Well there is nothing but good news here! With production only targeted to hit 1.5MM tonnes per yr and a resource of over 100MM t - this one is gonna outlive me!
Champion completes Farim drill program
Champion Resources Inc CHL
Shares issued 24,184,440 Jan 18 close $0.75
Wed 19 Jan 2000 News Release
Mr. Michael McInnis reports
Champion has received phosphate results from the due diligence drilling
program carried out on the Farim phosphate deposit in Guinea Bissau, West
Africa. Seventeen core holes were drilled in the eastern and western parts
of the deposit. Results from this successful program confirm the grade,
thickness and continuity of the deposit as reported by the French
exploration agency, BRGM, from drill programs in the 1980s. Furthermore,
deleterious elements including cadmium, arsenic and magnesium are at very
low levels. The importance of these results is that verification of the
French phosphate grades is an integral part of the due diligence program
required to complete the South African project financing.
The eastern block includes a resource defined by drilling in the early
1980s by BRGM. Champion drilled 10 confirmatory and peripheral holes in
this area covering approximately 12 square kilometres. Based on the results
of the BRGM work and Champion's drilling, this area has been identified as
encompassing a prime location for the open pit. The factors taken into
consideration include thickness of the ore horizon, P2O5 grade and strip
ratio.
Seven holes drilled in the western block were exploratory in nature. They
confirmed drill results obtained during Champion's 1998 drill program as
well as the continuity of the deposit from east to west.
All core samples were analyzed by Bateman Minerals and Industrial Limited
in South Africa. Bateman is also carrying out metallurgical test work on
the samples, the results of which will be reported in due course. Assay
results are listed below:
Thick-
Hole From To ness P2O5
m m m %
99-12 44.92 48.83 3.91 30.80
99-14 51.39 55.75 4.36 32.94
99-15 61.24 64.08 2.84 28.75
99-17 68.70 70.80 2.10 33.87
99-18* 56.28 59.69 3.41 33.18
99-19 40.30 43.85 3.55 33.05
99-21 57.94 62.16 4.22 29.23
99-23 39.63 41.40 1.77 26.50
99-24 42.41 46.36 3.95 28.54
99-27 46.50 49.55 3.05 25.75
99-05 51.09 52.50 1.41 18.66
99-08 57.66 60.83 3.17 28.47
99-09 58.55 63.12 4.57 33.97
99-11 55.96 57.50 1.54 32.52
99-13A 69.07 72.85 3.78 31.02
99-25A 53.43 56.11 2.68 31.18
99-26* 59.65 62.40 2.75 24.93
* Core loss exceeds 90 per cent at the top of the phosphate bed so that
thickness value is a minimum.
The Farim project is now in the final stages of due diligence, with many
key milestones now achieved. During the first quarter of 2000, process
studies, reserve assessment and mine planning will be completed as well as
final project estimates and financing documents.
Farim is a world-class, high-grade deposit with reserves of 105 million
tonnes of 29.8 per cent P2O5. Upon development of the project, production
is expected to reach 1.5 million tonnes of phosphate concentrate, making
Champion a significant producer of high-quality rock.
(c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com |
