Brian McEwen, President and CEO of Buffalo Gold Ltd. (TSX VENTURE:
BUF)(OTCBB: BYBUF)(FRANKFURT: B4K) is pleased to announce the first
NI 43-101 compliant resource estimate at the Furtei gold mine in
Sardinia, Italy. The resource estimate includes Measured and
Indicated sulphide resources of 425,800 ounces gold, including 5.73
million tonnes at 2.3 g/t gold, 0.24% copper and 3.06 g/t silver at
a 1 g/t gold cut-off.
The resource estimate was completed by Wardrop Engineering Inc.
in compliance with NI 43-101, and will be included in a Technical
Report to be filed on SEDAR shortly. The resource estimate is based
on 1,568 drill holes and 1,034 sample trenches that were completed
during the period 1990 to 2004. The programs identified 11 distinct
ore deposits on the property. Details of the resource estimate are
contained in Table 2 below. The majority of the resource comes from
the gold-copper and gold-pyrite sulphide mineralization. Buffalo
recently announced an arrangement with MRI Trading AG ("MRI") of
Zug, Switzerland for the sale of all sulphide concentrates produced
for the life of the Furtei mine (see Buffalo Gold news release
dated July 9th, 2008).
"We are pleased to have this completed as it forms the basis for
the feasibility study we have undertaken," commented Mr. McEwen.
"This estimate confirms our internal calculations of the current
resources and we anticipate delineating additional resources as we
explore on the property."
Buffalo, with help from Wardrop, has commenced a feasibility
study at Furtei, expected to be completed by the fourth quarter of
2008. The study will incorporate this resource estimate, and
include an updated mine plan as well as capital and operating costs
of the project. As part of the feasibility work Buffalo is drilling
holes for metallurgical testing of the ore bodies. The first of
these holes drilled through the Su Coru ore body returned assay
results of 74 metres of 7.07 g/t gold and 1.6% copper. This is
significantly higher in grade than the average from the resource
estimate at Su Coru of 3.77 g/t gold and 1.05% copper, and
indicates a possible opportunity to increase resources at that
deposit.
Table 1. Results of Metallurgical Drilling at Su Coru
--------------------------------------------------------------------------
From (m) To (m) Interval (m) Au (g/t) Cu (%)
--------------------------------------------------------------------------
CODM001 73 147 74 7.07 1.6
--------------------------------------------------------------------------
Including 93 95 2 11.97 2.4
--------------------------------------------------------------------------
And 106 109 8 44.27 7.0
--------------------------------------------------------------------------
And 114 115 1 42.20 5.6
--------------------------------------------------------------------------
And 137 144 7 10.57 2.4
--------------------------------------------------------------------------
Samples were analysed by four labs in Sardinia, Tuscany, France
and Ireland. Samples were analysed using a 50g fire assay with AA
finish for gold and an aqua regia digestion, ICP-OES finish for
copper.
In addition to the feasibility study, Buffalo has an exploration
drill program underway, as detailed in the news release of March
19th, 2008. Buffalo has so far completed 1,608 m of diamond and 651
m of RC drilling. First results are expected to be available in the
next month.
Resource Estimate Methodologies
This resource estimate was completed by Wardrop Engineering Inc.
in compliance with National Instrument 43-101 (NI 43-101), and is
based on historic data at Furtei - no current drilling has been
completed or incorporated in this resource estimate. Wardrop
reviewed and updated the geological model for each of the deposits.
A NI 43-101 compliant Technical Report is underway and will be
posted on SEDAR upon completion.
The drillholes were coded based on the geological
interpretation. A capping strategy was developed based on these
selected drillholes to minimize the metal at risk. Wardrop capped
assays before compositing. The composite length was 1.25 meters. A
minimum of three composites were used for grade estimation along
with a maximum of eight composites. A maximum of two composites
were used from each drillhole.
Wardrop Engineering Inc. reported resources using a cut-off
grade of 1.00 g/t Au. The grade interpolation was based on Inverse
Distance Weighting Squared. Validation models were also completed
using Inverse Distance Weighting Cubed and Nearest Neighbour
interpolation methods. A bulk density of 2.00 g/cc was used for the
Oxide resources and 2.48 g/cc for the Sulphide resources.
