Tiberon expands Nui Phao deposit (December 31, 2001)

Vancouver — Assay results from 11 stepout holes have expanded, to the east, west and south, the Nui Phao tungsten deposit in Vietnam. The property is in the country’s northern region, near Hanoi.

Tiberon Minerals (TBR-V) recently finished a 111-hole drilling campaign that included eight large-diameter metallurgical holes. Results from the last 11 holes are expected early in the new year. The current indicated resource stands at 12.3 million tonnes grading 0.43% tungsten trioxide, 0.31 gram gold, 0.26% copper and 0.12% bismuth. In addition, 10.2 million tonnes grading 0.47% tungsten trioxide, 0.26 gram gold, 0.27% copper and 0.13% bismuth were placed in the inferred resource category. Bench-scale metallurgical tests are slated to be finished in January, and an updated resource is expected by February.

Higlights from the stepout holes are outlined below.

– Hole 81a cut three intervals of mineralization. The longest one cut 15 metres grading 0.52% tungsten trioxide, 0.71 gram gold, 0.37% copper, 0.27% bismuth and 13.2% fluorite, starting at a depth of 119 metres.

– Hole 83 intersected 15.1 metres grading 0.35% tungsten trioxide, 0.26 gram gold, 0.23% copper, 0.11% bismuth and 11.1% fluorite, starting at 98 metres down-hole.

– Hole 85 intersected 17.6 metres grading 0.37% tungsten trioxide, 0.45 gram gold, 0.31% copper, 0.17% bismuth and 10.8% fluorite, starting at 16.4 metres down-hole.

– Hole 86 cut 22.8 metres grading 0.06% tungsten trioxide, 0.42 gram gold, 0.54% copper, 0.3% bismuth and 10.3% fluorite, starting at a depth of 63.2 metres.

– Hole 87 intersected 20 metres grading 0.29% tungsten trioxide, 0.49 gram gold, 0.59% copper, 0.31% bismuth and 13.7% fluorite, starting at a depth of 116 metres.

– Hole 88 intersected three intervals of mineralization, the longest cut a 13.1-metre interval that averaged 0.39% tungsten trioxide, 0.18 gram gold, 0.12% copper, 0.1% bismuth and 14.5% fluorite, starting at a depth of 50 metres.

– Hole 92 intersected four intervals of mineralization, starting at a depth of 53 metres; the first cut 5 metres grading 0.45% tungsten trioxide, 0.31 gram gold, 0.27% copper, 0.14% bismuth and 10.5% fluorite. The second cut 4 metres averaging 0.54% tungsten trioxide, 0.48 gram gold, 0.33% copper, 0.15% bismuth and 9.9% fluorite. The third cut 4 metres of 0.3% tungsten trioxide, 0.36 gram gold, 0.23% copper, 0.13% bismuth and 9.9% fluorite. The last interval cut 4.9 metres averaging 0.3% tungsten trioxide, 0.3 gram gold, 0.22% copper, 0.13% bismuth and 10% fluorite.

More recently, the junior has been focusing its efforts on the Nui Chiem prospect, 1.5 km north of Nui Phao. Nui Chiem hosts a strong geophysical anomaly with a 900-metre strike length that remains open to the north and west; it is associated with a coincident copper and gold-in-soil anomaly. Chip samples from the more gossanous specimens returned up to 1.8 parts per million gold, 5,100 ppm bismuth and 1,900 ppm copper.

Previously, two vertical holes were sunk into the prospect with a small portable scout drill. Hole 6 hit fresh rock at a depth of 53 metres but was unable to penetrate to any significant extent. The other hole intersected only highly weathered material. Tiberon considers the target a possible copper-gold skarn.

Tiberon holds a 70% interest in the Nui Phao project, with the remainder held by Vietnamese parties.