TriAusMin Restates Current Woodlawn Underground Mineral Resource to Comply With JORC 2012 Editionadmin
TriAusMin Restates Current Woodlawn Underground Mineral Resource to Comply With JORC 2012 Edition
Aurora, Ontario CANADA, January 29, 2014 /FSC/ – TriAusMin Limited (TOR – TSX), (“TriAusMin” or the “Company”) is pleased to announce that the existing global Woodlawn Underground Mineral Resource (previously reported in 2006 according to the 2004 Edition of JORC Code and subsequently presented in a report prepared in accordance with Canadian National Instrument 43-101 and filed on www.sedar.com) has been reviewed and restated according to the 2012 Edition of the JORC Code by an independent Resource Consultant who is also a “qualified person” under Canadian National Instrument 43-101. The independent report is entitled “Woodlawn Underground Project – JORC (2012 Edition) Mineral Resource Restatement at December 2013″. The report was authored by Mr Robin Rankin (MSc DIC MAusIMM (CP)) for independent geological consultancy GeoRes. The restatement includes a Code Table 1 and that has been included at the end of this release. There has been no increase or decrease in the stated Resource.
To view the Code Table 1, click onto the following link:
The Consultant’s report included details on all Resource relevant project information and data derived during the period 2006 – 2013. It was concluded that none of the additional information would make a material change to the previously reported Resources. He specifically addressed exploration drilling at Woodlawn undertaken during the period, principally 2010-2013, commenting that the new data “was not at sufficient density or close enough to existing lens intercepts to reliably allow correlations and thus warrant inclusion with existing data and re-estimation of Resources”. He believes however that the drilling results, which contain lens grade mineralisation, are positive and that further nearby and in-fill drilling will confirm correlations and thus significant extensions to existing or new lenses. The Consultant’s view on re-estimation took into account that TriAusMin had already reviewed the new data through reporting of JORC Exploration Target figures in 2013.
The Woodlawn Underground Mineral Resource is now considered to be 2012 JORC compliant. For the purposes of compliance with Canadian National Instrument 43-101 requirements concerning use of codes (foreign codes) other than the “CIM Definition Standards – for Mineral Resources and Mineral Reserves” in technical reports on mineral projects, the JORC mineral resource categorization used for the Woodlawn Underground Mineral Resource is directly equivalent to the CIM categorization.
TriAusMin’s CEO Mr. Wayne Taylor commented –
“We are very pleased to be able to restate the Woodlawn Underground Resource to the 2012 Edition of the JORC Code. The restatement has provided an opportunity to review the previous work and validate this against the new standard. We also remain very confident about the potential from the recent drilling success, including the discovery of the new high-grade Kate lens, to make material additions to the existing Resource base at Woodlawn and importantly, in an area immediately adjacent to the existing underground mine workings. This resource base, along with the new mineralisation, is expected to lead to the reopening of the Woodlawn Mine and for TriAusMin to establish itself as a profitable producing mining company in the near term.”
The JORC (2012 Edition) classified Woodlawn Underground global Mineral Resources are tabulated below.
class Tonnes Zn Cu Pb Au Ag Zn Eq.
(Mt) (%) (%) (%) (g/t) (g/t) (%)
Measured 3.6 10.4 1.8 4.0 0.5 85.1 7.00
Indicated 5.0 10.2 1.8 4.0 0.6 84.0 7.00
+Indicated 8.6 10.3 1.8 4.0 0.5 84.5 7.00
Inferred 1.5 9.6 1.7 4.1 0.6 86.8 7.00
In accordance with the JORC Code, 2012 Edition, the Company will restate its Mineral Resources as at 30 June each year, in its annual report to shareholders published in October each year.
Woodlawn Project Background
The Woodlawn Project is centred on the former Woodlawn Mine located 30 kilometres south of Goulburn and 200 kilometres southwest of Sydney, where the company holds two significant poly-metallic resource-based assets; the Woodlawn Underground Project (“WUP”) and the Woodlawn Tailings Retreatment Project (“WRP”).
When in production (1978 to 1998), the Woodlawn open pit and underground mine produced approximately 13.4 million tonnes of high grade zinc, lead and copper ore from a number of separate, fault-bounded massive sulfide zones mined to a maximum depth of 630 metres below surface (only selected lenses were mined to this level). A Measured and Indicated Resource 1(a) of 8.6 million tonnes grading 10.28% Zn, 4.00% Pb, 1.8% Cu, 84 g/t Ag and 0.5 g/t Au as well as 1.5 million tonnes of Inferred Resources 1(a) at an average grade of 9.6% Zn, 4.1% Pb, 1.7% Cu, 87 g/t Ag and 0.6 g/t Au previously released by the Company exist within and around the former operations.
