FIRST QUANTUM MINERALS LTD ("FM-T;FQVLF-0")
- Increases Lonshi Resource To 295,000 Tonnes Of Copper
First Quantum Minerals Ltd. is pleased to announce a 390%
increase in the copper resource at its effective 85% owned Lonshi
copper deposit. The open pit resource has grown from 60,000
tonnes (132 million pounds) to 295,000 tonnes (650 million pounds)
of contained copper. Campaign open pit mining operations are
currently underway at Lonshi and processing of Lonshi ore via
blending with existing Bwana Mkubwa tailings is expected to begin
in November, 2001. Based upon the substantial resource upgrade at
Lonshi, an expansion of the SX/EW facilities at Bwana Mkubwa to a
production capacity of 30,000 tonnes (66 million pounds) of LME
grade copper cathode per year is being considered. Construction
would take approximately twelve months to complete.
Lonshi Resource - October 1, 2001
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Category Tonnes Copper Grade Contained Copper Contained Copper
(%) (tonnes) (pounds)
Measured 2,391,716 6.73 160,915 355 million
Indicated 2,739,767 4.89 133,975 295 million
Total 5,131,483 5.75 294,890 650 million
//et
Mineralization at Lonshi is hosted within an average 15 metre
thick package of weathered Roan clastics and distal units which
outcrop on surface and dip to the east at 38 degrees. The deposit
remains open along strike and to depth.
An initial drill program established an oxide copper open pit
resource of approximately one million tonnes grading 6% copper or
60,000 tonnes (130 million pounds) of contained copper. A second
phase resource definition drilling program totaling 6,441 metres
(including sterilization drilling) has been completed along a
strike length of 800 metres and to an average depth of 65 metres.
The resource is based upon the results of 5,747 metres of drilling
in 138 drill holes (91 reverse circulation, 10 diamond core, 37
Aircore) utilizing a 2% copper cut-off grade. Metallurgical
testing on Lonshi ores indicates that they are highly amenable to
direct acid leaching and demonstrate a recovery rate of
approximately 86%. The new resource estimate has been prepared
and classified in accordance with the standards established under
National Policy 43-101.
Assay Procedures
Assays were carried out at First Quantum Minerals' Bwana Mkubwa
Mine Laboratory ("BMML") with appropriate quality control
procedures. Composite samples were checked by Independent
Metallurgical Laboratories ("IML") and Analabs in Perth, Australia
where the sampling precision and accuracy between IML, Analabs and
BMML results were determined to be excellent. Two diamond drill
holes were drilled to twin reverse circulation drill holes in the
second phase of drilling. Results from the first twin hole were as
follows:
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Drill Hole ID Drill Hole Type Intercept Copper Grade Laboratory
(metres) (%)
BMCL43 Reverse
Circulation 13.0 7.36 BMML
LD4 Core 13.8 7.34 BMML
LD4 Core 13.8 7.41 Alfred Knight
//et
Mike Parker, BSc Project Geologist at the Lonshi Project, with
more than 16 years experience in the mining industry, is the
Qualified Person responsible for the design and conduct of the
work performed.
Further updates on the Bwana Mkubwa expansion and the development
of the Lonshi copper deposit will be announced in the near term.
On Behalf of the Board of Directors of First Quantum Minerals Ltd.
G. Clive Newall |
