Increases Lonshi Mine Resource To 356,000 Tonnes Of Copper
First Quantum Minerals Ltd.is pleased to announce a new
independently estimated copper resource at its Lonshi copper mine. The
open pit resource at Lonshi has increased from 295,000 tonnes (650 million
pounds) to 356,000 tonnes (785 million pounds) of contained copper. The
deposit remains open to depth and additional targets have been identified
within synformal geological structures along the prospective Lonshi host
formations to the North and South of the existing resource.
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Resource Ore Total Acid Total Acid
Category (tonnes) Copper Soluble Contained Soluble
Grade Copper Copper Contained
(%) Grade (%) (tonnes) Copper
(tonnes)
Measured (M) 6,952,310 5.01 4.22 348,311 293,387
Indicated (I) 310,088 2.62 2.25 8,124 6,977
Total (M & I) 7,262,398 4.91 4.14 356,435 300,364
Inferred 152,241 5.07 4.28 7,719 6,516
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"We are very pleased with the result of our 2002 drilling campaign
which added approximately 60,000 tonnes of copper to the Lonshi resource.
Approximately ninety-seven percent of the resource is classified in the
measured category which will allow for detailed mine planning for many
years in the future. In addition, our understanding of the Lonshi deposit
has improved and this has had a major impact on our exploration efforts
both along strike of the Lonshi orebody and regionally within the Congo
pedicle. In 2003, we will carry out additional exploration drilling for
oxide mineralization along strike as well as at depth to evaluate the
exciting potential of the high grade sulphide mineralization identified in
2002 (LDD2: 4 metres @ 11.92% Cu, LDD3: 2 metres @ 7.77% Cu, LDD6: 5
metres @ 6.95% Cu)." commented Alan Stephens, Vice President of
Exploration.
The resource is based upon the results of 9,187 metres of drilling in
187 drill holes (134 reverse circulation, 16 diamond core, 37 Aircore)
utilizing a 0.8% acid soluble copper cut-off grade. The orebody was
modeled to a depth of approximately 130 metres. The resource was
calculated by M.G. Hanssen of Digital Mine Services in Zimbabwe. Mike
Parker, BSc., First Quantum's Project Manager at the Lonshi Mine, with
more than 16 years experience in the mining industry, is the Qualified
Person responsible for the design and conduct of the work performed. The
new resource estimate has been prepared and classified in accordance with
the standards established under National Instrument 43-101.
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On Behalf of the Board of Directors
of First Quantum Minerals Ltd.
G. Clive Newall |
