Post by
piltech on May 19, 2005 7:52am
FNX hits more high-grade mineralization in
FNX JV hits more high-grade mineralization in Sudbury
FNX Mining Company Inc (TSX:FNX)
Shares Issued 50,308,669
Last Close 5/18/2005 $9.15
Thursday May 19 2005 - News Release
Also Dynatec Corp (TSX:DY) News Release
Mr. Terry MacGibbon reports
FNX MINING EXPANDS FOOTWALL DISCOVERY AT LEVACK
FNX Mining Company Inc. has intersected four additional boreholes and expanded the recently announced Footwall discovery at the company's 75-per-cent-owned Levack mine property situated in Sudbury, Ont. All four boreholes intersected massive sulphide veins similar to the high-grade Ni-Cu-Pt-Pd-Au (nickel-copper-platinum-palladium-gold) mineralization intersected in discovery hole FNX 6010.
Borehole FNX 6045, located approximately 225 feet southwest of discovery hole FNX 6010 (see table 1 for details and notes) and approximately 4,000 feet below surface, intersected two large massive sulphide veins within a 102.8-foot-wide mineralized zone that grades 11.7 per cent copper, 2.5 per cent nickel and 14.5 grams per tonne Pt-Pd-Au, and includes:
FNX 6045:
28.2 feet grading 10.6 per cent copper, 3.6 per cent nickel and 12.2 grams per tonne Pt-Pd-Au; and
40.2 feet grading 22.5 per cent copper, 3.8 per cent nickel and 28.3 grams per tonne Pt-Pd-Au.
The other three boreholes extend the high-grade mineralization for at least 375 feet to the southwest of the discovery borehole and each of these three boreholes contain two massive sulphide veins. Assays for two of the three holes are available and reported below.
FNX 6045A:
5.9 feet grading 24.8 per cent copper, 4.3 per cent nickel and 38.0 grams per tonne Pt-Pd-Au; and
10.3 feet grading 25.6 per cent copper, 5.4 per cent nickel and 43.2 grams per tonne Pt-Pd-Au.
FNX 6047:
10.9 feet grading 24.6 per cent copper, 3.0 per cent nickel and 22.2 grams per tonne Pt-Pd-Au; and
13.0 feet grading 17.2 per cent copper, 2.6 per cent nickel and 17.6 grams per tonne Pt-Pd-Au.
FNX 6046 -- assays awaited
The Levack Footwall discovery is open in all directions. Its mineralization and characteristics are very similar to typical Sudbury basin footwall deposits which vary in thickness from several feet to tens of feet and are characterized by high grades and sharp-walled, massive sulphide veins consisting of chalcopyrite, cubanite, pentlandite and millerite.
In addition to the high-grade Cu-Ni-Pt-Pd-Au mineralization discovered in FNX 6045, 340 feet further down the borehole, low sulphidation "no-seeum"-type mineralization, similar to the "no seeum" phase in the McCreedy West PM deposit, was intersected over 14.6 feet that graded 6.31 grams per tonne Pt-Pd-Au with minor copper and nickel. The presence of no-seeum-type mineralization within the extensive mineralized package is considered encouraging for large-tonnage, lower-grade precious metal type mineralization.
The Footwall discovery is associated with a strong borehole electromagnetic anomaly (UTEM-4) initially defined in the discovery hole. The UTEM-4 downhole survey in borehole FNX 6047 also defined the same strong anomaly and highly conductive zones within the mineralized package. The other boreholes have not yet been geophysically surveyed.
Borehole FNX 6045 has been completed, while the other three boreholes have not yet reached their bottom of hole, and will continue drilling until they have gone through the entire mineralized package or they reach the capacity depth of the drill rig. A 15th surface drill rig has been added and the five surface rigs will continue to test the Footwall discovery from surface for the foreseeable future.
In addition to the five-rig surface drilling program, under an agreement recently concluded with Falconbridge Ltd., FNX is currently mobilizing two underground drill rigs to begin underground drilling of the Levack Footwall discovery from Falconbridge's Craig mine, from which, the Footwall discovery can be readily accessed from an underground drifeet with 1,000- to 1,500-foot-long boreholes. This will greatly reduce the time and expense to drill test the Footwall discovery and the borehole UTEM-4 anomalies. Both the surface and underground drilling will focus on defining the size and shape of the deposit, and drilling off the large (1,000 feet by 650 feet) UTEM-4 borehole anomaly. Strategically located holes will be tested with borehole UTEM-4 to further define the geophysical anomalous zone and to guide future drilling.
Terry MacGibbon, president and chief executive officer of FNX Mining, stated: "Although these drill results are extremely encouraging, it is not yet possible to predict the potential size or significance of the Footwall discovery. Extensive additional drilling is required and planned for the rest of 2005." He added: "When FNX began exploring its Sudbury properties in 2002, we noted that the footwall behind the Levack-McCreedy West mine complex was one of the best exploration targets in the world. Thanks to the FNX exploration team and this discovery, our belief has not only been confirmed but the potential for the discovery of additional footwall deposits on our other Sudbury properties and the recently acquired Aurora Platinum Sudbury properties is considered to be excellent."
TABLE 1
Hole From To Length Cu Ni
ft ft ft % %
FNX-6045 4151.0 4253.8 102.8 11.72 2.49
Incl. 4151.0 4179.2 28.2 10.58 3.57
Incl. 4213.6 4253.8 40.2 22.49 3.84
4274.5 4278.3 3.8 3.34 0.34
4593.8 4608.4 14.6 0.27 0.10
FNX 6045A 4187.1 4192.2 5.9 24.75 4.29
4329.4 4339.7 10.3 25.57 5.41
FNX 6047 4306.0 4359.1 53.1 9.28 1.26
Incl. 4306.0 4316.9 10.9 24.64 2.98
Incl. 4346.1 4359.1 13.0 17.23 2.64
FNX 6046 Assays awaited
Continued ...
Hole Pt Pd Au
gpt gpt opt
FNX-6045 4.30 9.49 0.68
Incl. 3.74 7.92 0.56
Incl. 8.35 18.67 1.30
2.95 4.29 29.2
3.40 2.51 0.40
FNX 6045A 8.62 18.29 11.07
12.84 28.98 1.34
FNX 6047 2.15 5.24 1.48
Incl. 5.68 14.30 2.18
Incl. 4.03 9.41 4.20
FNX 6046 Assays awaited
Sudbury joint venture -- general
The Sudbury joint venture is owned 75 per cent by FNX (exploration operator) and 25 per cent by Dynatec (mining operator). The Sudbury joint venture properties (McCreedy West, Levack, Victoria, Podolsky and Kirkwood) are all former copper, nickel, platinum, palladium, gold producers. The properties are located in the Sudbury district of Northeastern Ontario and are covered by previously announced agreements between FNX and Dynatec Corporation (see news as reported in Stockwatch Feb. 3, 2002). For a detailed description of the properties and previous work, please go to the FNX website.
James M. Patterson, PhD, PGeo, and vice-president exploration of FNX, is the designated qualified person and responsible for the verification and quality assurance of the Sudbury joint venture's exploration data and analytical results. Anthony P. Makuch, MEng, PEng, MBA, and Dynatec's vice-president, Sudbury joint venture mining operations, oversees mining activities on behalf of the Sudbury joint venture. Please see news as reported in Stockwatch July 16, 2003, and the March 23, 2004, annual information form for a description of sample preparation and assay procedures for the Sudbury joint venture.