Redhawk Reports 175% Increase in Resources at Copper Creek to 7.75 Billion Pounds Copper and 150 Million Pounds Molybdenum
10 Maggio 2012 - 4:35PM
Marketwired Canada
Redhawk Resources, Inc. ("Redhawk" or the "Company")
(TSX:RDK)(OTCQX:RHWKF)(FRANKFURT:QF7) has received the preliminary results of an
updated independent NI 43-101 compliant mineral resource estimate for its Copper
Creek property, located in Pinal County, Arizona. The new estimate at a 0.2%
CuEq cutoff has increased the total pounds of copper to 4.45 billion pounds in
the combined measured and indicated categories contained in 502 million tons
grading 0.49 CuEq and 3.30 billion pounds in the inferred category, contained in
481 million tons grading 0.38% CuEq. This represents an increase of more than
175% from the September 2008 independent NI 43-101 resource estimates.
A NI 43-101 technical report will be completed within 45 days and filed with
SEDAR. A summary breakdown of the resource estimate by category is tabulated
below.
Copper Creek Deposits @ 0.20% CuEq Cutoff
---------------------------------------------------------------------------
Million Ag Billion Million Million
tons Cu% Mo% ppm CuEq% lbs Cu lbs Mo Oz Ag
---------------------------------------------------------------------------
Measured &
Indicated 502.175 0.44 0.009 1.37 0.49 4.45 86.83 20.04
---------------------------------------------------------------------------
Inferred 481.309 0.34 0.007 0.90 0.38 3.30 63.22 12.63
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lbs = pounds; ppm = parts per million; Oz = troy ounces per short ton;
CuEq = Cu + Mo x 3.879 + Ag x 0.011
The current estimates are based on metal prices of US$3.00 per pound Cu
equivalent and contained within an open pit geometry using industry comparable
estimates for direct mining, milling, and G&A costs. The ratios for calculating
copper equivalent (CuEq) are based upon US$2.75/lb Cu, US$12.00/lb Mo, and
US$20.00 per troy ounce Ag and recoveries of 90% for copper, 80% for molybdenum,
and 90% for silver. The estimate was prepared by industry recognized Independent
Mining Consultants ("IMC") of Tucson, Arizona. A detailed table showing
different cutoffs is shown near the end of this release.
IMC Resource Summary
The above referenced IMC resource summary utilized cutoff grades varying from
0.20% to 0.40% CuEq. The 0.20% cutoff is highlighted as it reflects the
potential economics of large scale open pit mining. The resources at higher
cutoffs are presented to show how resources are affected by changes in cutoffs.
Grades and copper equivalent grades (CuEq) shown are before processing and
smelting recoveries.
The drilling assay information used in the models was updated as of the end of
March 2012. Redhawk has drilled 119,394.4 feet in 32 drill holes during the 2010
thru March 2012 period. Redhawk drilled 48,193 feet in 42 drill holes during the
2006 thru 2008 drilling programs that were used in the 2008 resource estimate.
The resource model also utilizes the verifiable drilling data from other
entities drilled before Redhawk's acquisition of the property that totals
461,230 feet in 401 drill holes. The mineralization was modeled using an upper
domain containing most of the breccia hosted mineralization and areas of
mineralization contained within steeply dipping structural zones. The breccia
models used the outlines of the breccia bodies as limits to the grade estimates
and/or a breccia identifier from geologic logging. There is isolated
mineralization to the exterior of the breccia bodies and the estimate of grade
of this mineralization was made using a polygonal estimation with a limited
search distance. The lower domain is the main porphyry mineralized zone
characterized by consistent mineralization and strong moderate to low angled
veining. The grades within each mineralization zone were estimated using inverse
distance to the tenth power. The block size used was 100 feet horizontal x 100
feet horizontal x 25 feet vertical. Blocks in the Indicated resource category
require assay composites from three drill holes within a 500 foot radius in the
upper zone and from a minimum of six drill holes in the lower zone.
It is important to note there are a number of blocks of mineralization in the
total block model that have sufficiently high grades and in large enough
coherent shapes to potentially be minable with some method of bulk mining,
however as these blocks are not contained within the current open pit geometry
they are not included in the resources listed in this report. This current
resource also does not include information from ongoing drilling after the end
of March which will be reported at a later date.
