Vancouver — Initial resource estimates for
Based on 62 vertical drill holes, a measured resource of 106.3 million tonnes grading 0.49% copper and 0.73 gram gold per tonne (0.91% copper equivalent) was calculated using a 0.5% copper-equivalent cutoff. Contained metals in the estimate include 1.15 billion lbs. (about 520,000 tonnes) copper and 2.5 million oz. gold.
Additional inferred resources of 28.8 million tonnes grading 0.43% copper and 0.59 gram gold (0.78% copper equivalent) were also reviewed, using the same cutoff.
The mineralized zone in the porphyry averages about 200 metres thick, showing good continuity both laterally and vertically. About 21,000 metres of drilling has tested an area extending 900 metres northwest-southeast and 400 metres northeast-southwest, with mineralization remaining open to the north, south and east.
Project operator Continental has completed its initial option earn-in requirements to acquire a 50% interest in Xietongmen with payments of US$2 million and US$5 million in spending. The company can earn an additional 10% by funding a further US$3 million in exploration by late 2006.
Continental plans to resume its delineation drill program shortly. Environmental baseline and socioeconomic studies, and metallurgical testing are planned as the project advances toward feasibility.
With 47.3 million shares outstanding, Continental posts a $78-million market capitalization based on its recent $1.65 trading level. The company has traded in a 52-week range of 94-$2.10.
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