RDV information
Redcorp Ventures Ltd.: Update on 2006 Plans for Tulsequah Project
REDCORP VENTURES LTD. (TSX:RDV) and its wholly-owned subsidiary Redfern Resources Ltd. (together, the "Company") are pleased to provide an update on plans in progress to advance the Tulsequah project in 2006. The Tulsequah Chief deposit is a polymetallic massive sulphide deposit located in northwestern British Columbia, south of the community of Atlin. A resource calculation compliant with NI 43-101 was announced on February 28, 2005. Measured and Indicated mineral resources total 5.38 million tonnes grading 1.41 % copper, 1.32% lead, 6.73% zinc, 2.73 g/tonne gold and 100.8 g/tonne silver. Inferred mineral resources stand at 1.54 million tonnes grading 1.13% copper, 1.07% lead, 5.44% zinc, 2.23 g/tonne gold and 85.1 g/tonne silver.
The Tulsequah Chief Mine re-development has received full environmental assessment certification from both the provincial and federal governments. A Special Use Permit is also in place to govern the construction, operation and de-commissioning of the access road for the mine project.
Previously, on May 17 2005, the Company had announced the curtailment of the feasibility study update being conducted by AMEC Americas Limited and Hatch Ltd. Preliminary economic assessment based on updated capital and operating costs and long term metal price assumptions of US$1.00/lb copper, $0.55/lb zinc, $0.35/lb lead, $400/oz. gold, $6.50/oz silver and exchange rate of CAN$1.00 equals US$0.78, indicated that the project was not sufficiently attractive to proceed without further resource expansion. Since that time commodity prices have moved up sharply and are currently trading at or near historic highs. If the same preliminary financial model used in the curtailed feasibility update were to be updated to incorporate current metal prices it would yield a pre-tax NPV for the project (at 10% discount) of CAN$187 million based on metal prices of US$2.30/lb copper, $1.00/lb zinc, $0.60/lb lead, $550/oz gold, $9.50/oz silver and exchange rate of CAN$1.00 equals US$0.87.
The Company has commissioned a consulting mining engineer to conduct an internal review of the feasibility update information developed by AMEC and Hatch, with a view to identifying areas of potential cost reductions and optimization of the development plan. The Company is also facilitating review of the Tulsequah Project with prospective joint venture partners pending finalization of 2006 plans and the scope of financing requirements.
The Company is currently defining an exploration drilling program to probe for extensions to the current resource base at the Tulsequah Chief deposit. This program will also evaluate the extent of resources beneath and adjacent to the former producing Big Bull deposit located on the property 9 kilometers south of Tulsequah Chief (previous production of 360,073 tonnes grading 1.2% copper, 1.9% lead, 7.3% zinc, 5.14 g/tonne gold and 154.29 g/tonne silver). Additional work is being planned to define prospective targets on the 15+ kilometers of prospective folded host felsic volcanic stratigraphy between the two known deposits. All of this prospective ground is held 100% by the Company. It is expected that this planning will be completed shortly and made public.
The Company is also pleased to note that Canarc Resource Corp. has announced plans to conduct a major drilling program and NI 43-101 resource estimate, associated evaluation and potential mine permitting to advance its New Polaris gold property adjacent to the Tulsequah Chief Mine. Through this process, the Company anticipates that there may be opportunities to reduce costs associated with any common infrastructure for the two projects.
Redcorp Ventures Ltd. is a Vancouver based mineral exploration and development Company with active projects in British Columbia and Portugal. Further information on Redcorp and the Tulsequah property can be obtained on the Company's website at www.redcorp-ventures.com and at Redfern's website at www.redfern.bc.ca.
NewsBlast Sign-Up
StockHouse NewsBlast: Receive company sponsored news and information via email.
« Previous Message Next Message »
This message (Post #11392352) has been viewed 190 times
Report a BullBoards Violation Ignore grinandbearit Post Reply View Threads
Go to
BullBoard: Symbol Company Name
|
