Anatolia reports initial resources estimate at Karakartal copper-gold porphyry target
Tue Aug 25, 12:03 PM
ca.news.finance.yahoo.com
TORONTO, Aug. 25 /CNW/ - Anatolia Minerals Development Limited ("Anatolia" or the "Company") (TSX: ANO.TO) announces the Preliminary Estimate of Mineral Resources for the Karakartal copper-gold porphyry property in east-central Turkey. Karakartal is located approximately 12 km southeast of Anatolia's Copler Gold Project ("Copler"), which is currently under development.
The global block model inventory consists of:
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Block Model Inventory of "Indicated Resources"
CuEQV(1) -------------------------------------------------------------
Cutoff(%) Tonnes CuEQV Cu Au CuEQV Cu LBS Au Ozs
(000) (%) (%) (g/t) Lbs (M) (M) (000)
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0.20 31,346 0.45 0.27 0.36 311 187 363
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0.21 30,891 0.45 0.27 0.36 306 184 358
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0.22 30,213 0.46 0.28 0.37 306 186 359
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0.23 29,495 0.46 0.28 0.37 299 182 351
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0.24 28,765 0.47 0.28 0.38 298 178 351
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0.25 27,954 0.48 0.29 0.39 296 179 351
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0.26 27,155 0.48 0.29 0.39 287 174 340
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0.27 26,363 0.49 0.29 0.40 285 169 339
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0.28 25,592 0.49 0.30 0.40 276 169 329
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0.29 24,652 0.50 0.30 0.41 272 163 325
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0.30 23,819 0.51 0.31 0.42 268 163 322
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(1) CuEQV = copper equivalent grade (i.e. CuEQV = Cu + (Au * 0.4868)
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Block Model Inventory of "Inferred Resources"
CuEQV(1) -------------------------------------------------------------
Cutoff(%) Tonnes CuEQV Cu Au CuEQV Cu LBS Au Ozs
(000) (%) (%) (g/t) Lbs (M) (M) (000)
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0.20 50,579 0.34 0.22 0.25 379 245 407
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0.21 48,599 0.35 0.22 0.26 375 235 406
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0.22 46,360 0.36 0.23 0.27 368 235 402
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0.23 44,270 0.36 0.23 0.27 351 224 384
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0.24 41,966 0.37 0.23 0.28 342 213 378
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0.25 39,752 0.38 0.24 0.28 333 210 358
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0.26 37,735 0.38 0.24 0.29 316 200 352
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0.27 35,532 0.39 0.25 0.30 305 196 343
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0.28 33,234 0.40 0.25 0.31 293 183 331
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0.29 30,963 0.41 0.25 0.31 280 171 309
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0.30 28,905 0.41 0.26 0.32 261 166 297
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(1) CuEQV = copper equivalent grade (i.e. CuEQV = Cu + (Au * 0.4868)
Taking the global block model at a 0.24 cut off, the base-case Preliminary Estimate of Mineral Resources amenable to open-pit mining consists of:
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Base-Case Lerchs-Grossmann (LG) Pit(1)
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Indicated Resources
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Cu Cu Au
Tonnes Equiv Cu Au Lbs Ounces
(000) (%) (%) (g/t) (000) (000)
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13,753 0.51 0.29 0.46 87,904 203
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Inferred Resources
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Cu Cu Au
Tonnes Equiv Cu Au Lbs Ounces
(000) (%) (%) (g/t) (000) (000)
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17,758 0.38 0.22 0.32 86,183 183
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The results of this initial resource estimate for Karakartal are encouraging. Work to date demonstrates this copper-gold porphyry system hosts mineral resources of moderate size and low to moderate grades, with several potentially beneficial characteristics:
- The base case LG pit contains less than half of the Indicated and
Inferred tonnages relative to the global block model inventories.
Using higher metal prices and/or lower operating costs generate
conceptual LG pits containing more tonnage and metal than the base-
case scenario;
- The stripping ratio calculated for the base-case is low, at 1.67;
- Metallurgical testing demonstrates excellent copper and gold recovery
rates at 91% and 81%, respectively;
- Personnel, infrastructure and logistical synergies may be realized
given Karakartal's proximity to Copler; and
- The resource remains open and is essentially untested along strike to
the northwest and at depth. The resource potential is somewhat limited
along strike to the southeast. Additional drilling is necessary to
follow up the exceptional copper and gold grades intercepted in KDD-
021 (235 meters at 0.43% Cu and 1.02 gpt Au).
- Other localized targets are identified and remain untested by
drilling.
Edward Dowling, President and CEO of Anatolia stated, "We are pleased the study demonstrates the potential of an economic pit as we pursue additional resource growth and prepare an initial preliminary assessment at Karakartal."
