Northaven Resources Corp. Provides Clarification of Prior
Disclosure on Regal Silver Mine
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 23, 2014) -
NORTHAVEN RESOURCES CORP. (TSX-VENTURE:NTV) advises that, as a
result of a review by the British Columbia Securities Commission,
we are issuing the following news release to clarify our prior
disclosure.
On December 3, 2013, we issued a news release (the "December
News Release") disclosing contents of a historical technical report
(the "Report") dated 1971 containing a positive feasibility review
and recommendation for production at that time on its Regal Silver
polymetallic mine property 31 km north east of Revelstoke, B.C. The
news release disclosed certain information which we would like to
clarify.
Historical Resource
The December News Release contained a table describing
silver-lead-zinc and tungsten mineralization comprising the
Historical Estimate disclosed in the Report which might have been
read as implying that the grades reported for Tungsten applied to
the entire tonnage reported for the silver-lead-zinc
mineralization, rather than being limited to the smaller tonnage
reported next to the reported tungsten grade, which is in fact the
case.
While the tungsten mineralization occurs throughout the mine
mineralization in intimate association with the silver-lead-zinc
mineralization, no tungsten grade was reported for the historical
silver-lead-zinc estimate. Instead, the Authors selected certain
areas of the veins containing higher grades of tungsten for
determination of a tungsten resource which was reported separately
and recommended for separate treatment as a matter of practical
processing, described as follows:
SILVER-LEAD-ZINC MINERALIZATION |
|
TUNGSTEN (WO3) MINERALIZATION |
Category* |
Tons |
Silver (troz) |
Lead (%) |
Zinc (%) |
|
Category* |
Tons |
Tungsten (WO3)% |
"Probable Reserve"* |
114,146 |
3.24 |
3.32 |
1.58 |
|
"Probable Reserve"* |
9,060 |
1.09 |
"Possible Reserve"* |
323,911 |
3.15 |
3.26 |
1.61 |
|
"Possible Reserve"* |
9,700 |
1.02 |
|
|
|
|
|
|
|
|
|
* |
These 1971 estimates pre-date National Instrument 43-101 ("NI
43-101"). The Company has not independently verified the above
results and considers them to be "Historical Estimates" under NI
43-101. A qualified person has not done sufficient work to classify
the historical estimates as a current mineral resource and the
Company is not treating them as current mineral resources or
reserves. |
Comparison of Historical Estimate to Current Resource
Estimates
The December News Release indicated that mineralization
classified in the Report as "Probable Reserve" corresponds to "a
Probable Mineral Reserve" and "Possible Reserve" to an "Inferred
Mineral Resource" under NI 43-101, based on calculations and costs
at the time of the Report. Readers are cautioned that, although the
Report Authors used both reserve categories in their Historical
Estimate to support their production recommendations at the time, a
historic "Probable Reserve" cannot be compared to a current reserve
because there is no current economic analysis to demonstrate that
economic extraction could be justified. Further, it appears that
the mineralization referred to by the Authors as a historical
"Possible Reserve" category may be comparable the current NI 43-101
"Inferred Resource", which would have precluded its inclusion in
reserve estimates under NI 43-101.
The Resource was calculated based on mineralized vein sections
that Authors concluded had been adequately developed, sampled and
check sampled underground, excluding areas below the cut-off grade,
except where necessary to preserve orderly mining units. The
Authors used a cut-off value for silver-lead-zinc mineralization of
$8.91 per ton with assumed metal prices of $1.75/troz for silver,
$0.15/lb for lead and $0.14/lb for zinc and with adjustments for
anticipated metallurgical recovery. A cut off value of $20.32 per
ton was used for Tungsten mineralization using prices of $50/unit
for W03 with adjustments for anticipated metallurgical recovery.
Mining and milling costs used were $3.68 and $2.75/t for
silver-lead-zinc mineralization and $15.09 and $2.75 for Tungsten
mineralization, respectively. The Authors appear to have used the
manual polygonal method for calculating resource blocks, using set
distances above and below underground workings and sampling data.
Resource blocks classified as a "Probable Reserve" were calculated
mainly by level assays extending, in most cases, a maximum of 25
feet (7.62 meters) above and below the assay level.
The Report appears to have been prepared in a competent and
diligent manner and Company considers it to be reliable, subject to
verification and upgrading to current standards.
The Report is also particularly helpful as a guide for further
exploration and development. The Report indicates there is
excellent potential for extending known mineralized veins in and
around the Mine. Although there are at least 5-6 veins identified
in the mine area, only one ("No 5 vein") provided 95% of the
tonnage in the Historical Estimate, with most of the other veins
being excluded due to limited exploration or development. None of
the veins reported in the Mine have been drilled to depth and all
remain open in both strike directions. Since the Report clearly
identifies the location and grades of mineralization used to
calculate the Historical Estimate, it may significantly reduce the
time and expense required to explore and develop the Mine.
Readers are again cautioned that a Qualified Person has not
done sufficient work to classify the Historical Estimate as current
mineral resources or mineral reserves and the Company is not
treating the Historical Estimate as current mineral resources or
mineral reserves.
Retraction of previous disclosure of quantities and grades in
Exploration Targets
The Regal Silver Mine lies approximately 2 miles (3.2 km)
southwest of a northwesterly-trending syncline forming part of a
sedimentary/structural sequence extending for several hundred
kilometers in both direction being itself part of a northeast
trending sedimentary occurrence characterized by northeasterly
compressional overthrusting and resultant northwesterly-trending
high-angle reverse and normal extensional faulting.
