Calico Resources Announces Filing of Updated NI 43-101 Technical
Report for its Grassy Mountain Project in Oregon, USA
VANCOUVER,
Dec. 4, 2012 /CNW/ - Calico Resources
Corp. (TSX-V: CKB, OTCQX: CVXHF) (The "Company" or
"Calico") is pleased to report that it has filed a National
Instrument 43-101 ("NI 43-101") compliant technical report related
to its October 16, 2012 news release
announcing the updated resource estimate of its Grassy Mountain
Gold Project located in Malheur County,
Oregon, USA.
The independent technical report, entitled "NI
43-101 Technical Report on Resources, Grassy Mountain Gold Project"
(the "Technical Report"), dated November 29,
2012 with an effective date of September 26, 2012, was prepared for Calico
Resources by Gustavson Associates, LLC of Lakewood, Colorado, USA. The Technical Report
is available through the Internet under the Company's profile on
the Canadian System for Electronic Document Analysis and Retrieval
(SEDAR) at www.sedar.com and on the Company's website at
www.calicoresources.com.
The table below shows the measured, indicated
and inferred mineral resources estimated within the Grassy Mountain
Deposit (effective date of September 26,
2012). Mineral resources are reported using a 0.4 g/t (0.012
opt) gold cut-off-grade. There are discrete higher-grade
zones contained within the resource that can be represented by
using a 2.7 g/t (0.079 opt) gold cut-off-grade.
Grassy Mountain Mineral Resource
Estimate
| Cutoff |
Measured |
Au
(g/t) |
Au
(opt) |
Tonnes
(000s) |
Au
g/t |
Au
opt |
Ounces Au
(000s) |
Ag
g/t |
Ag opt |
Ounces Ag
(000s) |
| 0.4 |
0.012 |
33,820.8 |
1.30 |
0.038 |
1,416.7 |
3.84 |
0.112 |
4,172.6 |
| 2.7 |
0.079 |
2,341.4 |
9.48 |
0.276 |
713.4 |
13.01 |
0.379 |
979.5 |
| |
|
Indicated |
| |
|
Tonnes
(000s) |
Au
g/t |
Au
opt |
Ounces Au
(000s) |
Ag
g/t |
Ag opt |
Ounces Ag
(000s) |
| 0.4 |
0.012 |
10,225.5 |
0.56 |
0.016 |
183.7 |
1.97 |
0.057 |
648.0 |
| 2.7 |
0.079 |
95.1 |
8.75 |
0.255 |
26.7 |
3.84 |
0.112 |
11.7 |
| |
|
Measured plus
Indicated |
| |
|
Tonnes
(000s) |
Au
g/t |
Au
opt |
Ounces Au
(000s) |
Ag
g/t |
Ag opt |
Ounces Ag
(000s) |
| 0.4 |
0.012 |
44,046.3 |
1.13 |
0.033 |
1,600.4 |
3.41 |
0.099 |
4,820.6 |
| 2.7 |
0.079 |
2,436.4 |
9.45 |
0.276 |
740.2 |
12.65 |
0.369 |
991.2 |
| |
|
Inferred |
| |
|
Tonnes
(000s) |
Au
g/t |
Au
opt |
Ounces Au
(000s) |
Ag
g/t |
Ag opt |
Ounces Ag
(000s) |
| 0.4 |
0.012 |
4,376.5 |
0.50 |
0.015 |
69.8 |
1.83 |
0.053 |
258.0 |
| 2.7 |
0.079 |
14.7 |
8.75 |
0.255 |
4.1 |
4.57 |
0.133 |
2.2 |
g/t = grams per metric tonne; opt = ounces per short
ton
Mineral Resources are not Mineral Reserves and do not
demonstrate economic viability. There is no certainty that all or
any part of the Mineral Resource will be converted to Mineral
Reserves. Quantity and grade are estimates and are rounded to
reflect the fact that the resource estimate is an
approximation.
Michael F. McGinnis, Calico's
Project Manager/Exploration, is a Qualified Person as defined by
National Instrument 43-101 is not independent of Calico, as that
term is defined in NI 43-101, and has reviewed and approved the
technical contents of this news release.
Buck Morrow CEO of Calico stated "the just filed NI 43-101 for
the Grassy Mountain Project is another milestone met by Calico's
technical and management team. We are now moving to the next
major milestone of completing the permitting for the project."
On behalf of the Board,
Arden (Buck) Morrow
President and CEO
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release"
SOURCE Calico Resources Corporation