Abitibi Royalties Files Technical Report on Initial Jeffrey Zone Gold Resource Estimate
02 Marzo 2012 - 1:18PM
Marketwired Canada
In furtherance to its news release of January 17, 2012 Abitibi Royalties Inc.
(TSX VENTURE:RZZ)(hereinafter "Abitibi Royalties" or the "Company") is pleased
to announce that it has received a NI 43-101 compliant technical report (the
"Report") of the technical audit completed by Micon International Limited
("Micon") on the internal mineral resource estimate prepared by Osisko Mining
Corp. ("Osisko"). A copy of the Report has been filed with the regulators and
will be available for viewing by the public through the Internet by accessing
the SEDAR website at www.sedar.com
This resource estimate covers the western portion of the Jeffrey Zone over a
strike length of approximately 450 metres, where drilling has been conducted on
a 25 metre by 25 metre grid (see figure 1). The resource estimate was prepared
using 210 drill holes (45,090 metres) out of a database containing the results
from 307 drill holes (66,576.4 metres), which were drilled between 2007 and
2011.
The Jeffrey Zone is the first gold mineralized zone drilled by Osisko on the
Malartic CHL Property for which a gold resource has now been estimated. The
Jeffrey Zone is situated approximately 550 metres to the east of the Canadian
Malartic main pit (South Barnat Zone) currently under development by Osisko. The
Jeffrey Zone is one of several zones of gold mineralization known to occur on
the Malartic CHL Property, located near the Town of Val-d'Or and immediately
east of the Town of Malartic, in the Abitibi Region of north-western Quebec.
The indicated mineral resource within a Whittle-optimized open pit shell using
US $1,100 gold is 5,810,000 tonnes at an average grade of 0.70 g/t Au for
130,760 ounces of contained gold plus an additional inferred resource of
1,760,000 tonnes at an average grade of 0.58 g/t Au for 32,820 ounces of
contained gold. The lower cut-off grade is 0.265 g/t gold. The Jeffrey Zone
forms part of the Malartic CHL Property (the "JV Property") which is currently
the object of a joint venture with Osisko, and pursuant to which Abitibi holds a
30% free carried interest to production.
Resource Estimate Details:
The table below summarizes the mineral resources for the Jeffrey Zone within an
open pit Whittle optimized pit shell:
--------------------------------------------------------------
Contained Ounces
Tonnes (t) Grade (Au g/t) Au (oz)
--------------------------------------------------------------
Indicated 5,810,000 0.70 130,760
--------------------------------------------------------------
Inferred 1,760,000 0.58 32,820
--------------------------------------------------------------
Mineral resources are not mineral reserves and do not have demonstrated economic
viability.
The key optimization parameters used are:
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Gold Price (US$/oz) $1,100
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Oil Price (US$/bbl) $100
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Exchange Rate (C$/US$) 1.00
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Metallurgical Recovery (%) 87%
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Total Ore Based Cost (US$/t treated) $7.51
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Reference Mining Cost (US$/t mined):
Ore (US$/t) $1.31
Waste (US$/t) $1.31
Overburden (US$/t) $3.22
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Whittle Overall slope angle 43.8 degrees
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Recovered Cut-Off Grade (g Au/t) 0.265
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Waste/Ore Strip Ratio 2.9
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Messrs. B. Terrence Hennessey, P.Geo. and Alan J. San Martin, MAusIMM(CP),
Mineral Resource Modeller of Micon are the Qualified Persons responsible for the
technical information related to the mineral resources reported herein,
including verification of the data disclosed.
About Abitibi Royalties Inc.: Abitibi Royalties Inc. holds title to interests in
the Luc Bourdon and Bourdon West Prospects (also known as the McFaulds Lake
Property) and a 30% carried interest to production in the Malartic CHL Property,
plus a 2% net smelter royalty interest in one claim held by Osisko Mining
Corporation, which was previously held by Golden Valley Mines Ltd. and vended to
Osisko, and may acquire and generate other property and royalty interests.
Forward Looking Statements:
This news release contains certain statements that may be deemed
"forward-looking statements. Forward looking statements are statements that are
not historical facts and are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. Although Golden Valley
believes the expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of future
performance and actual results or realities may differ materially from those in
forward looking statements. Forward looking statements are based on the beliefs,
estimates and opinions of Golden Valley's management on the date the statements
are made. Except as required by law, Golden Valley undertakes no obligation to
update these forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change.
A map is available at the following link:
http://media3.marketwire.com/docs/abitibiroyalties0302.pdf
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