****NEWS RELEASE****
First Quantum increases Connemara gold resource
First Quantum Minerals Ltd FM
Shares issued 24,656,037 Nov 1 close $1.43
Tue 2 Nov 99 News Release
Mr. G. Clive Newall reports
First Quantum Minerals has completed an updated gold resource for its
95-per-cent-owned Connemara open pit heap-leach gold mine located in
Zimbabwe. The updated gold resource is 509,000 ounces contained within 6.5
million tonnes grading 2.43 grams per tonne gold. This includes a measured
resource of 3.5 million tonnes grading 2.53 grams per tonne gold containing
282,000 ounces of gold. The gold resource was calculated by Digital Mining
Services of South Africa. Resource classification and estimation has been
prepared according to Australasian IMM guidelines using a cut-off grade of
0.5 grams per tonne gold.
Tonnes Gold Gold
g/t ounces
Measured 3,458,102 2.54 282,000
Indicated 807,141 2.40 62,000
Inferred 2,237,437 2.29 165,000
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Total 6,502,680 2.43 509,000
Mineralization at Connemara occurs in silicified banded iron formation
(BIF) and phyllites within greenstones that form a discontinuous line of
north-trending ridges, 10 kilometres long, adjacent to a major granitic
basement contact. The area between the current area of mining, the North
and Connemara/South pits, contains the bulk of the gold resource. The
recent drill program, carried out from December, 1998, to August, 1999,
confirmed the presence of gold mineralization at depths up to 100 metres in
the North pit and the northern margin of the Connemara pit. In the Zabonkwe
area of the North pit a large zone of gold mineralization approximately 400
metres in length remains open at depth and appears to be increasing in
width and grade with depth.
In addition to the main zone of gold mineralization exceptional potential
for additional oxide and sulphide gold mineralization exists on a parallel
BIF, located 250 metres east of the current resource. Recent exploration
drilling at the Cork pit, located within this new BIF, has produced
significant drill intercepts including six metres of 3.78 grams per tonne
Au, 11 metres of 1.72 g/t Au and 20 metres of 1.72 g/t Au. These drill
results have been included in the updated resource calculation. The
potential for an increase in the resource base within both BIF is excellent
and continuing drilling will focus on expanding the current gold resource
while increasing confidence levels in the inferred gold mineralization.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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