Tintina Resources Inc. ("Tintina" or the "Company")
(TSX-VENTURE:TAU)(OTCQX:TINTF) is pleased to announce it has received assay
results for fifteen (15) new drill holes from the company's flagship Black Butte
Copper Project, located in central Montana, USA (see table 1). These in-fill
drill holes completed in late 2012 in the Lowry Deposit Middle Zone together
with earlier drilling results will form the basis for a new Lowry Deposit Middle
Zone resource estimate, expected in Q2 of 2013.
Highlights of the 2012 in-fill drill program from the Lowry Deposit - Middle
Zone (LD - MZ):
-- Drill hole SC12-152 intersected 38.40 meters grading 2.66% Copper (Cu),
0.09% Cobalt (Co), and 12.5 g/tonne Silver (Ag)
-- Drill hole SC12-163 intersected 16.90 meters grading 2.85% Copper (Cu),
0.08% Cobalt (Co), and 16.6 g/tonne Silver (Ag)
-- Drill hole SC12-164 intersected 38.13 meters grading 2.83% Copper (Cu),
0.08% Cobalt (Co), 16.7 g/tonne Silver (Ag)
-- Drill hole SC12-168 intersected 23.66 meters grading 5.45% Copper (Cu),
0.11% Co, and 20.9 g/tonne Silver (Ag).
The results from the four (4) 2012 drill holes highlighted above are among
results from fifteen (15) new drill holes which will help provide the basis for
a forthcoming Lowry Deposit Middle Zone (LD-MZ) resource estimate which is
scheduled to be completed later in 2013. Two (2) holes, SC12-161 and SC12-163,
continued to depth to test the Lowry Deposit Lower Zone (LD-LZ) and six (6)
additional holes also produced good grade but thin intersections from the Lowry
Deposit Upper Zone (LD-UZ), and these results are also tabled below in Table 1.
Jerry Zieg, Vice President of Exploration said: "We are very pleased to continue
to report thick, high grade copper intersections from the Black Butte Copper
project. The Lowry Middle Zone results will form the basis for a new resource
estimate for the Lowry deposit which should become a substantial addition to our
Measured and Indicated Resource inventory. We will then have the opportunity to
incorporate the updated drill defined resources in a pre-feasibility or
feasibility study currently being contemplated by the Company."
Table 1 - 2012 drill Intersections from Lowry Deposit - Middle Zone (LD-MZ)
and Lowry Deposit- Lower Zone (LD-LZ)
----------------------------------------------------------------------------
Lowry Deposit - Middle Zone (LD-MZ)
----------------------------------------------------------------------------
From To Width Width Cu Co Ag
Drill Hole Zone (m) (m) (m) (ft) % % (g/t)
----------------------------------------------------------------------------
SC12-152 LD-MZ 347.50 385.90 38.40 126.0 2.66 0.09 12.5
----------------------------------------------------------------------------
SC12-153 LD-MZ 348.00 357.00 9.00 29.5 2.50 0.09 14.5
----------------------------------------------------------------------------
SC12-154 LD-MZ 359.30 409.80 50.50 165.7 1.50 0.08 10.6
----------------------------------------------------------------------------
including 359.30 375.50 16.20 53.2 2.12 0.06 9.1
----------------------------------------------------------------------------
and including 392.5 398.6 6.10 20.0 2.33 0.11 21.1
----------------------------------------------------------------------------
SC12-155 LD-MZ 318.52 331.32 12.80 42.0 2.87 0.08 15.8
----------------------------------------------------------------------------
and 341.94 346.42 4.48 14.7 2.15 0.07 16.7
----------------------------------------------------------------------------
SC12-156 LD-MZ 312.00 316.69 4.69 15.4 3.66 0.15 17.4
----------------------------------------------------------------------------
SC12-157 LD-MZ 413.12 426.83 13.71 45.0 1.39 0.10 14.7
----------------------------------------------------------------------------
including 413.12 417.30 4.18 13.7 2.99 0.18 19.4
----------------------------------------------------------------------------
SC12-159 LD-MZ 286.15 309.70 23.55 77.3 1.78 0.08 11.1
----------------------------------------------------------------------------
SC12-160 LD-MZ 405.00 415.60 10.60 34.8 1.97 0.06 10.7
