GREY:AUAYF - Post by User
Comment by
Fundspecon Jul 11, 2006 6:47pm
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Post# 11090372
RE: Torch River Excellent Choice!!!!
RE: Torch River Excellent Choice!!!!Hey Moly4u!
I like Torch River Resources (TCR.V) prospect.... excellent Choice!!! I have a small position and will be accumulating much more over the next 3 months! Only about 17 Million shares out, Trading around $0.20, Work program starting mid. next week. 220 million pounds historical (good chance to double or triple this) at grades higher than AUA with potential of good Copper credits. Market Cap. of only 3.3 Million with Multi billion dollar potential. Whats there not to like? Outlook for Moly next 4 years looks great!
News Release on TCR today
Torch River Resources prepares to drill Red Bird
2006-07-11 09:45 ET - News Release
Mr. William Pfaffenberger reports
Torch River Resources Ltd. operator ResourceEye Services Inc. has begun mobilizing the camp at Torch's Red Bird property, which comprises three mineral claims totalling 1,256 hectares and is located 133 kilometres southwest of Burns Lake and 105 kilometres north of Bella Coola in west-central British Columbia. It is anticipated that the drill will be mobilized to the site on or about July 17, 2006.
Torch anticipates an initial 2,134 metres (7,000 feet) of core drilling beginning on the main zone and intended to bring the inferred resource to a measured and indicated status as recommended in the National Instrument 43-101 report prepared by Giroux, MacIntyre and Kikauka dated Jan. 12, 2006 (amended May 26, 2006). This report identifies an inferred resource of 75.29 million tonnes at 0.065 per cent Mo and 0.07 per cent Cu at a cut-off grade of 0.03 per cent Mo. These figures imply 107.9 million pounds of Mo in this inferred resource. The calculation is as follows: one equals 2,205 pounds times 0.00065 equals 1.43325 pounds of Mo per tonne times 75.29 million tonnes equals 107.9 million pounds of Mo. The present price of molybdenum is $26.50 (U.S.) per pound.
The National Instrument 43-101 report also notes the following historical figures.
Previous drilling on the property by Phelps Dodge Corp. and Craigmont Mines Ltd. reported a resource of 12.65 million tons with a grade of 0.12 per cent Mo contained within the main zone. These dated grade and tonnage estimates may not be in accordance with current National Instrument 43-101 regulations. However, these Red Bird grade and tonnage figures released by Craigmont Mines in 1980 were in accordance with relevant Canadian Institute of Mining, Metallurgy and Petroleum definitions for their date. As this information is based on historical estimates, it should not be relied upon.
The above program is under the direction of Ron Parent, PGeo, who has reviewed and takes responsibility for this news release and is a qualified person under National Instrument 43-101 standards.