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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: onepath who wrote (58325)	4/9/2008 11:34:37 AM
From: onepath	Respond to of 78432

Selkirk signs MOU with B.C. Indians for Catface project 2008-04-09 07:18 ET - News Release Mr. Gordon Keevil reports SELKIRK METALS CORP.: MEMORANDUM OF UNDERSTANDING INITIATES 2008 EXPLORATION OF THE CATFACE COPPER PROJECT Selkirk Metals Corp., through its 97.4-per-cent-owned subsidiary, Catface Copper Mines Ltd., has entered into a memorandum of understanding with the Ahousaht First Nation concerning the Catface porphyry copper project. This agreement represents an important event for the company as it now allows for further exploration of this important undeveloped copper deposit. This project adds another advanced-stage strategic asset to the active development portfolio of the company and provides exposure to another important commodity. Selkirk is now in the final process of preparing for an initial diamond drilling program that will commence as soon as possible. Previous exploration of the Catface deposit was conducted by Falconbridge Ltd. from discovery in 1960 through 1989, and included extensive surface exploration and several phases of surface and underground diamond drilling from an 825-metre adit through the centre of the deposit. This exploration resulted in the discovery of three zones of mineralization (Cliff, Irishman Creek and Hecate Bay zones) that are thought to reflect a larger porphyry system. Previous diamond drilling results include 155.4 metres of 0.63 per cent copper in hole S-39, 380.98 metres of 0.58 per cent copper in drill hole S-06 and 349.59 metres of 0.52 per cent copper in drill hole S-18. In 1989, following the completion of the last significant program on Catface, Falconbridge retained SRK Consulting to complete an independent resource calculation of the portion of the Cliff zone that had been drilled in sufficient detail to warrant such a calculation. This calculation, which was completed before the implementation of 43-101 standards, is summarized in the table. CLIFF ZONE DRILL-INDICATED MINERAL RESOURCE (i) (not to 43-101 standards) SRK August, 1990, estimate SRK August, 1990, estimate Cut-off grade with no adit samples with adit samples included (% Cu) Tonnage Grade Tonnage Grade (million (% Cu) (million (% Cu) tonnes) tonnes) 0.40 76.101 0.52 78.282 0.53 0.31 156.926 0.43 158.442 0.44 0.30 167.658 0.42 169.168 0.43 0.15 388.437 0.31 389.686 0.31 0 607.510 0.21 607.510 0.21 (i) Compiled for Falconbridge Ltd. by SRK in 1990, prior to implementation of National Instrument 43-101, and therefore not to be relied on. While not completed in accordance with National Instrument 43-101, these calculations were made using accepted and proven engineering practices, and, in the opinion of the company, provide an indication of the potential of the property, and are relevant to continuing exploration. The Cliff zone has only been partially defined and has the potential to host additional resource. SRK and Falconbridge also developed a conceptual open-pit development model where the waste-to-ore stripping ratio was calculated to be a favourably low 0.7:1. In this study, the "in-pit" resource was 123,804,000 tonnes grading 0.46 per cent copper. In addition to the Cliff zone, two other zones of copper mineralization have been discovered to date outlining the potential to define a much larger porphyry system. The most important zone outside of the Cliff zone is the Hecate Bay zone. It is outlined by a copper soil geochemical anomaly and coincident induced polarization geophysical anomaly similar in size and intensity as that over the Cliff zone. Other than one historic drill hole, which intersected 0.11 per cent copper over the last 46 metres, it has not been tested by diamond drilling, and, in addition to the Cliff zone, the Hecate Bay zone will be a focus of the planned 2008 program. With the completion of the memorandum of understanding, Selkirk has filed for an amended permit to allow for exploration to commence as quickly as possible. The first-phase program planned for this spring will consist of a minimum of 3,000 metres of diamond drilling, additional metallurgical testing and recommended baseline environmental studies. The drilling will focus on the Cliff and Hecate Bay zones and will be conducted using surface access. The Catface copper property is owned 100 per cent by Catface Copper Mines Ltd., which is owned 97.4 per cent by Doublestar Resources Ltd., a wholly owned subsidiary of Selkirk Metals Corp. The property is located on Catface Mountain, on the west coast of central Vancouver Island. Exploration work is conducted under the supervision of the company's qualified person and vice-president of exploration, Jim Miller-Tait, PGeo. "The memorandum of understanding with the Ahousaht First Nation has formed the basis of a meaningful and positive relationship between Selkirk and the Ahousaht. Selkirk will work closely with the Ahousaht to assure that any development of the Catface property will be to the benefit of the local communities and in the interests of the region at large," stated Gordon Keevil, president. We seek Safe Harbor. Top Print this Page