GREY:TUDMF - Post by User
Post by
LakeErieon Jan 28, 2011 8:33am
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Post# 18039328
Open Letter on Little Deer from CEO
Open Letter on Little Deer from CEOWe're particularly excited about the Little Deer JV Copper Project located in the Green Bay Mining District of Newfoundland. Over the past three years we've completed approximately 36,000 metres of diamond drilling in 57 holes. In October we announced that an updated NI 43-101 compliant mineral resource estimate had been completed by Scott Wilson RPA, with estimated Indicated Resources of 1,150,500 t at an average grade of 2.8% Cu within the Little Deer Zone and additional Inferred Resources of 1,227,300 t at an average grade of 2.2% Cu within the Little Deer Zone and 1,108,200 t at an average grade of 1.9% Cu within the Footwall Zone. Also in October, we announced excellent metallurgical results from scoping level test work undertaken at SGS Lakefield Research Limited. These tests indicate that a saleable, high grade copper concentrate grading over 28% copper with over 97% recovery and free of any deleterious elements can be produced from the Little Deer Deposit. In December, we commenced a new 12,000 to 13,000 m drilling program designed to expand the mineral resources. The initial results announced in our January 20th news release support our belief that the identified shallower mineralization has the potential to help build the resource to the 5,000,000 tonne level we've been targeting since we started drilling in 2007. Copper prices are forecast to remain high in the short- to medium-term, and this combined with potential for a high-quality product bodes well for this project.