TORONTO, ONTARIO ("Geoinformatics" or the "Company") is pleased
to announce it has received the initial independent mineral
resource estimate on the Whistler and Main Zones at its Whistler
Project in Alaska. The report states that the greater Whistler Zone
holds an Indicated Resource of 840,000 ounces of gold plus an
Inferred Resource of 2.74 million ounces of gold. Consideration of
the silver and copper mineralization associated with the gold,
produces a gold equivalent resource of 1.31 million ounces in the
Indicated category and 4.44 million ounces in the Inferred
category.
The independent resource estimate was compiled by SRK Consulting
(Canada) Inc. ("SRK") and complies with National Instrument (NI)
43-101 and Canadian Institute of Mining (CIM) guidelines for
reporting mineral resources.
Highlights
SRK's Mineral Resource Statement confirms:
- An Indicated Resource containing 840,000 ounces of gold, 2.37
million ounces (Moz) of silver and 159 million pounds (Mlbs) of
copper (which equates to 1.31 Moz in a gold equivalent
resource);
- An Inferred Resource containing 2.74 Moz of gold, 9.44 Moz of
silver and 573 Mlbs of copper (which equates to 4.44 Moz in a gold
equivalent resource); and
- The Indicated category contains 30 million tonnes grading 0.87
grams per tonne ("g/t") gold, 2.46 g/t silver and 0.24% copper and
the Inferred category contains 134 million tonnes grading 0.64 g/t
gold, 2.18 g/t silver and 0.20% copper.
The resource estimation process has also highlighted several
untested areas of the Whistler Zone that have the potential to
increase the mineral resource significantly, which will be
evaluated with follow-up drilling in 2008.
"The initial 43-101 compliant resource estimate on the Whistler
Zone is a watershed milestone for Geoinformatics, as it quantifies
a large gold resource that can be used as a valuation benchmark for
the Company and continues to highlight the merits of our important
alliance with Kennecott Exploration Company," commented Kevin L.
Snook, Chairman of Geoinformatics. "The results of SRK's resource
estimate clearly position Geoinformatics as holding one of the
prime North American advanced exploration gold properties, and we
will continue to work aggressively to enhance the project and
increase its value to our shareholders."
Resource Estimate Summary
The total Indicated and Inferred Mineral Resources are presented
in Table 1 below and encompass both the Whistler and Main Zones.
The higher grade Main Zone is hosted within the broader mineralized
envelope represented by the Whistler Zone.
SRK calculated the resource estimate based on a conceptually
modeled and optimized open-pit design (described below) in which
93% of the current total tonnage is extractable through an open pit
operation (cut-off grade of 0.3 g/t gold equivalent) and the
remaining 7% (cut-off grade of 1.1 g/t gold equivalent) is
potentially extractable by bulk underground mining methods
following development of the open pit.
Table 1. Mineral Resource Statement(i) for the Whistler Gold Deposit,
Alaska, Prepared by SRK Consulting (Canada) Inc.
---------------------------------------------------------------------------
Tonnage and Grades Total Contained Metal
---------------------------------------------------------------------------
Resource Tonnage Gold Silver Copper Gold Gold Silver Copper Gold
Category (Mt) (g/t) (g/t) (%) Eq(3) (Moz) (Moz) (Mlb) Eq(3)
(g/t) (Moz)
---------------------------------------------------------------------------
Indicated
(open-
pit(1)) 30 0.87 2.46 0.24 1.35 0.84 2.37 159 1.31
---------------------------------------------------------------------------
Total
Indicated 30 0.87 2.46 0.24 1.35 0.84 2.37 159 1.31
---------------------------------------------------------------------------
Inferred
(open-
pit(1)) 123 0.59 2.07 0.19 0.98 2.33 8.19 515 3.86
---------------------------------------------------------------------------
Inferred
(under-
ground(2)) 11 1.16 3.55 0.24 1.66 0.41 1.26 58 0.59
---------------------------------------------------------------------------
Total
Inferred(4) 134 0.64 2.18 0.20 1.05 2.74 9.44 573 4.44
---------------------------------------------------------------------------
---------------------------------------------------------------------------
1. Reported within a conceptual pit shell and based on a cut-off grade of
0.3 g/t gold equivalent adjusted for metallurgical recovery (see
methodology below).
2. Reported based on an underground bulk mining method using a cut-off
grade of 1.1 g/t gold equivalent adjusted for metallurgical recovery.
