Marengo Announces Updated Resource Estimate for Its Yandera Copper Project in Papua New Guinea
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/05/15 -- Marengo Mining Limited (ARBN 161 356 930) (TSX: MRN)(ASX: MMC)(POMSoX: MMC) ("Marengo" or the "Company") is pleased to announce an updated resource estimate for its Yandera Copper Project ("Yandera"), located in Madang Province, Papua New Guinea. This resource estimate has been prepared pursuant to the requirements of Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 Edition) ("JORC").
Highlights of the Yandera Resource Estimate:
This 2015 Measured and Indicated copper-equivalent (CuEq) resource estimate for Yandera represents an update of the 2012 resource estimate, which was evaluated on a copper-only basis without the contributing value of ancillary molybdenum (Mo) and gold (Au) that would be produced with the copper (Cu). Other enhancements to the 2015 resource estimate include:
Yandera is an igneous-hosted, structurally-controlled Cu-Mo-Au porphyry system comprised of a series of adjacent deposits along recognized structural trends. Mineralization is related to multiple pulses of intrusive rock and hydrothermal alteration. Grade has spatial correlation with late dacite intrusions and polymictic breccias with over-printing phyllic alteration. Broad tabular zones of copper mineralization extend from surface to depths of over 500 metres and have been drill-defined to a strike length of over 5 kilometres.
The resource block model was informed by 35,250 samples from 553 drill holes at an average drill hole spacing of less than 30 metres in the principal resource areas (Gremi, Imbruminda and Omora) and less than 100 metres in other deposits within the model space.
Mineral resources were estimated by Ordinary Kriging using MineSight® software in 25 by 25 by 10 metre blocks (XYZ), constrained by grade shells based on a 0.15% Cu cutoff. Grade estimates within the grade shells were based on capped, five-metre composited assay data. Capping was conducted prior to compositing. The resource model was validated by visual inspection, statistical comparisons of block values to source data and comparison of Kriged results to other interpolation methods and swath plots. Resources were classified into Measured, Indicated and Inferred categories based on CIM definition standards sufficient for NI 43-101 and JORC reporting. A minimum of three drill holes were required for the assignment of Measured Mineral Resources within a search radius of 50 metres. Indicated resources were also classified with a minimum of three drill holes within a radius of 100 metres.
Pieter Britz, CEO of Marengo, commented, "We are pleased to report our 2015 resource estimate for the Yandera property in Papua New Guinea. Significant exploration work has been completed since the release of the previous resource estimate in 2012, including drilling for infill and geotechnical purposes, and exploration drilling at Dimbi and Rima. The Marengo technical team has been working diligently since late 2014 to interrogate the Yandera data sets and geological models in order to understand and better define the resource at Yandera. In the coming weeks, we will be determining the next steps for the future development of the Yandera project."
In order to establish a reasonable prospect of eventual economic extraction in an open pit/sulfide flotation and oxide-leach context, the mineral resources presented above are reported within a potentially mineable pit configuration at a copper price of US$3.50/lb Cu, a molybdenum price of US$15/lb Mo and a gold price of US$1500/oz Au; metallurgical recoveries of 90% for Cu, 85% for Mo and 65% for Au; mining cost of US$2.50/tonne of material mined; and process and G&A costs of US$10.00/tonne of material processed. Additional factors include a 2% royalty to the PNG government and a pit slope of 45 degrees.
The resources are reported within the pit configuration above an internal copper-equivalent cutoff grade of 0.15% CuEq. The metal prices, recoveries and costs listed above were used to define copper-equivalent cutoff.
The metal ratios used for reporting copper equivalent are:
CuEq = Cu% + (Mo% (i) 4.05) + (Au ppm (i) 0.45)
These metal ratios were developed using the metal prices and recovery assumptions listed above. Recoveries are based on metallurgical test work carried out by Marengo in 2011.
