Bolero announces drill program at Cannivan Gulch Moly Project
Thursday April 19, 2:20 pm ET
biz.yahoo.com
VANCOUVER, April 19 /CNW Telbec/ - United Bolero Development Corp. (the "Company" or "United Bolero"), (TSX-V: UNB - News) announces it has engaged Ruen Drilling, Inc. of Clark Fork, Idaho to conduct a 1,890 metre (approximately 6,200 feet) drill program on United Bolero's Cannivan Gulch molybdenum deposit. The Company anticipates drilling on or about mid June subject to the receipt of the required permit.
The Cannivan Gulch property is located approximately 30 miles southwest of Butte, Montana and was previously explored between the years 1968 and 1981 by Cyprus-Amax, Amoco Minerals and others. United Bolero has an option to acquire a 100% interest in the property which consists of 15 original unpatented claims covering 300 acres plus an additional 600 acres covered by an additional 30 claims. Historic work by Cyprus Exploration Company included a detailed exploration program with 55 core holes totaling 88,450 feet drilled and 2,514 feet of underground development completed. Based on the results of these earlier exploration programs, a non NI 43-101 compliant resource was estimated by Amoco Minerals Company, in June 1982, at 300 million tons grading 0.06% Molybdenum ("Mo") containing 360,000,000 pounds of Mo. This historical resource was calculated at a 0.03% Mo cut-off resulting in a preliminary pit design with a 0.97:1 strip ratio. One objective of the work described below is to bring this historical resource into NI 43-101 compliance. This historic resource estimate quoted above, is considered to be relevant and is believed to be reliable based on the amount and quality of historic work completed. The Company has not completed the work necessary to independently verify the classification of the mineral resource estimates. The Company is not treating the mineral resource estimates as National Instrument 43-101 defined resources verified by a qualified person. The historical estimates should not be relied upon. The properties will require considerable further evaluation which the Company's management and consultants intend to carry out in due course.
Comments on Historical Results:
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- Higher grades within the deposit
- Previous drilling indicates that the potential exists for a high
grade core zone at depth
- Historic Drill Hole CG-22 which was drilled in the central core zone
in 1974 intersected 1,510 feet (from 250 feet to 1,760 feet) at
0.12% Mo including 270 feet (from 580 feet to 850 feet) at
0.21% Mo. (CMS laboratory as reported by Cyprus/Amoco Minerals.)
- An adit and cross cut totaling more than 2,500 feet was driven by
Cyprus/Amoco Minerals in 1980 to obtain bulk samples for
metallurgical testing and to allow grab and channel sampling through
the deposit
Work Recently Completed:
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- A review of all previous work on the property has been completed
- A Plan of Operations for a drilling program was submitted to the U.S.
Forest Service on March 12, 2007
- Forty-six (46) drill pulp samples from the historical drill holes on
the property were re-analyzed in 2007 by ALS Chemex. The new analyses
track well with the historical Mo results and all results are available
on the United Bolero web site.
- New drill sections oriented north-south and east-west were constructed
on 200 foot centers and new level plans were also constructed on
200 foot centers. These were used to design the drill holes proposed
for the 2007 drilling program that is presently under review by the
responsible agencies. The sections and plans are also being used to
evaluate mining methods and possible extensions of the mineralized
system.
Key Objectives of Cannivan Gulch 2007 Drill Program:
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- Four holes totaling approximately 6,200 feet (1,890 meters) have been
proposed
- The holes are designed to confirm and expand the historical Non-43-101
Compliant resource
- Core obtained in the proposed drilling will also be used for
metallurgical studies to supplement the historic results
(1) Comments of Historic Resources
All resource estimates quoted herein are based on data and reports obtained and prepared by previous operators. This historic resource estimate is considered to be relevant, and is believed to be reliable based on the amount and quality of historic work completed. The Company has not completed the work necessary to independently verify the classification of the mineral resource estimates. The Company is not treating the mineral resource estimates as National Instrument 43-101 defined resources verified by a qualified person. The historical estimates should not be relied upon. The properties will require considerable further evaluation which the Company's management and consultants intend to carry out in due course.
John Childs, Ph.D., Registered Geo (SME) is the "qualified person" (as such term is defined by NI 43-101) responsible for the preparation of the technical information in this release.
In other news, United Bolero has chosen to discontinue its joint venture with Solitaire Minerals Corp.'s South Baird property in Red Lake to focus on its Arcadia property in Nunavut.
United Bolero is listed on the TSX-Venture Exchange under the symbol UNB, as well as the Frankfurt Exchange under U7N. For more information, please visit www.unitedbolero.com or call toll-free 888-945-4770.
On behalf of the Board of Directors
"R. Bruce Duncan"
President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information
Renmark Financial Communications Inc.: Barbara Komorowski: bkomorowski@renmarkfinancial.com
Christina Lalli: clalli@renmarkfinancial.com
Media: Adam Ross, aross@renmarkfinancial.com, (514) 939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com
Source: United Bolero Development Corp. |
