Chieftain Confirms Upper Zone with Numerous High Grade Intercepts
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 12/05/11 -- Chieftain Metals Inc. ("Chieftain" or the "Company") (TSX: CFB) is pleased to announce further assay results from its 31,181 m exploration program that continues to demonstrate strong progress for the expected conversion of inferred to indicated resources in and around the Tulsequah Chief deposit. These results represent the remaining holes completed in the immediate mine area, additional to the drillhole assay information released previously (see Press Release dated October 5, 2011). These results will finalize drillhole composite data and lens solid modeling for the updated reserve estimate as part of the updated Feasibility Study (See Press Release dated September 19, 2011).
A significant number of the reported holes contain high-quality intersections expected to be well above the projected operating cut-off grade in terms of Net Smelter Return (NSR) from payable metals, after deduction of all transportation, treatment, and refining charges, as per the assumptions contained in the Preliminary Economic Assessment (PEA) technical report (see Press Release dated June 14, 2011). The highlights of these high grade intersections previously unreported are shown in Table 1:
Table 1: Selected significant intersections:
Those holes in the above table with a numerical sequence above 189 were drilled in the upper part of the deposit in an area containing historical reserve blocks from previous operations in 1957. These holes have confirmed the presence of the mineralized zones, which have not previously been integrated into any 43-101 resource estimate. Re-modeling of the zones is progressing for consideration of integration into the planned resource estimate update. Two of the holes in Table 1 (TCU11191 and 195) have returned individual sample assays which were above the assay limit of 30% zinc and require re-assaying. The composites presented here have been calculated using a 30% Zn assay value for those samples.
A more comprehensive compilation of the assay data is shown in Table 2.
Table 2: Complete list of the additional drillhole information within the Tulsequah Chief mine area:
Data Security and Verification:
Terence Chandler, P.Geo., Executive Vice President for Chieftain Metals Inc. is the Qualified Person responsible for this disclosure in conformance with the standards of National Instrument 43-101. Drillhole location, down-hole surveying (using EZ-shot magnetic and maxibor non-magnetic survey systems) and core sampling are managed directly by Chieftain geologists. Chieftain has implemented a careful quality control and assurance program that includes insertion of field blanks, duplicates and standards into the sample stream in order to monitor the precision and accuracy of the assay data. All samples are prepared by Chieftain personnel and shipped directly to the Whitehorse sample preparation facility of Eco-tech labs, followed by shipment to the Eco-Tech laboratory in Kamloops, BC for assays and analyses. Eco-Tech labs is an accredited assay laboratory, formerly a division of the Stewart Group and as of late July acquired by the ALS Laboratories Group. Chieftain is working closely with ALS to ensure that assaying standards and quality are maintained through this transition.
About Chieftain Metals Inc:
Chieftain Metals' principal business is the acquisition, exploration and development of mineral properties. Since incorporation, the company's business has focused entirely on the acquisition, and thereafter the development, of the Tulsequah Chief Polymetallic Project, in north-western British Columbia, Canada. The Tulsequah Project consists of 38 mineral claims and Crown-grants covering approximately 14,220 hectares and two previously producing mines. For more information on the Tulsequah Project, please refer to the Company's NI 43-101 compliant technical reports, "Preliminary Economic Assessment" dated July 29, 2011; "Tulsequah Chief Deposit, Tulsequah Chief Property, Northern British Columbia" and "Big Bull Project, Tulsequah Chief Property, Technical Report, Northern British Columbia", each dated as of November 8, 2010 and available under the Company's profile on SEDAR ().
Forward-Looking Information:
This press release includes certain "forward-looking statements" within the meaning of the Ontario Securities Act or other laws or regulations. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization, mineral resources or reserves, exploration results and future plans and objectives of Chieftain Metals Inc. are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Contacts:
Chieftain Metals Inc.
Victor Wyprysky
President & CEO
(416) 479-5411
Chieftain Metals Inc.
Jamie Frawley
Director, Corporate Communications
(416) 479-5415
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Datum: 05.12.2011 - 12:00 Uhr
Sprache: Deutsch
News-ID 93794
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TORONTO, ONTARIO
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Mining & Metals
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