Kombat Copper Releases Initial Mineral Resource Estimate
- Initial NI 43-101 Inferred mineral resource estimate is 1.7
million tonnes grading 1.93% Copper and 16 g/t Silver, completed on
a very limited section of the mine's potential.
- Historical data reveal numerous opportunities to increase
mineral resources with additional drilling.
- Additional historic resources in the rest of the Kombat Mine
and along strike are yet to be assessed.
- Mining License and operating permit for the Kombat Mine is
secured.
TORONTO, ONTARIO--(Marketwired - May 20, 2014) - Kombat Copper
Inc. (TSX-VENTURE:KBT) ("Kombat Copper" or the "Company") has
completed its initial NI 43-101 Inferred mineral resource estimate
for the Kombat Mine Project located in north central Namibia of 1.7
million tonnes grading 1.93% Cu and 16 g/t Ag. The current mineral
resource estimate is presented in Table 1. A technical report will
be filed under the Company's profile on SEDAR within 45 days of
this release.
The Kombat Mine is a former producing copper mine that opened in
1962 and closed in 2008 with historical production of 12 million
tonnes grading between 2.5% and 3.0% copper with additional credits
for lead and silver. It has been mined over a strike length of 3.5
kilometers. Figure 1 shows the longitudinal projection of the
Kombat Mine workings and the location of this initial mineral
resource.
The initial Inferred mineral resource estimate was defined using
the existing historic surface and underground drill holes from the
Asis Far West part of the Kombat Mine Property. The Kombat
technical team is still reviewing the extensive historical
database, which now includes in excess of 7,000 drill holes, and
they have identified significant opportunities to increase mineral
resources with additional infill and expansion drilling.
Bill Nielsen, President and CEO of Kombat Copper commented;
"This initial Inferred resource estimate at Asis Far West will
allow us to continue with the preliminary economic studies focused
on restarting the Kombat Mine operation. We are very excited not
only with this initial resource estimate but the number of quality
exploration targets we have been able to identify through the
course of our data compilation of the Kombat properties."
Table 1: Asis Far West Inferred Resources at Various
Copper Cut-Off Grades |
Cut-Off Grade |
Tonnes |
Bulk Density |
Cu |
Pb |
Ag |
CuEq |
Cu% |
(000's) |
t/m3 |
% |
% |
g/t |
% |
Wireframe |
2,967 |
2.82 |
1.39 |
0.17 |
12.6 |
1.58 |
0.25 |
2,938 |
2.82 |
1.40 |
0.16 |
12.7 |
1.59 |
0.5 |
2,729 |
2.82 |
1.48 |
0.15 |
13.2 |
1.67 |
1.0 |
1,679 |
2.83 |
1.93 |
0.13 |
15.9 |
2.15 |
1.5 |
787 |
2.85 |
2.71 |
0.13 |
20.3 |
2.98 |
2.0 |
439 |
2.86 |
3.51 |
0.10 |
26.2 |
3.83 |
2.5 |
286 |
2.88 |
4.19 |
0.09 |
30.7 |
4.56 |
3.0 |
206 |
2.89 |
4.76 |
0.09 |
34.7 |
5.18 |
3.5 |
155 |
2.90 |
5.27 |
0.09 |
38.8 |
5.73 |
4.0 |
114 |
2.91 |
5.82 |
0.09 |
42.8 |
6.33 |
4.5 |
78 |
2.92 |
6.53 |
0.09 |
48.1 |
7.10 |
5.0 |
54 |
2.94 |
7.32 |
0.09 |
55.7 |
7.97 |
Notes to Mineral Resource Estimate
- CIM definitions were followed for Mineral Resources.
- The Qualified Persons for this Mineral Resource estimate are:
Richard Routledge, M.Sc. (Applied), P.Geo. and Eugene Puritch,
P.Eng. of P&E Mining Consultants Inc.
- Mineral Resources are estimated by conventional 3D block
modeling based on wireframing at a 0.5% CuEq cut-off grade and
inverse distance cubed grade interpolation.
- CuEq is based on metal price only using the formula: CuEq = Cu%
+ (0.28* Pb%) + (0.0113* Ag g/t).
- Metal prices for the estimate are: US$3.43/lb Cu, US$0.95/lb
Pb, US$26.47/oz Ag based on a two-year trailing average as of
February 28, 2014.
- A variable bulk density of 2.79 tonnes/m3 or higher based on
density weighting has been applied for volume to tonnes conversion.
The "revised Tsumeb" formula was used for bulk density calculation
where bulk density = 363 / (130-(0.874 * (Cu% + Pb%))).
- Mineral Resources are estimated from 1,307 m elevation to 677 m
elevation, approximately 300 m depth to 947 m depth below
surface.
- Mineral Resources are classified as Inferred based on drill
hole spacing, geologic continuity and quality of data.
- A small amount of the resource may have been mined at the east
end of the AFW zone but stope location and amount of material
removed is uncertain.
- Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources
may be materially affected by environmental, permitting, legal,
title, taxation, socio-political, marketing, or other relevant
issues. There is no certainty that all or any part of the Inferred
Mineral Resource will be upgraded to an Indicated or Measured
Mineral Resource as a result of continued exploration.
