RE: 250K ?This could be the explanation:
Aurizon Mines' Joanna at 33.8 M t of 1.4 g/t Au M+I
2009-03-11 09:00 ET - News Release
Mr. David Hall reports
INFILL DRILLING INCREASES MINERAL RESOURCES AT JOANNA
An updated mineral resource estimate has been completed for Aurizon Mines Ltd.'s Joanna property, located in northwestern Quebec, Canada. The new updated mineral resource estimate has been prepared by SGS Geostat Ltd.
The updated measured and indicated mineral resource estimate integrates results of the 2008 infill drilling program completed within the limit of the proposed pit outline of the Hosco block and the results of all exploration drilling performed outside of that pit contour above 300 metres. The inferred mineral resources are estimated down to 600 metres.
- Measured and indicated mineral resources have increased by 900,000 ounces in comparison with the previous estimate of September, 2007. The increase is mainly within the pit outline as proposed in the BBA preliminary assessment report of May, 2008.
- Inferred mineral resources estimates decreased by 151,000 ounces in comparison with the previous estimate of September, 2007. The decrease is mainly due to the upgrade of resources to the measured and indicated category.
In addition to the upgrading of previously reported mineral resources, total resources have increased within and along the extension of the previous mineral resources outline.
JOANNA MINERAL RESOURCES ESTIMATE (1, 2, 3) December, 2008 Grade grams/ GoldMineral resources Tonnes tonne ouncesMeasured Hosco 18,500,000 1.4 827,000Indicated Hosco 11,100,000 1.3 446,000 Heva 4,200,000 1.9 257,000Total measured and indicated 33,800,000 1.4 1,530,000Inferred Hosco 19,800,000 1.2 774,000 Heva 8,600,000 1.8 488,000 ---------- --- --------- 28,400,000 1.4 1,262,000 September, 2007 Grade grams/ Gold Gain (loss)Mineral resources Tonnes tonne Ounces OuncesMeasured - - - 827,000Indicated 8,200,000 1.6 420,000 26,000 3,100,000 2.1 210,000 47,000Total measured and indicated 11,300,000 1.7 630,000 900,000Inferred 24,300,000 1.5 1,150,000 (376,000) 4,300,000 1.9 263,000 225,000 28,600,000 1.5 1,413,000 (151,000)(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability(2) Measured and indicated mineral resources for 2008 are reported to a depth of 300 metres at a cut-off grade of 0.5 gram of gold per tonne. Inferred mineral resources for 2008 are related to a depth of 600 metres at a cut-off grade of 0.5 gram of gold per tonne. Mineral resources for 2007 are reported to a depth of 600 metres at cut-offs from 0.5 to 1.5 grams of gold per tonne, depending of depth.(3) Historical production of 9,700 ounces (Hosco) and 10,700 ounces (Heva), has not been subtracted from indicated and measured resources.
The mineral resource estimate is in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) definitions -- standards for mineral resources and reserves -- and has been completed in accordance with the National Instrument 43-101 -- standards of disclosure for mineral projects.
"As the updated mineral resource estimate has confirmed the quality of the existing mineral resources, Aurizon is proceeding with the prefeasibility study which will include all necessary technical and economic aspects for the project and address environmental and social issues, including the results of future discussions with local and municipal organizations," said Michel Gilbert, vice-president.
