Gabriel Resources GBU update.
Preliminary Resource Estimate At Certej Project
--------------------------------------------------------------------------------
GABRIEL RESOURCES LTD. ("Gabriel") is pleased to provide the following update on Gabriel's corporate and technical activities:
Highlights
Preliminary resource estimate outlined at Certej project of 2.7 million ounces of gold with 21.2 million ounces of silver
Gabriel's total resource inventory now exceeds 10 million ounces of gold
Romanian Government enacts tax incentives for Rosia Montana
Pre-Feasibility study on Rosia Montana continues on schedule to be completed by the end of November
Chairman's Remarks
Mr. Frank Timis, Chairman of Gabriel, in reviewing recent developments commented that: "We are extremely pleased with the preliminary resource estimate for the Certej Project, Gabriel's second major project in Romania. Together with the existing resources at Rosia Montana, Gabriel now has a resource inventory in excess of 10 million ounces of gold and 65 million ounces of silver. With the Rosia Montana project in the development stage, the Certej project having outlined substantial resources, and a number of other advanced stage exploration projects, the growth potential for Gabriel remains excellent."
Preliminary Resource at Certej Project
Gabriel is pleased to announce a preliminary resource estimate for its second major project in Romania, the Certej Project. This estimate includes a preliminary resource estimate for the Coranda deposit at Certej.
Resource Service Group Pty. Ltd., an internationally recognized and independent Australian mineral exploration and resource consultant, has calculated the following resources and classified them into indicated and inferred resources in accordance with the AusIMM/JORC September 1999 guidelines using a variety of cutoff grades.
Using a 0.8 g/t cutoff, a 10 x 10 x 10 metre block size and multiple indicator kriging, the resource estimate is as follows:
Note: Tonnes are rounded to the nearest 100,000 tonnes and ounces of gold and silver are rounded to the nearest 10,000 ounces and 100,000 ounces, respectively
Using a 1.0 g/t cutoff, a 10 x 10 x 10 metre block size and multiple indicator kriging, the resource estimate is as follows:
Note: Tonnes are rounded to the nearest 100,000 tonnes and ounces of gold and silver are rounded to the nearest 10,000 ounces and 100,000 ounces, respectively
Using a 1.2 g/t cutoff, a 10 x 10 x 10 metre block size and multiple indicator kriging, the resource estimate is as follows:
Note: Tonnes are rounded to the nearest 100,000 tonnes and ounces of gold and silver are rounded to the nearest 10,000 ounces and 100,000 ounces, respectively
This resource estimate is based on 5,946 metres of underground channel sampling at the Coranda deposit on four underground levels. The authors of the resource estimate, Colin Jones and James Ridley are each members, and Louis Voortman is a fellow, of the Australasian Institute of Mining and Metallurgy.
The Certej Project is located approximately 15 kilometres northeast of Deva, in Western Romania and consists of one exploitation concession covering approximately 4,051 hectares. Gabriel presently owns a 60% interest in the Certej Project. Upon preparation and delivery of a pre-feasibility study on Certej project, Gabriel can increase its interest to an 80% interest. Gabriel holds a pre-emptive right on the remaining 20% interest in Certej.
The deposits located within the Certej gold belt are defined by a major northwest trending structural zone that contains several gold-silver and low grade and small lead-zinc deposits. All of the gold deposits and lead-zine occurences are associated with Cretaceous sediments (pyritic black shales and sandstones) and later Neogene quartz andesitic volcanics, sub-volcanic intrusives and Neogene sediments.
The gold and base metal (+) gold and silver deposits occur over a 12 kilometer east-west strike distance. From west to east the deposits include Magura, and a cluster of five deposits occuring over a one kilometer west-east distance including Hondol-Carol, Coranda Mica, Baiaga, Coranda open pit, below the Coranda open pit and Dealul Grozii. This cluster of five deposits make up the Coranda deposit for which the preliminary resource estimate has been produced. The gold-silver mineralisation remains open in all directions and at depth. At the Dealul Grozii deposit the gold-silver mineralisation is hosted within a microfractured and silicified quartz andesite, whereas at the Hondol-Carol deposit the mineralisation is of a vein type, with the veins being hosted in a Neogene quartz andesite intrusive. In the Coranda, Baiaga and Coranda open pit deposits the gold-silver mineralisation is associated with differing extents of low grade lead-zinc mineralisation, hosted predominantly in the Cretaceous and Neogene sediments. Further to the east within the Certej project are the additional deposits of Bocsa and the famous gold-telluride deposit of Sacarimb.
|
