GRAND BAIE, MAURITIUS--(Marketwired - March 26, 2015) -
Highlights
- The updated Mineral Resource consists of:
- Indicated Resource of 2.65 million tonnes @ 4.49% Sn for 119,240 tonnes contained tin using a 0.5% Sn cut-off
- Inferred Resource of 1.2 million tonnes @ 3.6% Sn for 42,800 tonnes contained tin using a 0.5% Sn cut-off
- The Mineral Resource was defined over 550m down plunge to a depth of 450m and is open at depth.
- Tin mineralisation has a strong chute geometry with a high grade chute interpreted to plunge to the north.
- Significant Results from Extension Drilling at depth at Mpama North included:
- 11m @ 13.40% Sn from 427m
- 17m @ 2.27% Sn from 316m
- 15m @ 5.27% Sn from 454m
- New Discovery over 75m strike length immediately south and contiguous to Mpama North (open to south and at depth)
- Significant Result from this area includes:
- Significant Results from 2 holes drilled at Mpama South:
- 32.8m @ 2.46% Sn from 192.2m
- 1.65m @ 6.57% Sn from 320m and 23.65m @ 1.15% Sn from 325m
Alphamin Resources Corp (TSX VENTURE:AFM) ("Alphamin" or the "Company") is pleased to announce an updated Inferred and Indicated Mineral Resource at the Mpama North target on its wholly owned Bisie Tin Prospect (Bisie Project) in east central Democratic Republic of the Congo (DRC).
Mpama North
The updated Mineral Resource estimate at Mpama North has increased the current resource to 2.65 million tonnes @ 4.49% Sn for 119,240 tonnes contained tin (at 0.5% Sn cut-off) in the Indicated Category and 1.2 million tonnes @ 3.6% Sn for 42,800 tonnes contained tin (at 0.5% Sn cut-off) in the Inferred Category as shown in Table 1.
Seventy-four NQ holes and 21 PQ holes drilled for a metallurgical sample were used in the Mineral Resource. The Mineral Resource Area extends 550m in the down plunge direction to a maximum vertical depth of approximately 450m below surface, the high grade mineralisation being open at depth. The top 50m has been depleted by artisanal mining activity and any mineralisation remaining in this area was not included in the Mineral Resource.
To view Table 1: Bisie Mpama North Zone Mineral Resource at 0.50% Sn Cut-Off Grade, 15 March 2015, please visit the following link: http://media3.marketwire.com/docs/998726_Table1.pdf.
The Mineral Resource was prepared by an independent consulting company, The MSA Group (MSA), of Johannesburg, South Africa and was estimated using The Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Best Practice Guidelines (2003). The Mineral Resource is reported in accordance with the 2014 CIM Definition Standards which have been incorporated by reference into National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101). A technical report prepared in compliance with NI-43-101 with respect to the updated Mineral Resource estimate will be filed on www.sedar.com.
The Mineral Resource estimate was based on Sn, Cu, Pb, Zn and Ag assays and density measurements from 62 of the 74 NQ size diamond holes drilled at Mpama North. Drill holes not included in the estimate were within the top 50m depleted zone or drilled to the north and south of the main zone of mineralisation. A three dimensional grade block model was created using Ordinary Kriging. Table 2 below details a summary of the Mineral Resource estimate and pertinent reporting criteria.
Mineralisation was defined in three discrete vein systems, namely the Hangingwall, Main and Footwall Veins. The Main Vein generally occurs over thicknesses of between 2m and 22m with an average thickness of approximately 9m and is the most consistent overall, reporting the highest grades. The Hanging Wall Vein mineralisation occurs between 4m and 20m above the Main Vein, is generally between 0.5m and 4m wide and occurs in the northern area of the deposit although, it appears to taper out northwards. The middling between the Hanging Wall Vein and the Main Vein decreases from north to south and it is possible that this vein merges into the Main Vein in the central area. The Footwall Vein mineralisation occurs between 2m and 12m below the Main Vein. This zone is restricted to the southern areas, is very narrow (<50 cm) but high grade in its most northern occurrences. The zone then thickens to the south to over 10m, but with a lower grade. It is possible that this vein merges into the Main Vein in the central portion of the deposit. The Main Vein accounts for 95% of the Mpama North Resource.
Highly significant results have been received from the deep extension drilling confirming continuity of high grade tin mineralisation which remains open at depth. These include 11m @ 13.40% Sn from 427m in BGC072, 17m @ 2.27% Sn from 316m in BGC074 and 15m @ 5.27% Sn from 454m in BGC077.
