ROMARCO ANNOUNCES IN-SHELL RESOURCE ESTIMATE
November 02 2010 - 9:42AM
PR Newswire (Canada)
TORONTO, Nov. 2 /CNW/ -- TRADING SYMBOL: TSX-V: R TORONTO, Nov. 2
/CNW Telbec/ - ROMARCO MINERALS INC. (TSX-V: R) (the "Company") is
pleased to announce an updated resource estimate for its
wholly-owned Haile Gold Mine in South Carolina, USA. A US$1,200
economic shell was constructed for calculating recoverable gold
that includes both gold price and recovery factors. The mineralized
material contained within that shell is the resource reported. This
resource estimate does not include portions of the Horseshoe,
Snake, Ledbetter, and South Pit zones, as this mineralized material
lies outside the current economic shell. The in-shell
resource comprises 3.1 million ounces of gold in the measured and
indicated category with an additional 1.1 million inferred ounces
of gold above a 0.411 g/t (0.012 oz/t) cutoff grade. This
cutoff grade corresponds with a gold price of US$1,200 per
ounce. See table below for details. Highlights of the
in-shell gold resource are: -- Measured and indicated resources
increased 44% from 2.2 million ounces of gold to 3.1 million ounces
of gold -- Measured and indicated resource grade increased 21% to
1.82 g/t -- Measured resources account for 54% of the M&I
resources -- Inferred resources declined by 46% given the
conversion of inferred to indicated -- Inferred resource grade
increased by 33% to 1.34 g/t gold -- Total tonnes of measured and
indicated material increased by 20% from 44.6 million metric tonnes
to 53.4 million metric tonnes. The table below illustrates the
tonnage, grade, and in-shell, recoverable ounces at US$1,200 gold:
_________________________________________________________________
|Resources Calculated with the US$1,200 Pitshell - Cutoff is 0.012|
| oz Au/ton |
|_________________________________________________________________|
| | Metric Units | Imperial Units | |
|__________________|_______________|_________________|____________|
| |Metric | |Short tons| |Contained oz| | |tonnes |g/tonne| (000's)
|Oz/ton| Au (000's) | | Category |(000's)| | | | |
|__________________|_______|_______|__________|______|____________|
|Measured | 27,782| 1.89| 30,624| 0.055| 1,684|
|__________________|_______|_______|__________|______|____________|
|Indicated | 25,596| 1.75| 28,215| 0.051| 1,439|
|__________________|_______|_______|__________|______|____________|
|Measured+Indicated| 53,378| 1.82| 58,839| 0.053| 3,123|
|__________________|_______|_______|__________|______|____________|
|Inferred Resource | 24,944| 1.34| 27,496| 0.039| 1,072|
|__________________|_______|_______|__________|______|____________|
The mineral resource estimate has been calculated using the
Canadian Institute of Mining, Metallurgy and Petroleum ("CIM")
Definitions Standards for mineral resources in accordance with
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects. This resource includes only portions of the recently
discovered Horseshoe zone. Although portions of Horseshoe are
included in the US$1,200 shell, a tradeoff study will determine if
Horseshoe should be mined as a pit or as an underground
target. As this study is currently in progress, Horseshoe is
unlikely to be included in the reserve and the feasibility study
due in the first quarter 2011. Additional drilling will also
help define Horseshoe, which remains open in all directions and at
depth. The economic resource shell does not include the following:
-- Deep Horseshoe Zone. This zone has not been drill defined along
strike and down dip. In addition, a potential new zone of
mineralization may exist south of the main Horseshoe/Snake trend
and at least one drill hole has encountered mineralization in this
area. -- Snake Deep Zone. Several drill holes have intersected
mineralization in the down dip extensions of the Snake deposit and
these areas lie beneath the resource shell. Additional drilling is
planned for this area. -- West Ledbetter. Some drill hole
intercepts recently released lie below the resource shell.
