New Upgraded Geologic Model Supports Improved Recoveries - 96% for
Gold & 72% for Silver for High Grade Mineral Resource
VANCOUVER, Nov. 18 /PRNewswire-FirstCall/ -- Kimber Resources Inc.
(NYSE AMEX:KBX, TSX:KBR) is pleased to announce a new, upgraded
mineral resource estimate for the Carmen Deposit at its 100% owned
Monterde project, located in Mexico's Sierra Madre mining district.
This estimate defines a high grade gold-silver mineral resource
with improved metallurgical recoveries, which lies within an
overall significantly larger, lower grade mineral resource. This
new mineral resource estimate is based on 587 drill holes and 329
metallurgical tests completed to date, and has been created after a
thorough geological and metallurgical review. The base case high
grade mineral resource estimate is tabulated below, while
additional details follow later in this release. Base Case High
Grade Mineral Resource Estimate for Carmen Deposit
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(At a 3g/t Recoverable Gold Equivalent Cut-off)
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In situ In Situ Contained Contained Tonnes Gold Grade Silver In
Situ In Situ Classification (000s) (g/t) Grade (g/t) Gold (oz)
Silver (oz)
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Indicated 3,660 4.19 165.2 492,900 19,440,700
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Additional Inferred 1,921 4.40 94.6 271,800 5,845,000
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The high grade resource lies within an overall halo of lower grade
mineralization. The base case total resource estimate, inclusive of
the high grade estimate, is tabulated below. Base Case Total
Mineral Resource Estimate (inclusive of High Grade) for Carmen
Deposit -------------------------------------------- (At a 0.3g/t
Recoverable Gold Equivalent Cut-off)
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In situ In Situ Contained Contained Tonnes Gold Grade Silver In
Situ In Situ Classification (000s) (g/t) Grade (g/t) Gold (oz)
Silver (oz)
-------------------------------------------------------------------------
Indicated 19,500 1.12 59.0 699,700 36,978,700
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Additional Inferred 10,800 1.09 32.0 381,600 11,155,400
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"We are extremely pleased with this new mineral resource estimate
for the Carmen Deposit, which is underpinned by a very detailed
geological model and technical work program, and which defines a
significant tonnage of high grade gold-silver mineral resources
with excellent metallurgical recoveries," said Gordon Cummings,
President & CEO of Kimber. "Kimber is now in a position to
commence the formal review of economics of the Carmen Deposit,
based on this high grade gold-silver mineral resource, and we will
review the optimal combination of open pit and underground
operations, with a focus on profitability." Metallurgical Recovery
Highlights for High Grade Mineral Resource Based on 329 individual
metallurgical recovery characterization tests conducted across the
entire Carmen deposit, trends have been identified that allowed
recovery to be related to location within the deposit (along strike
and to depth) and to grade, for each of silver and gold. As a
result of this extensive test work, at a cut off of 3 g/t
recoverable gold equivalent, average modelled gold recoveries were
96% for indicated mineral resources and inferred mineral resources
while the average modelled silver recovery was 72% for indicated
mineral resources and 75% for inferred mineral resources. Mineral
Resource Estimation Process The mineral resource estimate for the
Carmen Deposit at Monterde was prepared by Mr. Gary Giroux P.Eng. a
senior associate of Micon International and the results are
effective at November 17, 2009. This mineral resource estimate was
prepared using a three dimensional block model and ordinary kriging
of 6 x 6 x 6 metre blocks while the inverse distance squared method
was used for comparative purposes. The estimation of grades was
constrained by models of the geological and mineralized zones
created by Kimber geological staff under the supervision of Mr.
Petrus (Marius) Mare, P.Geo. Mr. Petrus (Marius) Mare, P.Geo. is
the Vice-President Exploration, and the designated Qualified Person
("QP") for the Monterde project under National Instrument 43-101.
Models of the geology and mineralization of gold and silver at
Carmen were reviewed and approved by Mr. Terrence Hennessey P.Geo.
of Micon International. The wireframes of the high grade and low
grade gold and silver mineralization were interpreted into various
sub-domains to optimize the sample search orientation by Pierre
Desautels P.Geo. of PEG Mining Consultants Inc. The gold and silver
metallurgical recovery models used to calculate gold and silver
recoveries by block and gold equivalent grade by block were
prepared by Kimber staff and consultants, and reviewed and approved
by Richard Gowans P.Eng., President of Micon International.