----------------------------------------------------------------------------
including 411.63 415.60 3.97 13.02 4.53 0.05 14.9
----------------------------------------------------------------------------
SC12-161 LD-MZ 306.50 319.30 12.80 41.99 1.30 0.06 13.1
----------------------------------------------------------------------------
SC12-163 LD-MZ 455.85 535.00 79.15 259.7 1.51 0.07 13.7
----------------------------------------------------------------------------
including 510.30 527.20 16.90 55.5 2.85 0.08 16.6
----------------------------------------------------------------------------
SC12-164 LD-MZ 480.97 519.10 38.13 125.1 2.83 0.08 16.7
----------------------------------------------------------------------------
SC12-165 LD-MZ 301.70 308.00 6.30 20.7 3.07 0.04 9.2
----------------------------------------------------------------------------
SC12-166 LD-MZ 431.25 437.00 5.75 18.86 2.26 0.15 24.3
----------------------------------------------------------------------------
SC12-168 LD-MZ 348.76 372.42 23.66 77.62 5.45 0.11 20.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Lowry Deposit - Lower Zone (LD-LZ) and Upper Zone (LD-UZ)
----------------------------------------------------------------------------
From To Width Width Cu Co Ag
Drill Hole Zone (m) (m) (m) (ft) % % (g/t)
----------------------------------------------------------------------------
SC12-161 LD-LZ 508.70 515.90 7.20 23.6 2.39 0.12 20.1
----------------------------------------------------------------------------
SC12-163 LD-LZ 648.20 650.20 2.00 6.56 2.51 0.12 14.0
----------------------------------------------------------------------------
SC12-152 LD-UZ 286.00 288.20 2.20 7.2 2.88 0.03 24.1
----------------------------------------------------------------------------
SC12-153 LD-UZ 242.80 244.55 1.75 5.74 2.17 0.05 16.2
----------------------------------------------------------------------------
SC12-154 LD-UZ 272.60 273.15 0.55 1.8 4.03 0.07 28.0
----------------------------------------------------------------------------
SC12-155 LD-UZ 225.59 225.98 0.39 1.28 12.20 0.04 20.0
----------------------------------------------------------------------------
SC12-156 LD-UZ 234.25 235.31 1.06 3.48 5.05 0.09 25.0
----------------------------------------------------------------------------
SC12-165 LD-UZ 206.00 207.70 1.70 5.58 2.11 0.04 10.4
----------------------------------------------------------------------------
(For previous Resource estimates and historic results at Black Butte please
see News Releases dated October 20, 2010; October 27, 2010; January 6, 2011;
April 26, 2011; May 4, 2011; June 21, 2011; June 28, 2011; July 28th, 2011;
August 17, 2011; August 30, 2011; November 30, 2011; January 19, 2012; and
March 1, 2012.)
2012 achievements and 2013 plans
The Company completed a Preliminary Economic Assessment ("PEA") only on the
Johnny Lee deposit Indicated and Inferred Resource during 2012 (see news release
dated September 4, 2012) and has since upgraded the Johnny Lee deposit to a
Measured and Indicated resource containing 910 million pounds of copper at a
3.57% copper grade, with an additional Inferred resource of 94 million pounds of
copper at a 2.91% copper grade (see news release dated November 13, 2012). The
Company has also completed an infill drilling program on the Lowry deposit,
which currently has an Inferred Resource of 294 million pounds of copper at a
grade of 2.6% (see news release dated November 1, 2012). The Company expects the
recently completed drilling will allow an upgrade of the Lowry deposit to an
Indicated resource. The Company continues engineering, geotechnical,
hydrological, metallurgical and baseline environmental studies in preparation
for a revised PEA incorporating a higher throughput scenario, which may include
the Lowry deposit. The revised PEA is expected in Q2, 2013. Finally, the Company
plans to commission a pre-Feasibility Study ("PFS") or Feasibility Study ("FS")
after completion of the revised PEA. The Company expects to complete the PFS or
FS by Q3, 2014.
