Abitibi Royalties Inc./Malartic CHL Joint Venture Property: Mineral Resource Estimate for Jeffrey Zone
17 Gennaio 2012 - 3:15PM
Marketwired Canada
In furtherance to its news release of November 22, 2011 Abitibi Royalties Inc.
(TSX VENTURE:RZZ) (hereinafter "Abitibi Royalties" or the "Company") is pleased
to announce the results of the technical audit completed by Micon International
Limited ("Micon") on the internal mineral resource estimate prepared by Osisko
Mining Corp. ("Osisko"). This resource estimate covers the western portion of
the Jeffrey Zone over a strike length of approximately 450 metres, where
drilling has been conducted on a 25 metre by 25 metre grid (see figure 1). The
resource estimate was prepared using 210 drill holes (45,090 metres) out of a
database containing the results from 307 drill holes (66,576.4 metres), which
were drilled between 2007 and 2011.
The Jeffrey Zone is the first gold mineralized zone drilled by Osisko on the
Malartic CHL Property for which a gold resource has now been estimated. The
Jeffrey Zone is situated approximately 550 metres to the east of the Canadian
Malartic main pit (South Barnat Zone) currently under development by Osisko. The
Jeffrey Zone is one of several zones of gold mineralization known to occur on
the Malartic CHL Property, located near the Town of Val-d'Or and immediately
east of the Town of Malartic, in the Abitibi Region of north-western Quebec.
The indicated mineral resource within a Whittle-optimized open pit shell using
US $1,100 gold is 5,810,000 tonnes at an average grade of 0.70 g/t Au for
130,760 ounces of contained gold plus an additional inferred resource of
1,760,000 tonnes at an average grade of 0.58 g/t Au for 32,820 ounces of
contained gold. The lower cut-off grade is 0.265 g/t gold. A National Instrument
43-101 compliant technical report describing the details of the mineral
resources will be filed by the Company on SEDAR (www.sedar.com) within 45 days
of the date of this news release. The Jeffrey Zone forms part of the Malartic
CHL Property (the "JV Property") which is currently the object of a joint
venture with Osisko, and pursuant to which Abitibi holds a 30% free carried
interest to production.
Among other developments, Abitibi has been advised by Osisko, that Osisko has
identified potentially mineable mineralization on a claim that covers a portion
of the Charlie Zone and the Gouldie Zone (see figure 2) and in which Abitibi
holds a 2% NSR. This claim block is located immediately south of Osisko's
Canadian Malartic main pit. Further information will be provided as it becomes
available.
Key Points
-- Mineral resources in this release are reported for the western part of
the Jeffrey Zone covering a strike length of approximately 450 metres
(see figure 1).
-- The western limit of the portion of the Jeffrey Zone for which the
resources are reported in this release is only 550 metres to the east of
the boundary of Osisko's current main pit outline (see figure 1).
-- The most eastern extension of Osisko's main pit also, known as Mammoth
Zone (eastern extension of the South Barnat Zone), extends onto the JV
Property. No separate resource has been provided so far for the
respective part of the main pit that is located on the JV Property.
-- Recent drilling has been reported from the Mammoth Zone (see news
release dated September 22, 2011). The results indicate that this zone
extends beyond the outline of the currently projected pit perimeters
further to the east and closer towards the Jeffrey Zone.
-- Osisko is currently drilling on the JV Property and priority during the
2012 winter campaign is given to the expansion of the Mammoth Zone and
to fill in the 550 metre gap (known as the Barnat Extension, see Figure
1) between the current main pit outline (east of the Mammoth Zone) and
the western outline of the Jeffrey Zone, where no drilling has been
reported to date.
Resource Estimate Details:
The table below summarizes the mineral resources for the Jeffrey Zone within an
open pit Whittle optimized pit shell:
----------------------------------------------------------------------------
Contained Ounces Au
Tonnes (t) Grade (Au g/t) (oz)
----------------------------------------------------------------------------
Indicated 5,810,000 0.70 130,760
----------------------------------------------------------------------------
Inferred 1,760,000 0.58 32,820
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Mineral resources are not mineral reserves and do not have demonstrated economic
viability.
The key optimization parameters used are:
----------------------------------------------------------------------------
Gold Price (US$/oz) $1,100
----------------------------------------------------------------------------
Oil Price (US$/oz) $100
----------------------------------------------------------------------------
Exchange Rate (C$/US$) 1.00
----------------------------------------------------------------------------
Metallurgical Recovery (%) 87%
----------------------------------------------------------------------------
Total Ore Based Cost (US$/t treated) $7.51
----------------------------------------------------------------------------
Reference Mining Cost (US$/t mined):
Ore (US$/t) $1.31
Waste (US$/t) $1.31
Overburden (US$/t) $3.22
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Whittle Overall slope angle 43.8 degrees
----------------------------------------------------------------------------
Recovered Cut-Off Grade (g Au/t) 0.265
----------------------------------------------------------------------------
Waste/Ore Strip Ratio 2.9
----------------------------------------------------------------------------
Mr. B. Terrence Hennessey, P.Geo. of Micon is the Qualified Person responsible
for the technical information related to the mineral resources reported herein,
including verification of the data disclosed.
About Abitibi Royalties Inc.: Abitibi Royalties Inc. holds title to interests in
the Luc Bourdon and Bourdon West Prospects (also known as the McFaulds Lake
Property) and a 30% carried interest to production in the Malartic CHL Property,
plus a 2% net smelter royalty interest in one claim held by Osisko Mining
Corporation, which was previously held by Golden Valley Mines Ltd. and vended to
Osisko, and may acquire and generate other property and royalty interests.
Forward Looking Statements:
This news release contains certain statements that may be deemed
"forward-looking statements. Forward looking statements are statements that are
not historical facts and are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. Although Golden Valley
believes the expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of future
performance and actual results or realities may differ materially from those in
forward looking statements. Forward looking statements are based on the beliefs,
estimates and opinions of Golden Valley's management on the date the statements
are made. Except as required by law, Golden Valley undertakes no obligation to
update these forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change.
Figures 1 and 2 are available at the following address:
http://media3.marketwire.com/docs/RZZ_F2_EN.pdf
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