TSX-V: GMN
TORONTO, May 15, 2013 /CNW/ - (TSXV:GMN) GobiMin Inc. ("GobiMin" or the "Company") is pleased to announce the updated resource
estimates prepared by Roscoe Postle Associates Inc.("RPA") for Zones IV
and I of the Sawayaerdun Gold Project, taking into account the results
of its previously announced 68 hole infill program completed during
2012. The drilling in 2012 has increased the confidence in the mineral
resource estimate at the Sawayaerdun deposit with a substantial amount
of the resource upgraded to the measured category. The grade is also
substantially higher than previous estimates. A copy of the full
technical report that includes the NI 43-101 resource statement has
been posted by GobiMin on SEDAR and company website www.gobimin.com.
The current resource estimates are as follow:
Table 1 Estimated Mineral Resources, February 19, 2013 ("Mineral
Resources")
|
|
|
|
|
|
Zone
|
Classification
|
Tonnes
|
Grade
(g/t Au)
|
Contained
Gold (oz)
|
Zone IV Main Vein
|
Measured
|
9,680,000
|
2.14
|
666,000
|
|
Indicated
|
9,090,000
|
1.65
|
482,000
|
|
Sub-Total, M&I
|
18,760,000
|
1.90
|
1,148,000
|
|
Inferred
|
26,200,000
|
1.46
|
1,230,000
|
Zone IV Splays
|
Measured
|
-
|
0.00
|
-
|
|
Indicated
|
1,580,000
|
1.89
|
96,000
|
|
Sub-Total, M&I
|
1,580,000
|
1.89
|
96,000
|
|
Inferred
|
-
|
0.00
|
-
|
Sub-Total, Zone IV
|
Measured
|
9,680,000
|
2.14
|
666,000
|
|
Indicated
|
10,660,000
|
1.69
|
578,000
|
|
Sub-Total, M&I
|
20,340,000
|
1.90
|
1,244,000
|
|
Inferred
|
26,200,000
|
1.46
|
1,230,000
|
Zone I
|
Inferred
|
7,040,000
|
1.50
|
340,000
|
Total, Zone IV & I
|
Measured
|
9,680,000
|
2.14
|
666,000
|
|
Indicated
|
10,660,000
|
1.69
|
578,000
|
|
Sub-Total, M&I
|
20,340,000
|
1.90
|
1,244,000
|
|
Inferred
|
33,240,000
|
1.47
|
1,570,000
|
Notes:
-
CIM definitions were followed for Mineral Resources.
-
Mineral Resources are estimated at a cut-off grade of 1.0 g/t Au.
-
Mineral Resources are estimated using a long-term gold price of US$1,650
per ounce.
-
A minimum mining width of 1.5 m was used.
-
Bulk density is 2.8 t/m3.
-
Numbers may not add due to rounding.
The Sawayaerdun Deposit database contains 28 underground channel samples
(1,217 m), 263 drill holes (83,146 m), 179 trench samples, and 12
shallow wells. The database includes 68 diamond drill holes completed
in 2012 for an aggregate depth of 31,000 m. Wireframe models were
prepared on vertical cross-sections that were oriented perpendicular to
the overall strike of the mineralization. Both the Zone IV and Zone I
strike in a northeasterly direction (average azimuth 030°) and dip
steeply to the northwest (60° to 75°). A total of 4,439 m of samples
were used to estimate the mineralization in the Zone IV main vein, 503
samples for the Zone IV hangingwall and 309 sample were used to
estimate the mineralization in Zone I. Gold grades for Zone IV were
capped to 10 g/t Au prior to compositing. No capping was applied to
assays from Zone I.
Sawayaerdun Geology
The Lower Carboniferous Bashisuogong Formation which includes clastic
units and limestones overlies the Sawayaerdun Formation. Each of the
units on the Sawayaerdun Property strike northeast and most dips are to
the northwest. Schistosity is developed parallel to bedding. The
contacts between the various units are structural.
Current Sawayaerdun Resource
RPA carried out a Mineral Resource estimate for the Sawayaerdun deposit
that incorporated the results of recently completed in-fill and
extension drilling. The cut-off date for the drill hole database was
January 21, 2013. The deposit is currently envisioned to be potentially
exploited by means of underground mining methods. Table 1 above
summarizes RPA's updated Mineral Resource estimate for Zone IV and Zone
I. The Mineral Resources were classified in accordance with the
definitions contained in the Canadian Institute of Mining, Metallurgy
and Petroleum (CIM) Definition Standards on Mineral Resources and
Mineral Reserves that were prepared by the CIM Standing Committee on
Reserve Definitions and adopted by the CIM Council on November 27,
2010. The mineralized material for each domain was classified into the
Measured, Indicated, or Inferred Mineral Resource category on the basis
of the search ellipse ranges obtained from the variography study, the
demonstrated continuity of the gold mineralization on cross section,
and the density of drill hole information. Clipping polygons were used
to outline the portions of the wireframed models where gold grades
exceeded the stated cut-off grade and to classify the material into the
Measured, Indicated and Inferred categories.
