Canadian Gold Hunter Corp.: Measured & Indicated Resource at Main and North Donnelly Zone Increased by 25 Percent
Tue Oct 7, 2:57 PM
ca.news.finance.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 7, 2008) - Canadian Gold Hunter Corp. (the "Company") (TSX: CGH.TO) is pleased to announce completion of an updated independent resource estimate on the Donnelly and North Donnelly zones at its GJ/Kinaskan gold-rich porphyry copper deposit in northern British Columbia.
The Donnelly and North Donnelly resource estimate is based on assay results from 169 diamond drill holes over a strike length of 1.6 kilometres. The measured and indicated resource, at a cut-off of 0.20% copper, is 153.3 million tonnes grading 0.321% copper and 0.369 g/t gold and contains 1.09 billion pounds of copper and 1.82 million ounces of gold.
Main and North Donnelly Measured & Indicated Resource
-----------------------------------------------------------------
Cut-off Cu Tonnes Cu Au Contained Cu Contained Au
(%) (000,000) (%) (g/t) (million lbs) (million ozs)
-----------------------------------------------------------------
0.10 293.3 0.238 0.281 1,539 2.65
-----------------------------------------------------------------
0.15 217.5 0.277 0.323 1,328 2.26
-----------------------------------------------------------------
0.20 153.3 0.321 0.369 1,085 1.82
-----------------------------------------------------------------
0.25 103.4 0.367 0.416 837 1.38
-----------------------------------------------------------------
0.30 66.3 0.420 0.469 614 1.00
-----------------------------------------------------------------
Main Donnelly Measured Resource
-----------------------------------------------------------------
Cut-off Cu Tonnes Cu Au Contained Cu Contained Au
(%) (000,000) (%) (g/t) (million lbs) (million ozs)
-----------------------------------------------------------------
0.10 133.4 0.274 0.312 806 1.34
-----------------------------------------------------------------
0.15 108.8 0.307 0.348 737 1.22
-----------------------------------------------------------------
0.20 84.5 0.346 0.390 645 1.06
-----------------------------------------------------------------
0.25 62.4 0.389 0.435 535 0.87
-----------------------------------------------------------------
0.30 44.3 0.436 0.487 426 0.69
-----------------------------------------------------------------
Main and North Donnelly Indicated Resource
-----------------------------------------------------------------
Cut-off Cu Tonnes Cu Au Contained Cu Contained Au
(%) (000,000) (%) (g/t) (million lbs) (million ozs)
-----------------------------------------------------------------
0.10 159.9 0.208 0.255 733 1.31
-----------------------------------------------------------------
0.15 108.7 0.247 0.298 592 1.04
-----------------------------------------------------------------
0.20 68.8 0.290 0.344 440 0.76
-----------------------------------------------------------------
0.25 41.1 0.335 0.387 303 0.51
-----------------------------------------------------------------
0.30 22.0 0.388 0.433 189 0.31
-----------------------------------------------------------------
Main and North Donnelly Inferred Resource
-----------------------------------------------------------------
Cut-off Cu Tonnes Cu Au Contained Cu Contained Au
(%) (000,000) (%) (g/t) (million lbs) (million ozs)
-----------------------------------------------------------------
0.10 64.0 0.183 0.238 258 0.49
-----------------------------------------------------------------
0.15 37.6 0.226 0.282 187 0.34
-----------------------------------------------------------------
0.20 23.0 0.260 0.310 132 0.23
-----------------------------------------------------------------
0.25 11.3 0.295 0.335 73 0.12
-----------------------------------------------------------------
0.30 4.2 0.332 0.330 31 0.04
-----------------------------------------------------------------
This updated resource estimate was commissioned following the 2007 drill program, which successfully allowed a substantial portion of the 2007 indicated resource category to be upgraded to the measured category.
The 2008 measured and indicated resource, at a cut-off grade of 0.20% copper, represents an approximate 25% increase in tonnage, 27% increase in contained copper and 31% increase in contained gold over the 2007 measured and indicated resource.
The Donnelly Zone has been drilled to date to an average depth of about 300 metres on about 50-metre centres. It is 1600 metres in strike length and up to 340 metres wide.
Upcoming plans include a Preliminary Economic Assessment. This study will focus initial open-pit mining on the high-grade, near-surface eastern portion of the Donnelly Zone. The higher-grade material in this area averages in excess of 0.4% copper and 0.4 g/t gold.
"This new resource estimate includes substantial additional near-surface, higher-grade material that would be immediately accessible for mining," stated Rick Bailes, president of Canadian Gold Hunter. "In addition, we are very encouraged that Premier Gordon Campbell announced recently that the Province of British Columbia will start immediately the environmental assessment process and First Nations consultation on the Northwest Transmission Line along Highway 37. This power line would have a positive impact on the economics of the GJ project, which is easily accessible from Highway 37."
The Main and North Donnelly Zone resource estimate was prepared by qualified person Mr. Gary Giroux. P.Eng. using a computer-generated block model based on approximately 42,000 metres of diamond drilling in 169 drill holes. A total of 9,883 assayed samples were used to define the resource.
The drill programs and sampling were supervised by qualified person David Mehner, P.Geo., Project Geologist for Canadian Gold Hunter. Appropriate quality control and quality assurance protocols were utilized on the program. Standard reference samples, blanks and duplicates were inserted in each batch of samples for assay. The Canadian Gold Hunter drill samples were analyzed for gold by fire assay / atomic absorption and for copper by ICP, and by atomic absorption for those samples over 1%, by ALS-Chemex in North Vancouver, B.C., Canada. All assay results were examined by independent engineer Dr. Giles Peatfield, P.Eng. prior to release, in order to verify that QC protocols were honoured.
The GJ/Kinaskan Property is located in northern British Columbia about 10 kilometres west of Highway 37. The claims underlie an area of about 150 square kilometres and cover a number of significant mineral showings, including the Donnelly, GJ and North zones. Canadian Gold Hunter has a 100% working interest in the property.
ON BEHALF OF THE BOARD
Richard J. Bailes, President
Contacts
Sophia Shane
Canadian Gold Hunter Corp.
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Website: www.canadiangoldhunter.com |
