Avanti Receives Preliminary Results of 81 Meters Grading 0.383% Mo From Initial Confirmation Drilling at Roundy Creek
Vancouver, British Columbia: Avanti Mining Inc. (TSX-V: AVT) through its wholly owned subsidiary, Avanti Kitsault Mine Ltd. ("Avanti" or the "Company") is pleased to announce that it has received the results of an initial six hole program intended to confirm historical drill information at its Roundy Creek prospect that lies 5 km west of the Kitsault Mine in northwest BC. The Roundy Creek deposits consist of three contiguous zones which from west to east are; the Sunlight Zone, Sunshine Creek Zone and Roundy Zone. All six holes were drilled within the central Sunshine Creek Zone of this prospect. Hole RC10-2 encountered 81 meters grading 0.383% Mo starting at 3 meters below the surface. Included within this interval were 48 meters grading 0.611% Mo from 21 meters depth and 21 meters grading 1.212% Mo from 48 meters. True thicknesses are not understood at this point in time.
The Roundy Creek deposits contain an extensive historical database of 157 drill holes totaling 9,732 meters from surface and underground and approximately 2460 feet (750 m) of underground workings on two levels; 1050 foot level (320 m) and the 850 foot level (260 m). This work was completed by four different companies over the period from 1956 until 1983. In 1983, based upon a compilation of all past work by AMAX, historical resources (see cautionary note below on historical resources) were calculated that included; 1.45 million tonnes grading 0.180% Mo at the Sunshine Creek Zone, 2.74 million tonnes grading 0.10% Mo at the Roundy Zone and 50,000 tonnes grading 0.321% Mo at the Sunlight Zone.
Craig J Nelsen, President and CEO, commented, "Avanti has been aware of the very high grade nature of Roundy Creek since it acquired Kitsault in 2008. This initial program was intended to confirm that these historic grades are present and to plan a follow-up program for 2011. While Roundy Creek is not a component in the Feasibility Study at Kitsault expected to be completed by December 15th, it is important that we understand the controls on this prospect to be able to determine if Roundy Creek could contribute a small tonnage of high grade material in the early years of Kitsault."
The drill results from the six-hole Sunshine Creek, 1,025 meter program follow on Tables 1 and 2 and a drill location map can be found at http://www.avantimining.com/i/pdf/RoundyCreekDrillLocations2010.pdf:
|
Table 1. 2010 Drill Locations |
|
Sunshine Creek Zone: Roundy Creek Deposits |
|
|
|
|
|
|
|
|
|
Hole # |
Northing |
Easting |
Elevation |
Nominal |
Nominal |
Total |
|
|
N83 Z9(m) |
N83 Z9(m) |
meters |
Azimuth |
Inclination |
Depth(m) |
|
RC10-01 |
6142266.13 |
468504.59 |
344.26 |
000 |
-90 |
117.68 |
|
RC10-02 |
6142252.73 |
468553.90 |
336.64 |
000 |
-90 |
328.93 |
|
RC10-03 |
6142253.22 |
468554.74 |
336.14 |
035 |
-70 |
187.14 |
|
RC10-04 |
6142255.43 |
468586.47 |
321.88 |
000 |
-90 |
133.72 |
|
RC10-05 |
6142224.20 |
468516.73 |
363.56 |
000 |
-70 |
128.72 |
|
RC10-06 |
6142223.30 |
468516.33 |
364.26 |
000 |
-90 |
129.24 |
|
|
|
|
|
|
total |
1025.43 |
|
Table 2. Preliminary Drill Results |
|
|
Sunshine (Creek) Zone: Roundy Creek |
|
|
|
|
|
|
|
Hole Number |
From (m) |
To (m) |
Length (m) |
%Mo |
|
RC10-01 |
3.0 |
36.0 |
33.0 |
0.111 |
|
inc |
12.0 |
30.0 |
18.0 |
0.151 |
|
|
|
|
|
|
|
|
48.0 |
51.0 |
3.0 |
0.148 |
|
|
|
|
|
|
|
|
87.0 |
93.0 |
6.0 |
0.045 |
|
|
|
|
|
|
|
RC10-02 |
3.0 |
84.0 |
81.0 |
0.383 |
|
inc |
21.0 |
69.0 |
48.0 |
0.611 |
|
inc |
48.0 |
69.0 |
21.0 |
1.212 |
|
|
|
|
|
|
|
|
96.0 |
123.0 |
27.0 |
0.044 |
|
|
|
|
|
|
|
|
135.0 |
141.0 |
6.0 |
0.083 |
|
|
|
|
|
|
|
RC10-03 |
3.0 |
159.0 |
156.0 |
0.120 |
|
inc |
33.0 |
114.0 |
81.0 |
0.187 |
|
inc |
39.0 |
48.0 |
9.0 |
0.246 |
|
inc |
102.0 |
111.0 |
9.0 |
0.537 |
|
|
|
|
|
|
|
RC10-04 |
3.0 |
84.0 |
81.0 |
0.103 |
|
inc |
24.0 |
60.0 |
36.0 |
