Avala Resources Announces Initial Resource Estimate for Korkan, Part of the Timok Gold Project, Serbia
(firmenpresse) - LONGUEUIL, QUEBEC -- (Marketwire) -- 11/05/12 -- Avala Resources Ltd. (TSX VENTURE: AVZ) (the "Company" or "Avala") is pleased to announce the initial resource estimate for the Korkan project area, part of its Timok Gold Project, a new gold discovery in an emerging sediment-hosted gold belt located in Eastern Serbia.
The Korkan mineral resource, prepared by AMC Consultants Limited (UK) ("AMC"), an independent mining consulting firm, has been estimated at 20,100,000 tonnes grading an average of 1.5 g/t gold in the inferred resource category for 1,000,000 ounces of gold, using a 0.6 g/t gold cut-off.
The combined inferred resource for Korkan and Bigar Hill has been estimated at 46,500,000 tonnes at an average grade of 1.6 g/t gold in the inferred resource category for 2,300,000 ounces of gold, using a 0.6 g/t gold cut off.
A summary of the Korkan mineral resource estimate using various cut-offs is tabulated below:
A summary of the Korkan and Bigar Hill resource estimates is tabulated below:
The Timok Gold Project comprises several targets including Bigar Hill, Korkan and Kraku Pester. The Korkan resource estimate is the second of three scheduled resource estimates, with Kraku Pester to follow.
The Kraku Pester drilling database has been closed off and resource estimation by AMC is currently underway. Infill drilling at 40 meter by 40 meter spacing is being completed at Korkan, Bigar Hill and Kraku Pester. At the time of closing off the Korkan database for the Korkan resource estimate, approximately 25% of the deposit has been drilled to 40 meter by 40 meter spacing. Once all assay and QAQC data for the 40 meter by 40 meter drilling over the deposits has been received, the resource estimates will be updated with the aim of upgrading the estimates to Indicated Resources. The databases are expected to be completed and 'closed off' during January 2013 with revised resource estimates planned for completion in Q2 2013.
Avala controls 100% of this newly identified sediment-hosted gold belt which totals approximately 250 square kilometres.
1. HIGHLIGHTS
(1) See notes on page 1.
2. ADDITIONAL INFORMATION
Drilling and Sampling
Density Measurements
Twin Drilling
Assaying
Variography
Resource and Grade Modelling
Grade-Tonnage Reporting
(1) See notes on page 2.
Please see the following link to view all Korkan-Bigar and Kraku Pestar drill holes located spatially in three dimensions:
3. SAMPLING AND ANALYSIS
The majority of soil samples have been assayed at the ALS Chemex laboratory, Perth, Australia. More recent programs have been assayed at the SGS managed laboratory at Chelopech in Bulgaria using a combination of ICP-OES and ICP-MS; whereas gold has been assayed by low level detection fire assay method with an AAS finish. The Company has established a laboratory facility at Bor, Eastern Serbia which is independently managed by SGS. Trench samples were prepared at the laboratory facility at Bor and the samples have been assayed at the SGS managed laboratory at Chelopech in Bulgaria or the laboratory facility at Bor. Diamond drill core has been prepared at the laboratory facility at Bor and assayed at either the SGS managed laboratory at Chelopech in Bulgaria or the assay laboratory at Bor. A one meter sampling interval has been used where possible for the Timok Gold Project diamond drilling program. Half core is routinely submitted to the laboratory for analysis. Reverse circulation drill samples have been prepared at the laboratory facility at Bor and assayed at the laboratory at Bor. A one meter sampling interval has been used for the Timok Gold Project reverse circulation drilling program. Following Avala standard quality assurance procedures, a full suite of field and laboratory duplicates and replicates along with internationally accredited standards and blanks, have been submitted with each batch of samples.
Trench sampling was carried out as channels in the wall just above the trench floor on 2m intervals. Except where extensive soil cover is encountered, trenches are sampled in their entirety. The samples were routinely weighed prior to final bagging to maintain an even sample size and to avoid sampling bias in harder rock types. An average channel sample weight was maintained at 3kg/m, which produces a consistent sample weight approximating half HQ core samples. Field duplicate samples were taken every 20 samples and known standards were inserted into the sample stream after every 20th sample. A geological and structural log was completed as for diamond drilling. All data collected in the field is routinely entered into geology and structural geology spread sheets using Field Marshal software for subsequent inclusion in an acQuire database and validation.
4. QUALIFIED PERSONS
The Korkan resource estimate was undertaken by independent qualified person Chris Arnold MAusIMM CP(Geo) of AMC. Mr. Arnold of AMC has reviewed and approved the contents of this press release insofar as the Korkan mineral resource estimate is concerned.
AMC is completing a technical report for the mineral resource estimate in compliance with NI 43-101 to be filed on SEDAR within 45 days of this press release.
The other technical information contained in this press release was prepared and approved by Dr Julian F. H. Barnes, FAusIMM, MAIG, a director of the Company and special consultant. Dr. Barnes is a 'qualified person' within the meaning of that term under NI 43-101.
About Avala Resources Ltd.: Avala Resources is a mineral exploration company focused on the exploration and development of the Timok Gold Project in Eastern Serbia. The Timok Gold Project comprises several targets, including Korkan, Korkan, and Kraku Pestar. Avala controls 100% of this newly identified sediment-hosted gold belt which totals approximately 250 square kilometers. The common shares of Avala trade on the TSX Venture Exchange under the symbol AVZ.
Avala had approximately $7.7 million in its treasury at September 30, 2012. Avala's issued and outstanding share capital totals 214,492,223 common shares, of which approximately 51.4% is held by Dundee Precious Metals Inc. (TSX: DPM).
Cautionary Statement Regarding Forward-Looking Information
This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should" or variations of such words or similar words or expressions. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of the information and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information.
"Inferred Resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. Investors are cautioned not to assume that all or any part of an Inferred Mineral Resource reported in this news release will ever be upgraded to a higher category or to reserves.
Forward looking information in this news release includes information with respect to the mineral resource estimate and its potential expansion and upgrade to a higher level of confidence, the Company's plans to complete resource estimates on the Kraku Pestar project area and to complete a preliminary economic assessment, the timing and location of future work programs, the results and interpretation of studies and exploration activities, the nature of the mineralization of the project, the potential size of the sediment-hosted gold system, and the possibility that the Timok Gold Project will prove to be economic.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be factors that cause results to be other than as anticipated, estimated or intended. There can be no assurance that the forward looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws.
Figure 1: Location of the Korkan-Bigar trend and the Kraku Pester target area within the greater sediment-hosted gold belt, as defined in this image by mapped 'target stratigraphy' (yellow) and anomalous gold soil geochemistry within the Timok Gold Project. The total metal contour plots for Korkan, Bigar Hill and Kraku Pester have been superimposed on the sediment-hosted gold belt, as defined to date by drilling.
Figure 2: Final Gram-meter (intervals greater than 0.4g/t Au x thickness) plot following the completion of initial Korkan resource definition drilling program, total metal contour plot of all drilling to date superimposed on topography. The section lines A-A' and B-B' relates to Figure 3.
Figure 3: Cross-sections through the Korkan target area showing detailed stratigraphy and gold mineralized drill intersections to date. The A-A' section is looking east and the B-B' section is looking northwest.
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 press release.
Contacts:
Avala Resources Ltd.
James Crombie
President and Chief Executive Officer
+1.450.640.0810
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Datum: 05.11.2012 - 13:43 Uhr
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News-ID 199446
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