About the Black Butte Copper Project
Geologists with Cominco American Inc. and joint venture partners Utah
International and BHP discovered the deposits contained in the Black Butte
Copper project during exploration programs in the 1980's. In 1993, after
completing 60,775 meters drilled in the district, Cominco turned the property
back over to the ranch owners and the copper deposits lay dormant until 2010
when members of the original discovery team now with Tintina re-established
contact with the property owners. In May of 2010 Tintina entered into mining
leases on over 5,000 acres (2,023.4 hectares) of private ranch lands which
contain all currently identified resources at Black Butte Copper. Present land
holdings consist of 7,684.3 acres (3,109.7 hectares) of private ranch lands and
239 Federal mining claims totaling 4,541 acres (1,837.7 hectares). Tintina has
completed 54,447 meters of drilling since September of 2010. At least five
additional copper mineralized zones have been identified in the resource area
and may contain additional resource. Tintina has completed a positive
Preliminary Economic Assessment (PEA) (see news release dated September 4,
2012). The Company expects the completion of an expanded PEA in Q2 2013 and
expects approval of their amendment for an exploration decline in Q2 2013. The
Company is targeting the granting of a Mine Operating Permit in 2015 and copper
production in 2016.
The Johnny Lee Deposit lies 3.2 km (2 miles) west of U.S. Highway 89, and is
comprised of the Johnny Lee Deposit Upper Zone (JL-UZ) and the Johnny Lee
Deposit Lower Zone (JL-LZ). Both zones consist of tabular layers of
copper-cobalt-silver mineralization as bands of massive chalcopyrite within
fine-grained massive pyritic sulfide layers hosted by shale and conglomerate.
The JL-UZ deposit lies at depths ranging from 30 to 210 meters below the surface
and is up to 29.17 meters thick. The JL-LZ lies at depths ranging from 340 to
500 meters below surface and is up to 22.30 meters thick. Portions of both the
Upper and Lower Zones are faulted away and have yet to be located. Additional
sulfide zones lie above the JL-UZ and contain variable concentrations of zinc
and copper. The Johnny Lee deposit contains an undiluted Measured and Indicated
resource of 910 million pounds of copper at a copper grade of 3.57%. This
includes the Johnny Lee Lower Zone, which contains an undiluted Indicated
Resource of 337 million pounds of copper at a grade of 6.4% copper. The Johnny
Lee deposit also contains an undiluted Inferred Resource of 94 million pounds of
copper at a copper grade of 2.91% copper.
The Lowry Deposit (Fig. 2) lies 1.2 kilometers (0.75 miles) west of U.S. Highway
89 and consists of at least five copper mineralized zones. Of these, the Lowry
Middle Zone is a tabular layer of copper-cobalt-silver mineralization reaching
up to 79 meters thick with high concentrations of chalcopyrite (copper-iron
sulfide) concentrated within fragmental, silicified and dolomitized shale and
carbonate. Individual drill holes contain as much as 2.8% Cu over 50.9 meters
drilled thickness. The deposit dips gently to the south, lies at depths ranging
from 265 to 718.5 meters below surface, and measures 600 meters by 300 meters in
plan. The northeast trending Rose fault down drops the southeast portion of the
zone, where two holes extend the zone by about 100 meters. These holes have not
been offset further east or south. The Lowry Middle Zone contains an undiluted
Inferred Resource of 294 million pounds of copper at a copper grade of 2.6%
copper and a new resource estimate based on recent infill drilling is expected
in Q2, 2013. More drilling is required to bring any of the other copper
mineralized zones to the Inferred Resource category.
These deposits are amenable to underground mining, an approach consistent with
the desires of the landowners and community. Community and regional support for
the project is high due to the strong desire for jobs in this economically
challenged rural Montana area. Permitting activities are ongoing using highly
knowledgeable Montana-based consulting groups together with the in-house team.