0.157 |
|
|
|
|
|
|
|
RC10-05 |
9.0 |
93.0 |
84.0 |
0.079 |
|
inc |
69.0 |
93.0 |
24.0 |
0.145 |
|
|
|
|
|
|
|
RC10-06 |
36.0 |
69.0 |
33.0 |
0.054 |
All of the samples collected were delivered by Avanti personnel to ALS-Chemex's prep lab in Terrace, B.C. where they were logged into the computer tracking system, crushed, split and a pulp sample prepared. The pulp samples were sent to ALS Chemex's laboratory in Vancouver, B.C for analysis by Inductively Coupled Plasma. ALS-Chemex is an ISO/17025 accredited laboratory. ALS-Chemex monitors quality control through the introduction of blanks, standards and duplicate sampling. In addition, Avanti personnel routinely insert blanks and standards into the sample stream and request duplicate analysis when appropriate. Bruce Davis, FAusIMM, consultant for the Company and a Qualified Person as defined by NI 43-101 is responsible for monitoring QA-QC performance and the technical information contained in this release.
Avanti is focused on the development of the past producing Kitsault molybdenum mine located north of Prince Rupert in British Columbia. Kitsault has Proven and Probable reserves of 215 million tonnes grading 0.085% Mo and containing 368 million pounds of recoverable molybdenum as outlined in the Technical Report dated December 15, 2009 which is available on the Company's website as well as at www.sedar.com. Mr. Kenneth Collison, Senior Vice President of Project Development for the Company and a Qualified Person as defined in NI 43-101, has reviewed and approved the scientific or technical information in this paragraph.
For further information, please visit www.avantimining.com, or contact:
Craig J. Nelsen, Chief Executive Officer, 303-565-5491, extension 4471, or
A.J. Ali, Chief Financial Officer, 303-565-5491, extension 4472
Neither the 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.
Historical Resource Statements: The historical resource estimate was completed in 1983, prior to the implementation of NI 43-101and is not compliant with current accepted reserve and resource classifications as set forth by the Canadian Institute of Mining and Metallurgy. Given the quality of the historic work completed on the Property, the Company believes the resource estimate to be both relevant and reliable. However, a qualified person has not completed sufficient work to classify the historic mineral resources as current mineral resources or mineral reserves as defined in NI 43-101, and the Company is not treating the historic resources as current. Therefore, the historical resource estimate should not be relied upon.
Forward-Looking Statements: This news release contains certain forward-looking information concerning the business of Avanti Mining Inc. (the "Corporation"). All statements, other than statements of historical fact, included herein including, without limitation; statements about the recoverability of molybdenum at the Kitsault property, the completion of the feasibility study, the potential of the Roundy Creek deposit and other matters related to the development of the Kitsault molybdenum mine, are forward-looking statements. These forward-looking statements are based on the opinions of management at the date the statements are made and are based on assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events to differ materially from those projected in forward-looking statements. Important factors that could cause actual results to differ materially from the Corporation's expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in the Corporation's Annual Information Form for the year ended December 31, 2009, which is available at www.Sedar.com. The Corporation is under no obligation to update forward-looking statements if circumstances or management's opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
You can also view this News Release on our website at:
http://www.avantimining.com/s/NewsReleases.asp?ReportID=430344 |