Avanti Reports Balance of Results From Its 2011 Drill Program at the Kitsault Molybdenum Project
29 Novembre 2011 - 2:30PM
Marketwired
Avanti Mining Inc. (TSX-V: AVT) (PINKSHEETS: AVNMF) ("Avanti" or
the "Company") is pleased to announce that it has received assays
from the last 11 holes of its 2011 drill program at the Kitsault
Mine molybdenum project located in northwest British Colombia. The
2011 drilling program totaled 32 holes for 9,989 meters at the
Kitsault deposit, 11 condemnation holes total 558 meters around
Kitsault and 26 holes totaling 2,803 meters at Roundy Creek for a
total of 12,350 meters. Previous 2011 results have been released in
separate press releases dated August 15, August 25, September 20,
November 16, and below.
Drill highlights include:
- Hole K11-38 intersected 97.5 meters averaging 0.056% molybdenum
and 6.3 g/t silver and bottomed in mineralization
- Hole K11-39 intersected 273.1 meters averaging 0.078%
molybdenum and 5.5 g/t silver and bottomed in mineralization
- Hole K11-40 intersected 178.3 meters averaging 0.076%
molybdenum and 4.3 g/t silver and bottomed in mineralization
- Hole K11-41 intersected 317.5 meters averaging 0.086%
molybdenum and 5.0 g/t silver and bottomed in mineralization
- Hole K11-42 intersected 192.4 meters averaging 0.055%
molybdenum and 4.3 g/t silver and bottomed in mineralization
- Hole K11-43 intersected three zones including 81 meters
averaging 0.046% molybdenum and 1.6 g/t silver, 15 meters averaging
0.033% molybdenum and 156 g/t silver and 130.1 meters averaging
0.069% molybdenum and 5.3 g/t silver and bottomed in
mineralization
- Hole RC11-20 intersected two zones including 25.5 meters
averaging 0.121% molybdenum and 1.4 g/t silver and 60 meters
averaging 0.137% molybdenum and 1.3 g/t silver. The two zones were
separated by a barren post mineral dike.
- Hole RC11-21 intersected 66 meters averaging 0.058% molybdenum
and 2.8 g/t silver
- Hole RC11-22 intersected 57 meters averaging 0.222% molybdenum
and 1.5 g/t silver
- Hole RC11-23 intersected two zones including 13.5 meters
averaging 0.124% molybdenum and 0.7 g/t silver and 66 meters
averaging 0.157% molybdenum and 0.9 g/t silver. The two zones were
separated by a barren post mineral dike.
- Hole RC11-24 intersected 12 meters averaging 0.368% molybdenum
and 0.6 g/t silver including 6 meters averaging 0.705%
molybdenum
"Results presented in this release complete the results of the
2011 drilling program and include the balance of the results from
the last 6 holes south of Patsy Creek at the Kitsault deposit and
the last 5 holes at Roundy Creek located about four kilometers west
of Kitsault," said Craig J. Nelsen, President & CEO of Avanti.
"This year's program was intended to convert approximately 35
million tonnes of Inferred material within the Kitsault final
feasibility pit design that is currently defined as waste. We
expect the drilling at Kitsault to convert a significant amount of
Inferred resource to Indicated and Indicated to Measured. The
drilling at Roundy Creek was intended to confirm prior drilling and
allow us to calculate an initial 43-101 resource at this high-grade
prospect."
Drill Results
Maps showing the location of these drill holes relative to the
previous drilling by all prior operators at Kitsault are available
at www.avantimining.com or click the link below to view these
map.
