Southern Arc Files West Lombok Technical Report
August 23 2013 - 1:44PM
Marketwired Canada
Southern Arc Minerals (TSX VENTURE:SA)(OTCQX:SOACF) ("Southern Arc" or "the
Company") has filed a National Instrument 43-101 Technical Report regarding the
resource estimate for its West Lombok property. The resource estimate and
technical report were completed by SRK Consulting (Canada) Inc. ("SRK"). The
technical report has been filed on SEDAR at www.sedar.com and on Southern Arc's
website.
As previously announced on July 11, 2013, SRK has estimated an Inferred Resource
totalling 1.49 million ounces of gold, 1.82 million ounces of silver and 397.3
million pounds of copper from three open-pittable epithermal gold deposits and
one porphyry copper deposit. Details of the resource estimate are summarized
below and in Figure 1.
West Lombok Property Mineral Resource Estimate Effective Date June 29, 2013
------------------------------------------------------------------------
------------------------------------------------------------------------
Grade
------------------------------------
Silver
Prospect Tonnage (tonnes) Gold (g/t) (g/t) Copper (%)
------------------------------------------------------------------------
------------------------------------------------------------------------
Epithermal Style 1
Raja 3,898,000 2.63 14.0 -
Bising 6,908,000 0.88 ns -
Tibu Serai 977,000 1.36 ns -
Total 11,783,000 1.50 14.0 -
------------------------------------------------------------------------
------------------------------------------------------------------------
Porphyry Style 2
Selodong 66,750,000 0.43 ns 0.27
------------------------------------------------------------------------
------------------------------------------------------------------------
------------------------------------------------------------------------
------------------------------------------------------------------------
Contained Metal
------------------------------------
Silver Copper
Prospect Tonnage (tonnes) Gold (oz) (oz) (lb)
------------------------------------------------------------------------
------------------------------------------------------------------------
Epithermal Style 1
Raja 3,898,000 329,700 1,821,000 -
Bising 6,908,000 195,550 ns -
Tibu Serai 977,000 42,570 ns -
Total 11,783,000 567,820 1,821,000 -
------------------------------------------------------------------------
------------------------------------------------------------------------
Porphyry Style 2
Selodong 66,750,000 922,800 ns 397,324,000
------------------------------------------------------------------------
------------------------------------------------------------------------
Notes:
ns not significant
1. Resources for the Raja epithermal deposit are reported at a 0.5 g/t gold
equivalent cut-off using the long-term consensus price forecasts for
gold and silver of US$1500 and US$25 per ounce, respectively, and
assumed 100% metal recoveries for both metals. Bising and Tibu Serai
epithermal deposits are reported at a cut-off grade of 0.5 g/t gold. All
resources were constrained inside a Whittle open pit shell. Gold grades
were capped at 30 g/t for Raja, 5 g/t for Bising and 5 g/t for Tibu
Serai.
2. The resource for the Selodong porphyry copper-gold deposit is reported
for a 0.25% copper equivalent cut-off grade inside a Whittle open pit
shell. Copper equivalent is calculated using the long-term consensus
metal forecast prices for gold and copper of US$1500 per ounce and
US$3.56 per pound, respectively, and assumed 100% metal recoveries for
both metals. Gold was capped at 4 g/t for Selodong. No capping was
applied to copper.
3. All numbers have been rounded to reflect the relative accuracy of the
estimates.
4. The mineral resources have been estimated in conformity with generally
accepted CIM "Estimation of Mineral Resource and Mineral Reserves Best
Practices" guidelines. Mineral resources are not mineral reserves and do
not have demonstrated economic viability.
To view Figure 1 - West Lombok Geological Map and Resource Areas, please visit
the following link: http://media3.marketwire.com/docs/823SA-Figure1.pdf.
On behalf of the Board of Southern Arc Minerals Inc.