Additional drill testing will be conducted to determine the extent
of this zone. -- West South Pit. The strike extent of the West
South Pit extends beyond the resource shell. Step-out drilling is
planned to test the western extent along strike. The tables below
demonstrates the breakdown of tonnage and grade in each known zone
at US$1,200 gold:
_________________________________________________________________________
| | Metric Units - Cutoff is 0.411 g Au/tonne |
|_________|_______________________________________________________________|
| Zone | Measured | Indicated | Measured + | Inferred | | | | |
Indicated | |
|_________|_______________|_______________|_______________|_______________|
| |Ktonnes|g/tonne|Ktonnes|g/tonne|Ktonnes|g/tonne|Ktonnes|g/tonne|
|_________|_______|_______|_______|_______|_______|_______|_______|_______|
| | | | | | | | | | |South | | | | | | | | | |Ledbetter| 13,090|
1.51| 10,226| 1.21| 23,316| 1.38| 12,183| 1.12| | | 5,781| 2.78|
6,859| 2.02| 12,640| 2.37| 6,296| 1.21| |Snake | 6,291| 2.23|
3,520| 1.54| 9,811| 1.98| 2,996| 1.65| |Horseshoe| - | - | 3,480|
3.39| 3,480| 3.39| 1,328| 4.22| | | 2,620| 0.98| 1,511| 0.84|
4,131| 0.93| 2,142| 0.74| |Adjacent | | | | | | | | | |Areas | | |
| | | | | |
|_________|_______|_______|_______|_______|_______|_______|_______|_______|
|Totals | 27,782| 1.89| 25,596| 1.75| 53,378| 1.82| 24,944| 1.34|
|_________|_______|_______|_______|_______|_______|_______|_______|_______|
| | Imperial Units - Cutoff is 0.012 oz Au/ton |
|_________|_______________________________________________________________|
| Zone | Measured | Indicated | Measured + | Inferred | | | | |
Indicated | |
|_________|_______________|_______________|_______________|_______________|
| | Ktons |Oz/ton | Ktons |Oz/ton | Ktons |Oz/ton | Ktons |Oz/ton |
|_________|_______|_______|_______|_______|_______|_______|_______|_______|
| | | | | | | | | | |South | | | | | | | | | |Ledbetter| 14,429|
0.044| 11,272| 0.035| 25,701| 0.040| 13,429| 0.033| | | 6,372|
0.081| 7,561| 0.059| 13,933| 0.069| 6,940| 0.035| |Snake | 6,935|
0.065| 3,880| 0.045| 10,815| 0.058| 3,302| 0.048| |Horseshoe| - | -
| 3,836| 0.099| 3,836| 0.099| 1,464| 0.123| | | 2,888| 0.028|
1,666| 0.025| 4,554| 0.027| 2,361| 0.021| |Adjacent | | | | | | | |
| |Areas | | | | | | | | |
|_________|_______|_______|_______|_______|_______|_______|_______|_______|
|Totals | 30,624| 0.055| 28,215| 0.051| 58,839| 0.053| 27,496|
0.039|
|_________|_______|_______|_______|_______|_______|_______|_______|_______|
Note: Ktonnes = Metric Tonnes x 1,000 and Ktons = Short Tons x
1,000. The table below represents the contained gold ounces by zone
within a US$1,200 gold economic shell:
__________________________________ | | M&I |Inferred | | Zone
|Contd kOz|Contd kOz| |______________|_________|_________| | | | |
|South | 1,036| 435| |Ledbetter | 959| 248| |Snake | 625| 158|
|Horseshoe | 380| 180| |Adjacent Areas| 123| 51|
|______________|_________|_________| |Totals | 3,123| 1,072|
|______________|_________|_________| Adjacent Areas consist of the
Champion and 601 zones which contain historic ounces and are west
of the South Pit. Recent drilling at these zones is extremely
limited and all zones have shown potential for expansion. Cross
section diagrams including US$1,200 economic shells can be found on
the Company's website (www.romarco.com) or here:
http://romarco.com/projects/index.php?&content_id=331 The
updated resource estimate includes approximately 106,900 meters of
new drilling in 306 core and reverse circulation holes drilled
between September 6, 2009 and September 30, 2010. From
January 1, 2010 to September 30, 2010 approximately 71% of holes
were exploration holes and 29% were for condemnation. The updated
resource block model will be used in the Feasibility Study
currently underway for an open pit mining operation. The
Feasibiiity study, being conducted by M3 Engineering &
Technology Corporation, is expected to be completed in the first
quarter of 2011. Exploration drilling will continue throughout the
Haile mineralized system which continues to remain open in all
directions and at depth. The Company has nine (9) drill rigs
active on exploration (4 core and 5 rc) A new reserve estimate will
be performed in conjunction with the feasibility study and will
include drilling data from October 2008 that was the basis of the
last reserve estimate (see press release dated February 3, 2009).
