VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 18, 2013) - Global Minerals Ltd. (TSX VENTURE:CTG)(OTCBB:GMLFF) is pleased to announce the results of a resource estimate update of its 100% owned Strieborná high-grade silver/copper/antimony vein project in Slovakia.
Highlights from the resource update include:
- Contained silver in Measured and Indicated resources has increased by 37% over the previous estimate and tonnage jumped 19%. Measured and Indicated resources are 2,290,000 tonnes at 266 g/t Ag, 1.2% Cu and 0.85% Sb (20 Moz Ag, 61 Mlb Cu and 43 Mlb Sb).
- The current resource estimate is reported at a cut-off grade of 100 g/t Ag, where previous estimates did not apply a cut-off grade.
- Excellent resource expansion potential remains in the Strieborná and adjacent Pallag and Podložná vein systems.
- The Company will use this update to further test the economics of the project.
| Strieborná Resource Estimation Summary - Sept 18, 2013 |
| Category |
Tonnes |
g/t Ag |
Cu % |
Sb % |
Oz Ag |
lbs Cu |
lbs Sb |
| Measured |
132,000 |
267 |
1.32 |
0.98 |
1,134,000 |
3,836,000 |
2,844,000 |
| Indicated |
2,158,000 |
266 |
1.20 |
0.84 |
18,455,000 |
56,923,000 |
39,882,000 |
| M&I |
2,290,000 |
266 |
1.20 |
0.85 |
19,589,000 |
60,759,000 |
42,726,000 |
| Inferred |
872,000 |
211 |
0.98 |
0.69 |
5,915,000 |
18,761,000 |
13,338,000 |
Note to table: reported at cut-off 100 g/t Ag
Global's exploration drilling since the last resource update (6,143 m) increased confidence in continuity and demonstrates the predictability of the Strieborná vein. Resources in the table only reflect the block model grades at a 100 g/t Ag cut-off whereas the previous resource estimates did not apply any lower cut-off grades on the basis that the entire deposit had a reasonable prospect for economic extraction. Both Mine Development Associates, which completed the 2013 resource estimate, and Global believe that using appropriate economic cutoff grades based on current operating costs and assumptions, as derived by AGP Mining Consultants, more accurately reflects a potentially economic resource.
Virtually the entire resource is contained within the Strieborná vein with only 4% of the resource located in the West Split and Podložná veins. These veins together with Pallag, represent significant exploration targets that can be pursued once an underground access and drill platforms can be established. There is also the potential for additional mineralization beyond the Inferred classification within the interpreted veins (blue areas in attached diagram), but it is not reported.
Measured and Indicated Resources April 23, 2008
(no cut-off grade applied) |
| Tonnes |
Ag g/t |
Cu % |
Sb % |
| 1,925,000 |
232 |
1.1 |
0.7 |
| Zygmunt Jakubiak, AMC Pty. Ltd., is the independent Qualified Person responsible for this resource estimate (see NI 43-101 Technical Report on SEDAR). |
Ongoing trade-off studies to improve project economics
The company continues to evaluate the economics of re-initiating operations and is working with its consultants to study various project enhancements. Principal among these are the recovery of by-product antimony using hydro-metallurgical processing of a bulk sulphide concentrate. Global has previously completed laboratory test work on this process that indicates Strieborná concentrates could be amenable to this treatment. Order of magnitude capital and operating costs for this circuit will be reviewed in the short term and compared to potential smelter penalties for concentrates that include the antimony.
The Company is also investigating the potential for a coarse grind, pre-concentration up-grade circuit, which could significantly reduce the amount of material to be delivered to the grinding and flotation circuits. This could provide various advantages including downsizing of the primary concentrator and simplifying the mine plan (costs) to improve the overall project economics.
About Strieborná
Strieborná is a high-grade silver-copper-antimony vein deposit in an historic mining district near the town of Roznava in eastern Slovakia. It has excellent expansion potential over and above the already well-defined resource. Significant infrastructure at site includes a working shaft and hoisting system, extensive underground access through a series of drifts, crosscuts and tunnels and associated surface facilities.
For further information about Global, visit www.globalminerals.com.
QUALIFIED PERSONS: William Bond, C.P.G., M.Sc., Geol. and VP Exploration for Global, is the Qualified Person (QP) under NI 43-101 responsible for the Strieborná exploration program and this press release. He has verified the drill results and other data disclosed in this news release, including sampling, analytical and test data. Fieldwork has been conducted under his supervision. All samples were submitted to ALS Minerals for analysis in Rosia Montana, Romania and Vancouver, Canada. Silver and copper were analyzed by induction coupled plasma - atomic emission spectroscopy (ICP-AES) using four-acid digestion methods. Quality-control and quality-assurance protocols were incorporated with the submitted samples which included standards, blanks, and duplicate analysis.
Steven Ristorcelli, C.P.G., Mine Development Associates, is the independent Qualified Person under NI 43-101 responsible for the resource estimate and has verified the related data. Mr. Ristorcelli has reviewed and approved the contents of this news release with respect to the Mineral Resource estimate. The estimate used an inverse distance to-the-fourth-power for assigning grades to one-meter wide (across the vein), three-meters long (along strike), and four-meters high blocks. Cut-off grades were based on metal prices of $26/oz Ag and $3.20/lb Cu.
FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION: This news release contains certain "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements and forward-looking information are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur.
FORWARD-LOOKING STATEMENTS are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
Readers are advised that National Instrument 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be reported separately. Readers should refer to the continuous disclosure documents filed by Global and available at www.sedar.com, for detailed information, which is subject to the qualifications and notes set forth therein.
The mineral resources are reported in accordance with Canadian Securities Administrators' National Instrument 43-101 and have been estimated in conformity with generally accepted CIM Estimation of Mineral Resource and Mineral Reserves Best Practices Guidelines. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserve.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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