Gossan Receives Bird River Project Withdrawal Notice From Stillwater
24 Febrero 2012 - 1:23PM
Marketwired Canada
Gossan Resources Limited (TSX VENTURE:GSS)(Frankfurt/Freiverkehr & Xetra:WKN
904435) has received a notice from Stillwater Canada Inc. (Stillwater) that,
effective as of March 24, 2012, it is resigning as Manager and is withdrawing
from the Bird River Property Option and Joint Venture Agreement dated March 29,
2007. Stillwater is the successor to this agreement that was originally executed
by Marathon PGM Corporation. Currently Gossan holds an approximate 45% interest
in the Bird River Project which will revert to a 100% interest with Stillwater's
withdrawal.
The Bird River Property, which covers over 9,000 hectares along 22 kilometres of
the Bird River Sill Complex, hosts two known deposits - the Page and the Ore
Fault. The Complex carries significant concentrations of palladium and platinum
along with nickel, copper, zinc and chromite. The Bird River Property is located
in southeastern Manitoba about 40 km east of Lac Du Bonnet and, along the Sill,
immediately adjacent to the west and northwest of Mustang Minerals' Makwa
(formerly Maskwa) Deposit.
Over the past decade, a number of geochemical, geophysical, and drill campaigns
have been conducted on the Bird River Property by Gossan and its joint venture
partners.
On January 15, 2009, the Company announced initial resource estimates for the
Page Block and Ore Fault North Zones. The NI 43-101 compliant resource estimates
were completed by independent mining consultants and Qualified Persons, F.H.
Brown C.P.G., Pr.Sci.Nat., and Antoine Yassa, P.Geo. of P&E Mining Consultants
Inc., of Brampton, Ontario ("P&E") (see NR-09-01 dated January 15, 2009).
Page Block Mineral Resource at US$12.00/tonne NSR Cut-Off
----------------------------------------------------------------------------
Contained Metals
Base Metals lbs x
1,000,000
Precious Metals ozs x
1,000
----------------------------------------------------------------------------
Tonnes Ni Cu Zn Ag Au Pt Pd PGM
Category (x1,000) (%) (%) (%) (gpt)(gpt)(gpt)(gpt) Ni Cu Zn Ag + Au
----------------------------------------------------------------------------
Indicated 1,498 0.32 0.13 0.01 0.90 0.02 0.07 0.28 10.6 4.3 0.3 41.0 17.8
----------------------------------------------------------------------------
Inferred 261 0.27 0.09 0.01 0.80 0.02 0.07 0.25 1.6 0.5 0.0 7.1 2.8
----------------------------------------------------------------------------
Ore Fault North Zone Mineral Resource at US$12.00/tonne NSR Cut-Off
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Tonnes Ni Ag
Category (x1,000) (%) Cu (%) Zn (%) (gpt)
----------------------------------------------------------------------------
Ni Zone
----------------------------------------------------------------------------
Indicated 905 0.37 0.24 0.20 8.20
----------------------------------------------------------------------------
Inferred 2,509 0.35 0.19 0.08 7.10
----------------------------------------------------------------------------
Zn and Cu Zone
----------------------------------------------------------------------------
Indicated 28 0.04 0.48 1.39 59.10
----------------------------------------------------------------------------
Inferred 341 0.06 0.47 2.02 44.50
----------------------------------------------------------------------------
Ore Fault North Zone Mineral Resource at US$12.00/tonne NSR Cut-Off
----------------------------------------------------------------------------
Contained Metals
Base Metals lbs x 1,000,000
Precious Metals ozs x 1,000
----------------------------------------------------------------------------
PGM
Category Au(gpt) Pt (gpt) Pd (gpt) Ni Cu Zn Ag +Au
----------------------------------------------------------------------------
Ni Zone
----------------------------------------------------------------------------
Indicated 0.02 0.09 0.37 7.4 4.8 4.0 237.9 13.9
----------------------------------------------------------------------------
Inferred 0.01 0.10 0.40 19.6 10.8 4.6 573.6 41.7
----------------------------------------------------------------------------
Zn and Cu Zone
----------------------------------------------------------------------------
Indicated 0.07 0.01 0.06 0.0 0.3 0.9 52.6 0.1
----------------------------------------------------------------------------
Inferred 0.06 0.01 0.08 0.5 3.5 15.2 487.9 1.66
----------------------------------------------------------------------------
1. Mineral resources which are not mineral reserves do not have demonstrated
economic viability. The estimate of mineral resources may be materially
affected by environmental, permitting, legal, title, taxation,
sociopolitical, marketing, or other relevant issues.