John Proust, Chairman & Chief Executive Officer
About Southern Arc
Southern Arc Minerals Inc. is a Canadian mineral exploration company focused on
gold and copper-gold exploration. The Company's key exploration property is its
West Lombok project in Indonesia, with several gold-rich copper porphyry and
epithermal gold vein prospects. In August 2013, Southern Arc acquired a 26.14%
interest in Eagle Hill Exploration, which owns the high-grade Windfall Lake Gold
Project in Quebec, Canada. Southern Arc is listed on the TSX Venture Exchange
under the symbol SA and on the OTCQX International under the symbol SOACF. More
information is available at www.southernarcminerals.com or by emailing
info@southernarcminerals.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Resource Estimates
This press release uses the term "resources", "indicated resources" and
"inferred resources". United States investors are advised that, while such terms
are recognized and required by Canadian securities laws, the United States
Securities and Exchange Commission (the "SEC") does not recognize them. Under
United States standards, mineralization may not be classified as a "reserve"
unless the determination has been made that the mineralization could be
economically and legally produced or extracted at the time the reserve
determination is made. United States investors are cautioned not to assume that
all or any part of measured or indicated resources will ever be converted into
reserves. Further, inferred resources have a great amount of uncertainty as to
their existence and as to whether they can be mined legally or economically. It
cannot be assumed that all or any part of the inferred resources will ever be
upgraded to a higher category. Therefore, United States investors are also
cautioned not to assume that all or any part of the inferred resources exist, or
that they can be mined legally or economically. Disclosure of "contained ounces"
is permitted disclosure under Canadian regulations, however, the SEC normally
only permits issuers to report "resources" as in place tonnage and grade without
reference to unit measures. Accordingly, information concerning descriptions of
mineralization and resources contained in this release may not be comparable to
information made public by United States companies subject to the reporting and
disclosure requirements of the SEC.
National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI
43-101") is a rule developed by the Canadian Securities Administrators, which
established standards for all public disclosure an issuer makes of scientific
and technical information concerning mineral projects. All resource estimates
contained in this circular have been prepared in accordance with NI 43-101 and
the Canadian Institute of Mining, Metallurgy and Petroleum Classification
System.
Qualified Person
The resource estimation described in this document was completed by Dr. Gilles
Arseneau, P.Geo (APEGBC) of SRK, an appropriate "independent qualified person"
as this term is defined in National Instrument 43-101 ("NI 43-101"). SRK has
audited the drill results database used to estimate the West Lombok Project
mineral resource, and is of the opinion that the current drilling information is
sufficiently reliable to interpret with confidence the boundaries for epithermal
gold and porphyry copper mineralization and that the assay data are sufficiently
reliable to support mineral resource estimation. Dr. Arseneau has completed a
site visit to the West Lombok Project and has reviewed Southern Arc's drill
program and sampling protocol, and is of the opinion that the QA/QC data and
sampling programs are acceptable for the purpose of resource estimation.
The technical information in this document has been reviewed by Southern Arc's
President & Chief Operating Officer, Dr. Mike Andrews, PhD, FAusIMM, who has
sufficient experience relevant to the style of mineralization under
consideration and qualifies as a Qualified Person as defined by National
Instrument 43-101.
Forward-looking Statements
This news release contains forward-looking statements relating to expected or
anticipated future events and operations, timing of projects and anticipated
results that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market and business
conditions, the regulatory process and actions, the need to obtain permits, the
need to work with local communities and authorities to advance the properties,
technical issues, new legislation, competitive and general economic factors and
conditions, the uncertainties resulting from potential delays or changes in
plans, the occurrence of unexpected events, and the Company's ability to execute
and implement future plans. Actual results achieved may vary from the
information provided herein as a result of numerous known and unknown risks and
uncertainties and other factors, including uncertainty related to drill results
and the inclusion of drill results in future resource estimates for the
property. There is no representation by the Company that actual results achieved
during the forecast period will be the same in whole or in part as that
forecast.
FOR FURTHER INFORMATION PLEASE CONTACT:
Southern Arc Minerals Inc.
Rhylin Bailie
Vice President, Communications & Investor Relations
North American toll-free: 1-888-676-5241
info@southernarcminerals.com
www.southernarcminerals.com
Southern Arc Minerals (TSXV:SA)
Historical Stock Chart
From Nov 2024 to Dec 2024
Southern Arc Minerals (TSXV:SA)
Historical Stock Chart
From Dec 2023 to Dec 2024
