Lero Gold Corp. Announces NI 43-101 Compliant Mineral Resource for Taldybulak-Talas Copper-Gold Project, Kyrgyzstan
April 25 2008 - 10:24AM
Marketwired
LONDON, UNITED KINGDOM (TSX VENTURE: LER) is pleased to announce
a National Instrument 43-101 compliant resource estimate for the
Taldybulak-Talas copper-gold porphyry deposit, northwest
Kyrgyzstan.
The resource estimate has been calculated at various gold
cut-off grades and incorporates all drilling data obtained for the
Taldybulak-Talas copper-gold project from the 2007-2008 drilling
programmes completed in Q1 2008. At a 0.30g/t gold cut-off, the
Indicated resource is 79Mt @ 0.63g/t Au and 0.17% Cu with the
Inferred resources totalling 163Mt @ 0.58g/t Au and 0.14% Cu.
Table 1; Taldybulak-Talas Copper-Gold Project, Mineral Resource
Estimate (Lero -April 2008)
-----------------------------------------------------------
-----------------------------------------------------------
Indicated
Cut-off Au ------------------------------------------------
g/t Mt Au g/t Au Moz Cu % Cu Mlb Au_eq Au_eq
g/t Moz
-----------------------------------------------------------
-----------------------------------------------------------
0.20 107 0.53 1.83 0.17 388 0.95 3.24
-----------------------------------------------------------
0.30 79 0.63 1.61 0.17 301 1.07 2.71
-----------------------------------------------------------
0.40 61 0.72 1.40 0.18 238 1.17 2.27
-----------------------------------------------------------
0.50 45 0.81 1.18 0.18 181 1.27 1.84
-----------------------------------------------------------
-----------------------------------------------------------
-----------------------------------------------------------
-----------------------------------------------------------
Inferred
Cut-off Au ------------------------------------------------
g/t Mt Au g/t Au Moz Cu % Cu Mlb Au_eq Au_eq
g/t Moz
-----------------------------------------------------------
-----------------------------------------------------------
0.20 286 0.43 3.99 0.14 876 0.78 7.18
-----------------------------------------------------------
0.30 163 0.58 3.03 0.14 492 0.92 4.82
-----------------------------------------------------------
0.40 115 0.68 2.50 0.13 336 1.01 3.73
-----------------------------------------------------------
0.50 87 0.75 2.10 0.13 247 1.07 3.00
-----------------------------------------------------------
-----------------------------------------------------------
Note: Au_eq equals Au g/t + 2.5x Cu %
Metal equivalent: metallurgical recoveries and net smelter
returns are assumed to be 100%
The resource is based on 20 historical Soviet holes (5,078m) and
34 diamond holes (8,484m) drilled by Lero from 2005 through to
2008; a total of 9,534m of surface trenching data was also included
in the modelling and interpolation. The mineralisation is located
within an east-west trending linear porphyry, with a surface
exposure of 1,000m x 400m. The above resource is calculated down to
a depth of 500m below surface and is fully supported by drilling;
no extrapolation of the resource below the base of the current
drilling information was undertaken. The mineralisation remains
open to the west and at depth, where an interpreted high-grade core
(0.7-0.9g/t Au) was intersected during the 2007 drilling
programme.
The resources were calculated within a constrained geological
wireframe, limited by external pyrite halo defined by an induced
polarization survey and verified by drilling. Post-mineral dykes
were modelled and excluded from the reported volume and
interpolation run. Results from systematic variography analysis
formed the basis for assigning resource categories with Indicated
mineralisation being assigned to all material falling within an
isotropic search ellipse with a maximum range of 100m and Inferred
mineralisation being assigned within a 200m range. Log Normal
Kriging was the selected algorithm utilised for the interpolation
of grade.
CEO of Lero, Dr Alexander Yakubchuk commented:
"We are very pleased to receive this encouraging result for the
Taldybulak-Talas project, it shows that the portion of the system
explored to date contains an Indicated resource of up to 1.6Moz of
gold and 300Mlb of copper. This metal content makes the project
comparable to its international peers in South America and
Australia. Our work during the forthcoming field season will be
focussed on converting the Taldybulak-Talas Inferred resource to
higher categories and testing additional potential in the adjacent
licence areas. These results set a new hurdle for the next stage of
exploration within the Talas valley, the aim moving forward is to
delineate other porphyry systems within the same belt and fully
evaluate the potential of Taldybulak".
