St Jude Resources Ltd - News Release
St. Jude completes Hwini-Butre resource estimate
St Jude Resources Ltd
SJD
Shares issued 14,696,188
Jan 17 2002 close $.190
Friday Jan 18 2002
News Release
Mr. Michael Terrell reports
ST. JUDE RESOURCES LTD.: HWINI-BUTRE CONCESSION
RESOURCE ESTIMATE
St. Jude Resources has recently completed a mineral resource estimate for the
Hwini-Butre mineral concession in Ghana. The study took into consideration over
five years of exploration and almost 300 drill holes totalling over 25,000 metres.
More than 90 per cent of the drilling, and all of the resource assaying, was based
on diamond core. Reverse circulation drilling was used only to collar some drill
holes.
The resource estimate was completed by Toronto-based Watts, Griffis, and
McOuat Ltd., consulting geologists and engineers, using results from
approximately 200 drill holes. WGM is acting as St. Jude's independent qualified
firm as defined by the Toronto Stock Exchange and Ontario Securities
Commission Mining Standard Task Force, and has been retained by St. Jude as
technical adviser on the project. WGM has confirmed that the classification of the
mineral resources conforms with the definitions provided in National Instrument
43-101, and has followed the guidelines adopted by the Council of the Canadian
Institute of Mining Metallurgy and Petroleum.
Resources have been estimated only at the Adoikrom, Father Brown and
Dabokrom deposits. The study confirms that to date, these three deposits contain
an indicated resource of 4.25 million tonnes grading 4.11 grams per tonne gold (g
Au/t), plus an inferred resource consisting of two components; an in situ resource
of 1.72 million tonnes grading 3.01 g Au/t; and eluvial and reworked surface
material totalling 5.66 million tonnes grading 1.14 g Au/t. The indicated resource
contains 562,000 ounces of gold and the inferred resource contains 374,000
ounces of gold.
Mineralization in these areas consists of en echelon veins contained within an
approximate north-south striking shear zone, subparallel to the prolific Ashanti
gold belt. WGM has noted that four different styles of mineralization are present
on the concession:
surface material composed of lateritic clay-rich material, containing minor amounts
of quartz in thin stringers;
thoroughly oxidized, soft saprolitic rock to a depth of approximately 40 m;
bedrock sulphide-bearing material that hosts the majority of the economic
mineralization; and,
a large area of lower grade surface mineralization above and adjacent to the shear
zone.
Cutoff grades of 0.50 g Au/t for oxide and sulphide mineralization and 0.40 g Au/t
for surface mineralization were used for the resource estimate. A specific gravity
of 2.0 for surface and oxide material and 2.7 for sulphide material was used. An
inverse-distance squared interpolation technique was applied.
Preliminary metallurgical testwork results indicate that the sulphide mineralization in
the three main deposits is non-refractory, leaches well and has good milling
characteristics.
Drilling on the concession has continued throughout the summer to the present.
The current drill program is a combination infill and exploration program. The infill
drilling is designed to upgrade the presently defined resources at the Adoikrom,
Father Brown and Dabokrom deposits. Exploration drilling is being undertaken at
additional identified targets that have not been included in the recently completed
resource estimate.
SUMMARY OF WGM BLOCK MODEL RESOURCES FOR
HWINI-BUTRE CONCESSION
Ore type: Oxide
Resource Tonnage Grade Contained
category (tonne) ounces
and zone (g/t)
name
Indicated
resources
Adoikrom 164,500 5.09 27,000
Father
Brown 273,600 6.60 58,000
Dabokrom 82,800 2.91 8,000
Total
indicated
resources 520,900 5.51 93,000
--------- ---- -------
Inferred
resources
Adoikrom 60,000 5.14 10,000
Father
Brown 38,900 7.42 9,000
Dabokrom 30,600 1.79 2,000
--------- ---- -------
Total
inferred
resources 129,500 5.03 21,000
--------- ---- -------
Inferred eluvial
and reworked
surface
material 5,656,700 1.14 207,000
Ore type: Sulphide
Resource Tonnage Grade Contained
category (tonne) ounces
and zone (g/t)
name
Indicated
resources
Adoikrom 1,311,500 4.06 171,000
Father
Brown 1,421,000 5.30 242,000
Dabokrom 997,700 1.74 56,000
Total
indicated
resources 3,730,200 3.91 469,000
---------- ---- -------
Inferred resources
Adoikrom 412,600 3.07 41,000
Father
Brown 329,100 4.69 50,000
Dabokrom 847,200 2.02 55,000
---------- ---- -------
Total
inferred
resources 1,588,9000 2.85 146,000
---------- ---- -------
Inferred eluvial
and reworked
surface
material n/a n/a n/a
Ore type: Total
Resource Tonnage Grade Contained
category (tonne) ounces
and zone (g/t)
name
Indicated
resources
Adoikrom 1,476,000 4.17 198,000
Father
Brown 1,694,600 5.51 300,000
Dabokrom 1,080,500 1.83 64,000
Total
indicated
resources 4,251,100 4.11 562,000
--------- ---- -------
Inferred resources
Adoikrom 472,600 3.33 51,000
Father
Brown 368,000 4.98 59,000
Dabokrom 877,800 2.01 57,000
--------- ---- -------
Total
inferred
resources 1,718,400 3.01 167,000
--------- ---- -------
Inferred eluvial
and reworked
surface
material 5,656,700 1.14 207,000
Notes:
1) Hard rock cutoff equals 0.50 g Au/t, eluvial/reworked material cutoff equals
0.40 g Au/t.
2) Oxide zone defined by bottom of transition zone.
3) Specific gravities for eluvial/reworked material equal 2.00, for oxide equal
2.00, for sulphide equal 2.70.
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