Kitsault Drill Hole Map:
http://www.avantimining.com/i/pdf/KIT_ALL_DDH_2011_PR_MAP_Nov29_Ver2.pdf
Roundy Creek Drill Hole Map:
http://www.avantimining.com/i/pdf/RC_PR_2011_Nov29.pdf
The detailed drill results for the holes summarized above are
presented below:
2011 KITSAULT CALCULATED DRILL COMPOSITES
TD From To Length
Hole Number EASTING/ AZIMUTH/ (m) (m) (m) (m) % Mo ppm Ag
NORTHING BEARING
-------------------------------------------------------------
K11-38 473,150E/ 0/ 103.6 6.1 103.6 97.5 0.056 6.3
inc (0.05 c/o) 6,141,550N -70 27.0 103.6 76.6 0.057 6.5
-------------------------------------------------------------
K11-39 473,100E/ 0/ 280.4 7.3 280.4 273.1 0.078 5.5
inc (0.05 c/o) 6,141,550N -55 7.3 147.0 139.7 0.083 5.5
inc (0.1 c/o) 36.0 69.0 33.0 0.107 9.0
inc (0.1 c/o) 123.0 132.0 9.0 0.194 1.4
inc (0.05 c/o) 159.0 207.0 48.0 0.060 3.6
inc (0.05 c/o) 219.0 280.4 61.4 0.100 6.9
inc (0.1 c/o) 249.0 273.0 24.0 0.154 12.5
-------------------------------------------------------------
K11-40 473,060E/ 0/ 185.9 7.6 185.9 178.3 0.076 4.3
inc (0.05 c/o) 6,141,555N -60 48.0 185.9 137.9 0.088 4.3
inc (0.1 c/o) 72.0 138.0 66.0 0.110 3.7
inc (0.1 c/o) 168.0 180.0 12.0 0.115 6.5
-------------------------------------------------------------
K11-41 473,000E/ 0/ 350.5 33.0 350.5 317.5 0.086 8.0
inc (0.05 c/o) 6,141,550N -50 51.0 72.0 21.0 0.055 4.0
inc (0.05 c/o) 84.0 156.0 72.0 0.085 24.4
inc (0.1 c/o) 141.0 156.0 15.0 0.172 4.0
inc (0.05 c/o) 168.0 183.0 15.0 0.055 6.7
and
inc (0.05 c/o) 195.0 350.5 155.5 0.115 2.6
inc (0.1 c/o) 222.0 273.0 51.0 0.149 3.1
inc (0.1 c/o) 288.0 297.0 9.0 0.107 2.7
inc (0.1 c/o) 312.0 350.5 38.5 0.149 1.8
-------------------------------------------------------------
K11-42 473,450E/ 0/ 198.1 6.0 198.4 192.4 0.055 4.3
inc (0.05 c/o) 6,141,430N -55 9.0 27.0 18.0 0.056 1.2
inc (0.05 c/o) 48.0 69.0 21.0 0.072 1.3
inc (0.05 c/o) 90.0 120.0 30.0 0.063 4.4
inc (0.05 c/o) 132.0 144.0 12.0 0.052 12.3
inc (0.05 c/o) 156.0 183.0 27.0 0.099 1.0
-------------------------------------------------------------
K11-43 473,550E/ 0/ 262.1 9.0 90.0 81.0 0.046 1.6
inc (0.05 c/o) 6,141,450N -50 9.0 18.0 9.0 0.063 0.5
inc (0.05 c/o) 42.0 51.0 9.0 0.083 2.2
inc (0.05 c/o) 78.0 87.0 9.0 0.065 1.4
and
105.0 120.0 15.0 0.033 156.0
and
132.0 262.1 130.1 0.069 5.3
162.0 258.0 96.0 0.082 6.7
180.0 219.0 39.0 0.107 2.6
-------------------------------------------------------------
2011 ROUNDY CREEK CALCULATED DRILL COMPOSITES
TD From To Length
Hole Number EASTING/ AZIMUTH/ (m) (m) (m) (m) % Mo ppm Ag
NORTHING BEARING
-------------------------------------------------------------
RC11-20 468,540E/ 180/ 120.4 1.5 27.0 25.5 0.121 1.4
inc (0.05 c/o) 6,142,284N -50 1.5 27.0 25.5 0.121 1.4
inc (0.1 c/o) 6.0 27.0 21.0 0.135 1.2
and
45.0 105.0 60.0 0.137 1.3
inc (0.05 c/o) 45.0 84.0 39.0 0.189 1.5
inc (0.1 c/o) 45.0 72.0 27.0 0.251 1.6
-------------------------------------------------------------
RC11-21 468,540E/ vertical 102.1 6.0 72.0 66.0 0.058 2.8
inc (0.05 c/o) 6,142,284N 6.0 45.0 39.0 0.081 4.4
inc (0.1 c/o) 18.0 24.0 6.0 0.115 1.0
-------------------------------------------------------------
RC11-22 468,540E/ 180/ 115.2 0.7 9.0 8.3 0.038 1.0
and -50
24.0 81.0 57.0 0.222 1.5
inc (0.05 c/o) 24.0 75.0 51.0 0.243 1.7
inc (0.1 c/o) 33.0 54.0 21.0 0.460 1.9
-------------------------------------------------------------
RC11-23 468,520E/ 180/ 100.6 1.5 15.0 13.5 0.124 0.7
inc (0.05 c/o) 6,142,278N -60 3.0 15.0 12.0 0.136 0.7
inc (0.1 c/o) 3.0 12.0 9.0 0.152 0.8
and
27.0 93.0 66.0 0.157 0.9
inc (0.05 c/o) 36.0 87.0 51.0 0.193 0.9
inc (0.1 c/o) 36.0 78.0 42.0 0.225 0.9
-------------------------------------------------------------
RC11-24 468,480E/ 180/ 80.5 30.0 42.0 12.0 0.368 0.6
inc (0.05 c/o) 6,142,284N -70 33.0 39.0 6.0 0.705 0.7
inc (0.1 c/o) 33.0 39.0 6.0 0.705 0.7
-------------------------------------------------------------
1. Principal composites are calculated at a cut-off grade of
0.027% molybdenum as stated in the 2010 Feasibility Study and allow
inclusion of up to nine meters of material below that grade. Other
cut-offs (internal to the main 0.027% zones) at 0.05% and 0.10%
molybdenum use the same compositing rules. Multiple intersections
in a hole are separated by the word "and". As Roundy Creek is
intended to be a high-grade satellite feed, cut-offs at 0.05% or
0.10% molybdenum are more appropriate. 2. Approximate horizontal
widths at Kitsault can be calculated by multiplying the drill
thickness of a -45 degree inclined hole times 0.7 and a -60 degree
inclined hole by 0.5. Roundy Creek horizontal widths are unknown at
this point as the geologic model is being developed. 3. Silver
results on the above table are included for informational purposes
only. Please consult the Company's recent Kitsault Mine Feasibility
Study for a discussion on the possibility of silver by-product
recovery. No revenues have been assumed for silver in the Kitsault
Feasibility Study but metallurgical test that may develop a
saleable silver by-product are underway.