Anatolia's strategic relationship with Calik Mining (see News Release, August 13, 2009) provides the opportunity for Calik Mining to subscribe to a 50% interest in Karakartal by paying its proportionate share of Anatolia's documented costs as of the date of subscription.
The Karakartal porphyry system is characterized by a dioritic to monzonitic intrusive located in a package of hornsfelded metasediments and limestones. The limestones and metasediments represent the Jurassic/Cretaceous Munzur Formation. The metasediments are the lower portion of this sequence and have been widely hornsfelded and locally mineralized by the younger intrusive event. Alteration is dominated by a sericite/pyrite phyllic phase (most commonly within the hornsfels) and a strongly developed potassically altered core within the system in the intrusive. Mineralization is characterized by chalcopyrite, chalcocite, bornite, pyrite and magnetite stockwork with some silica veinlets.
(1) The base-case Indicated and Inferred Resources inside of the conceptual LG pit was tabulated using a 0.24% copper equivalent cutoff grade that was based on a recoverable copper and gold metal price ratio where: Copper Equivalent = Copper + (Gold * 0.4868), with copper grade expressed as a percentage per tonne and gold grade in grams per tonne. Gold and copper prices used for determining copper equivalent values and the conceptual base case LG pit were $2.00/pound copper and $750/ounce gold, respectively. Copper and gold recovery rates used for determining copper equivalent values and the base-case were 91% and 81%, respectively.
Qualified Persons
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Mr. Michael J. Lechner, P. Geo, is the "qualified person" as defined by National Instrument 43-101 of the Canadian Securities Administrators ("NI 43-101") and is responsible solely for the contents of the Preliminary Estimate of Mineral Resources. Mr. Lechner is not responsible for the contents of this news release. A technical report summarizing the Preliminary Estimate of Mineral Resources and meeting the requirements of NI 43-101 will be filed with the appropriate regulatory authorities within 45 calendar days of this news release.
About Anatolia
Anatolia, recognized as a leader in exploration and development in Turkey, is developing Copler. Initial plans are to produce approximately 1.3 million ounces of gold at a cash cost of about US$260 per ounce. The first gold pour at Copler is expected in 2010 with full production of about 175,000 ounces of gold per year anticipated in 2011. Additional production expansion of the oxide and sulfide gold resource is expected at Copler by taking advantage of the inherent large resource through on-going technical activities. In addition, Anatolia holds a significant pipeline of prospective gold and base metal projects.
Anatolia currently has 114.7 million common shares issued and outstanding, 133.5 million fully diluted. For more information please contact Edward Dowling, President and CEO, or Douglas Tobler, CFO at (303) 292-1299 or visit www.anatoliaminerals.com. Anatolia's common shares are listed for trading on the Toronto Stock Exchange under the symbol "ANO."
Cautionary Statements
Certain statements contained in this news release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively "forward-looking information") within the meaning of Canadian securities laws. Forward-looking information may relate to this news release and other matters identified in Anatolia's public filings, Anatolia's future outlook and anticipated events or results and, in some cases, can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts and include, but are not limited in any manner to, those with respect to commodity prices, mineral resources, mineral reserves, realization of mineral reserves, existence or realization of mineral resource estimates, the timing and amount of future production, the timing of construction of the proposed mine and process facilities, capital and operating expenditures, economic conditions, availability of sufficient financing, exploration plans and any and all other timing, exploration, development, operational, financial, economic, legal, social, regulatory, political factors that may influence future events or conditions. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other Anatolia filings, and include the ultimate determination of mineral reserves, availability and final receipt of required approvals, titles, licenses and permits, sufficient working capital to develop and operate the proposed mine, access to adequate services and supplies, commodity prices, foreign currency exchange rates, interest rates, access to capital markets and associated cost of funds, availability of a qualified work force, ability to negotiate, finalize and execute relevant agreements, lack of social opposition to the mine, and the ultimate ability to mine, process and sell mineral products on economically favorable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other Anatolia filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, Anatolia does not intend, and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events. The technical information set forth in this press release and the contents of this press release have been reviewed and prepared under the supervision of, and verified by, Robert Benbow, P.E, a qualified person pursuant to National Instrument 43-101 of the Canadian Securities Administration. Mr. Benbow is the Vice President, Country Manager with Anatolia Minerals Development Limited. Assays in 2001 were performed by OMAC Laboratories, in Ireland, and assays in 2008 were performed by ALS-Chemex, in Vancouver, BC, Canada, with quality control of sampling, preparation and assaying overseen by Anatolia.
Contacts
Edward Dowling
President and CEO
or Douglas Tobler
CFO at (303) 292-1299 or visit www.anatoliaminerals.com |
