NORTHERN ORION EXPLORATIONS LTD. ANNOUNCES AGUA RICA:
30% INCREASE IN TONNAGE AT HIGHER CUT-OFF GRADES
VANCOUVER, March 9 /CNW/ - Northern Orion Explorations Ltd.
NNO - TSE, VSE
BHP Copper, the operator of the Agua Rica project, reports that a new
resource estimate, based on 150 diamond drill holes totaling approximately
58,000 meters (of a total of 168 holes and 65,000 m drilled to date), was
completed. At the higher copper cut-off grades, the results show an increase
in tonnage of about 30% compared to the previous estimate that was based on
103 holes. A summary of the new estimates of the size and average grades of
the mineral resource (in million of tonnes), shown for different cut-off
grades, are as follows:
<<
Cut-off Size %CuEq %Cu %Mo G/t G/t Measured Indicated Inferred
(Mt) (x) Au Ag
-------------------------------------------------------------------------
0.2%Cu 1,714 0.71 0.43 0.032 0.17 3.0 52% 25% 23%
0.4%Cu 750 0.96 0.62 0.037 0.23 3.2 70% 21% 9%
0.7%Cu 167 1.38 0.99 0.036 0.32 3.3 92% 7% 1%
1.0%Cu 60 1.74 1.31 0.040 0.35 4.0 98% 2% less than
1%
>>
(x) The copper equivalent grades are based on in situ values at the
following metal prices: copper @ $0.80/lb, gold @ $300/oz, silver @
$5/oz and molybdenum @ $4/lb. Actual payable values received will depend
on the recoveries which may vary for different metals.
Work is continuing on the geotechnical, metallurgical, environmental and
mine planning programs. Bids were received for underground bulk sampling
planned to start during the upcoming quarter.
The Agua Rica deposit is a large porphyry copper-gold-silver-molybdenum
deposit located in Catamarca province, northwest Argentina, and is a joint
venture between Northern Orion (30%) and BHP Copper (70%). The joint venture
is currently undertaking a work program designed to bring the project to
completion of a final feasibility study.
Northern Orion Explorations Ltd. (NNO-TSE, VSE) is a mining company
targeting the development of gold and copper deposits in Latin America and is
54% owned by Miramar Mining Corporation (MAE-TSE, VSE; MAENF-Nasdaq).
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A quick mental calculation shows a resource of about 15 billions tons of cu equiv at an average grade of nearly 1% cu equiv., which hopefully will yield an economical operation even at low metal prices. The final total should be even higher.
Bear |