3. Total grade and Total Contained Metal gold equivalent grade and ounces
estimated based on 100% recovery, $550 per ounce gold, $8 per ounce silver
and $1.50 per pound of copper.
4. Totals may vary due to rounding.
(i) Notes: Mineral resources, which are not reserves, do not yet have
demonstrated economic viability.
SRK is unaware of any environmental, permitting, legal, title,
taxation, socio-political, marketing or other relevant issues
that may materially affect this resource estimate
"We believe that the SRK resource estimate is just the beginning
of the development of the Whistler area as a new porphyry
province," stated Dr. Nick Archibald, Chief Executive Officer of
Geoinformatics. "The Whistler Zone itself remains open in several
directions and at depth, and numerous high-quality exploration
targets with similar geophysical signatures have been identified in
close proximity. We intend to drill test the Whistler Zone targets
which have the potential to significantly increase the resource
estimate."
Next Steps
Geoinformatics plans to aggressively advance the Whistler Zone
through further definition drilling of mineralized zones in both
the high-grade Main Zone, as well as the extended mineralized
envelope. The objective of the program will be to move resources in
the Indicated and Inferred categories, respectively, into higher
categories as part of a plan to complete a feasibility study on the
deposit as soon as possible.
In addition, the resource estimation process has highlighted
several areas in the immediate vicinity of prior drilling that are
currently untested and which have the potential to significantly
increase the reported mineral resource estimate. Geoinformatics
intends to conduct a comprehensive exploration program on these
high-priority targets in 2008.
The third component for this year's strategy will be the
drilling of currently-identified high-priority regional targets as
successful identification of other regional mineralized zones could
positively impact the economics of the Whistler Zone.
SRK Qualifications and Methodology
SRK is a worldwide independent engineering, environmental and
geological consulting company with over 700 engineers and
scientists and a reputation for excellence in the estimation of
mineral resources. In August 2007, Geoinformatics engaged SRK to
audit the Whistler Project and to prepare an initial independent
technical report on it, compliant with NI 43-101 guidelines, which
was filed on SEDAR (www.sedar.com) on November 8, 2007. The scope
of work was expanded, as announced in November 2007, to include
completing an independent estimate of the mineral resources in the
Whistler Gold Deposit. The updated NI 43-101 report will be filed
on SEDAR within 45 days.
The resource estimate prepared by SRK was based on a
three-dimensional (3-D) geologic and mineralization model that
integrated over 7,250 meters of drilling in 31 holes and included a
block model. This drilling has been audited and validated by SRK in
accordance with CIM Estimation of Mineral Resources and Mineral
Reserves Best Practice Guidelines and with National Instrument
43-101 guidelines.
Metal grades were estimated and incorporated into a block model
that was constructed using capped composites and ordinary
"kriging". A density factor of 2.72 tonnes per cubic metre was used
to convert volumes into tonnage, based on 21 core specific gravity
samples as determined by ALS Chemex Laboratory in Vancouver,
Canada. Kriging is a geo-statistical technique commonly used in
mineral resource estimates.
The near surface Whistler mineral resource has been modeled
within a conceptual pit shell generated using Whittle Pit
Optimization software. The Whistler in-pit mineral resource is
based on a 0.30 g/t recovered gold equivalent in-pit cut-off grade
assuming a 75% recovery for gold and silver and a 85% recovery for
copper and using metals prices of US$550/oz for gold, US$1.50/lb
for copper and US$8/oz for silver. Mining parameters used in the
Whittle pit optimization were based on those from similar projects
and include 2.5% pit mining losses, 35% pit slope angle, average
mining cost of US$1.50/t rock and processing cost of US $7.50/t
rock. Items such as refinery costs or concentrate shipping charges
were not included in the calculation. Mineral resources are not
reserves and do not have demonstrated economic viability.
About the Whistler Project
The Whistler Project was acquired as a target-of-merit from
Kennecott in June 2007 (see "Kennecott - Geoinformatics Alliance
Agreement" below), and encompasses approximately 440 contiguous sq.
km. in relatively flat topography at the northeastern end of the
prospective Southern Alaskan Range. This range hosts the giant
Pebble copper-gold-molybdenum-silver deposit further to the
southwest. The large property is located approximately 160 km.
northwest of Anchorage, Alaska, and consists of 732 mining claims
on state land designated for mineral exploration and
development.
