Maybe some interest in Stonegate Agricom phosphate besides Rick Rule comments.
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Sprott Resource Corp. Files Updated NI 43-101 Compliant Technical Report on Mantaro Phosphate Deposit
TORONTO, March 11 /CNW/ - (TSX: SCP) - Sprott Resource Corp. ("SRC") announced today that it has filed on SEDAR (www.sedar.com) an NI 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") compliant report titled "Technical Report on Mantaro Phosphate Deposit, Junin District, Peru", dated February 21, 2010 (the "Report") in respect of the Mantaro Phosphate Deposit (the "Deposit") owned indirectly through its subsidiary Stonegate Agricom Ltd. ("Stonegate Agricom"). SRC owns 73 percent of the issued and outstanding common shares of Stonegate Agricom on an undiluted basis and 62 percent on a fully-diluted basis.
The Report discloses a Measured and Indicated Mineral Resource for the West zone of the Deposit of 39.523 million tonnes grading 10.0% P(2)O(5) and an Inferred Mineral Resource of 376.265 million tonnes grading 9.0% P(2)O(5).
"We are very excited by the resource estimate in the updated 43-101 report. It demonstrates the significant potential of this project," said Kevin Bambrough, President and CEO of SRC. "We look forward to Stonegate Agricom advancing its development."
The Report indicates that there is potential to expand the resource base. The East and Far East zones of the Deposit have been geologically mapped and exhibit surface mineralization widths similar to the West zone. Given that the Deposit is of marine sedimentary origin, the Report states that there is every reason to believe that comparable grades and depth of mineralization are present within the East and Far East zones. Based on this assumption, the Report indicates that the potential mineral deposits are estimated to be 425-435 million tonnes grading 9% P(2)O(5) in the East zone and 280-290 million tonnes grading 9% P(2)O(5) in the Far East zone.
These potential quantities and grades are conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in these targets being delineated as a mineral resource. However, should such conceptual resources be confirmed by trenching and drilling, the Deposit would rank as one of the most significant phosphate deposits in the world.
The Report states that the program of mineralogical and metallurgical test work conducted by SGS Mineral Services (Lakefield) and Bateman Advance Technologies has confirmed historical beneficiation work. Laboratory scale tests produced phosphate concentrates ranging from 28.8% P(2)O(5) (drill core samples) to 32.5% P(2)O(5) (trench samples) with acceptable phosphate grade and mass recoveries and quality suitable in the marketplace. The Report also states that the projected phosphate concentrate grades are suitable for production of merchant grade phosphate rock concentrate and production of concentrate for use in phosphate fertilizers such as single superphosphate (SSP) and potentially the ammonium-based phosphate fertilizers DAP and MAP. Stonegate Agricom intends to conduct additional test work to improve phosphate concentrate grade, recovery and quality.
The technical and scientific information contained in this news release is based on information contained in the Report, which was prepared by Donald H. Hains, P.Geo. and Michelle Stone, Ph.D., P.Geo. Both Mr. Hains and Ms. Stone are Qualified Persons in accordance with NI 43-101 and have reviewed and are responsible for the technical and scientific information presented in this news release. Mr. Hains and Ms. Stone are independent consultants to SRC and Stonegate Agricom. |
