DGAP-News: Confederation Minerals Ltd.: Confederation Announces Initiation of a Preliminary Economic Assessment and
(firmenpresse) - DGAP-News: Confederation Minerals Ltd. / Key word(s): Miscellaneous
Confederation Minerals Ltd.: Confederation Announces Initiation of a
Preliminary Economic Assessment and
08.04.2013 / 14:00
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Confederation Announces Initiation of a Preliminary Economic Assessment and
the Release of the Most Recent Drill Results at the Newman Todd Gold
Project, Red Lake District, Ontario
Vancouver, B.C., April 8, 2013: Confederation Minerals Ltd. (TSX.V: CFM):
('Confederation' or the 'Company') is pleased to announce the retention of
Mining Plus Ltd. to carry out a Preliminary Economic Assessment (PEA) for a
component of the 1.8 km strike length of currently identified gold
mineralization at the Newman Todd gold project. Additionally, the Company
is pleased to announce the most recent drill results from 11 diamond drill
holes of the ongoing winter program.
For comprehensive descriptions of the Newman Todd project, along with all
previous press releases, and a complete list of assay highlights for every
hole completed on the property, please refer to the Company's website at
www.confederationmineralsltd.com.
Preliminary Economic Assessment and Related Studies
Confederation is pleased to announce that Mining Plus Ltd. has been
contracted to prepare a NI 43-101 compliant Preliminary Economic Assessment
(PEA) supported by current results from the Newman Todd property. Under the
terms of the Option Agreement with Redstar Gold Corporation (TSX.V: RGC),
Confederation Minerals can increase its earned interest in the Newman Todd
Property from 50% to 70% by providing a Preliminary Economic Assessment (as
the term is defined in National Instrument 43-101) and issuing to Redstar
500,000 shares of Confederation prior to November 19, 2016. A resource
estimate is part of the work to be done. This must be completed before the
economic analysis can be disclosed.
The highest diamond drill density and most defined geological data is from
an area comprising the Newman Todd gold mineralized system locally known as
the 'Hinge Zone', a zone of approximately 200 meters in strike length where
the structural orientation of the overall structural-alteration zone bends
slightly. It is anticipated that the majority of the PEA and the resource
that will support the report, will be generated from this localized region.
The PEA is anticipated to be completed this calendar year. Company
management views the PEA as a significant component of the advancement of
the Newman Todd project.
Within the Hinge Zone are a number of significant gold-bearing mineralized
zones. Drill data extending laterally along the 1.8km strike length, and to
a depth of approximately 1km, suggests a significant number of additional
zones and that these zones extend laterally and 'stack' vertically.
Assessing the structure, geologic controls, tonnage and average grade of
candidate mineralized zones within the Hinge region, in the context to the
PEA, should provide clear metrics for the evolution of the Newman Todd
project and significantly influence project development.
It is anticipated that extrapolation of information generated by the PEA,
along strike and to depth in a sequential, rational and progressive
fashion, will ensure shareholders are provided with a clear understanding
of the significant potential of Newman Toddin the context of a business
plan that significantly de-risks the advancing exploration of the property.
Concurrently, Stantec Consulting Ltd. continues with environmental baseline
studies, while preliminary metallurgical studies are being carried out by
SGS Canada Inc.
The Newman Todd structural/alteration system, up to approximately 200
meters in width, has returned gold grades in nearly every hole drilled by
Confederation, the gold hosted by silicified, stromatolite-bearing
carbonate breccia. The alteration zone, which hosts the gold
mineralization, has been intersected at depths of up to approximately 1
kilometer and significant gold intercepts were returned from depths of
approximately 850 meters below the surface. Therefore, a very large volume
of Newman Todd alteration (the host of all gold mineralization intersected
to date) is present on the property and remains open to depth.
Focusing the PEA on one component of the property, specifically larger,
well defined, near surface mineralized zones in the vicinity of the 'Hinge
Zone', will provide an indication of what will be required for the project
to become economic. One objective of the PEA will be to determine if the
shallow part of the mineralized system could be amenable to the development
of a small, starter open pit or whether underground mining would be the
primary alternative.
States Brian Bapty, President of Confederation: 'Our plans are to continue
drilling, as infill, to depth, and along strike, with the objective to
sequentially expand the resource. We believe the significant dimensions of
the Newman Todd Structure, as defined by the strike length and depth, will
enable us to add many more economically and geologically relevant
mineralized zones such that multiples of the initial resource are
contemplated through increasing the drill density and extending existing
structures. As the PEA will provide us with early-stage economic metrics,
we will use this data to guide the continuing exploration, and plan for
sensible advancement of the project. Start small, grow rationally, and
focus on adding shareholder value.'
In summary, business development initiatives at Newman Todd for the
remainder of 2013 include:
1- Continue winter diamond drill program.
