Everton Announces Initial NI 43-101 Mineral Resource Estimate for the La Lechoza Deposit
January 23 2012 - 7:13AM
Marketwired Canada
Everton Resources Inc. ("Everton" or the "Company") (TSX
VENTURE:EVR)(FRANKFURT:ERV)(OTCQX:EVRRF) is pleased to announce that it has
received the results of its initial National Instrument 43-101 ("NI 43-101")
compliant, independent mineral resource estimate completed by SGS Canada Inc. -
Geostat ("SGS Geostat") of Blainville, Quebec, for the APV Property La Lechoza
deposit in the Dominican Republic. The resource estimate includes Everton's
drilling of the mineral deposit until August 8, 2011 and up to drill-hole number
APV-11-35; as well as validated historical drill holes from previous owners.
Mineral Resources
The mineral resources reported below are described separately for oxides and
sulphides, because they represent two (2) different mining methods and
extraction processes. Furthermore, oxides are reported for Au and Ag only and
sulphides include Au, Ag and Cu.
Mineral Resources for Oxides
Cut-Off Classification Tonnage Au Ag AuEq Au Ag
(g/tAuEq) (t) (g/t) (g/t) (g/t) (Oz) (Oz)
----------------------------------------------------------------------------
0.3 Inferred 979,000 0.86 17.72 1.14 27,000 558,000
----------------------------------------------------------------------------
Mineral Resources for Sulphides
Cut-Off Classifi- Tonnage Au Ag Cu CuEq Au Ag Cu
(%CuEq) cation (t)(g/t)(g/t) (%) (%) (Oz) (Oz) (lbs)
-------------------------------------------------------------------------
0.21 Inferred 1,225,000 0.2 5.03 0.57 0.65 8,000 198,000 15,500,000
-------------------------------------------------------------------------
Values displayed in this table are "in-situ" and intended for illustrative
purposes only. No mining scenario, milling or metallurgical recovery has been
estimated or applied to these values, and therefore they do not have
demonstrated economic viability, but a reasonable prospect of economical
extraction.
La Lechoza Mineral Deposit Resource Estimate Details
The mineral resources were estimated using analytical results from La Lechoza
database containing 193 drill holes totalling 15,912 metres completed by Everton
at the APV Property La Lechoza mineral deposit. The mineral resource estimate
has been completed using three-dimensional wireframe modelling of mineralization
and geological contacts followed by block model interpolation methodology. The
model is divided into 7 individual solids and covers an area of approximately
500 metres in the northeast direction, 300 metres in the southeast direction and
reaches a maximal depth of 30 metres below surface
The block model was defined by blocks measuring 5 metres long by 5 metres wide
by 5 metres thick. The interpolation process was conducted by Inversed Squared
distance estimation using composited assays of 2.5 m. The mineral resources were
estimated using SectCad software. A capping of 15 g/t Au and 2 g/t Au were
applied respectively for assays of the oxide and sulphide zones. A capping of
200 g/t Ag and 50 g/t Ag were applied respectively for assays of the oxide and
sulphide zones. A capping of 3% Cu was applied for assays of the sulphide zone.
Results are presented undiluted and in situ. The specific gravities of an
analogous project relatively close to the property were used in the resources
estimation. A specific gravity of 2.41 was assigned to the mineralized oxide
zones. A specific gravity of 2.97 was assigned to the mineralized sulphides
zones. A specific gravity of 2.40 was assigned to the un-mineralized oxide
zones. A specific gravity of 2.70 was assigned to the un-mineralized sulphides
zones.
The Oxide mineral resources are reported using an AuEq cut-off grade. To
calculate the three (3) different cut-off grade, metal prices for the last 5
years, last year and spot July 27th, 2011 were used. The cut-off grades were
calculated using the following formula: AuEq Cut-off = (MiningCost
($/t)+ProcessingCost ($/t))/(AuPrice ($/g) (i) AuRecovery).
Sulphide mineral resources are reported using a CuEq cut-off grade. The cut-off
grade values were calculated using three (3) different scenarios with varying
metal prices and fixed mining and processing parameters. The cut-off grades were
calculated using the following formula: CuEq Cut-off = (MiningCost ($/t)
+Processing Cost ($/t))/(CuPrice ($/g) (i) CuRecovery).