MINERAL RESOURCES -- VARIABLE CUT-OFF GRADESCut- Property Measured Indicated Total measured Inferredoff and indicated (g/t) Tonnes Grade Oz Tonnes Grade Oz Tonnes Grade Oz Tonnes Grade Oz (M) (g/t) (000) (M) (g/t) (000) (M) (g/t) (000) (M) (g/t) (000)0.5 Hosco 18,524 1.4 827 11,072 1.3 446 29,596 1.3 1,273 19,767 1.2 774 Heva - - - 4,203 1.9 257 4,203 1.9 257 8,586 1.8 488 Total 18,524 1.4 827 15,275 1.4 703 33,799 1.4 1,530 28,353 1.4 1,2621.0 Hosco 13,476 1.6 691 6,899 1.5 337 20,375 1.6 1,028 12,618 1.4 586 Heva - - - 3,670 2.1 244 3,670 2.1 244 7,775 1.9 466 Total 13,476 1.6 691 10,569 1.6 581 24,045 1.6 1,272 20,393 1.6 10521.5 Hosco 5,762 2.1 385 2,431 2.1 162 8,193 2.1 547 3,953 2.0 249 Heva - - - 2,467 2.5 195 2,467 2.5 195 5,403 2.1 368 Total 5,762 2.1 385 4,898 2.2 357 10,660 2.2 742 9,356 2.0 617
Geology
Mineralization at Joanna is closely related to the east-west Cadillac fault and forms a 200-metre-wide corridor composed of different mineralized lenses parallel to the fault, dipping 55 degrees to the north. Mineralization takes the form of a few millimetres to 15-centimetre-wide quartz veins networks inside finely disseminated sulphides. Mineralization has been defined and correlated based on altered mineral assemblages (biotite, tremolite, carbonates, muscovite, tourmaline, chlorite), quartz textures, deformation features and sulphides types (pyrrhotite and arsenopyrite). Mineralization is concentrated within two main sectors, respectively, Hosco on the eastern side and Heva on the western side.
At Hosco, mineralization is located within three lenses, one located north of the fault and two others at the southern side. Each lens shows a thickness between 15 and 60 metres and a variable lateral extension between 300 and 700 metres. At Heva, lenses are always located south of the fault and rarely exceed 10 metres.
Data
Data from drilling and underground channel sampling have been used for the mineral resource estimate, including holes completed by previous owners and 470 holes, totalling 134,489 metres, completed by Aurizon. All holes were drilled between sections 4,200 m east and 9,700 m east. At Hosco, infill drilling at an average spacing of 25 metres was completed between Section 8,200 m east and 9,300 m east from surface to a depth of 200 metres.
Preliminary assessment
BBA Inc. completed a preliminary assessment report based on the mineral resources contained in the Hosco block, as calculated in September, 2007. See news in Stockwatch on May 12, 2008, and the preliminary assessment report filed under the company's profile at SEDAR called the "BBA Preliminary Assessment" and dated May 22, 2008. The preliminary assessment has not been revised to incorporate the updated resource estimate prepared by Geostat.
Hosco mineral reserves
Aurizon holds an option to earn a 100-per-cent interest in the mineral claims containing the Hosco mineral reserves.
Heva mineral resources
The Heva block covers mineral claims under two different option agreements, namely the Vantex agreement and Feifer option. Aurizon holds a 75-per-cent interest in the claims held under the Vantex agreement, with the residual 25-per-cent interest held by Stellar Pacific Ventures Inc., subject to dilution, and a 100-per-cent interest in the claims held under the Feifer option. Mineral resources contained in the Vantex claim blocks comprise indicated mineral resources of 2,012,000 tonnes at an average grade of 2.4 grams of gold per tonne, and inferred mineral resources of 1,386,000 tonnes at an average grade of 2.0 grams per tonne (at a variable cut-off with depth). No work has been performed on the Vantex claims since the previous mineral resource estimate of September, 2007.
Outlook
Two drill rigs are currently active on the Joanna property, one to test a deep exploration target 400 to 700 metres down plunge from the existing mineral resource contour, and a second drill rig is testing geophysics targets in the northern part of the property and will explore the main horizon along the recently optioned Alexandria property, to the east of the Hosco block.
The prefeasibility study will incorporate the new resource estimate on the Hosco block of the Joanna property as well as the results from the metallurgical and geomechanical tests and studies currently in progress. In addition, a preliminary economic assessment study will be initiated on the Heva (West) block. The studies are expected to be completed during the third quarter, 2009.
Qualified person and quality control
Information of a scientific or technical nature in this news release has been prepared by or under the supervision of Ghislain Fournier, corporate development manager, and Martin Demers, PGeo, exploration manager of the company. Mineral resource estimates were prepared by Michel Dagbert of Geostat, a "qualified person" as defined by National Instrument 43-101.
We seek Safe Harbor.