Base-line and other key studies for permitting are carried out in close
cooperation with the Montana Department of Environmental Quality to ensure high
quality and complete permit applications.
Black Butte Copper Mineral Resource Statement as of November 1, 2012
Table 1 - Undiluted Measured and Indicated Resources at Black Butte Copper,
MT, USA
----------------------------------------------------------------------------
UNDILUTED MEASURED RESOURCES - Johnny Lee Deposit
----------------------------------------------------------------------------
Estimated Metal Grades Estimated Contained Metal
--------------------------------------------------------
Cu
Cutoff Tonnes Cu Co Au Ag Cu Lbs Co Lbs Au Ag Ozs
(%) (000) (%) (%) (g/t) (g/t) (Millions) (Millions) Ozs (000)
----------------------------------------------------------------------------
Upper
Zone 1.60 2,659 2.99 0.118 0.007 16.3 175 6.9 598 1,393
----------------------------------------------------------------------------
----------------------------------------------------------------------------
UNDILUTED INDICATED RESOURCES - Johnny Lee Deposit
----------------------------------------------------------------------------
Estimated Metal Grades Estimated Contained Metal
-------------------------------------------------------
Cu Cu Lbs Co Lbs
Cutoff Tonnes Cu Co Au Ag (Mill- (Mill- Au Ag Ozs
(%) (000) (%) (%) (g/t) (g/t) ions) ions) Ozs (000)
----------------------------------------------------------------------------
Upper
Zone 1.60 6,520 2.77 0.125 0.009 15.5 398 18.0 1,887 3,249
----------------------------------------------------------------------------
Lower
Zone 1.50 2,387 6.40 0.033 0.304 4.5 337 1.7 23,330 345
----------------------------------------------------------------------------
TOTAL 8,907 3.74 0.10 0.088 12.6 735 19.7 25,217 3,594
----------------------------------------------------------------------------
----------------------------------------------------------------------------
UNDILUTED MEASURED AND INDICATED RESOURCES - Johnny Lee Deposit
----------------------------------------------------------------------------
Estimated Metal Grades Estimated Contained Metal
----------------------------------------------------------
Tonnes Cu Co Au Ag Cu Lbs Co Lbs Au Ag Ozs
(000) (%) (%) (g/t) (g/t) (Millions) (Millions) Ozs (000)
----------------------------------------------------------------------------
Upper and
Lower
Zones 11,566 3.57 0.10 0.069 13.4 910 26.6 25,815 4,987
----------------------------------------------------------------------------
TOTAL 11,566 3.57 0.10 0.069 13.4 910 26.6 25,815 4,987
----------------------------------------------------------------------------
Table 2 - Undiluted Inferred Resources at Black Butte Copper, MT, USA
----------------------------------------------------------------------------
UNDILUTED INFERRED RESOURCES - Johnny Lee Deposit
----------------------------------------------------------------------------
Estimated Metal Grades Estimated Contained Metal
------------------------------------------------------
Cu Cu Lbs Co Lbs
Cutoff Tonnes Cu Co Au Ag (Mill- (Mill- Au Ag Ozs
(%) (000) (%) (%) (g/t) (g/t) ions) ions) Ozs (000)
----------------------------------------------------------------------------
Upper
Zone 1.60 1,255 2.52 0.102 0.008 15.2 70 2.8 323 613
----------------------------------------------------------------------------
Lower
Zone 1.50 205 5.33 0.025 0.207 4.1 24 0.1 1,364 27
----------------------------------------------------------------------------
TOTAL 1,460 2.91 0.09 0.036 13.6 94 2.9 1,687 640
----------------------------------------------------------------------------
----------------------------------------------------------------------------
UNDILUTED INFERRED RESOURCES - Lowry Deposit
----------------------------------------------------------------------------
Estimated Metal Grades Estimated Contained Metal
------------------------------------------------------
Cu Cu Lbs Co Lbs
Cutoff Tonnes Cu Co Au Ag (Mill- (Mill- Au Ag Ozs
(%) (000) (%) (%) (g/t) (g/t) ions) ions) Ozs (000)
----------------------------------------------------------------------------
Middle
Zone 1.60 5,139 2.60 0.12 0.009 14.6 294 14 1,487 2,412