Interpolated results are reported in indicated and inferred
categories and were based on continuity of the mineralization and
sample density. This new mineral resource estimate for Carmen
includes a high grade mineral resource considered to be potentially
amenable to underground mining, and which is surrounded by a lower
grade mineral resource halo, some of which may be amenable to open
pit mining. Mineral resources that are not mineral reserves do not
have demonstrated economic viability. Mineral resource estimates do
not account for mineability, selectivity, mining loss and dilution.
These mineral resource estimates include inferred mineral resources
that are normally considered too speculative geologically to have
economic considerations applied to them that would enable them to
be categorized as mineral reserves. There is also no certainty that
these inferred mineral resources will be converted to the measured
and indicated categories through further drilling, or into mineral
reserves, once economic considerations are applied. Details of High
Grade Mineral Resource update for Carmen Deposit Since the last
block model mineral resource estimate for the Carmen deposit,
reported in July 2006, Kimber has drilled an additional 18 core
holes and 125 reverse circulation drill holes. In addition, 121
previously drilled, non-geotechnical core holes have been included
in the drill hole database for mineral resource purposes. During
2008 and 2009, the principal objectives for the Carmen deposit have
been the compilation of all of the geologic data to provide
geological control for the resource estimates; and the modelling of
the distribution of silver recoveries within the deposit. Gold
recoveries do not vary much within the Carmen deposit. This new,
upgraded mineral resource estimate is the result of this work. The
high grade mineral resource estimates at various cutoff grades are
shown below, with the base case bolded: High Grade Mineral Resource
Estimate for Carmen Deposit - Indicated
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(At Various Cut-off Grades)
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Grade Contained Metal Cutoff
------------------------------------------------- Grade Recoverable
(Recoverable Tonnes Gold Silver AuEq* Gold Silver AuEq* g/t) (000s)
(g/t) (g/t) (g/t) (ozs) (ozs)
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1.50 4,780 3.60 151.9 5.10 553,100 23,348,700
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2.00 4,530 3.73 154.3 5.28 543,100 22,471,100
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2.50 4,160 3.92 158.5 5.55 524,400 21,202,500
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3.00 3,660 4.19 165.2 5.93 492,900 19,440,700
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3.50 3,080 4.55 174.0 6.43 450,600 17,231,300
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4.00 2,540 4.97 184.2 7.01 405,800 15,044,600
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High Grade Mineral Resource Estimate for Carmen Deposit - Inferred
------------------------------------------------------------------
(At Various Cut-off Grades)
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Grade Contained Metal Cutoff
------------------------------------------------- Grade Recoverable
(Recoverable Tonnes Gold Silver AuEq* Gold Silver AuEq* g/t) (000s)
(g/t) (g/t) (g/t) (ozs) (ozs)
-------------------------------------------------------------------------
1.50 2,850 3.54 84.4 4.37 324,500 7,738,300
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2.00 2,620 3.73 87.8 4.60 313,900 7,396,400
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2.50 2,297 4.02 91.0 4.93 297,100 6,720,600
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3.00 1,921 4.40 94.6 5.35 271,800 5,845,000
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3.50 1,561 4.81 99.9 5.84 241,500 5,014,000
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4.00 1,224 5.29 107.1 6.42 208,100 4,216,300
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* Note 1: Gold Equivalent or "AuEq" g/t is based on assumed metal
prices of US$750/oz gold and US$12/oz silver and estimated gold and
silver recoveries for each block, using the following formula: AuEq
g/t = (Gold Grade * Gold Recovery %) + ((Silver Grade * Silver
Recovery %) * 12 / 750) Note 2: Columns with headings "Gold (g/t)",
"Silver (g/t)", "Gold (ozs)" and "Silver (ozs)" all relate to
contained metal and are before metallurgical recoveries are
applied. Total Mineral Resource, Inclusive of High Grade, for
Carmen Deposit A second set of mineral resource tables are provided
below to show the grades and tonnages for the entire Carmen
deposit, inclusive of high grade mineral resource estimates
detailed above. These tables reflect the block grades that might be