R. Joe Sandberg, President of Redhawk comments: "This is a large step forward in
demonstrating that our Copper Creek property is a large porphyry
copper/molybdenum system similar to existing large scale operations in Arizona.
The current resource remains open in all directions and the majority of the
original seven square mile property containing the hydrothermal breccia bodies
and strong alteration remains to be tested. We have now commenced our
Pre-Feasibility Study and will continue with efforts to expand our resource and
move Copper Creek closer to a production decision."
The assessment above is preliminary in nature. Inferred mineral resources are
considered too speculative geologically to have economic considerations applied
to them that would enable them to be categorized as mineral reserves. There is
no certainty that the preliminary assessment will be realized.
R. Joe Sandberg, President, CEO, Director, and CPG of Redhawk is the qualified
person within the meaning of N1 43-101 who supervised the preparation of the
information that forms the basis of this news release and the IMC summary.
Additional details including the IMC summary tables are contained on our website
at www.redhawkresources.com.
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Resource Summary at Various Cutoffs
---------------------------------------------------------------------------
Cutoff Million Ag Billion Million Million
CuEq% tons Cu% Mo% ppm CuEq% lbs Cu lbs Mo oz Ag
---------------------------------------------------------------------------
Meas & Ind 0.20 502.175 0.44 0.009 1.37 0.49 4.45 86.83 20.04
---------------------------------------------------------------------------
Inferred 0.20 481.309 0.34 0.007 0.90 0.38 3.30 63.22 12.63
---------------------------------------------------------------------------
Meas & Ind 0.30 342.947 0.54 0.011 1.65 0.60 3.73 73.22 16.54
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Inferred 0.30 256.329 0.45 0.009 1.24 0.49 2.29 43.89 9.27
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Meas & Ind 0.40 225.553 0.67 0.013 2.01 0.74 3.00 59.13 13.22
---------------------------------------------------------------------------
Inferred 0.40 126.725 0.59 0.011 1.72 0.65 1.48 27.71 6.37
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Meas & Ind 0.50 152.191 0.79 0.016 2.42 0.88 2.40 48.52 10.78
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Inferred 0.50 70.923 0.73 0.014 2.28 0.81 1.03 20.03 4.72
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opt/t = troy ounces per ton; lbs = pounds; CuEq = copper + molybdenum x
3.879 + Ag x 0.011; all tons are short tons; ppm = parts per million
About Redhawk
Redhawk is a Canadian-based resource exploration and development company with
primary focus on the accelerated development of its advanced stage Copper Creek
copper-molybdenum project in San Manuel, Arizona. The 100% owned Copper Creek
property consists of approximately twenty-nine square miles of contiguous
patented and unpatented mining claims and state prospecting permits, located
about 70 miles northeast of Tucson, Arizona and about 15 miles east of San
Manuel. The property is in the prolific southwest US porphyry copper belt at the
projected intersection of a major northwest belt of porphyry copper deposits or
mines (Ray, Miami/Globe, Superior/Resolution, Johnson Camp) and a major
east-northeast belt of porphyry deposits (San Manuel/Kalamazoo, Silver Bell,
Lakeshore, Safford, Morenci). The property is within sight of the former BHP
Kalamazoo/San Manuel copper smelter and mine and within 30 miles of an existing
operating copper mill and smelter. The area is a mining friendly and politically
secure location with excellent and readily accessible infrastructure including
power, rail, water, roads and qualified consultants.
ON BEHALF OF THE BOARD
R. Joe Sandberg, President & CEO
The forward-looking information contained in this press release is made as of
the date of this press release and, except as required by applicable law,
Redhawk does not undertake any obligation to update publicly or to revise any of
the included forward-looking information, whether as a result of new
information, future events or otherwise. By its very nature, such
forward-looking information requires Redhawk to make assumptions that may not
materialize or that may not be accurate. This forward-looking information is
subject to known and unknown risks and uncertainties and other factors, which
may cause actual results, levels of activity and achievements to differ
materially from those expressed or implied by such information.
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