VeryHairy - NO News?Snowfield signs three-million-euro Taivaljsrvi LOI
2009-03-02 15:59 EST - News Release
Mr. Robert Paterson reports
SNOWFIELD EXECUTES LETTER OF INTENT TO ACQUIRE INTEREST IN ADVANCED SILVER PROJECT
SnowfieldDevelopment Corp. has negotiated and signed a letter of intent withSilver Resources OY, a private Finnish company, in regard to its whollyowned Taivaljsrvi silver deposit.
The Taivaljsrvi silver deposit is located near Sotkamo village ineastern Finland and has a completed National Instrument43-101-compliant report estimated resource of 1.82 million tons with anaverage grade of 150 grams per tonne silver, 0.9 per cent zinc, 0.5 percent lead and a historical gold grade of 0.7 gram per tonne gold (goldgrade is not National Instrument 43-101-compliant). Total silver metalcontent in the Taivaljsrvi deposit is currently estimated to beapproximately 10 million ounces.
The letter of intent calls for Snowfield Development to financea total amount of three million euros over a period of three years forexploration and development expenditures on the Taivaljsrvi deposit.Upon completion of this expenditure Snowfield Development will haveearned a 49-per-cent joint venture interest in the deposit. Details ofthis joint venture will be incorporated in a formal agreement.
In the Fraser Institute's 2008 survey of jurisdictions around theworld, which ranks these jurisdictions for ease of operation for miningexploration and development, Finland ranks in the top three suchjurisdictions along with Quebec and Nevada. Silver Resources' securedmineral rights cover an area of 530 hectares. This ground packageprovides significant potential for the discovery of additional mineralreserves. When production starts at Taivaljsrvi it will be the firstsilver mine in Finland with an estimated output of approximately twomillion ounces (60 tons) of silver per year. In addition, significantamounts of zinc, lead and gold will be produced.
The geology of the Taivaljsrvi area is essentially made up ofgneisses and migmatites; the property geology is dominated by siliceousquartz porphyry rocks, which form a synformal structure enveloped bymafic and ultramafic volcanics. Silver mineralization at Taivaljsrvi ishosted in banded quartz-sericite-bitotite schist with abundant quartzcarbonate veins. The mineralized sequence is 50 metres to 100 metreswide, strike length is approximately 550 metres and at this point thedepth extent is unknown. Average silver grade in the mineralizedsequence is 150 grams per tonne. For further information the reader isreferred to the Taivaljarvi website.
The Taivaljsrvi silver project has been defined by extensiveexploration including approximately 46,000 metres of drilling and theconstruction of 2.6 kilometres of tunnelling to a depth of 350 metres.This includes a 3.5-metre ventilation shaft also extending to a depthof 350 metres. It is expected that relatively minor amounts of drillingcan significantly increase the resource. An environmental baselinestudy has been completed and mining concession permitting preparationsare now under way. Environmental permitting processes will commencethis month. The Sotkamo village area of eastern Finland is served byexcellent infrastructure, good road networks and an established powergrid. To date the Taivaljsrvi deposit has incurred approximately 10million euros in project development.
This arrangement with Silver Resources is a significant step forwardfor Snowfield Development as it will add considerable shareholdervalue. The company is also very encouraged by the positive results ofthe recently prepared National Instrument 43-101 report for theTaivaljsrvi deposit.
Snowfield Development is also continuing with its Ticho diamond projectlocated 50 kilometres southeast of Yellowknife in the NorthwestTerritories. Snowfield Development is currently planning a drillprogram on the highly prospective Wire kimberlite target scheduled tobe carried out this winter season by Snowfield Drilling, a wholly ownedsubsidiary of Snowfield Development. Snowfield Drilling is currentlynegotiating several drilling contracts with other mineral explorationcompanies. Cash flow developed by Snowfield Drilling reduces SnowfieldDevelopment's equity dilution.
The company cordially invite investors to visit SnowfieldDevelopment at the Prospectors and Developers Association of Canada'sconvention being held in Toronto between March 1 and March 4, 2009, forfurther inspection of samples and data from the Taivaljsrvi deposit.Snowfield Development is located at booth No. 1111. The company alsorefers interested parties to Silver Resources' website for morecomplete information on this project.
A finder's fee will be payable with respect to this transaction.
Marvin A. Mitchell, PEng, a qualified person under National Instrument 43-101 has approved the contents of this news release.
Agreed, 5¢ SOON!!!
diamante
PS: NO green garnets, yet but, we do have some migmatites!!! LOL!! LMAO@migmatites