Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: Claude Cormier who wrote (2856)	4/2/2002 4:45:39 PM
From: ogi	Respond to of 39344

Thanks Claude, it will be fascinating to see if this becomes what it has the potential to be. Bye for now

To: Claude Cormier who wrote (2856)	4/2/2002 5:18:05 PM
From: ogi	Read Replies (1) \| Respond to of 39344

Claude et al: Found the news on Stockhouse, hasn't come through on Canada Stockwatch yet. 3.6 Million resource estimate!!! Sounds Good 2002-04-02 (provided courtesy of BCE Emergis E-News Services) register to receive future releases from BCE Emergis E-News Services 3,600,000 oz. Gold Resource At Anatolia Minerals Copler Project Toronto, Ontario -- Watts, Griffis & McOuat (WGM) estimate for part of Copler yields 3.6 million ounces of potentially open-pittable inferred resource: 23 million tonnes at 2.3 grams gold per tonne plus 2 zones totaling 11 million tonnes at 5.4 grams gold per tonne. More JV drilling funded to firm up, expand resource. A just-completed report by Watts, Griffis & McOuat estimates a potentially open-pittable inferred resource for part of the Copler (Cukurdere) prospect totaling 34 million tonnes at an average grade of 3.3 grams gold per tonne, equivalent to 3,600,000 ounces of contained gold (CIM Standards/NI 43-101). This estimate includes just that portion of the project area for which drill spacing is close enough to permit an estimate to be made. Surface area of the inferred resource comprises some 200 hectares of the approximate 2,500 meter by 800 meter (2,000 hectare) mineralized zone under active exploration by the Rio Tinto/Anatolia Minerals Development (AMDL) joint venture. The estimate includes 3 areas: the "Main Zone", comprising 23 million tonnes at 2.3 grams gold per tonne (1.7 million ounces); plus 2 small areas in the "Marble Cover Zone": 7 million tonnes at 4.1 grams gold per tonne near the old manganese mine (0.9 million ounces) and 4 million tonnes at 7.7 grams per tonne near drillhole 1-A (1.0 million ounces). Byproduct silver and copper was not estimated in the WGM report. The gold occurs as finely disseminated grains primarily associated with sulphides, and does not lend itself to gravity separation. The oxidized material shows good gold cyanidation extractions, however, the sulphide mineralization showed very low cyanidation extractions due to the refractory nature of the gold in the sulphides. Leaching tests using nitric acid indicates increased oxidation which should increase overall recovery. WGM believe further metallurgical investigation is warranted and that it may be possible to include pressure oxidation, pyrometallurgy, or bio-oxidation in the process to achieve increased gold recoveries from the sulphides. The report concludes by stating that the Copler prospect is "a property of high merit" and warrants further exploration work. To date, over US$2 million has been spent on detailed geologic mapping, surface grid geochemical surveys, several kilometers of trenching, geophysical surveys and 8,228 meters of drilling in 50 core and reverse-circulation holes. Of these, 22 holes in 3 separate areas were used in a geology-controlled, cross-sectional block-model, resource estimate (25meter x 25meter x 2.5meter blocks). The results from this estimate compared favorably with a separate GEM estimate. Important criteria used were a 2.6 gm/cc density factor and a 0.5 gm Au/tonne cutoff grade. Significant intercepts from other drill holes, as well as deep intercepts were not utilized. The inferred resources estimated are not reserves and have no demonstrated economic viability. Richard Moores, president of AMDL, says of the WGM report: "Exploration to date has been directed at trying to determine the boundaries of the gold zone, rather than at establishing a defined resource. Given the small portion of the established mineral zone for which drilling density permitted an estimate to be made, we are very pleased by this preliminary, partial resource estimate. As recommended in the report further drilling, including infill drilling is planned to firm up and expand the defined resource, so we anticipate that this preliminary resource will grow significantly. Funding has been provided for the next phase of this program. In addition flotation tests are proceeding for the refractory "Main Zone" mineralization." AMDL currently has a 50% interest in the Copler license, which will rise to 67% upon payments to the underlying owner. Rio Tinto is earning into a 65% interest in the property, which will result in AMDL's interest being reduced to approximately 25%. Should Rio Tinto not complete the requirements, Rio Tinto would retain no interest in the property at all. AMDL currently has approximately US$2 million in its treasury, US$1.3 million of which is uncommitted AMDL funds. Additional JV funding to advance the Copler project, other Rio Tinto JV projects and programs is anticipated during 2002. In April, 2000, AMDL and Rio Tinto formed a 4-year strategic alliance to seek base and precious metal deposits in Turkey. To date, Rio Tinto has spent more than $5 million for JV exploration in Turkey. Rio Tinto is earning into three AMDL prospects, each requiring expenditures of US$10.5 million and payments of US$1.5 million for a 65% interest. AMDL is teamed up with one of the stron...