2- Initiate a spring/summer program after spring break-up, designed to
further extend the lateral extent of the current well defined
mineralized zones in the Hinge region.
3- Release PEA, inclusive of a resource estimate, which is biased to a
small but relevant component of the property.
4- Design and implement further project development plans, in the context
of the PEA, that add to both the number and dimensions of economically
relevant mineralized zones.
Most Recent Drill Results
Tabulated below are the results from diamond drill holes NT-130 to NT-141.
A large proportion of these holes were drilled on frozen swamp with the
objective of determining the tenor of gold mineralization at relatively
shallow levels below the surface. One hole, NT-139, was abandoned because
of unsuitable ground conditions, while NT-137, NT-140 and NT-141 returned
only geochemically anomalous gold values. Most of the holes reported on
below intersected gold mineralization at elevations of approximately 50 to
300 meters core length below surface (with occasional deeper intercepts).
The principal objectives of the current drill program are: determine if
high-grade gold mineralization intersected in previous drill programs
continues up towards surface at shallower depths than targeted previously;
to determine the morphology, depth and strike continuity, and grade
distribution within steeply-dipping mineralized zones (candidate ore
shoots) which remain open to depth and along strike; to determine the tenor
of near-surface gold mineralization towards the evaluation (part of the
PEA) of the economics of constructing a starter open pit early in the
potential development of the project.
The majority of the drilling was carried out within a relatively restricted
area of approximately 200 meters along the strike of the Newman Todd
structural/alteration zone and a minimum of approximately 50 meters on
sections perpendicular to the strike of the zone.
As shown in the table below, intersections closer to the surface are
generally lower grade overall when compared to deeper intersections, but
can attain much wider core length intervals. For example: drill hole NT-131
intersected 38 meters grading 1.30 g/t gold beginning at 75.0 meters core
length below the surface; while NT-135 returned 36.0 meters core length
grading 1.92 g/t gold beginning at 103.0 meters core length below surface.
As all holes are angled holes, the actual depths of the intersections
tabulated below are closer to the surface than indicated.
Additional assays are pending, drilling continues, and additional drilling
is planned for after spring break-up, with the emphasis on expanding, by
detailed drilling, the area from the Hinge Zone towards the Heath Bull Zone
(to the South West), which has returned significant high-grade
intersections in the past (refer to graphics and tables posted on the
Company's website). Additionally, drilling will test the continuity along
strike towards the north of the Hinge Zone. Planned drill holes will be
positioned with the objective of adding gold ounces both to the north and
to the south of the Hinge Zone, using continually updated sections and
interpretations to most efficiently locate drill collars and drill hole
plunges.
Table 1: Assay Highlights from Latest Drilling
Hole ID From (m) To (m) Width (m) Au g/tThis press release was written by: Lawrence Dick, P.Geo, Ph.D.
NT-130 150.00 165.00 15.00 1.15
NT-130 including 160.00 165.00 5.00 2.59
NT-130 and including 162.00 165.00 3.00 3.85
NT-130 and including 164.00 165.00 1.00 6.79
NT-130 and 202.00 221.00 19.00 2.62
NT-130 including 209.00 220.00 11.00 3.62
NT-130 and including 213.00 220.00 7.00 4.55
NT-130 and including 213.00 214.00 1.00 8.80
NT-130 and including 215.00 216.00 1.00 8.16
NT-130 and including 218.00 220.00 2.00 6.61
NT-130 and including 219.00 220.00 1.00 10.90
NT-130 and 229.00 238.00 9.00 1.20
NT-130 including 237.00 238.00 1.00 5.20
NT-130 and 280.00 284.00 4.00 1.71
NT-130 and 297.00 319.00 22.00 1.21
NT-130 including 297.00 298.00 1.00 8.66
NT-130 and including 315.00 315.50 0.50 6.14
NT-130 and 463.00 465.00 2.00 3.95
NT-130 including 463.00 464.00 1.00 7.02
NT-131 53.00 69.00 16.00 1.82
NT-131 including 54.00 63.00 9.00 2.54
NT-131 and including 60.00 61.00 1.00 7.12
NT-131 and 75.00 113.00 38.00 1.30
NT-131 including 88.00 89.00 1.00 6.62
NT-131 and including 95.00 102.00 7.00 2.01
NT-131 and including 107.00 108.00 1.00 9.10
NT-131 and 135.00 145.00 10.00 1.07
NT-131 and 153.00 173.00 20.00 1.15
NT-131 including 154.00 155.00 1.00 6.44
NT-131 and 192.00 217.00 25.00 0.93
NT-131 including 194.00 195.00 1.00 4.51
NT-132 213.00 217.00 4.00 2.74
NT-132 including 215.00 216.00 1.00 7.74
NT-132 and 284.50 285.00 0.50 15.50
NT-132 and 297.00 297.50 0.50 63.10
NT-132 and 399.00 401.00 2.00 4.22
NT-132 including 399.00 399.50 0.50 11.90
NT-133 154.00 156.00 2.00 6.49
NT-133 including 154.00 155.00 1.00 11.60
NT-134 109.00 112.00 3.00 4.17
NT-134 including 110.00 111.00 1.00 7.44
NT-134 and 125.00 141.00 16.00 1.03
NT-134 and 164.00 165.00 1.00 11.60
NT-135 43.00 61.00 18.00 1.47
NT-135 including 50.00 56.00 6.00 2.64
NT-135 and including 55.00 56.00 1.00 5.39
NT-135 and 71.00 84.00 13.00 1.40
NT-135 including 72.00 73.00 1.00 12.20
NT-135 and 103.00 139.00 36.00 1.92
NT-135 including 103.00 111.00 8.00 3.35
NT-135 and including 105.00 107.00 2.00 5.50
NT-135 and including 126.00 131.00 5.00 3.77
NT-135 and including 126.00 127.00 1.00 7.45
NT-135 and including 130.00 131.00 1.00 7.56
NT-136 53.00 54.00 1.00 4.34
NT-136 and 60.00 61.00 1.00 6.33
NT-136 and 201.00 207.00 6.00 1.31
NT-137 No significant results.