considered in a large scale open pit operation. Modelled gold
recovery for total indicated and inferred mineral resources was
94%. Modelled silver recovery averaged 55% for total indicated
mineral resources and 61% for total inferred mineral resources. The
total mineral resource estimate at various cutoff grades is
tabulated below, with the base case bolded. Total Mineral Resource
Estimate (inclusive of High Grade) for Carmen Deposit - Indicated
--------------------------------------------------------- (At
Various Cut-off Grades)
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Grade Contained Metal Cutoff
------------------------------------------------- Grade Recoverable
(Recoverable Tonnes Gold Silver AuEq* Gold Silver AuEq* g/t) (000s)
(g/t) (g/t) (g/t) (ozs) (ozs)
-------------------------------------------------------------------------
0.10 46,650 0.55 33.4 0.76 823,400 50,066,700
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0.20 28,280 0.83 46.2 1.16 756,500 42,047,700
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0.30 19,500 1.12 59.0 1.57 699,700 36,978,700
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0.40 15,750 1.32 67.6 1.86 667,400 34,246,100
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0.50 13,240 1.51 75.8 2.13 640,700 32,259,100
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0.60 11,480 1.68 82.9 2.37 618,200 30,594,400
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0.70 10,260 1.82 88.7 2.57 600,400 29,251,000
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0.80 9,430 1.93 93.0 2.74 585,800 28,202,100
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0.90 8,750 2.03 96.8 2.88 572,200 27,238,900
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1.00 8,190 2.13 100.0 3.01 560,100 26,328,700
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* Note 1: Gold Equivalent or "AuEq" g/t is based on prices of
US$750/oz gold and US$12/oz silver and estimated gold and silver
recoveries for each block and estimated using the following
formula: AuEq g/t = (Gold Grade * Gold Recovery %) + ((Silver Grade
* Silver Recovery %) * 12 / 750) Note 2: Columns with headings
"Gold (g/t)", "Silver (g/t)", "Gold (ozs)" and "Silver (ozs)" all
relate to contained metal and are before metallurgical recoveries
are applied. Total Mineral Resource Estimate (inclusive of High
Grade) for Carmen Deposit - Inferred
--------------------------------------------------------- (At
Various Cut-off Grades)
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Grade Contained Metal Cutoff
------------------------------------------------- Grade Recoverable
(Recoverable Tonnes Gold Silver AuEq* Gold Silver AuEq* g/t) (000s)
(g/t) (g/t) (g/t) (ozs) (ozs)
-------------------------------------------------------------------------
0.10 24,630 0.56 20.3 0.68 446,600 16,052,300
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0.20 14,380 0.88 27.0 1.07 406,900 12,485,400
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0.30 10,860 1.09 32.0 1.34 381,600 11,155,400
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0.40 9,460 1.21 34.5 1.49 368,300 10,502,300
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0.50 8,420 1.32 36.8 1.62 356,500 9,958,700
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0.60 7,450 1.43 39.1 1.75 342,800 9,369,600
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0.70 6,640 1.54 41.3 1.89 329,400 8,823,700
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0.80 6,000 1.64 43.2 2.01 316,900 8,339,600
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0.90 5,450 1.74 45.1 2.13 304,700 7,905,100
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1.00 4,980 1.83 46.7 2.24 293,200 7,476,800
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* Note 1: Gold Equivalent or "AuEq" g/t is based on prices of
US$750/oz gold and US$12/oz silver and estimated gold and silver
recoveries for each block and estimated using the following
formula: AuEq g/t = (Gold Grade * Gold Recovery %) + ((Silver Grade
* Silver Recovery %) * 12 / 750) Note 2: Columns with headings
"Gold (g/t)", "Silver (g/t)", "Gold (ozs)" and "Silver (ozs)" all
relate to contained metal and are before metallurgical recoveries
are applied. Metallurgical Recoveries for Gold & Silver in
Carmen Deposit Micon International, under the supervision of
Richard Gowans, P. Eng. Qualified Person, has approved the
application of gold and silver metallurgical recovery models based
on geographic and grade relationships defined in the recovery
characterization tests noted above. These models take into account
the improved geological understanding of the deposit derived from
the review and reinterpretation of all available geological and
drill data. Gold recovery in the Carmen deposit is almost always
good, based on recovery results from the characterization tests.