The classification was based on the drill spacing: Indicated
Resources used a minimum of two drillholes with the nearest
composite within 30 meters. The remaining blocks were classified as
Inferred Resources. Inferred Resource blocks were also based on a
minimum of two drillholes used for grade estimation.
Table 2. Sulphide Resources for Furtei Mine (August 11th, 2008)
-----------------------------------------------------------
Measured and Indicated Resources at 1.00 g/t Au Cap cut-off
--------------------------------------------------------------------------
Tonnes Grade Au In Situ Grade Grade Grade
(000 t) (g/t) (000 oz) (%) (%) (g/t)
--------------------------------------------------------------------------
Au-Cu ore 2,673.5 2.717 233.5 0.52 0.12 3.89
--------------------------------------------------------------------------
Au-Py ore 3,054.9 1.957 192.2 - - 2.33
--------------------------------------------------------------------------
TOTALS 5,728.4 2.312 425.8 0.24 0.06 3.06
--------------------------------------------------------------------------
---------------------------------------------
Inferred Resources at 1.00 g/t Au Cap cut-off
--------------------------------------------------------------------------
Tonnes Grade Au In Situ Grade Grade Grade
(000 t) (g/t) (000 oz) (%) (%) (g/t)
--------------------------------------------------------------------------
Au-Cu ore 65.9 3.151 6.7 0.48 0.20 7.80
--------------------------------------------------------------------------
Au-Py ore 284.8 1.771 16.2 - - 1.83
--------------------------------------------------------------------------
TOTALS 350.7 2.030 22.9 0.22 0.09 4.61
--------------------------------------------------------------------------
The following capping levels were used in the resource calculations:
------------------------------------------------------
Au (g/t) Cu (%) As (%) Ag (g/t)
------------------------------------------------------
Au-Cu Deposits 70 20 6 190
------------------------------------------------------
Py-Au Deposits 25 - - 40
------------------------------------------------------
Tim Maunula, P.Geo., was the Qualified Person responsible for
the grade estimation on the Is Concas, Su Coru, Nord, Est,
S'Arruga, Cima, Cima West, Su Masoni, Sa Perrima, Coronas Arrubias
and Bruncu Murdegu deposits.
About Buffalo Gold
Buffalo's vision is to build shareholder value by growing a gold
mining company through a combination of exploration and
acquisition. The Company became a gold producer in November 2007
with the acquisition of the Furtei mine, and is exploring projects
in Sardinia, PNG and Australia.
To find out more about Buffalo Gold Ltd. (TSX VENTURE: BUF),
please visit the company website at www.buffalogold.ca.
Brian McEwen is the Qualified Person for Buffalo and has read
and approved the contents of this news release.
On behalf of the Board of Directors of BUFFALO GOLD LTD.
Brian McEwen, President and CEO
This press release contains certain forward-looking statements,
which are based on the opinions and estimates of management at the
date the statements are made, and are subject to a variety of risks
and uncertainties and other factors that could cause actual events
or results to differ materially from those projected. Buffalo
undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change.
The reader is cautioned not to place undue reliance on
forward-looking statements.
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission ("SEC")
permits mining companies, in their filing with the SEC, to disclose
only those mineral deposits that a company can economically and
legally extract or produce. We use certain terms in this website,
such as "Mineral Resources", "Measured", "Indicated", and "Inferred
Resources", that the SEC Guidelines prohibit us from including in
our filing with the SEC. Investors are urged to consider closely
the disclosure in our Form 20-F, File No. 0-30150, available from
us by contacting the Investor Relations department.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the accuracy of this press release.
Contacts: Buffalo Gold Ltd. Julie Hajduk Investor Relations
(604) 685-5492 or Toll Free: 1-888-685-5492 (604) 685-2536 (FAX)
Email: julie@buffalogold.ca Website: www.buffalogold.ca
Buffalo Coal (TSXV:BUF)
過去 株価チャート
から 11 2024 まで 12 2024
Buffalo Coal (TSXV:BUF)
過去 株価チャート
から 12 2023 まで 12 2024