The feasibility study will use a US$950 gold price for calculating
reserves. Jim Arnold, Sr. VP and COO stated, "The fact that this
resource calculation includes both economic and recovery
restrictions is significant. Past resource calculations were
restricted only by cutoff, so the fact that 3.1 million ounces
measured and indicated plus 1.1 million ounces inferred fall within
an economic shell is also very significant." Diane Garrett,
President and CEO commented, "Romarco is pleased to provide these
interim results showing the effectiveness of the on-going deposit
definition and exploration drilling at our Haile Project.
Increasing the measured and indicated resource by 956,000 ounces of
gold from December 2009 to September 2010 demonstrates the
significant potential that continues to exist at Haile". The
resource calculations were completed by Independent Mining
Consultants of Tucson, Arizona under the direction of Mr. John
Marek, PE, an independent Qualified Person ("Q.P.") pursuant to
National Instrument ("NI") 43-101. The NI 43-101 Technical Report
is currently in process and will be SEDAR filed soon. All
Q.P. individuals have reviewed and approved this press release. For
a full discussion of the Company's sampling, analysis, quality
assurance, quality control, and other technical disclosure, please
see the Company's NI 43-101 Technical Report dated December 3, 2009
and revised April 1, 2010 on SEDAR. Romarco's Qualified
Person under NI 43-101 is Peter J. Butterfield, senior geologist at
Haile. About Romarco Minerals Inc. Romarco Minerals Inc. is a gold
development company focused on production in the US and
Mexico. The Company's flagship project is the Haile Gold Mine
in South Carolina which is currently in the process of a
feasibility study and continued exploration drilling. The Pinos
Gold District in Mexico is a high grade epithermal vein district in
the advanced exploration stage. "Neither the TSX Venture 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" To view this news release
in HTML formatting, please use the following URL:
http://www.cnw.ca/en/releases/archive/November2010/02/c8081.html
table valign="top" border="0"tr valign="top"td align="left"Romarco
Minerals Inc.br/ Diane Garrett, President and CEObr/ Phone:
210-621-4200br/ E-mail: a
href="mailto:dgarrett@romarco.com"dgarrett@romarco.com/a/td td
align="left"Dan Symons, Manager, Investor Relationsbr/ Phone:
416-367-5500br/ Email: a
href="mailto:dsymons@romarco.com"dsymons@romarco.com/a/td/tr tr
valign="top"td /td td /td/tr trtd align="left"
colspan="2"Renmark Financial Communications Inc.br/ Maurice
Dagenais 514-939-3989 or via email at a
href="mailto:mdagenais@renmarkfinancial.com"mdagenais@renmarkfinancial.c/aa
href="mailto:mdagenais@renmarkfinancial.com"om/a/td/tr/table p
align="justify"Please note:/p p align="justify"This entire press
release may be accessed via fax, e-mail, Romarco's website at a
href="http://www.romarco.com"www.romarco.com/a and through CNW
Group's website at www.newswire.ca. All material information on
Romarco Minerals Inc. can be found at www.sedar.com/p br/
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