Chairman of Lero, Dr Sergey V. Kurzin commented:
"Results of this resource calculation demonstrate that Lero's
Taldybulak-Talas deposit is fast becoming the second largest gold
resource in Kyrgyzstan after Kumtor. With the recently announced
resource estimate for our Karchiga VMS project in Kazakhstan and
now for Taldybulak-Talas' in Kyrgyzstan, Lero is building a solid
base for significant future growth and development."
Notes to Editors:
1. Lero Gold Corporation (TSX VENTURE: LER) is a base and
precious metal exploration company led by a senior management team
with extensive expertise in mineral exploration and advanced
project management. In July, 2006 Oriel Resources Plc completed its
previously announced transfer and sale of its gold related assets
into Lero Gold Corporation ('Lero') (formerly ELE Capital
Corporation - 'ELE'). Lero resumed trading on TSX Venture Exchange
(TSX-V) on Thursday July 27, 2006 under the trading symbol "LER".
Lero Gold is currently seeking and evaluating advanced exploration
stage gold and base metal projects in Kazakhstan and Kyrgyzstan.
The Company is currently exploring advanced staged gold deposits in
the Tien Shan gold belt in the Kyrgyz Republic and Rudny Altai belt
in the Republic of Kazakhstan.
2. Information Concerning Estimates of Measured, Indicated and
Inferred Resources. This market announcement also uses the terms
'indicated resources' and 'inferred resources'. Lero Gold Corp.
advises investors that although these terms are recognised and
required by Canadian regulations (under National Instrument 43-101
Standards of Disclosure for Mineral Projects), the U.S. Securities
and Exchange Commission does not recognise them. Investors are
cautioned not to assume that any part or all of the mineral
deposits in these categories will ever be converted into reserves.
In addition, 'inferred resources' have a great amount of
uncertainty as to their existence, and economic and legal
feasibility. It cannot be assumed that all or any part of an
Inferred Mineral Resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of Inferred Mineral
Resources may not form the basis of feasibility or pre-feasibility
studies, or economic studies except for Preliminary Assessment as
defined under 43-101. Investors are cautioned not to assume that
part or all of an inferred resource exists, or is economically or
legally mineable.
3. Resource estimations were carried out by Julian Woodcock and
reviewed by Matthew Boyes (Senior Geologist and a Qualified Person
under National Instrument 43-101). Assays are conducted at the
internationally certified Alex Stewart Lab in Bishkek, Kyrgyzstan.
Lero Gold Corporation operates a stringent QA/QC policy that
includes external certified standard samples and blanks in each
individual batch sent for analysis. Wardell Armstrong International
is currently reviewing methodology and interpolation parameters
used in the block model.
4. For avoidance of confusion;
a. The Taldybulak-Talas copper gold porphyry is a separate
deposit from the Taldybulak Levoberezhny gold deposit previously
owned by Central Asia Gold Limited, and
b. The Talas Copper Gold Limited Liability Company, the holder
of the Lero owned Taldybulak licence, is a separate company from
Talas Gold Mining Company which owned the Jerooy Gold project.
5. In November 2006, Lero granted Gold Fields Exploration B.V.
an option to enter into a joint venture agreement with the Company
under which Gold Fields Exploration B.V. has the right to;
a. earn up to a 60% interest in exploration licences on the
Kentash, Taldybulak and Korgontash tenements in the Talas Region by
funding exploration expenditures of up to CAD$10 million, and
b. increase its interest in the project by a further 10% (to a
total of 70%) by funding the expenditure of up to a further CAD$10
million on a feasibility study. Thereafter, Gold Fields Exploration
B.V. and Lero will contribute to the project requirements on a
pro-rata basis through to development, if appropriate.
6. Gold Fields Exploration B.V. is an indirect wholly owned
subsidiary of Gold Fields Limited.
The TSX Venture Exchange does not accept responsibility for
adequacy or accuracy of this release.
Contacts: Lero Gold Corporation Alexander Yakubchuk CEO +44 (0)
20 7514 0590 Lero Gold Corporation Gavin Dallas Marketing and PR
+44 (0) 20 7514 0590 Email: info@lerogold.com Website:
www.lerogold.com Vanguard Shareholder Solutions Keith Schaefer
(604) 608-0824 Bankside Consultants Michael Padley / Michael
Spriggs +44 (0) 20 7367 8888
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