strike to the north and southeast. The structure hosting the
Sidikila mineralization can be traced for 6 km to the southeast and
over 15 km to the north as a strong electromagnetic (EM) high. In
addition to the Sidikila deposit, several (5) other targets
including Niani, Gberekole, Mandiantri, Jade and Fouani have seen
limited exploration to date (soil geochemistry, geophysics and
shallow drilling), however several of these targets have extensive,
shallow artisanal workings, which will be the focus of future
sampling and drilling programs.
Laboratory Procedures
Reverse circulation drill samples were submitted to ALS Chemex
in Bamako, Mali and the OMAC Stewart laboratory in Ireland. Except
for 243 samples from hole GN1, the remainder of samples from this
hole and all the samples for the other 43 holes were prepared and
analyzed at ALS Chemex. Both ALS Chemex and OMAC Stewart are
internationally recognized independent commercial laboratories. The
samples were analyzed by fire assay with an atomic absorption
spectrometry (AAS) finish after digestion in aqua regia. Quality
Control - Quality Insurance samples (standards and duplicates) were
inserted to monitor the analytical results of the laboratory. The
standards and duplicates from the historical drill programs were
within acceptable limits, however the Qualified Persons recommends
future programs include use of appropriate blank control standards
and increase the number of standard and duplicate control
samples.
Qualified Persons
Gary Giroux of Giroux Consultants Ltd. completed the resource
estimate and Micheal Gareau of M. Gareau & Associates
Geological Services Inc. and Gary Giroux jointly prepared the
NI43-101 Technical Report titled Mineral Resources of the Sidikila
deposit, Balandougouba Property, Republic of Guinea with an
effective date of Dec. 1 2013. Mr. Gareau and Mr. Giroux have
extensive relevant experience and are Qualified Persons in their
respective fields as defined by NI43-101. Mr. Gareau completed a
site visit to the project on November 28, 2012. The authors are not
aware of any known legal, political, environmental, or other risks
that could materially affect the potential development of the
mineral resources or mineral reserves. The NI43-101 Technical
Report will be filed on SEDAR and Bullman Mineral's website within
45 days of this news release.
André C. Lambert, B.Sc. (Hons), EurGeol, MIMM is the Exploration
Manager for the Company and a qualified person as defined by
National Instrument 43-101. Mr. Lambert has reviewed and approved
the technical disclosure contained in this News Release.
About Bullman Minerals Inc.
Bullman Minerals Inc. is a Canadian based public company with a
focus on the acquisition, exploration and development of gold
properties in Guinea and neighboring countries of West Africa. The
Company owns two gold projects in the under-explored Siguiri Basin
of northeast Guinea, which is underlain by Birimian age rocks, the
host rock to most of the large gold deposits in West Africa. For
details on the projects, the reader is referred to NI43-101
Technical Report on the Siguiri and Balandougouba Projects, Guinea,
prepared by independent qualified person Michael B. Gareau with an
effective date of April 10, 2013 and available on SEDAR or the
company's website.
Some statements in this news release contain forward-looking
information, including without limitation statements as to planned
expenditures and exploration programs. These statements address
future events and conditions and, as such, involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the statements. Such factors include
without limitation the completion of planned expenditures, the
ability to complete exploration programs on schedule and the
success of exploration programs.
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 the
accuracy of this news release.
Bullman Minerals Inc.Peter YueCEO and Director+1 604
336-8618
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