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Twin Mining fast-tracking metallurgical drilling for Atlanta Gold Project's bankable feasibility study
/NOT FOR DISSEMINATION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
TORONTO, Nov. 14 /CNW/ - Twin Mining Corporation ("Twin Mining") (TWG -
TSX) is pleased to announce that a 1,200 meter (4,000 feet) core drilling
program is underway at its Atlanta Gold Project which is located in Elmore
County, south central Idaho, U.S.A. The 12 hole program (HQ core - 63.5 mm
diameter) is designed to produce representative ore grade samples from the
Monarch and Idaho gold ore zones for a metallurgical leach test program. The
results of this program will be incorporated into a feasibility study for a
31.1 tonne (100,000 ounces) per year open pit heap leach operation with
estimated cash costs of US$160 per ounce.
The return of the Atlanta Gold Project to Twin Mining's active asset list
adds significant shareholder value and complements our high quality
diamondiferous kimberlite discoveries in Canada's eastern arctic, TORNGAT and
Jackson Inlet. These diamond properties are located in a similar favourable
environment as the Nanisivik Zinc mine, an example for low capital and low
operating costs in the eastern arctic. Results from TORNGAT North kimberlite
sample processing and the Jackson Inlet exploration program will be announced
as soon as they are available.
The Atlanta gold deposit is located on a 3.3km (2 mile) long shear zone.
Historic production from the shear zone has been estimated at 12.4 tonnes
(400,000 ounces) of gold and 28 tonnes (900,000 ounces) of silver. The 1997
Prefeasibility Study, completed by Behre Dolbear and Lyntek Inc., outlined a
measured mineral resource of 18,042,000 tonnes (19,889,000 tons) grading
1.86 g Au/t (0.054 ounces/ton) and 5.6 g Ag/t (0.162 ounces/ton) in the
Monarch and Idaho open pit deposits for a gold resource of 33.7 tonnes
(1,083,000 ounces). The resource calculation is based upon 325 reverse
circulation drill holes and 22 core holes. Behre Dolbear used a 6 by 6 meter
(20 by 20 feet) block model with gold grades determined by ordinary kriging
within a defined geologic envelope.
Additional exploration potential exists along the Atlanta Lode both on
surface and underground. A preliminary underground inferred mineral resource
of 711,300 tonnes (784,100 tons) with a diluted grade of 10.57 g/t (0.306
ounces/ton) gold was also estimated in the 1997 study. Two new surface zones,
the East Extension and the Tahoma, have undergone initial drilling programs
with positive results. Plans have been made to in-fill drill these zones in
the future.
Twin Mining has selected Behre Dolbear & Company ("Behre Dolbear") to
complete a feasibility study for project development financing. Behre Dolbear
is an internationally recognized engineering firm and has previously prepared
a Feasibility Study (1989), a Prefeasibility Study (1997), a Scoping Study
(1998) and other Engineering Work on the Atlanta Gold Project. Behre Dolbear
has told Twin Mining that, based upon their prior work, Behre Dolbear believes
that "the Atlanta Gold Project will prove to be both technically and
economically feasible".
Mr. Derek Rance, P.Eng., Behre Dolbear's Canadian President, is Twin
Mining's "Qualified Person" as defined by National Instrument 43-101.
Twin Mining's financing campaign has already exceeded the initial
offering of flow-through units at $0.50 for gross proceeds of $2,705,000. Due
to subscriber demand the offering was increased and is expected to be
completed shortly.
Twin Mining, in addition to the gold mining project in Idaho, United
States of America is exploring the Jackson Inlet diamond project on Baffin
Island and the TORNGAT diamond project on the east side of Ungava Bay in
northern Québec.
Regards
Vaughn |