The Allco Silver Workings are located approximately 6.5
kilometers to the northwest, along the same structure. Both
projects and the intervening ground are all entirely well within
the Company's property holdings. The rocks underlying the entire
area are comprised of the argillitic shales and limestone of the
Lardeau and Badshot Formations. At the Regal Silver Mine,
repetitive mineralized quartz veins occur within the mine area
which are sub-parallel to the synclinal axial plane and dip from
65° north east near surface, with dips flattening to 25° at depths
of 400 meters below surface. In the historical mine, 6 veins were
identified over a vertical height of 1200 feet (265m) to the #10
level, with thicknesses varying from 1 foot (0.3m) to 40 feet
(12.2m), apparent strike lengths of up to 2,500 feet (762m) and
inter-vein spacings of 50 (15.2m) to 150 feet (45.7m). The veins
are described as being predominantly white to grey non-vitreous
quartz with pyrite and pyrrohotite being the principal sulphide
minerals. Scheelite is found in intimate association with the
pyrite. Scattered throughout and locally concentrated in the veins
are nests, bands and pods of coarsely crystalline argentifierous
galena, resinous sphalerite, tetrahedrite and ruby silver.
Based on mapping, sampling and limited underground workings, the
Allco Silver showing also has geological features similar to Regal
Silver, including northwest trending quartz vein structures within
an anomalous 500 meter wide, 3000 meter long zone, which remains
open along the structure.
Veins occur at the Regal Silver mine in a zone over 300 meters
wide and have been mapped for at least 762 meters along the same
structure. Examination of the veining at both projects suggests
they are structurally controlled and from the geological mapping
appear to have wide significant strike lengths and numerous vein
occurrences with over 20 separate locations mapped up to 1970.
Limited production at the Allco showing produced shipments of 213
tons of ore containing 11 troy ounces of gold, 11,211 troy ounces
of silver and 173,157 pounds of lead. Although these spectacular
grades are not likely representative of reasonably repeatable
grades, they do show remarkably similar mineralizing suites and
similar metal ratios to those reported at Regal Silver, suggesting
a common mineralizing event.
The structural features at Allco and Regal Silver are consistent
with the occurrence of normal and reverse faulting resulting from
regional overthrusting, particularly at the contact between the
underlying argyilic and limestone units. These fault zones would
create zones of dilatancy, particularly in brittle rocks such as
the Lardeau shales and Badshot Limestones, which were later
mineralized by hydrothermal solutions arising from depth. The
existence of this geological model is also supported by the
information obtained from the ZTEM geophysical program conducted by
the Company in 2011 (previously reported) which has revealed a
significant number of north-west tending subsurface linear
anomalies which appear to have close connection with known
mineralized occurrences in the area.
If the mineral occurrences at both the Allco and Regal Silver
are the result of the same structural and mineralizing events
outlined above, then, as a
conceptual model, there may exist a zone of roughly
continuous sub-parallel mineralized quartz veins representing the
traces of steep reverse to normal faulting striking approximately
315° (NW), dipping from 65 to 25° northeast between and including
both the Regal Silver and the Allco Showings. Based on this model
and on the geological mapping within the Regal Silver mine and at
the Allco Silver showings, we would expect the veins to show
similar characteristics to those mapped. This in turn gives rise to
an exploration target having an areal extent of possibly 300m X
6,500m between the two projects, containing similar vein
structures.
The Company retracts an exploration target size and range of
grades in the December News Release, and a target tonnage disclosed
in its MD&A dated November 28, 2013. On further consideration,
there is insufficient mapping, sampling and assaying throughout the
target area for us to arrive at a considered estimate of tonnage
and grade ranges for these targets. Accordingly, we retract our
earlier statements as to target size and instead state that we
believe the area to be geologically permissible of an exploration
target of substantial size, with possible mineralization at grades
similar to those found at either the Regal Silver Mine or the Allco
Silver Workings. Readers are cautioned that this exploration
target is conceptual in nature and it is uncertain if further
exploration will result in the estimation of ranges of quantity and
grade in the exploration target, or the target being delineated as
a mineral resource.
The Company plans to conduct exploration work to test the above
target as well as the historic Regal Silver mine area in the coming
year, subject to funding.
This news release has been reviewed with respect to technical
information by Phil Southam, P. Geo., an independent Qualified
Person under National Instrument 43-101.
On behalf of the Board of Directors of
NORTHAVEN RESOURCES CORP.
Allen D. Leschert, CEO
All other technical data herein is based on information
contained in technical reports or summaries prepared by independent
third parties which has not been independently verified by the
Company, and which remains subject to confirmation by subsequent
evaluation. Neither the TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release. This news release may contain
assumptions, estimates, and other forward-looking statements
regarding future events. Such forward-looking statements involve
inherent risks and uncertainties and are subject to certain
factors, many of which are beyond Northaven's control, which may
cause actual results or performance to differ materially from those
currently anticipated in such statements.
Northaven Resources Corp.Malcolm FraserPresident604
696-3608malcolm@northavenresources.comNorthaven Resources
Corp.Allen LeschertCEO604
696-3600allen@northavenresources.comwww.northavenresources.com
(TSXV:NTV)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
(TSXV:NTV)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024