The Mineral Resource Statement, with an effective date of May 1, 2015, is presented in Table 1. The resource has been reported as a total, and as oxide and non-oxide components, as these material types will have different metallurgy and will have different recovery characteristics and costs.
The mineral resources were estimated using current Canadian Institute of Mining, Metallurgy and Petroleum standards, definitions, and guidelines and are also compliant with JORC. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category. The Company is arranging for the preparation of an independent technical report in respect of the resource estimate discussed in this news release and plans to file the technical report on SEDAR within 45 days of the date of this news release in accordance with the requirements of NI 43-101.
The Yandera Mineral Resource Statement was prepared by J.B. Pennington, MSc., C.P.G., and Justin Smith, BSc., P.E., both of SRK Consulting (U.S.), Inc., Reno, Nevada, and provides a classification of resources in accordance with CIM Standards on Mineral Resources and Mineral Reserves: Definitions and Guidelines, November 27, 2010. Mr. Pennington and Mr. Smith are Qualified Persons, and are independent of Marengo for purposes of NI 43-101 and have approved the contents of this news release.
For further information on the Yandera Project, please refer to the technical report titled "Yandera Copper Project, Madang Province, Papua New Guinea" dated April 2012, available on the Company's website and on SEDAR.
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward looking information. Such forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or to be achieved and any other similar expressions. In providing the forward-looking information in this news release, the Company has made numerous assumptions regarding: (i) the accuracy of exploration results received to date; (ii) anticipated costs and expenses; (iii) that the results of the feasibility study continue to be positive; and (iv) that future exploration results are as anticipated. Management believes that these assumptions are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking information, including a actual results of exploration. Some of these risks, uncertainties and other factors are described under the heading "Risks Factors" in the Company's annual information form available on the SEDAR website. Forward-looking information is based on estimates and opinions of management at the date the statements are made. Except as required by law, Marengo does not undertake any obligation to update forward-looking information even if circumstances or management's estimates or opinions should change. Readers should not place undue reliance on forward-looking information.
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the actual results of exploration activities, changes in market conditions, risks relating to international operations, fluctuating metal prices and currency exchange rates, and other risks of the mining industry. Although Marengo has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Marengo undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed. Reference is made to the most recent annual information form of Marengo filed with Canadian securities regulators which includes further discussion of the risk factors which may impact the business and operations of Marengo.
JORC Competent Person's Statement
The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on, and fairly represents, information and supporting documentation compiled by Mr. Jerry B. Pennington, a Competent Person who is a Certified Professional Geologist as recognized by the American Institute of Professional Geologists (AIPG). Mr. Pennington is a consultant to Marengo Mining Limited, and is not a related party of the company.
Mr. Pennington has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Pennington consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.
Except to the extent not set out herein, for a (i) summary description of rock types, geological controls and dimensions of mineralized zones, and the identification of any significantly higher grade intervals within a lower grade intersection; (ii) a summary of the relevant analytical values, widths and, to the extent known, the true widths of the mineralized zones; (iii) a summary description of the geology, mineral occurrences and nature of the mineralization found; and (iv) a summary description of the type of analytical or testing procedures utilized, sampled, sample size, the name and location of each analytical or testing laboratory used and any relationship of the laboratory to the issuer please refer to the Company's technical report filed on SEDAR and dated November 9, 2007. There is no drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.
For further information on the Project and the resources contained therein, please refer to the Company's Canadian NI 43-101 and Australian JORC technical report "Yandera Copper Project, Madang Province, Papua New Guinea" (dated April 2012) which is available on the Company's website and at the (Canadian) SEDAR website.
Appendix 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Section 3 Estimation and Reporting of Mineral Resources
(Criteria in the above sections apply to all succeeding sections.)
Contacts:
Pieter Britz
Chief Executive Officer
Marengo Mining Limited
+61 2 8243 2905
Alex Dann
Chief Financial Officer & Corp Secretary
Marengo Mining Limited
+1 416 464 4067
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Datum: 05.05.2015 - 13:03 Uhr
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