Infill drilling also returned highly satisfactory results, with 16m @ 6.61% Sn from 79m in BGC080 and 10m @ 6.45% Sn from 146m in BGC070, while metallurgical drilling highlighted exceptional results such as 22.4m @ 10.76% Sn from 95.6m in METBGC022 and 17.6m @ 5.77% Sn from 94.4m in METBGC024. All latest results are summarised in Table 3 and Table 4, and significant results are shown in Figure 1. The Company now plans to extend drilling down to 600m below surface.
In addition, the Company is pleased to announce a new discovery referred to as The Wedge immediately south and adjoining the current Mineral Resource Area. BGC086 drilled in the Wedge reported 20m @ 4.31% Sn from 83m. Visible cassiterite veins and veinlets with accumulated thicknesses of more than 1 metre have been observed in holes drilled over an additional 75m to the south. Current drilling in the Wedge is at 25m x 25m centres and is aimed at defining Measured Mineral Resources in the planned Mineral Resource update in June 2015. The Wedge is likely to add significant high grade Mineral Resources to those reported in this press release.
Mpama South
Three diamond drill holes were drilled at Mpama South during the 4th Quarter of 2014. Highly significant mineralisation including 32.8m @ 2.46% Sn from 192.2m was reported from drill hole BGH011 and 1.65m @ 6.57% Sn from 320m and 23.65m @ 1.15% Sn from 325m in BGH013. Two diamond drill rigs will now be moved to commence a first Mineral Resource drilling programme at Mpama South. These initial drill results are highly encouraging and support potential for a zone of higher grade mineralisation, similar to that identified at Mpama North, to exist at Mpama South. A maiden Mineral Resource is expected from Mpama South during the 3rd Quarter 2015.
Exploration Drilling
The 2 kilometre tin in soil anomaly further south along the ridge will be drill tested during the 2nd Quarter. This is in line with the Company's strategy of identifying new additional Mineral Resources within the Bisie Project area.
ON BEHALF OF THE BOARD OF DIRECTORS
Bruce Curling, Chief Executive Officer
Neither the 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 News Release.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Information in this news release that is not a statement of historical fact constitutes forward-looking information. Such forward-looking information includes statements regarding the Company's planned exploration programs. Actual results, performance or achievements of the Company may vary from the results suggested by such forward-looking statements due to known and unknown risks, uncertainties and other factors. Such factors include, among others, that the business of exploration for tin and other precious and base minerals involves a high degree of risk and is highly speculative in nature; few properties that are explored are ultimately developed into producing mines; geological factors; the actual results of current and future exploration; changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents.
There can be no assurance that any mineralisation that is discovered will be proven to be economic, or that future required regulatory licensing or approvals will be obtained. However, the Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company's ability to carry on its exploration activities, the sufficiency of funding, the timely receipt of required approvals, the price of tin and other precious and base metals, that the Company will not be affected by adverse political events, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain further financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information.
Alphamin does not undertake to update any forward-looking information, except as required by applicable laws.
COMPETENT PERSON'S STATEMENT
The Mineral Resource estimate has been completed by Mr. J.C. Witley (BSc Hons, GDE) who is a geologist with 26 years' experience in base and precious metals exploration and mining as well as Mineral Resource evaluation and reporting. He is a Principal Mineral Resource Consultant for The MSA Group (an independent consulting company), is a member in good standing with the South African Council for Natural Scientific Professions (SACNASP) and is a Member of the Geological Society of South Africa (GSSA). Mr Witley has the appropriate relevant qualifications and experience to be considered a "Qualified Person" for the style and type of mineralisation and activity being undertaken as defined in National Instrument 43-101 Standards of Disclosure of Mineral Projects.
Mr Witley has reviewed and approved the technical content of this press release.
To view Figure 1: Position of Drill Collars and Significant Results, please visit the following link: http://media3.marketwire.com/docs/Figure1_998726.pdf.
To view Table 2: Summary of Mineral Resource Estimate and Reporting Criteria, please visit the following link: http://media3.marketwire.com/docs/998726_Table2.pdf.
To view Table 3: Summary of Assay Results in Drill Holes, please visit the following link: http://media3.marketwire.com/docs/998726_Table3.pdf.
To view Table 4: Summary of Assay Results in Metallurgical Drill Holes (Included in Mineral Resource), please visit the following link: http://media3.marketwire.com/docs/998726_Table4.pdf.