Vancouver — Drilling by
The Calgary-based junior intersected thick intervals of mineralization with good grades in an area northwest of previous drilling.
The most recent program spanned 2,860 metres and consisted of geotechnical and stepout components. Its purpose was to expand the deposit to the west and define the pitwall design.
Stepout holes were drilled into the western portion of the deposit, and all were vertical except hole 112, which was drilled at minus 65. Highlights are as follows:
q Hole 112 intersected 10.4 metres averaging 0.18% tungsten trioxide, 0.13% copper, 0.1% bismuth and 7.6% fluorite, plus 0.2 gram gold per tonne. This was followed by a 28.5-metre section of 0.26% tungsten trioxide, 0.11% copper, 0.04% bismuth, 12.5% fluorite and 0.14 gram gold.
q Hole 113 cut 30.2 metres averaging 0.23% tungsten trioxide, 0.11% copper, 0.06% bismuth, 6% fluorite and 0.13 gram gold. This was followed by an 11.6-metre interval of 0.12% tungsten trioxide, 0.08% copper, 0.02% bismuth, 14% fluorite and 0.07 gram gold.
q Hole 114 cut 15.5 metres averaging 0.35% tungsten trioxide, 0.17% copper, 0.08% bismuth, 7.4% fluorite and 0.24 gram gold. This was followed by a 9-metre interval of 0.4% tungsten trioxide, 0.13% copper, 0.07% bismuth, 14.7% fluorite and 0.21 gram gold.
q Hole 115 cut 56.4 metres averaging 0.36% tungsten trioxide, 0.15% copper, 0.09% bismuth, 11.2% fluorite and 0.22 gram gold.
q Hole 119 intersected 13.3 metres of 0.32% tungsten trioxide, 0.36% copper, 0.17% bismuth, 6.2% fluorite and 0.73 gram gold.
q Hole 121 cut 7.8 metres grading 0.14% tungsten trioxide, 0.03% copper, 0.01% bismuth, 16.4% fluorite and 0.03 gram gold. This was followed by a 33.6-metre section of 0.27% tungsten trioxide, 0.14% copper, 0.03% bismuth and 20.1% fluorite and 0.1 gram gold.
The geotechnical holes were drilled around the margins of the deposit in the area of the proposed pit walls. These holes were drilled to test rock stability, which will then be used to define pit wall angles for the open pit in an anticipated feasibility study.
A few of these holes encountered mineralization, including:
q hole 118, which returned 26.1 metres of 0.34% tungsten trioxide, 0.17 gram gold, 0.17% copper, 0.08% bismuth and 17.6% fluorite starting at a down-hole depth of 118.3 metres; and
q hole 120, which cut 14 metres of 0.38% tungsten trioxide, 0.11 gram gold, 0.11% copper, 0.03% bismuth and 9.9% fluorite starting at 5 metres down-hole.
In early December 2002, Tiberon updated its resource estimate, with material in the measured category totalling 27.1 million tonnes averaging 0.68% tungsten-trioxide-equivalent, or 0.25% tungsten trioxide, 0.25 gram gold per tonne, 0.23% copper, 0.11% bismuth and 8.2% fluorite. The calculation was based on a cutoff grade of 0.2% tungsten-trioxide-equivalent, which in turn was calculated using assumed prices of US$5,475 per tonne of contained tungsten trioxide, US$140 per tonne of fluorite concentrate, US85 per pound of copper, US$325 per ounce of gold, and US$3.20 per pound of bismuth.
The indicated resource is pegged at 22.3 million tonnes averaging 0.6% tungsten-trioxide-equivalent, or 0.19% tungsten trioxide, 0.22 gram gold, 0.21% copper, 0.104% bismuth and 7.9% fluorite. The inferred resource is pegged at 24 million tonnes averaging 0.55% tungsten equivalent, or 0.18% tungsten trioxide, 0.16 gram gold, 0.16% copper, 0.081% bismuth and 8.1% fluorite.
Metallurgical tests have confirmed that 80% of the tungsten, 70% of the fluorite, and 75% of the copper are recoverable using gravity and flotation. Estimated recoveries for gold and bismuth are 20% and 10%, respectively.
The new resource estimate is based on all drill holes up to and including hole 110. The next estimate will be based on subsequent holes, beginning with no. 111, and will be calculated as part of a bankable feasibility study.
A prefeasibility study, based on work carried out by AMEC E&C Services, Laurion Consulting and Knight Piesold Consulting, is expected to be completed later in January.
Tiberon holds a 70% interest in the Nui Phao project, with the remainder held by Vietnamese parties.
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