Metallurgical Testing
In 2005 Process Research Associates in Vancouver, Canada prepared
composites of the surface and drill core material, and each was
subjected to cyanide leach, carbon-in-pulp extraction, and flotation
plus cyanide extraction. The sample from the trenches was variably
oxidized while the core material was essentially unoxidized. Gold
recoveries varied with the degree of oxidation as summarized in Table 2
below.
Table 2 2005 Metallurgical Testing Results
Extraction Method
|
Trench
|
Core
|
Cyanide, no oxidation
|
54%
|
<50%
|
CIP after oxidation
|
75% to 80%
|
58%
|
Flotation/oxidation/cyanide
|
87%
|
95% to 98%
|
During 2011, two sets of metallurgical gold recovery tests were done on
representative samples of fresh sulphide ore from the underground
workings in Zone IV by the Beijing General Institute of Mining and
Metallurgy and the Process Research Institute of Xinjiang Bureau of
Geology and Mineral Resources. The results of these flotation and
roasting tests are summarised in Table 3.
Table 3 2011 Metallurgical Test Results
|
June 2011, Beijing General Institute of Mining and Metallurgy
|
Stage
|
|
|
Head Grade g/t
|
|
|
Recovery Rate %
|
|
|
|
Au
|
|
|
Ag
|
|
|
Au
|
|
|
Ag
|
Flotation
|
|
|
2.53
|
|
|
4.50
|
|
|
90
|
|
|
42
|
Flotation-Roasting-CIL*
* Includes CIL tailings re-processing
|
|
|
|
|
|
|
|
|
82
|
|
|
34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 2011, Process Research Institute of Xinjiang Bureau of Geology and
Mineral Resources
|
Stage
|
|
|
Head Grade g/t
|
|
|
Recovery Rate %
|
|
|
|
Au
|
|
|
Ag
|
|
|
Au
|
|
|
Ag
|
Flotation
|
|
|
2.41
|
|
|
2.82
|
|
|
93
|
|
|
62
|
Flotation-Roasting-CIL
|
|
|
|
|
|
|
|
|
79
|
|
|
35
|
Pursuant to NI 43-101, the qualified persons responsible for the
technical data provided in this press release are Mr. Neil N. Gow,
P.Geo., RPA Associate Principal Geologist and Mr. Reno Pressacco, P.
Geo., RPA Principal Geologist. RPA has been engaged by GobiMin to
prepare the technical report and the authors have reviewed and approved
the contents of this press release relating to the mineral resource
estimate.
Future Developments
In addition to a further infilling drilling program of 12,000 m and
relevant exploration programs commencing in April 2013, the Company is
considering a number of different options that will initially lead to
the development of the Zone IV mineralization. The core area of the
Zone IV mineralization is considered sufficiently well tested to allow
preliminary economic assessment to prefeasibility studies to be
completed.
About GobiMin
GobiMin owns a 70% equity interest in Xinjiang Tongyuan Minerals Ltd.
for the development of the Sawayaerdun Gold Project in Xinjiang, China.
GobiMin also owns a 40%-50% interest each in four other base metal
joint ventures in Xinjiang and an 8% equity interest in the Yanxi
Copper Deposit. In addition, the Company also holds a 48.02% equity
interest in a silver operation.
GobiMin is aggressively seeking opportunities to acquire high quality
mining and exploration projects.
Certain statements contained in this press release constitute
forward-looking information. Such statements are based on the current
expectations of management of GobiMin. The readers are cautioned that
such statements are subject to a multitude of risks and uncertainties
that could cause actual results, future circumstances or events to
differ materially from those projected in the forward-looking
information. Forward looking information includes without limitation,
statements regarding the size and quality of the Company's mineral
resources, progress in development of mineral properties, the
prospective mineralization of the properties, and planned exploration
programs. The readers should not place undue reliance on the
forward-looking information included in this press release given that
(i) actual results could differ materially from a conclusion, forecast
or projection in the forward-looking information, and (ii) certain
material factors or assumptions were applied in drawing a conclusion or
making a forecast or projection as reflected in the forward-looking
information could prove to be inaccurate. These statements speak only
as of the date they are made, and GobiMin assumes no obligation to
revise such statements as a result of any event, circumstance or
otherwise, except in accordance with law.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release."
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SOURCE: GobiMin Inc.