did ya need a reason to rally? here it is!
confirmation of what all us armchair quarterbacks already knew - they got the goods!
Champion completes Farim audit and recalculation
Champion Resources Inc CHL
Shares issued 24,184,440 Mar 15 close $0.70
Thu 16 Mar 2000 News Release
Mr. Michael McInnis reports
Champion Resources has completed an independent audit and recalculation of
the resource for the Farim phosphate deposit in Guinea Bissau, West Africa.
The audited resource contains 166.2 million tonnes of measured and
indicated resources grading 29.1 per cent P2O5 and compares with the
earlier announced in-house resource calculation of 164.3 million tonnes
grading 29.4 per cent P2O5.
The resource audit was carried out by John Zbeetnoff, an independent
qualified person. Mr. Zbeetnoff is a professional geologist registered in
the province of British Columbia and has 15 years experience in mineral
exploration. Mr. Zbeetnoff has been involved in several resource
calculations over the past six years.
The phosphate deposit is a flat lying bed in a sedimentary basin. The
outline of the resource is defined by the 1.5-metre thickness contour of
the phosphate bed. The phosphate resource underlies 37.7 square kilometres
with an average thickness of 3.15 metres. The bed increases in thickness
toward the centre of the basin where it is locally six metres thick. The
updated tonnage is reported on a dry-weight basis, using a bulk density of
1.4 tonnes per square metre.
The northeast portion of the phosphate resource, referred to as the East
zone, contains 53.6 million tonnes with an average thickness of 4.22 metres
grading 30.9 per cent P2O5. The East zone is high-grade, thick and will be
the focus of further economic evaluations to test its suitability for
initial open-pit mining. The company has retained the Mineral Corporation
of Johannesburg, South Africa, to undertake a minable reserve calculation
for the East zone.
East Zone Tonnes P2O5 %
Measured 23,145,225 30.84
Indicated 30,475,231 30.91
Subtotal 53,620,456 30.88
Other zones
Measured 31,885,019 29.00
Indicated 80,667,480 27.87
Subtotal 112,552,499 28.19
All zones
Measured 55,030,244 29.77
Indicated 111,142,711 28.71
Total 166,172,955 29.06
The resource calculation shows that Champion's drilling programs have
confirmed and expanded the phosphate resource as first outlined by BRGM
(105 million tonnes grading 29.8 per cent P2O5). Resource confirmation is a
key part of the due diligence program to satisfy the requirements of a
proposed South African project financing.
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