Almonty Announces an Updated Reserve and Resource Estimate for the Panasqueira Tungsten Mine
The updated reserve estimate of 1,951,000 tonnes at a grade of 0.20% WO3 represents an increase in the
reserve base of over 14% and inferred resources have increased by approximately 125%.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Almonty Industries Inc. (“Almonty” or the “Company”) (TSX-V: AII) today announced the filing of an updated National Instrument
43-101 Technical Report for the Panasqueira Mine, Portugal.
The Technical Report was filed on SEDAR (www.sedar.com) under Almonty’s company profile and will also be available on the Company's website at www.almonty.com.
The original and updated reserve and resource estimates are as follows:
|
|
Panasqueira June 30, 2015 |
|
|
Tonnes |
|
Avg Grade |
|
Contained WO3 |
|
|
|
|
|
|
|
| Reserves |
|
|
|
WO3 |
|
Tonnes |
|
MTU |
| Proven |
|
691,000 |
|
0.22% |
|
1,544 |
|
154,439 |
| Probable |
|
970,000 |
|
0.19% |
|
1,887 |
|
188,665 |
|
|
|
|
|
|
|
|
|
| Total Reserves |
|
1,661,000 |
|
0.21% |
|
3,431 |
|
343,104 |
|
|
|
|
|
|
|
|
|
|
Resources ( inclusive of
reserves)
|
|
|
|
|
|
|
|
|
| Measured |
|
1,661,000 |
|
0.21% |
|
3,431 |
|
343,104 |
| Indicated |
|
7,877,000 |
|
0.24% |
|
18,692 |
|
1,869,212 |
| Total Resources |
|
9,538,000 |
|
0.23% |
|
22,123 |
|
2,212,316 |
|
|
|
|
|
|
|
|
|
| Inferred Mineral resources |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Inferred |
|
4,910,000 |
|
0.22% |
|
10,802 |
|
1,080,200 |
|
|
|
|
|
|
|
|
|
| Cut-off |
|
|
|
|
|
|
|
|
| Reserves |
|
0.12% WO3 |
|
|
|
|
|
|
| Measured Resources |
|
0.12% WO3 |
|
|
|
|
|
|
| Indicated Resources |
|
0.13% WO3 |
|
|
|
|
|
|
| Inferred Resources |
|
0.13% WO3 |
|
|
|
|
|
|
|
|
|
Panasqueira December 31, 2016 |
|
|
|
|
|
|
Tonnes |
|
Avg Grade |
|
Contained WO3 |
|
|
% Increase |
|
|
|
|
|
|
|
|
|
|
|
| Reserves |
|
|
|
|
WO3 |
|
Tonnes |
|
MTU |
|
|
|
| Proven |
|
|
775,000 |
|
0.22% |
|
1,694 |
|
169,400 |
|
|
9.69% |
| Probable |
|
|
1,176,000 |
|
0.19% |
|
2,234 |
|
223,400 |
|
|
18.41% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Reserves |
|
|
1,951,000 |
|
0.20% |
|
3,928 |
|
392,800 |
|
|
14.48% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resources ( inclusive of
reserves)
|
|
|
|
|
|
|
|
|
|
|
|
|
| Measured |
|
|
1,951,000 |
|
0.20% |
|
3,928 |
|
392,800 |
|
|
14.48% |
| Indicated |
|
|
8,076,000 |
|
0.24% |
|
19,199 |
|
1,919,900 |
|
|
2.71% |
| Total Resources |
|
|
10,027,000 |
|
0.23% |
|
23,127 |
|
2,312,700 |
|
|
4.54% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Inferred Mineral resources |
|
|
|
|
|
|
|
|
|
|
|
|
| Inferred mine material |
|
|
5,158,000 |
|
0.22% |
|
11,100 |
|
1,110,000 |
|
|
2.76% |
| Inferred tailings |
|
|
5,164,000 |
|
0.26% |
|
13,230 |
|
1,323,000 |
|
|
|
| Total Infered |
|
|
10,322,000 |
|
0.24% |
|
24,330 |
|
2,433,000 |
|
|
125.24% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cut-off |
|
|
|
|
|
|
|
|
|
|
|
|
| Reserves |
|
|
0.12% WO3 |
|
|
|
|
|
|
|
|
|
| Measured Resources |
|
|
0.12% WO3 |
|
|
|
|
|
|
|
|
|
| Indicated Resources |
|
|
0.13% WO3 |
|
|
|
|
|
|
|
|
|
| Inferred Resources |
|
|
0.13% WO3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
| Minimum Thickness = 2.2 m |
|
|
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|
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|
|
|
|
|
|
| Mining Recovery = 84% |
|
|
|
|
|
|
|
|
|
|
|
|
Numbers may not add absolutely due to rounding.