All of the sawn half core drill samples (dominantly HQ size)
collected by Company personnel are delivered to the ALS Minerals
sample preparation lab in Terrace, B.C. or Anchorage, Alaska where
they are logged into the computer tracking system, crushed, split
and a pulp sample prepared. Various quality control tests for
crushing and labeling accuracy are performed at this lab. The pulp
samples are then sent to the ALS Minerals laboratory in Vancouver,
B.C. for 33-element analysis by Inductively Couple Plasma - Atomic
Emission Spectroscopy. ALS Minerals is an ISO/17025 certified
laboratory. ALS monitors quality control through the introduction
of blanks, standards and duplicate sampling. In addition, Avanti
personnel routinely insert hidden blanks and standards into the
sampling stream. Bruce Davis, FAusIMM, is responsible for analyzing
the QA/QC aspects of this work and Ken Collison, P. Eng., Senior
Vice President Project Development, is responsible for the
technical information in this press release. Both individuals are
Qualified Persons as defined by NI 43-101.
Avanti Mining Inc. is focused on the development of the past
producing Kitsault molybdenum mine located north of Prince Rupert
in British Columbia. In late 2010, Avanti completed the Kitsault
Feasibility Study on the Kitsault Mine Project, dated December 15,
2010, prepared by AMEC Americas Limited that showed Proven and
Probable Reserves of 232.5 million tonnes averaging 0.081%
molybdenum.
Neither the 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.
Forward-Looking Statements: This news release contains certain
forward-looking information concerning the business of Avanti
Mining Inc. (the "Corporation"). All statements, other than
statements of historical fact, included herein including,
statements about matters related to the classification of mineral
resources and development of the Kitsault molybdenum mine, the
timing of the release of drill results and the content of any
future drill results, the potential of converting Inferred
resources to Indicated or Measured, and the potential to define the
resource at Roundy Creek are forward-looking statements. These
forward-looking statements are based on the opinions of management
at the date the statements are made and are based on assumptions
and subject to a variety of risks and uncertainties and other
factors that could cause actual events to differ materially from
those projected in forward-looking statements. Important factors
that could cause actual results to differ materially from the
Corporation's expectations include fluctuations in commodity prices
and currency exchange rates; uncertainties relating to
interpretation of drill results and the geology, continuity and
grade of mineral deposits; uncertainty of estimates of capital and
operating costs, recovery rates, production estimates and estimated
economic return; the need for cooperation of government agencies
and native groups in the exploration and development of properties
and the issuance of required permits; the need to obtain additional
financing to develop properties and uncertainty as to the
availability and terms of future financing; the possibility of
delay in exploration or development programs or in construction
projects and uncertainty of meeting anticipated program milestones;
uncertainty as to timely availability of permits and other
governmental approvals; and other risks and uncertainties disclosed
in the Corporation's Annual Information Form for the year ended
December 31, 2010, which is available at www.sedar.com. The
Corporation is under no obligation to update forward-looking
statements if circumstances or management's opinions should change,
excepting as required by applicable securities laws. The reader is
cautioned not to place undue reliance on forward-looking
statements.
For further information, please visit
www.avantimining.com, or contact: Craig J. Nelsen Chief
Executive Officer 303-565-5491, extension 4471 A.J. Ali Chief
Financial Officer 303-565-5491, extension 4472
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