THEMAC Announces Initial Results From 2012 Copper Flat Drilling Program and Provides Permitting Update
Drill Hole Assays 0.72% Cu and 0.13 oz Ag per ton Over First 305 ft
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/27/12 -- THEMAC Resources Group Limited ("THEMAC" or "the Company") (TSX VENTURE: MAC) today announced the initial results of its 2012 core drilling program at the Company's Copper Flat project in New Mexico. The Company also provided an update on its permitting process.
2012 CORE DRILLING PROGRAM-Results for Holes CF-12-01 through CF-12-07
The assay results for the first seven core holes (CF 12-01 through CF 12-07) of the planned 25-hole 2012 Copper Flat drilling program have been received. The location of these seven holes, totaling 7,771.50 feet, is shown on Figure 1 at the end of this release.
In addition to providing a better understanding of the geology and mineralization, the 2012 drilling at Copper Flat had the following objectives:
"The results from the first seven holes of the 2012 Copper Flat Drilling Program are highly encouraging, and we were especially excited to see the higher than usual gold and silver assays," said Andre Douchane, CEO. "Even though our prefeasibility is due to be published mid-July, we are working very hard to incorporate the latest results into the reserve numbers in time for publication."
Ray Irwin, Vice President of Exploration, added: "The results of CF12-01, which is located outside of the previously known southwestern boundary of strong copper mineralization, are particularly encouraging and gratifying since they expand the foot print of the deposit; and therefore, increase the potentially economic resource."
The assay results presented below are based on a 0.20% Cu only cutoff unless there is a less than 0.20% Cu sample within a broader zone of Cu values that equal or exceed 0.20% Cu. The intervals and thicknesses reported are along the core axis.
Permitting Update
The prefeasibility study is currently targeted for publication in July of 2012. Permitting for the return of the project to production is also progressing well. Completion of an Environmental Impact Statement is targeted for completion in the 3rd quarter of 2013, while baseline characterization studies are continuing for specific media, including ground-water hydrology and geochemistry. Air Quality permitting and associated modeling efforts are continuing and will be completed within the next several months. Current estimates indicate that the mine will fall within the State of New Mexico's air quality permitting criteria as a minor source, significantly reducing the air permit application requirements. In addition, the State Groundwater Quality Bureau has approved the stage 1 abatement plan allowing us to move forward in addressing a small plume of elevated total dissolved solids (TDS) and sulfates that date back to the Quintana Mine operation. Work will continue in cooperation with the United States Bureau of Land Management (BLM) to gain access to surface locations needed to drill, construct, and periodically sample the monitoring wells called for in the plan. Finally, BLM is in the process of reviewing plans to sufficiently excavate the process building foundations to allow access for sampling and evaluation of those structures as the project moves forward into detailed engineering.
Technical Information and Qualified Persons
Assaying for the 2012 drilling program is being undertaken at the Skyline Laboratory in Tucson, AZ. Copper and molybdenum values are being determined by ICP/MS, gold by fire assay with AA finish, and silver by AA. Reference standards and blanks were inserted in the sample streams, and every tenth sample is being objectively validated by ALS Minerals, Reno, Nevada using similar methodologies.
Standard procedures for core handling were in place during the entire drilling program, and a geologist was on site for all sample preparation and shipping.
Technical information in this news release has been approved by Mr. Ray Irwin, P. Geo., a Qualified Person under National Instrument 43-101.
An Appendix of tables and figures for this news release is available on the Company's website at .
About the Copper Flat Project
Copper Flat is a former producing mine located in Sierra County, State of New Mexico, USA, approximately 150 miles south of Albuquerque and 20 miles southwest of the town of Truth or Consequences.
Copper Flat is a porphyry copper-molybdenum deposit containing economically recoverable gold and silver mineralization hosted by a quartz monzonite stock which intrudes an andesitic volcanic complex. The Cretaceous (75 million years ago (Ma)) Copper Flat quartz monzonite hosts mineralization dominated by pyrite and chalcopyrite with subsidiary molybdenite. The mineralization is focused along intersecting northeast and northwest-trending faults, the intersection of which is associated with the host intrusive.
The deposit has NI 43-101 compliant measured and indicated resources of 194.1 million short tons grading 0.26% copper, 0.008% molybdenum, 0.002 oz gold and 0.05 oz silver per ton respectively, containing 1,005,891 lbs. copper and 30.5 million lbs. molybdenum, plus 430,000 oz. of gold and 9,001,000 oz. of silver.
The gold and silver content of the deposit, which is evidenced by historic production and metallurgical test work, has been verified by the assaying of 6,629 pulps from historical drilling during 2011 and 2012, and gold and silver values determined from recent drilling. This gold and silver data is being incorporated into the deposit's latest NI43-101 statement, which is currently in progress.
An NI 43-101 Preliminary Economic Assessment ("PEA") dated June 30, 2010 and updated February 25, 2011 has been completed for Copper Flat and can be viewed on SEDAR, which includes the current NI43-101 Mineral Resource statement.
Copper Flat has a significant benefit and financial savings from the civil infrastructure that is currently in place at the project including a tailings dam, largely pre-stripped open pit, power lines, water well field and pipeline, access roads, diversion channels and usable process building foundations. The project land package comprises in excess of 1,200 hectares, and the deposit is located entirely on patented mining claims wholly-owned by THEMAC.
Permitting for the return of the project to production is at an advanced stage, and a prefeasibility study is nearly completed and is targeted for publication during July of 2012.
About THEMAC Resources Group Limited
THEMAC is a mining development company with a strong management team and as of May 18, 2011, acquired a 100% ownership interest in the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA. We are committed to bringing the closed copper mine, Copper Flat, in Sierra County, New Mexico back into production with innovation and a sustainable approach to mining development and production, local economic opportunities and the best reclamation practices for our unique environment.
The Company is listed on the TSX Venture Exchange (ticker: MAC) and has issued share capital of 74,117,622 common shares (fully diluted share capital 136,123,241).
For more information please visit or review the Company's filings on SEDAR ().
To view the image associated with this news release, please click the following link: .
Forward-Looking Statements
Certain information contained or incorporated by reference in this press release, including any information as to THEMAC's future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: fluctuations in the currency markets; fluctuations in the spot and forward price of copper, molybdenum, gold, and silver; volatility in the price of fuel and electricity; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada and the USA; business opportunities that may be pursued by the Company; the anticipated impact of converting to International Financial Reporting Standards, operating or technical difficulties in connection with mining or development activities; employee relations; litigation; the speculative nature of exploration and development, including the risks of obtaining necessary licenses and permits; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks. Many of these uncertainties and contingencies can affect the Company`s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, THEMAC. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.
Neither the TSX Venture Exchange (the "TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) has reviewed, nor do they accept responsibility for the adequacy or accuracy of, this release.
Contacts:
THEMAC Resources Group Limited
Andre J. Douchane
CEO
(+1) 416 671 8089 or (+1) 520 850 7529
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Datum: 27.06.2012 - 11:00 Uhr
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