Niblack Resource Upgraded
Thu Mar 26, 12:25 PM
ca.news.finance.yahoo.com
EDMONTON, ALBERTA--(Marketwire - March 26, 2009) - CBR Gold Corp. (TSX VENTURE: CBG.V) ("CBG"), is pleased to announce that it has expanded and upgraded resources the Lookout Zone resource by 457,000 tonnes at its 100% owned Niblack Au-Cu-Ag-Zn project located southwest of Ketchikan on Prince of Wales Island, in Southeast Alaska.
The updated resource incorporates 19 new underground drill holes completed in 2008 within the Lookout 1 (L1) and Lookout 2 (L2) mineralized zones and now comprises an indicated resource of 2,272,000 tonnes grading 2.42 g/t Au, 34.66 g/t silver, 1.27% copper and 2.36% zinc and an inferred resource of 1,502,000 tonnes grading 2.22 g/t gold, 34.62 g/t silver, 1.68% copper, and 3.43% zinc based on a US $50 Net Smelter Royalty ("NSR") block cut-off.
Key Highlight Points:
- 2008 underground program added new tonnes and upgraded existing inferred resource tonnes to an indicated resource category
- Lookout resources expanded, with addition of 457,000 tonnes
- Increased indicated resource tonnes to 60% of the total resource, up from 43% in the initial resource estimate
- Copper and zinc grades increased within the indicated and inferred resource categories
- Copper, zinc, gold and silver grades increased within the inferred resource category
- Lookout mineralization remains open along strike and down plunge
"Since acquiring the Niblack Project, the CBG team has continued to systematically compile and evaluate the project with the expressed purpose of expanding the mineral resources in order to fast track to a production scenario," said CEO and President, John Williamson.
This 2009 Niblack mineral resource estimate was prepared by Abolfazl Ghayemghamian, P. Geo., of SRK Consulting (Canada) Inc., in accordance with Canadian regulatory requirements set out in NI 43-101 and CIM resource definitions. Mr. Ghayemghamian has reviewed and approved the contents of this release.
Niblack Deposit
The polymetallic VHMS mineralization at Niblack is hosted by a thick sequence of rhyolite that currently hosts six main massive sulphide occurrences - the historic Niblack Mine, Dama Zone, Lindsy Zone, Trio Zone, Mammoth Zone and Lookout Zone. Mineralization is controlled by fold repetition of the rhyolite sequence, with the Lookout and Trio zones located on the overturned limb of a property-scale synclinal fold.
Table 1. 2009 Niblack Resource Estimate
-------------------------------------------------------------------------
Cut-Off
Value Geological
US$/tonne Resource Domain Tonnes Grades
-------------------------------------------------------------------------
NSR Category X1000 Au Ag Cu Zn
$US (g/t) (g/t) (%) (%)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Oxide 92 5.37 73.37 0.22 0.19
--------------------------------------------------
Indicated Sulphide Lookout 2,180 2.30 33.02 1.32 2.45
--------------------------------------------------
50 TOTAL 2,272 2.42 34.66 1.27 2.36
--------------------------------------------------------------
Sulphide Trio 493 2.06 31.50 1.77 3.47
--------------------------------------------------
Inferred Lookout 1,009 2.30 36.14 1.64 3.41
--------------------------------------------------
TOTAL 1,502 2.22 34.62 1.68 3.43
-------------------------------------------------------------------------
Oxide 38 6.99 88.14 0.22 0.17
--------------------------------------------------
Indicated Sulphide Lookout 1,472 2.54 38.07 1.60 2.95
--------------------------------------------------
75 TOTAL 1,509 2.65 39.31 1.56 2.88
--------------------------------------------------------------
Sulphide Trio 370 2.44 37.31 2.14 3.71
--------------------------------------------------
Inferred Lookout 753 2.73 42.32 1.87 4.12
--------------------------------------------------
TOTAL 1,122 2.63 40.67 1.96 3.98
-------------------------------------------------------------------------
Oxide 9 9.14 89.77 0.25 0.16
--------------------------------------------------
Indicated Sulphide Lookout 898 2.73 42.20 1.94 3.38
--------------------------------------------------
100 TOTAL 907 2.79 42.66 1.92 3.35
--------------------------------------------------------------
Sulphide Trio 242 2.89 39.15 2.62 4.42
--------------------------------------------------
Inferred Lookout 524 3.33 50.82 2.14 4.76
--------------------------------------------------
TOTAL 766 3.19 47.14 2.29 4.66
-------------------------------------------------------------------------
(i)NSR equals ($37.93 x Cu% + $8.80 x Zn% + $10.11 x Au g/t + $0.13 x Ag g/t). NSR formula is based on assumed values for offsite costs, metal recovery, and metal prices. Offsite costs include transportation of concentrate, smelter treatment charges, and refining charges. Metal price for gold (Au), silver (Ag), copper (Cu), and zinc (Zn) are US$700/oz ,US$12/oz, US$2.25/lb, US$0.85/lb, and estimated metal recoveries are 50%, 40%, 92%, 83% respectively. Payable metal factors are 90.7%, 89.5%, 97%, and 85% for Au, Ag, Cu and Zn respectively.