The Whistler Zone outcrops on a broad, relatively flat ridge
with very little vegetation cover at an elevation of approximately
800 metres. The deposit has been interpreted from extensive
drilling as a large gold-copper-silver porphyry system.
The Whistler Project also includes a significant number of
regional exploration targets. These regional targets have largely
been identified directly from geophysical "signatures" similar to
that of the Whistler Zone or from Geoinformatics' proprietary
auto-intrusion detection technology. Though the Whistler Zone is
the only target found to-date which comes to surface, a number of
regional targets have mineralized geochemistry samples, and several
reconnaissance drill holes have intersected mineralization,
including the Rainmaker Prospect with an intercept of 184 metres
grading 0.44 g/t gold and 0.19% copper.
To view a map of "Figure 1. Whistler Project Location", please
visit the link below:
http://www.ccnmatthews.com/docs/whistlerprojectlocation.pdf
Kennecott - Geoinformatics Alliance Agreement
All Whistler prospects and properties mentioned in this press
release fall under the Kennecott-Geoinformatics Master Strategic
Alliance Agreement (the "Alliance Agreement"). The Company entered
into the Alliance Agreement effective March 2006 under which it is
using its proprietary geo-science and technology platform (the
"Geoinformatics Process") to identify, prioritize and drill more
than 30 exploration drill targets over the initial two years of the
Agreement. The Whistler Project was acquired by Geoinformatics as a
target-of-merit under the Alliance Agreement in June 2007, and
Kennecott retains a back-in right to acquire either a 51% or 60%
interest in the Whistler Project under certain circumstances.
Please refer to Geoinformatics' press-release dated August 14,
2006, for further information.
Qualified Persons
The technical content of this release has been reviewed by
Darren Holden, MAusIMM, Executive Vice President - Operations of
Geoinformatics. The resource estimate and technical report for the
project was completed by George Wahl, an Associate Principal
Resource Geologist with SRK and was reviewed by Dr. Jean-Francois
Couture, P.Geo, of SRK. By virtue of their academic backgrounds and
professional experience, Mr. Holden, Mr. Wahl and Dr. Couture are
all "qualified persons" as defined by NI 43-101.
About Geoinformatics
The Geoinformatics Process integrates large-scale data
aggregation, data mining and three-dimensional modeling, and has
been designed to assist in understanding and quantifying risk at a
much earlier stage of the exploration cycle than has traditionally
been available. The Company's objective is to advance its
properties to the stage of commercial development by applying
faster, less expensive and more reliable analytical methods to
resource exploration.
In addition to the Whistler Project, Geoinformatics is
continuing to advance several exploration projects located in Utah
(Stockton), the Battle Mountain Trend region of Nevada (Colorback),
and the State of Sinaloa, Mexico (La Noria/Azulitas) to the
resource estimate stage as quickly as possible. Fourteen
Company-owned properties in the State of Sonora, Mexico, fall under
a joint venture in which Azure Minerals Limited is earning a 51%
interest by spending US$4 million. Geoinformatics also has an
extensive portfolio of other direct and indirect property
interests, joint ventures, and royalties covering a wide range of
minerals in Mexico, Australia and New Zealand and North
America.
This news release includes certain forward-looking statements
concerning the future performance of Geoinformatics' business,
operations and financial performance and condition, as well as
management's objectives, strategies, beliefs and intentions.
Forward-looking statements are frequently identified by such words
as "may", "will", "plan", "expect", "anticipate", "estimate",
"intend" and similar words referring to future events and results.
Forward-looking statements are based on the current opinions and
expectations of management. All forward-looking information is
inherently uncertain and subject to a variety of assumptions, risks
and uncertainties, including the speculative nature of mineral
exploration and development, fluctuating commodity prices,
competitive risks and the availability of financing, as described
in more detail in Geoinformatics' securities filings available at
www.sedar.com. Actual events or results may differ materially from
those projected in the forward-looking statements and the reader is
cautioned against placing undue reliance thereon. We assume no
obligation to revise or update these forward-looking
statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Geoinformatics Exploration Inc. Dr. Nick Archibald
Executive Vice-Chairman and CEO (416) 861-1300 x224 Email:
nicka@geoinformex.com Geoinformatics Exploration Inc. Mr. Darren
Holden Executive Vice President - Operations (604) 605-3073 x101
Email: darrenh@geoinformex.com Website: www.geoinformex.com
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