NT-138 111.00 114.00 3.00 4.24
NT-139 Hole abandoned
NT-140 Anomalous gold.
NT-141 Anomalous gold.
Andrea Diakow, P.Geo, is the Qualified Person as defined by National
Instrument 43-101 and has reviewed the technical content of this news
release. Core samples from the program were cut in half using a diamond
cutting saw and were sent to Activation Laboratories Ltd. in Red Lake,
Ontario, an accredited mineral analysis laboratory. All samples were
analyzed for gold using standard Fire Assay-AA techniques. Samples
returning over 3.0 g/t gold were analyzed utilizing standard Fire
Assay-Gravimetric methods. Certified gold reference standards, blanks, and
field duplicates were routinely inserted into the sample stream as part of
Confederation's quality control/quality assurance program.
About Mining Plus Ltd.
Mining Plus is a specialist underground&open pit mining consulting team
with global capability and local experience. Mining Plus prides itself in
combining technical expertise and practical experience to deliver the best
answers for maiden resource studies through bankable feasibility studies to
mine closure plans. We deliver expertise in surface and underground mining
engineering, geology, geotechnical engineering, environmental science, and
mine safety and risk assessment. Located in Canada Peru and Australia with
offices in Vancouver, Toronto, Lima, Perth, and Melbourne, Mining Plus has
the expertise where you work.
About CFM
Confederation Minerals Ltd. is a British Columbia based company engaged in
the business of acquisition, exploration and development of mineral
properties. Its objective is to locate and develop economic precious and
base metals properties of merit. Confederation Minerals Ltd. holds an
Option Agreement to acquire up to 70% of the Newman Todd project in the Red
Lake Mining District of Northern Ontario, as well as 100% ownership in
another property in the Red Lake Mining District of Ontario.
On Behalf of the Board:
'Brian Bapty'
Brian Bapty, Ph.D.
President and Director
CORPORATE INQUIRIES
Confederation Minerals Ltd.
Suite 1980, 1075 West Georgia Street
Vancouver, B.C.
Brian Bapty, President and Director
604-652-3950
brian.bapty(at)confederationmineralsltd.com
www.confederationmineralsltd.com
Neither the 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.
Forward-Looking Information
This news release includes certain statements that may be deemed
'forward-looking statements'. All statements in this news release, other
than statements of historical facts, that address events or developments
that the Company expects to occur, are forward-looking statements.
Forward-looking statements are statements that are not historical facts and
are generally, but not always, identified by the words 'expects', 'plans',
'anticipates', 'believes', 'intends', 'estimates', 'proposes', 'project',
'potential' and similar expressions, or that events or conditions 'will',
'would', 'may', 'could' or 'should' occur. Although the Company believes
the expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results may differ materially from those in the
forward-looking statements. Factors that could cause the actual results to
differ materially from those in forward-looking statements include market
prices, exploitation and exploration successes, and continued availability
of capital and financing, and general economic, market or business
conditions. Investors are cautioned that any such statements are not
guarantees of future performance and actual results or developments may
differ materially from those projected in the forward-looking statements.
Forward-looking statements are based on the beliefs, estimates and opinions
of the Company's management on the date the statements are made. Except as
required by applicable securities laws, the Company undertakes no
obligation to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors, should
change
End of Corporate News
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Datum: 08.04.2013 - 14:00 Uhr
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