SGS Geostat used a preferred scenario of the last year trailing metal price for
the calculated cut-off grade. The cut-off grades used by SGS are 0.3 g/t AuEq
for the oxides and 0.2 % CuEq for the sulphides. A conceptual Whittle pit
optimization was done using assumptions and last year trailing metal prices. The
reported resources are limited to the blocks contained in the optimized pit
shell.
Au prices CU prices Ag prices Au Eq CoO Cu Eq COO
($/oz) ($/lbs) ($/oz) (g/t) (%)
------------------------------------------------------------
5 years 1041.71 3.56 19.14 0.35 0.23
------------------------------------------------------------------------
Last year
(2010) 1224.53 3.92 20.19 0.29 0.21
------------------------------------------------------------------------
Spot
(27/07/11) 1614.8 4.41 40.33 0.22 0.19
------------------------------------------------------------------------
Mineral Resources Classification
The reported mineral resources are classified in the inferred category. Air
Track drill holes were included in the interpolation process and the assay
results from these cannot be independently verified. Furthermore, no specific
gravity measurements were available and no deviation measurements were available
for holes deeper than 150m.
NI 43-101 Disclosure
Hugo Dominguez, M.Sc., C.P.G., is the qualified person who supervised the
preparation of the technical information in this news release. This initial
current mineral resource estimate has been completed by Maxime Dupere P. Geo.,
of SGS Geostat, who has reviewed pertinent geological information in sufficient
detail to support the data incorporated in the mineral resource estimate. Mr.
Dupere is an Independent Qualified Person as defined under NI 43-101 and is
responsible for the mineral resource estimate presented in this release. Mr.
Dupere has reviewed the content of this news release and consents to the
information provided in the form and context in which it appears.
A copy of the full Technical Report will be filed on SEDAR at www.sedar.com
within 45 days.
In addition, Everton announces the amendment of the terms of the previously
announced letter agreement with Brigus whereby Everton will acquire Brigus'
remaining interest in the Ampliacion Pueblo Viejo II, Ponton and La Cueva
concessions in the Dominican Republic (see press release issued on September 29,
2011). The total cash consideration for interest in the concessions remains the
same however, it will be made over 4 installments including an initial
non-refundable payment of $25,000 which was paid by Everton upon execution of
the amendment. Brigus has also agreed to a voluntary 24 month escrow period for
the 15,000,000 common shares of Everton to be issued in connection with the
transaction, with an initial 10% to be released upon closing and an additional
22.5% every 6 months thereafter. The transaction is expected to close shortly
and is subject to regulatory approval.
About Everton Resources Inc.
Everton Resources and Brigus Gold Inc., Everton's exploration partner in the
Dominican Republic, have reached an agreement whereby Everton will acquire 100%
ownership of Brigus' remaining interest in the Ampliacion Pueblo Viejo II
("APV"), Ponton and La Cueva concessions in the Dominican Republic. Everton is
actively exploring adjacent to the US$3.8 billion Pueblo Viejo project,
currently being developed by the world's largest gold mining company, Barrick
Gold Corporation (60%) in partnership with Goldcorp Inc. (40%) ("Goldcorp")
(NYSE:GG)(TSX:G). Planned divestiture of its 100%-owned subsidiary Hays Lake
Gold containing the Shoal Lake Gold Project in Kenora, Ontario is expected to
provide internal funding to advance the Ampliacion Pueblo Viejo project. Everton
also holds an interest in the Opinaca region of James Bay, Quebec where the
Company has partnered with Aurizon Mines Ltd. who is advancing Everton's
interest by funding 100% of all exploration work on one of the largest land
packages adjacent to Goldcorp's Eleonore gold deposit.
CAUTIONARY NOTE REGARDING FORWARD LOOKING INFORMATION
This news release contains certain forward-looking statements that involve risks
and uncertainties, such as statements of Everton's plans, objectives,
strategies, expectations and intentions. The words "may", "would", "could",
"will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and
similar expressions, as they relate to Everton, or its management, are intended
to identify such forward-looking statements. Many factors could cause Everton's
actual results, performance or achievements to be materially different any
future results, performance or achievements that may be expressed or implied by
such forward-looking statements. The forward-looking statements included in this
press release represent Everton's views as of the date of the release. While
Everton anticipates that subsequent events and developments may cause its views
to change, it specifically disclaims any obligation to update these
forward-looking statements, except in accordance with applicable securities
laws. Accordingly, readers are advised not to place undue reliance on
forward-looking information. All subsequent written and oral forward-looking
statements attributable to Everton or persons acting on its behalf are expressly
qualified in their entirety by this notice.
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