2. The quantity and grade of reported inferred resources in this estimation
are uncertain in nature and there has been insufficient exploration to
define these inferred resources as an indicated or measured mineral resource
and it is uncertain if further exploration will result in upgrading them to
an indicated or measured mineral resource category.
P & E Mining Consultants Inc. (P&E) estimated these new resources, based on
drill results up to the end of 2008, using an average internal NSR cut-off of
US$12.00 per tonne (based on processing costs of US$11.00/t and G&A costs of
US$1.00/t). Mining costs of US$1.50/rock tonne were used in a pit optimization.
Metal prices used in P&E's estimate were Ni US$12.52/lb, Cu US$3.18/lb, Zn
US$1.29/lb, Ag US$13.28/oz, Au US$716.00/oz, Pt US$1,345.00/oz and Pd
US$345.00/oz. The metal prices utilized were based on the 36-month trailing
average metal prices as at December 2008.
Tonnages were calculated using a bulk density of 2.96 tonnes per cubic metre as
determined from ten samples taken by Eugene Puritch, P.Eng. of P&E during a site
visit in May 2008. Model grade blocks were sized at 20.0 m wide by 20.0 m long
by 10.0 m high. Inverse distance squared (ID(2)) interpolation was used to
determine grade block values. Potentially economic resources were constrained
within an optimized pit shell.
The summary of the NI 43-101 technical report outlining the resource estimates
was filed on SEDAR by Marathon PGM on February 26, 2009.
Current metal prices are about 10% lower than their 36-month trailing average
price as at December 2008. The use of lower or higher metal prices would have
the effect of reducing or increasing the size and value of the estimated
resource. Inclusion of exploration results conducted since 2008 could improve
the quality and size of the resource.
The Company will conduct a review of the Bird River Sill data with a view to
re-establishing an exploration program. During the term of the Joint Venture,
Stillwater and formerly Marathon PGM made payments to Gossan of $850,000 and
incurred over $4.7 million of exploration and acquisition expenditures at the
Bird River Project.
Gossan's Bird River Property is located immediately adjacent to Mustang
Minerals' Makwa Property. Mustang is in the process of completing a final
feasibility study on the Makwa Deposit which hosts a NI 43-101 probable reserve
of 9.855 million tonnes grading 0.54% Ni; 0.11% Cu; 0.02% Co; and 0.434 gpt
palladium and platinum. On February 2, 2011, Mustang Minerals announced that it
was acquiring a used grinding and milling system to help reduce the capital
costs of putting its Makwa Deposit into production. On December 1, 2011, Mustang
announced that key components of the feasibility study are being completed and
that flow sheet and plant design will commence following successful completion
of metallurgical work.
Gossan Resources would like to cordially invite you to visit us on Sunday March
4th and Monday March 5th at Booth #2403A in the Investor's Exchange at the 80th
Annual Prospectors & Developers Convention (PDAC) to be held at the Metro
Toronto Convention Centre - South Building. Admission is free for all interested
parties.
Gossan Resources Limited is engaged in mineral exploration and development in
Manitoba and northwestern Ontario. It has a well-diversified portfolio of
properties hosting gold, platinum group and base metals, as well as the
specialty and minor metals, vanadium, titanium, tantalum, lithium, and chromium.
The Company also has a large deposit of magnesium-rich dolomite, the world-wide
rights to the Zuliani magnesium production process, and a silica frac sand
deposit. Gossan trades on the TSX Venture Exchange and has 33,140,400 common
shares outstanding.
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