- P&E recommends reporting resources at the 1%Cu block model
cut-off grade.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/kbt0520fig1.pdf.
The new mineral resource estimate compares favourably to the
most recent historic resource. The previous historic resource for
the Asis Far West area, put out by past operators in 2004, using
only wide-spaced surface drilling results.
Additional historic resources in the confines of the Kombat
Mine, immediately to the west of the area covered by the current
resource estimate, amounts to 623,000 tonnes grading 2.72% copper
and 27 g/t silver*. (*Referenced from Weatherly International PLC
Annual Report, December 2010, Mineral Resources as at June 30,
2010. A qualified person has not done sufficient work to classify
these historical estimates as current mineral resources or mineral
reserves. Kombat Copper is not treating the historical estimates as
current mineral resources or mineral reserves and the historical
estimate should not be relied upon.)
Open zones remain undefined by sufficient drill density and are
available for further resource expansion. The Company has
identified numerous opportunities to further expand and upgrade the
historic resources in order to grow on this initial mineral
resource estimate. Remnant stopes and isolated mineralized drill
intersections require further geological interpretation and
additional detailed drilling to more fully define these resource
opportunities.
Management believes there is significant potential to find
additional mineralization in other parts of the Kombat Mine
underground, at depth and along strike through additional detail
surface and underground drilling and geological mapping. One drill
hole established in the 1980's just off the west end of the Mining
Licence, approximately 1,300 meters west from the Asis Far West
shaft, intersected 10.72 meters @ 2.35% Cu and 33.38 g/t Ag. It is
interpreted that the mineralized stratigraphy of interest is
present for a significant strike length untested by past
drilling.
Kombat Copper's plans for the remainder of 2014 include
continued focus on the Asis Far West area of the Kombat Mine.
Various studies on determination of production scenarios as well as
estimated capital and operating costs are ongoing. Shaft,
underground development and mill refurbishment studies are also
being undertaken. The Company is also continuing its efforts to
increase and improve estimated mineral resources within the mine
environment.
Qualified Person
F. W. Nielsen, P.Geo., President and CEO of Kombat Copper, is
the Qualified Person for the Company, who along with Eugene
Puritch, P.Eng. and Richard Routledge, P.Geo. the Independent
Qualified Persons, have all reviewed and approved the contents of
this news release.
QA/QC
In P&E's opinion, results of the quality assurance/quality
control program carried out by Kombat Copper for its 2012
re-sampling program indicate that the original assay data are not
of industry accepted quality and there appears to have been a high
bias in the original Kombat Mine laboratory assaying. The bias may
have arisen from contamination at the sample preparation stage but
may also have arisen through historic core sampling practice. The
assay data may be used in an Inferred Resource estimate to permit
evaluation of the project's potential, but extensive re-sampling of
available AFW core for intervals within the Inferred Resource
wireframes and assaying by commercial laboratories is necessary if
the project is to advance to reserves estimation. For a Preliminary
Assessment study, P&E recommends a review of the project
sensitivity at lower grades/or lower revenues than indicated by the
current Inferred Resource estimate.
About Kombat Copper
Kombat Copper (TSX-VENTURE:KBT) is a publicly traded Canadian
exploration and development company with its core operations
focused on copper resources in Namibia, one of the world's most
prospective copper regions, where it has substantial assets in
place with significant exploration upside.
The Company holds an 80% interest in five mining licenses in the
Otavi Mountainlands, an area of Namibia particularly known for its
high-grade copper deposits. Within these licenses are three
past-producing mines including the Company's flagship property: the
past-producing Kombat Mine. The Kombat Mine's extensive
infrastructure includes an 800m production shaft which was opened
in 2006, three recently-operational shafts, ramp systems, extensive
underground workings, mine buildings, a tailings facility, a mill
and concentrator (replacement value est. +$100MM) all supported by
the Company's local town site. The Kombat Mine is linked to vital
existing infrastructure, including power, water, roads, and rail
with close proximity to the port of Walvis Bay and to one of only
five commercial-grade smelters in Africa located in Tsumeb, located
100 road kilometers away from the Kombat Mine.
In addition to mining licenses, the Company holds an 80%
interest in five Exclusive Prospecting Licenses ("EPLs") covering
an area of more than 2200 km2. The EPLs are located also within the
copper-rich Otavi Mountainlands and are in close proximity to
Tsumeb.
Cautionary Notes
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.
This news release may contain forward-looking statements. These
statements include statements regarding the mineral resource
estimate, the Company's plans for the Kombat Mine, its expectations
for the Kombat Mine and the potential of the mine, and the expected
effect on the Company's financial and operating results. These
statements are based on current expectations and assumptions that
are subject to risks and uncertainties. Actual results could differ
materially because of factors discussed in the management
discussion and analysis section of our interim and most recent
annual financial statements or other reports and filings with the
TSX Venture Exchange and applicable Canadian securities
regulations. We do not assume any obligation to update any
forward-looking statements, except as required by applicable
laws.
Kombat Copper Inc.Bill NielsenPresident and CEO+1 (416)
861-1685Kombat Copper Inc.Rob HopkinsManager, Investor Relations+1
(416) 861-5899info@kombatcopper.comwww.kombatcopper.com
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