----------------------------------------------------------------------------
TOTAL 5,139 2.60 0.12 0.009 14.6 294 14 1,487 2,412
----------------------------------------------------------------------------
----------------------------------------------------------------------------
UNDILUTED INFERRED RESOURCES - Johnny Lee and Lowry Deposits
----------------------------------------------------------------------------
Estimated Metal Grades Estimated Contained Metal
----------------------------------------------------------
Tonnes Cu Co Au Ag Cu Lbs Co Lbs Au Ag Ozs
(000) (%) (%) (g/t) (g/t) (Millions) (Millions) Ozs (000)
----------------------------------------------------------------------------
Johnny Lee 1,460 2.91 0.09 0.036 13.6 94 2.9 1,687 640
----------------------------------------------------------------------------
Lowry 5,139 2.60 0.12 0.009 14.6 294 14 1,487 2,412
----------------------------------------------------------------------------
GRANDTOTAL 6,599 2.67 0.11 0.015 14.4 388 16.9 3,174 3,052
----------------------------------------------------------------------------
Notes:
1. Mineral Resources have been classified according to the "CIM Standards
on Mineral Resources and Reserves: Definitions and Guidelines" (December
2005). The preliminary economic assessment contained herein is
preliminary in nature and includes inferred Mineral Resources that are
considered too speculative geologically to have the economic
considerations applied to them that would enable them to be categorized
as Mineral Reserves and there is no certainty that the preliminary
economic assessment will be realized.
2. It cannot be assumed that all or any part of an Inferred Resource will
be upgraded to an Indicated Resource, or that an Indicated Mineral
Resource will be upgraded to a Measured Resource, as a result of
continued exploration. Mineral Resources are not Mineral Reserves and do
not have demonstrated economic viability. There is no certainty that all
or any part of the Mineral Resources will be converted into Mineral
Reserves. Mineral Resources are global in situ totals.
3. For the Johnny Lee Upper Zone, cutoff grade calculation is based on
assumed metal prices of $2.75/lb for copper and an 81% recovery. A
mining cost of $US $59.00/tonne, processing costs of US $16.00/Tonne,
and G&A costs of U.S. $5.00/tonne were assumed to form the basis for the
resource cut-off determination. For the Johnny Lee Lower Zone, cutoff
grade calculation is based on an assumed metal price of $2.75/lb. for
copper and an 84% Cu recovery. A mining cost of US $50/tonne, processing
costs of US $16/tonne, G&A costs of US $5.00/tonne, and refining costs
of US $5.53/tonne, were assumed to form the basis for the resource cut-
off determination. Note: these costs differ from those used for the cash
flow model in the PEA.
4. Mineral resource tonnage and contained metal quantities have been
rounded to reflect the accuracy of the estimate, and thus the numbers
may not sum due to rounding.
Qualified Persons
Jerry Zieg, Vice President of Exploration for the Company is a Qualified Person
for the purposes of National Instrument 43-101 and has reviewed and approved the
information of a scientific nature contained in this news release. Assays for
this program have been completed by ALS Chemex including duplicates, standards,
and blanks for QA/QC purposes.
About Tintina Resources Inc.
Tintina Resources Inc. is a well-funded Vancouver based resource company focused
on the development and mining of its 100% owned Black Butte Copper high grade
copper project (Fig. 1) in central Montana. Black Butte is the third highest
grade copper deposit in development in North America, with M&I resources of 910
million pounds of copper (Cu) at a grade of 3.57%, and Inferred Resources of 388
million pounds of copper (Cu) at a grade of 2.67%. On August 31, 2012, the
Company filed on SEDAR a Preliminary Economic Assessment (PEA) for the Johnny
Lee deposit on the Black Butte Copper property. The Company is also conducting
infill drilling on the Lowry deposit at Black Butte Copper to upgrade existing
Inferred resources to Indicated resources and will be updating the PEA to
possibly include the Lowry Inferred resource, previously not included in the PEA
filed August 31, 2012.