The only visible factor influencing recovery appears to be that
gold recovery increases with gold grade. A silver recovery model
has been created with reference to: - the grade of gold and silver
in each sample; - the physical location of the sample; and - the
mineralized structure where the sample was located. Analysis of the
silver recovery data led to the identification of 10 clusters
identified as key based on the estimated number of recoverable
ounces affected by a cluster. In order to validate the gold and
silver recovery models, and to facilitate refinements, 72 samples
were selected in the summer of 2009 and tested for gold and silver
recovery, in the same manner as the previously tested 257 recovery
characterization samples. These samples were selected mainly from
the 10 key clusters with varying depth, grade, location along
strike and structural characteristics. The recovery model projected
results in line with those obtained from the most recent laboratory
results, supporting the validity of the model. The gold and silver
recovery models can be applied to any block model mineral resource
estimate created in respect of the Carmen deposit. Other Mineral
Resource Estimates The mineral resource estimates for Veta Minitas
and Carotare, the other two gold-silver deposits that, with Carmen,
comprise the Monterde Project, are expected to be released in the
near future. About Kimber Kimber owns mineral concessions covering
in excess of 39,000 hectares in the prospective Sierra Madre
gold-silver belt, including the Company's Monterde property, where
three gold-silver mineral resources have already been defined. The
most advanced of these, the Carmen deposit, has been extensively
drilled and has undergone detailed geologic modeling in order to
evaluate the potential for a combined open pit and underground
mining operation based on current mineral resources. The Company is
now commencing a formal review of potential economics at the Carmen
deposit. In addition, the Company has a 100% interest in the
mineral concessions of its Pericones property, an 11,890 hectare
property targeted for silver, located approximately 100 kilometres
southwest of Mexico City. Forward looking statements Statements in
this release may be viewed as forward-looking statements. Such
statements involve risks and uncertainties that could cause actual
results to differ materially from those projected. There are no
assurances the Company can fulfil such forward-looking statements
and the Company undertakes no obligation to update such statements.
Such forward-looking statements are only predictions; actual events
or results may differ materially as a result of risks facing the
Company, some of which are beyond the Company's control. The
mineral resource estimate for the Carmen Deposit at Monterde was
prepared by Mr. Gary Giroux P.Eng., a senior associate of Micon
International, and the results are effective at November 17, 2009.
The estimation of grades was constrained by models of the
geological and mineralized zones created by Kimber geological staff
under the supervision of Mr. Petrus (Marius) Mare, P.Geo. Mr.
Petrus (Marius) Mare, P.Geo. is the Vice-President Exploration, and
the designated Qualified Person ("QP") for the Monterde project
under National Instrument 43-101. Models of the geology and
mineralization of gold and silver at Carmen were reviewed and
approved by Mr. Terrence Hennessey P.Geo. of Micon International.
The wireframes of the high grade and low grade gold and silver
mineralization were interpreted into various sub-domains to
optimize the sample search orientation by Pierre Desautels P.Geo.
of PEG Mining Consultants Inc. The gold and silver metallurgical
recovery models used to calculate gold and silver recoveries by
block and gold equivalent grade by block were prepared by Kimber
staff and consultants, and reviewed and approved by Richard Gowans
P.Eng., President of Micon International. The technical information
in this news release has been prepared in accordance with Canadian
regulatory requirements set out in National Instrument 43-101 and
reviewed by Mr. Petrus (Marius) Mare P.Geo., Vice-President
Exploration of the Company. The exploration activities at the
Monterde and Pericones project sites are carried out under the
supervision of Mr. Mare, who is the designated Qualified Person
under National Instrument 43-101 for the Monterde and Pericones
projects. Mr. Petrus (Marius) Mare, Vice-President Exploration, is
the designated Qualified Person (Q.P.) for the Monterde project,
being responsible for quality assurance and quality control
("QA/QC"), and has verified the data being disclosed. He has
determined that the laboratory reports matched the surface and adit
sample logs and that the quality control assays fall within
reasonable limits. QA/QC procedures incorporate blanks inserted at
the core shack and standards inserted after sample preparation in
respect of the Monterde Project samples. Pulps are analyzed by ALS
Chemex at its laboratory in North Vancouver, British Columbia,
using 50 gram sub-samples, using fire assay with an AA finish for
gold and four-acid digestion and ICP finish for silver from a 0.4
gram subsample. High grade gold or silver intervals are re-assayed
by fire assay with gravimetric finish. Cautionary Note to U.S.
Investors - The United States Securities and Exchange Commission
permits U.S. mining companies, in their filings with the SEC, to
disclose only those mineral deposits that a company can
economically and legally extract or produce. Kimber Resources uses
certain terms on its website (and certain press releases), such as
"measured," "indicated," and "inferred," "resources," which the SEC
guidelines strictly prohibit U.S. registered companies from
including in their filings with the SEC. U.S. Investors are urged
to consider closely the disclosure in our Form 20-F which may be
secured from us, or from the SEC's website at
http://www.sec.gov/edgar.shtml. DATASOURCE: Kimber Resources Inc.
CONTACT: Matthew Hamilton, Manager of Investor Relations or Gordon
Cummings, CA, President and CEO, North America Toll Free:
1-866-824-1100, Tel: (604) 669-2251, Fax: (604) 669-8577, Website:
http://www.kimberresources.com/, Email:
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