Lewis Black, President & CEO of Almonty commented, “The significant increase in mineral reserves has enabled Almonty to
extend the life of mine at Panasqueira and validates our belief in the longevity of the mine. In addition, we are continuing our
testing work on the tailings stock piles at the mine. X-ray sorting test work carried out to date has been very promising and has
the potential to significantly enhance the long-term viability of the mine. We anticipate further evaluation and pilot plant
testing on the tailings will enable us to expand the tailings resources and finalize the milling circuit design that will allow us
to recovery the contained tungsten in the tailings.”
Qualified Persons
The updated reserve and resource estimate of the Sangdong Mine Project included in this release was prepared by Adam Wheeler.
Mr. Wheeler is an independent Qualified Person for the purposes of National Instrument 43-101 and has prepared and approved the
scientific and technical disclosure contained in this news release.
About Almonty Industries Inc.
The principal business of Toronto, Canada-based Almonty Industries Inc. is the mining, processing and shipping of tungsten
concentrate from its Los Santos Mine in western Spain, its Wolfram Camp Mine in north Queensland, Australia and its Panasqueira
mine in Portugal as well as the development of the Sangdong tungsten mine in Gangwon Province, Korea and the Valtreixal
tin/tungsten project in north western Spain. The Los Santos Mine was acquired by Almonty in September 2011 and is located
approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Wolfram Camp Mine was acquired
by Almonty in September 2014 and is located approximately 130 kilometres west of Cairns in northern Queensland, Australia and has
produced tungsten and molybdenum concentrate, although the Wolfram Camp Mine is not currently producing due to ongoing
refurbishment of the processing plant. The Panasqueira mine, which has been in production since 1896, is located approximately 260
kilometres northeast of Lisbon, Portugal, was acquired in January 2016 and produces tungsten concentrate. The Sangdong mine, which
was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside
of China, was acquired in September 2015 through the acquisition of a 100% interest in Woulfe Mining Corp. Almonty also owns 100%
of the Valtreixal tin-tungsten project in north-western Spain. Further information about Almonty’s activities may be found at
www.almonty.com and under Almonty’s profile at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
When used in this press release, the words “expect”, “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”,
“plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are
intended to identify forward-looking statements and information. This press release contains forward-looking statements and
information including combining these companies. These statements and information are based on management’s beliefs,
estimates and opinions on the date that statements are made and reflect Almonty’s current expectations.
Forward-looking statements in this news release include, but are not limited to, statements regarding the updated reserve and
resource estimate for the Panasqueira Mine, Portugal and material improvements therein, significantly enhance the long-term
viability of the mine, further evaluation and pilot plant testing on the tailings will enable us to expand the tailings resources
and finalize the milling circuit design that will allow us to recovery the contained tungsten in the tailings. The
forward-looking statements and information in this press release include expectations and information relating to the intentions of
management. Such statements and information reflect the current view of Almonty with respect to risks and uncertainties that may
cause actual results to differ materially from those contemplated in those forward-looking statements and information. By
their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors and assumptions which may
cause actual results, performance or achievements, or other future events, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking statements.
Investors are cautioned against attributing undue certainty to forward-looking statements. When relying on Almonty’s
forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors
and other uncertainties and potential events.
Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ
materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there
can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS
PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING
INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO
UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
For further information, please contact:
Almonty
Lewis Black, 647-438-9766
President and CEO
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