About Mining in Montana
Montana has been a mining state for a well over 100 years. Today, more than two
dozen mining operations are active making mining a cornerstone contributor to
the State's GDP. Tintina has met with State regulators and looks forward to
presenting the Black Butte Copper project as an underground mine with a small
footprint located on private land. The project continues to benefit from broad
local community support.
ON BEHALF OF THE BOARD OF DIRECTORS
Raj Chowdhry, CA, CEO & Executive Vice Chairman
Cautionary Note Regarding the PEA:
The PEA is preliminary in nature and includes inferred mineral resources that
are considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral reserves.
Furthermore, there is no certainty that the preliminary economic assessment will
be realized. Mineral resources that are not mineral reserves do not have
demonstrated economic viability. Readers are encouraged to read the technical
report, which discloses the basis for the preliminary economic assessment and
the qualifications and assumptions made by the authors of the report.
Cautionary Note Regarding Forward-Looking Statements:
Certain disclosures in this release, including statements regarding the
Company's plans for and intentions with respect to advancement of the Company's
Black Butte Copper Project to production resource estimates, the upgrading of
resource estimates, the PEA, including estimates of capital and sustaining
costs, anticipated internal rates of return, mine production, estimated
recoveries, mine life, estimated payback period, and net present values, planned
exploration activities and the results thereof, development activities,
including the receipt of approvals and permits, the preparation of an updated
preliminary economic analysis and a feasibility study and other plans and
objectives of the Company with respect to the Black Butte Project and
surrounding area constitute "forward-looking statements" and "forward-looking
information" (collectively, "forward-looking statements") within the meaning of
the United States Private Securities Litigation Reform Act of 1995 and Canadian
securities legislation. In making the forward-looking statements in this
release, the Company has applied certain factors and assumptions that the
Company believes are reasonable, including that the Company is able to obtain
any government or other regulatory approvals and any financing required to
complete the Company's planned exploration and development activities, that the
Company is able to procure equipment and supplies in sufficient quantities and
on a timely basis, that the Company's exploration and development activities on
the Black Butte Copper Project will not be affected by actions of environmental
activists or other special interest groups, that actual results of exploration
activities are consistent with management's expectations, that the proposed mine
plan and recoveries will be achieved, that capital costs and sustaining costs
will be as estimated, that the assumptions underlying mineral resource estimates
are valid and that no unforeseen accident, fire, ground instability, flooding,
labor disruption, equipment failure, metallurgical, environmental or other
events that could delay or increase the cost of development will occur,.
However, the forward-looking statements in this release are subject to numerous
risks, uncertainties and other factors relating to Tintina's operation as a
mineral exploration company and the Black Butte Copper Project property that may
cause future results to differ materially from those expressed or implied in
such forward-looking statements.
Such uncertainties and risks include, among others, actual results of the
Company's exploration activities being different than those expected by
management, uncertainties involved in the interpretation of drilling results and
geological tests, delays in obtaining or inability to obtain required government
or other regulatory approvals or financing, interference with Tintina's
exploration or development activities by environmental activists or other
special interest groups, inability to procure equipment and supplies in
sufficient quantities and on a timely basis, the risk of unexpected variations
in mineral resources, grade or recovery rates, of failure of plant, equipment or
processes to operate as anticipated, of accidents, labor disputes, and
unanticipated delays in obtaining governmental approvals and completing other
development activities, the risk that estimated costs will be higher than
anticipated and the risk that the proposed mine plan and recoveries will not be
achieved, equipment breakdowns and bad weather. 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. Readers are
cautioned not to place undue reliance on forward-looking statements. Tintina
does not intend, and expressly disclaims any intention or obligation to, update
or revise any forward-looking statements whether as a result of new information,
future events or otherwise, except as required by law.
To view Images 1-3, please visit the following link:
http://media3.marketwire.com/docs/tau207i.pdf.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tintina Resources Inc.
Tiffany Konings
Corporate Secretary
604.628.1162
info@tintinaresources.com
www.tintinaresources.com
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