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 : Western Copper Holdings Ltd. T.WTC -- Ignore unavailable to you. Want to Upgrade?

To: matt who wrote (303)	6/3/1998 4:37:00 PM
From: Famularo	Read Replies (2) \| Respond to of 401

Preliminary mineable reserve and resource estimates for San Nicolas Western Copper Holdings Limited WTC Shares issued 13,970,000 Jun 2 close $7.10 Wed 3 Jun 98 News Release Also Teck Corp (TEK.B) Mr. Dale Corman reports Teck has presented Western Copper with preliminary mineable open pit reserves for the Main zone (copper, zinc, silver and gold) and a resource calculation for the Lower zone (copper) for the San Nicolas deposit near the city of Zacatecas in central Mexico. This study is based on data from 34 drill holes (through hole SAL-58). The 50th hole is currently in progress. The study is preliminary and will be revised as data is received from additional drilling, which is continuing. Main Zone Preliminary Mineable Open Pit Reserves Tonnes Cu Zn Au Ag (000s) % % g/t g/t High Grade Zn 19,146 0.79 6.15 1.32 73 Mixed Cu/Zn 14,964 0.72 1.90 0.57 24 High Grade Cu 37,893 1.89 0.46 0.11 11 Total 72,003 1.35 2.27 0.53 30 Lower Zone Preliminary Resource Calculation High Cu 8,089 1.67 0.64 0.08 10 Stringer Cu 3,360 1.49 0.08 0.01 2 Total 11,449 1.62 0.48 0.06 8 The preliminary mineable open pit reserves are part of an 85 million tonne preliminary resource which includes the Lower zone. The Upper zone contains a low grade copper-zinc unit, which is considered at this time to be sub-economic and has not been included in the mineable reserves or resource calculation. The high grade zinc unit being at the top of the Main zone enhances the project economics. The waste to ore ratio is projected to be 7.8 to 1 based on a conservatively estimated 45 degree pit wall. Metallurgical recoveries in the high grade zinc zone, based on limited test work to date, are estimated to be 86 per cent for zinc and 63 per cent for copper. Recoveries in the mixed zone are 73 per cent for zinc and 60 per cent for copper and in the high grade copper zone, copper recovery is estimated to be 84 per cent. In all three zones the precious metals go with the pyrite and recovery achieved to date is less than 20 per cent. Further work is planned to improve and optimize metal recoveries. Based on these recoveries, the Main zone contains 1.68 billion pounds of recoverable copper and 2.69 billion pounds of recoverable zinc, with a gross metal value of $2.6-billion (U.S.) based on current metal prices of 77 U.S. cents per lb copper and 47 U.S. cents per lb zinc. Current work, which includes further definition and infill drilling and drill testing of additional outside targets, is expected to be completed by Sept. 1, 1998. Following a review of this data it is anticipated that a detailed feasibility study will begin shortly thereafter. Assays are also available for holes SAL-59, SAL-60, SAL-62, SAL-64 and SAL-65 which were drilled on the southern end of the San Nicolas deposit. Holes 61, 63 and 66 were drilled outside of the main San Nicolas deposit and did not contain significant values. >From To Width Cu Zn Ag Au m m m % % g/t g/t Hole SAL-59 249.1-251.5 2.4 1.47 2.03 17.0 0.66 Hole SAL-60 443.0-564.1 121.1 1.09 0.05 0.97 - Hole SAL-62 510.5-516.3 5.6 1.46 0.10 5.26 0.04 529.5-535.5 6.0 1.30 0.02 2.0 - 543.0-553.2 10.2 1.43 0.02 1.65 - 557.5-566.5 9.0 1.32 0.03 0.83 - 594.9-628.9 34.0 0.83 4.87 98.6 2.51 Hole SAL-64 180.5-226.7 46.2 1.32 6.28 90.8 1.78 Hole SAL-65 359.0-360.9 1.9 0.24 0.83 99.2 2.75 Of particular note is the high grade copper-zinc-gold-silver intercept in the bottom of hole SAL-62, which may represent an earlier and deeper cycle of mineralization similar to the zinc rich unit in the upper Main zone. Based on hole SAL-62 the Lower zone appears to be open and thickening to the west.