Tumi Resources Limited - Tumi updates tungsten and strategic metal
portfolio in Sweden
TSXV - TM
Frankfurt -
TUY
Pink Sheets - TUMIF
VANCOUVER, Nov. 28, 2012 /CNW/ - Tumi Resources Limited
(the "Company") (TSXV: TM) (OTCPK: TUMIF) (Frankfurt:
TUY). Mr. David
Henstridge, President, reports that the Company has staked
six areas covering tungsten and strategic metals totaling 3,680
hectares in the Bergslagen District of south-central Sweden, each being 100% owned by the
Company. The primary commodity on these licences is tungsten
(and associated fluorite and beryllium), a strategic metal that has
seen its value increase by more than 70% since October 2010. The tungsten metal market is
expected to see future shortages, which are due in part to export
restrictions imposed by China.
China is the largest producer with
2009 data showing greater than 75% of global production but is soon
expected to be a net importer of the metal. By staking these six
properties the Company will be well positioned for tungsten
exploration in Sweden over the
coming years.
Mr Henstridge stated, "I am pleased to report
that Tumi has positioned itself as a major player in tungsten and
associated strategic metal exploration in Sweden. As the Yxsjoberg mineralization may
also contain significant additional values in the form of
beryllium, copper and fluorite, the company will initially focus
attention on this area, particularly looking at the reprocessing
potential of the tailings ponds".
Brief details of the six areas are as follows:
Yxsjon: The Yxsjon licence contains the
historic Yxsjoberg mine that is a skarn-hosted
tungsten-copper-beryllium deposit. The earliest records of mining
at Yxsjoberg date back to the 18th and 19th centuries when the
deposit was mined for copper. Scheelite (CaW03) was
first identified in 1862, and tungsten was mined between 1918 and
1921. A new concentrator was built in 1937 after the mine had been
reopened, and a roasting furnace and new gravimetric separator was
added in 1951. A circuit for the production of fluorite
(CaF2) concentrate was added in 1956. After closure in
1963 due to poor metal prices, the Swedish State-owned mining
company AB Statsgruvor acquired the mine, and the construction of a
completely new concentrator and headframe began in 1970. The new
plant was put in production in 1972 and was converted from
gravimetric separation of scheelite and chalcopyrite to selective
flotation in 1977. The mine ended operations in 1989, again due to
low tungsten prices. The known mineralization continues to a depth
of 750 meters, but geophysical measurements indicate that it is
likely to continue down to at least 900 meters (NSG report
NSG_89026).
The Yxsjoberg process plant has largely been
left untouched since the closure of the mine, and two large ponds
containing 2.4 and 2.2 million metric tons of tailings remain
(Comet, 1992). Though the remaining known tungsten resource in the
mine is limited to approximately 500,000 tonnes of mineralization
averaging 0.35% WO3*, the tailings should also be
considered for reprocessing. The average grade of the tailings has
been estimated to be approximately 0.19% WO3* with
additional values to be obtained by recovering beryllium, copper
and fluorite. According to a report by Kemakta Konsult AB the total
tonnage of beryllium in the tailings may exceed 920 tonnes at an
average grade of approximately 0.02% beryllium*. As the beryllium
price is in around $930 USD/kg the
additional metal value may be significant.
Gussarvet: Flood et al, 1981 report (Grb
232) inferred historical resources* of 200,000 tonnes at 0.34%
WO3 following a 15 hole diamond drill program in which
drill hole GAH 6 intersected 7.75 m averaging 0.64% WO3
and 31.3 m grading 0.37% WO3. The tungsten
mineralization occurs in skarn and epidote-quartzite associated
with an approximately 100 m wide NE-SW trending carbonate horizon.
According to the 1981 report, the SW end of the mineralization
appears to be cut by a fault, and one of our objectives will be to
locate the extension of the mineralization on the other side of the
fault. The report also suggests that the mineralization may be open
towards depth, thus making this a high priority target. The
Hällsjön-Gussarvet area remains under-explored and will be one of
the first areas to be explored by the Company to confirm and
increase the historical resource.
Wigstromsgruvan: The licence area
contains a small historic tungsten mine that fed ore to the nearby
but now closed Yxsjoberg mine mill. Scheelite and fluorite
mineralization occur in garnet-diopside skarn within mafic
metavolcanics. Production figures reveal 130,456 tonnes of ore
grading 0.28% WO3 were shipped to the mill. Ore was
produced from a slot-cut approximately 200 m long and up to 50 m
deep. Records suggest the mineralization remains open along strike
and at depth, hence significant mineral resources remained in place
at the time of the mine closure.
Sandudden: Scheelite and fluorite ore
from a test-pit was also shipped to the Yxsjöberg mill with
mineralization having similar characteristics to that found at
Wigstromsgruvan. Production from the test-pit was 17,080 tonnes
grading 0.22% WO3, mined from two benches to a depth of
10 m. Kontio, et al, 1979 report inferred historical resources* in
the area of 422,000 tonnes at a grade of 0.25% WO3 and
5% CaF2. The Sandudden area remains under-explored and
will be one of the first areas to be explored by the Company to
both confirm and increase the historical resource.
*The data is historical in nature and was
compiled prior to the implementation of NI 43-101 reporting
standards. The Company has not completed sufficient exploration to
verify the estimates and is not treating them as NI 43-101
defined-resources or reserves verified by a Qualified Person; the
historical estimate should not be relied upon.
Gustavsberg: The licence area contains a
historic iron mine in the Riddarhyttan area of central Sweden. Documentation from the mine indicated
that copper and tungsten mineralization was found in the skarn
adjacent to the iron ore. Mine geologists reported discoveries of
"up to football-sized patches of scheelite" in the footwall skarn.
The mineralization is located in a N-S to NW-SE trending band of
thinly bedded/banded metavolcanic rocks of alternating felsic and
mafic nature. No modern exploration for tungsten has been done in
the area although prospectors have been reporting scheelite
occurring in the remnant waste dumps at the mine; a recent
inspection by Company geologists discovered scheelite in excess of
4 cm in size. This information suggests the Gustavsberg licence
area to be a prime target for modern tungsten exploration.
Gensgruvan: A small mine called
Molybdengruvan operated within the licence area for a few years in
the 1940's. Production figures from 1944 record 1,600 tonnes of ore
were mined with an average grade of 0.3% WO3. Local
geological surveys have unearthed a number of untested outcrops
containing scheelite mineralization. Also, a large number of
mineralized boulders have been discovered in the area, but the
source has not been located.
The qualified person for the Company's projects,
Anders Hogrelius, a Member of the
Australian Institute of Geoscientists, has visited all of the
Company's properties in Sweden and
has verified the contents of this news release.
On behalf of the Board,
"David Henstridge"
David Henstridge, President &
CEO
Forward Looking Statements This Company Press Release
contains certain "forward-looking" statements and information
relating to the Company that are based on the beliefs of the
Company's management as well as assumptions made by and information
currently available to the Company's management. Such
statements reflect the current risks, uncertainties and assumptions
related to certain factors including, without limitations,
competitive factors, general economic conditions, customer
relations, relationships with vendors and strategic partners, the
interest rate environment, governmental regulation and supervision,
seasonality, technological change, changes in industry practices,
and one-time events. Should any one or more of these risks or
uncertainties materialize, or should any underlying assumptions
prove incorrect, actual results may vary materially from those
described herein.
Neither the TSX Venture Exchange, its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange), nor the Frankfurt Stock
Exchange accepts responsibility for the adequacy or accuracy of
this news release.
SOURCE Tumi Resources Limited