The WUP involves the evaluation of re-establishing underground mining at Woodlawn. The high grade nature of this deposit and the demonstrated potential to re-establish mining operations makes this a high priority project for TriAusMin. Drilling in 2012 and 2013 confirmed the capacity to add resources down dip to the previously mined ore lenses.
The WRP is expected to process approximately 11 million tonnes of tailings produced by the former Woodlawn Mine. Processing will produce separate zinc, copper and lead concentrates that contain by-product silver and gold. The WRP’s planned production rate as a standalone project is approximately 1.5 million tonnes per annum with an expected mine life of approximately 7.5 years. All metallurgical test work, engineering studies and financial modelling have been completed with the business case confirming a low-risk mining and processing project with strong economics at long term projected metal prices. A feasibility study on the WRP was prepared in accordance with National Instrument 43-101 in 2009 and is filed on www.sedar.com.
The WRP and WUP Projects are both attractive on a standalone basis, however, the co-development of the projects provides significant capital cost benefits, higher production rates and optimal operating flexibility as well as providing enhanced overall economics and a higher return on invested capital for shareholders.
TriAusMin is engaged in the exploration and development of base and precious metals deposits in the Lachlan Fold Belt of New South Wales, Australia. TriAusMin’s projects include the Woodlawn Project, the Lewis Ponds Project located near Orange, 200km west of Sydney, as well as a number of other quality exploration properties in the Lachlan Fold Belt.
For further information, please visit www.triausmin.com or contact:
Mr Wayne Taylor, Managing Director and Chief Executive Officer:
Tel: +61 02 9299 7800 (Sydney) firstname.lastname@example.org
Tel: +1 905 727 8688 (Toronto) email@example.com
1. Competent Person/Qualified Person
(a) The technical information in this news release relating to the Woodlawn Mineral Resources is based on information compiled by Mr Robin Rankin, who is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM) and accredited by the AusIMM since 2000 as a Chartered Professional (CP) in the geology discipline. Mr Rankin provided information to his Client TriAusMin Limited as paid consulting work in his capacity as Principal Consulting Geologist and operator of independent geological consultancy GeoRes. He and GeoRes are professionally and financially independent in the general sense and specifically of their Client and of the Client’s project. The consulting was provided on a paid basis, governed by a scope of work and a fee and expenses schedule, and the results or conclusions reported were not contingent on payments. He has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code) and “Qualified Person” as this term is defined in Canadian National Instrument 43-101 (“NI 43-101″). Mr Rankin consents to the inclusion in this news release of the information in the form and context in which it appears.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws, which are based on expectations, estimates and projections as of the date of this news release. This forward-looking information includes, or may be based upon, without limitation, estimates, forecasts and statements as to management’s expectations with respect to, among other things, the generation of revenues by the Company, the timing and amount of funding required to execute the Company’s exploration, development and business plans, capital and exploration expenditures, the effect on the Company of any changes to existing legislation or policy, government regulation of mining operations, the length of time required to obtain permits, certifications and approvals, the success of exploration, development and mining activities, the geology of the Company’s properties, environmental risks, the availability of labour, the focus of the Company in the future, demand and market outlook for precious metals and the prices thereof, progress in development of mineral properties, the Company’s ability to raise funding privately or on a public market in the future, the Company’s future growth, results of operations, performance, and business prospects and opportunities. Wherever possible, words such as “anticipate”, “believe”, “expect”, “intend”, “may” and similar expressions have been used to identify such forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, assumptions and other factors that could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. These factors, including, but not limited to, fluctuations in currency markets, fluctuations in commodity prices, the ability of the Company to access sufficient capital on favourable terms or at all, changes in national and local government legislation, taxation, controls, regulations, political or economic developments in Canada, Australia or other countries in which the Company does business or may carry on business in the future, operational or technical difficulties in connection with exploration or development activities, employee relations, the speculative nature of mineral exploration and development, obtaining necessary licenses and permits, diminishing quantities and grades of mineral reserves, contests over title to properties, especially title to undeveloped properties, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other geological data, environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding, limitations of insurance coverage and the possibility of project cost overruns or unanticipated costs and expenses, and should be considered carefully. Many of these uncertainties and contingencies can affect the Company’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Prospective investors should not place undue reliance on any forward-looking information. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.
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Source: TriAusMin Limited (TOR-TSX) http://www.triausmin.com
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Posted: January 29th, 2014 under FSCWIRE.