Minsitry NWT to launch financial assistance LEAD/ZINC – Tamerlane Ventures Inc. Feb. 17 reported results of its updated NI 43-101 technical report for the R-190 area, which includes the R-190, P-499, O-556, X-25, Z-155 and G-03 underground carbonate-hosted lead-zinc deposits at the company’s Pine Point project. The technical report was undertaken by MineTech International Ltd., and the NI 43-101 report was completed by Patrick Hannon M.A.Sc., P.Eng., Douglas Roy, M.A.Sc., P.Eng., Ian M. Flint, Ph.D., P.Eng., and Bradford Ernst, P.Eng., Qualified Persons with MineTech. The updated technical report covers all aspects of construction, development and mining, and confirms that the Pine Point project is economically feasible. The estimated of mineral reserves for the six deposits were based on a feasibility study announced in September 2008, which anticipated shaft access to the underground workings. An NI 43-101 technical report issued in 2008 confirmed that it was economically feasible to mine the six deposits. In 2011 Tamerlane incorporated a decline access method in its mining plans as part of continuing activities to enhance the profitability and overall economics of the Pine Point Project. Tamerlane then updated its original feasibility study on the six Pine Point Project deposits to reflect this change in plans from shaft access to decline access, and updated all project economics. MineTech has worked with Tamerlane to review and audit the mine plans, economic models and all associated work for the six deposits using a decline for access. The 2008 NI 43-101 technical report for R-190, P-499, O-556, X-25, Z-155 and G-03 was based on a zinc cutoff grade of 2 percent, which provided the maximum net present value with deposit continuity for mining layouts. Estimated proven and probable reserves total 7.8 million metric tons at 3.01 percent lead and 6.16 percent zinc. The reserves for the six deposits have not changed as a result of the change from shaft access to decline access. In addition to mineral reserves, there are an estimated 8.0 million metric tons at 1.13 percent lead and 2.26 percent zinc measured and indicated mineral resources. These resources are exclusive of (i.e. in addition to) mineral reserves. Resources were estimated using a cut-off grade of 1.0 percent zinc. Over the past year, Tamerlane has spent over US$7 million developing and preparing the Pine Point Project for the construction phase, including US$4.7 million on engineering and drilling and US$1 million on mill equipment. Notable project advancements during 2011 include completion of surface infrastructure and concentrator design/layout; freeze wall design and engineering; portal/decline design; geotechnical studies on R-190 deposit; geotechnical drilling of freeze wall holes for R-190; and equipment sourcing, buildings, support infrastructure, electrical and other designs. The planned mine production rate for the Pine Point Project will be about 3,000 metric tons per day. The initial R-190 deposit has been designed to be mined at a rate of 2,800 tpd.
MINING INCENTIVES – The NWT & Nunavut Chamber of Mines Feb. 13 congratulated the Government of Northwest Territories Ministry of Industry, Tourism and Investment on its recent decision to re-launch the Prospectors Grubstake Program after a 5-year absence. According to Industry, Tourism and Investment Minister David Ramsay, the Prospectors Grubstake Program will provide financial assistance to qualified Northwest Territories prospectors. The NWT government hopes to see additional prospectors search for new mineral occurrences or to re-assess previously known occurrences and deposits around the territory, the Chamber said. Healthy and active exploration is the foundation for a sustainable mining industry. It was the persistence and optimism of prospectors Chuck Fipke and Stewart Blusson that resulted in diamonds being discovered in the NWT. This led to the largest staking rush in Canadian history, and most importantly resulted in 3 diamond mines – Ekati, Diavik, and Snap Lake – that have created some of the largest opportunities the NWT has ever seen, particularly in Aboriginal employment and business. It is especially important that the NWT maintain strong and active exploration if we are to replace our mines as they mature and finally close, the Chamber said.
“While mineral exploration is robust globally and in other northern Canadian territories, investment has flagged in the NWT in recent years,” said Chamber President Pam Strand. “The Chamber of Mines is hopeful that this announcement will add to other steps being taken to re-invigorate mineral investment in the NWT.” The Federal Government is working to amend key environmental legislation, and the northern regulatory boards are working to improve the efficiencies of their processes. There is growing recognition too by Aboriginal groups that resource development can provide their communities and land claim beneficiaries with much needed opportunities and benefits. The chamber looks forward, too, to the launch of an NWT Minerals Strategy, a priority announced by the new NWT government. Through coordinated efforts of all northern leaders, the NWT can become a premiere destination for mineral investment, it added.
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