The 2009 Niblack resource estimate is based on 139,500 feet (42,520 metres) of drilling in 174 diamond drill holes, which includes 19 underground holes completed on the Lookout zone subsequent to the September 2008 resource estimate (see technical report filed on SEDAR October 27, 2008). The resource model is based on a geology model constructed by CBG from interpretation of lithology, structure and grade boundaries. To account for folding of the deposit, the geological model was divided into multiple domains each with unique search parameters. All missing assays were assigned zero grades. The assays were capped and composited to 5 feet lengths. Metal grades were estimated in Datamine software using ordinary kriging into a 3D block model with primary dimensions of 15 x 6 x 6 feet (4.6 x 1.8 x 1.8 metres). Resources are reported at a US$50 NSR block cut-off.
Table 2. Total CBG Mineral Resource Inventory(i)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Project Tonnes Au Au Ag
(g/t) (oz) (g/t)
---------------------------------------------------------------------------
Indicated
Three Bluffs(ii) 2,700,000 5.85 508,000 -
Niblack(iii) 2,272,000 2.42 177,000 34.66
---------------------------------------------------------------------------
Total Indicated 685,000
---------------------------------------------------------------------------
Inferred
Three Bluffs(ii) 1,270,000 5.98 244,000 -
Niblack(iii) 1,502,000 2.22 107,000 34.62
---------------------------------------------------------------------------
Total Inferred 351,000
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Project Ag Cu Cu Zn Zn
(oz) (%) (lbs) (%) (lbs)
---------------------------------------------------------------------------
Indicated
Three Bluffs(ii) - - - - -
Niblack(iii) 2,532,000 1.27 63,595,000 2.36 118,177,000
---------------------------------------------------------------------------
Total Indicated 2,532,000 63,595,000 118,177,000
---------------------------------------------------------------------------
Inferred
Three Bluffs(ii) - - - - -
Niblack(iii) 1,672,000 1.68 55,630,000 3.43 113,578,000
---------------------------------------------------------------------------
Total Inferred 1,672,000 55,630,000 113,578,000
---------------------------------------------------------------------------
---------------------------------------------------------------------------
(i) tonnes, ounces and pounds rounded to nearest thousand
(ii) using a 2 g/t Au block cut-off grade
(iii) using a US$50/tonne cut-off value
For further information on the Three Bluffs resource see CBG press release dated March 2, 2009, and Technical Report filed on SEDAR April 28, 2008. For further information on the Niblack resource see Technical Report filed on SEDAR October 27, 2008.
CBR Gold Corp. maintains an extensive quality control program in the preparation, shipping and checking of all samples from the property. The program is supervised by Peter Kleespies, M.Sc., P. Geol. who is the Qualified Person as defined by NI 43-101. A detailed description of CBR Gold Corp.'s QA/QC program is provided on the Company's website at www.cbrgoldcorp.com.
CBR Gold Corp. is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com.
On behalf of the Board
CBR Gold Corp.
John Williamson, P.Geol., President, CEO & Director
Certain disclosures in this release, including management's assessment of CBR Gold Corp.'s plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to CBR Gold Corp.'s operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. CBR Gold Corp. expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts
Derek Iwanaka
CBR Gold Corp.
Manager, Investor Relations
604-646-4527 or Toll Free: 1-888-331-2269
dereki@cbrgold.com
www.cbrgoldcorp.com |
