Taseko Mines Limited (TSX:TKO.to
- News) ("Taseko" or the "Company") announces that
its 2010 core drilling program completed at its wholly-owned Aley Niobium Project located near Mackenzie, British Columbia has been highly
successful. Assay results indicate strong potential for development of
a major niobium deposit and mine operation.
Taseko's 2010 exploration program comprised geological
mapping and diamond drilling of 23 drill holes (2010-12 through 2010-34), for
a total of 4,460 metres. Assay results for 21 of
these drill holes have been received. These holes intersected excellent
grade niobium mineralization across an area measuring over 900 metres east-west and 350 metres
north-south. Mineralized drill intercepts range up to over 200 metres in length; the true widths will be determined by
further delineation drilling. Niobium mineralization intersected is
highly continuous and close to surface. The extensive body of niobium
mineralization indicated by the 2010 drilling is wide open to expansion in at
least three directions and to depth.
Key
high grade drill intersections are as follows:
Drill Hole Number
|
From
(metres)
|
To
(metres)
|
Intercept2 (metres)
|
Intercept2
(feet)
|
Nb2O5
(%)
|
Ferro Niobium1 (kg/tonne)
|
2010-012
|
9.1
|
134.4
|
125.3
|
411
|
0.53
|
3.41
|
2010-014
|
14.6
|
91.5
|
76.9
|
252
|
0.67
|
4.28
|
2010-021
|
6.3
|
140.4
|
134.1
|
440
|
0.70
|
4.48
|
2010-022
|
6.7
|
150.8
|
144.1
|
473
|
0.57
|
3.64
|
2010-023
|
4.6
|
146.3
|
141.7
|
465
|
0.82
|
5.23
|
2010-030
|
45.1
|
198.3
|
153.2
|
503
|
0.52
|
3.31
|
2010-033
|
6.1
|
213.4
|
207.3
|
680
|
0.66
|
4.20
|
Note 1: Ferro niobium (FeNb) content is calculated assuming 60% recovery and 5%
conversion loss (Nb2O5 x 6.38).
Note 2: True thicknesses of reported intervals have yet to be established.
Russell Hallbauer,
President and CEO of Taseko, stated: "We are
very excited by the results of the 2010 drill program. Intersections of over
200 metres of niobium mineralization, many with
high grades and beginning near surface, indicate that our Aley
deposit has the potential to become a significant low cost, open pit niobium
mine.
"The niobium market is very robust
as use of this commodity continues to grow. The steel industry uses niobium
to produce high strength, low alloy steels in a wide and growing range of
applications. Ferroniobium prices remain stable,
averaging approximately $50 per kilogram, and
only three significant mines supply the global market. Therefore there is
strong potential for our Aley deposit, which has
all the appearances of a high quality discovery, to help fill the growing
demand from steel producers for this important metal.
"For reference, the Niobec mine located in Quebec
which has been in production since 1976 is an underground niobium operation
with average grades of 0.45-0.55% Nb2O5. Niobec is one
of IAMGOLD's most valuable assets and has been expanding production over the
past five years with present production of some 5,000 metrics tonnes of ferro niobium
annually.
"In 2011, we intend to accelerate
work on our Aley Project. Based on the information
collected so far, our engineering team will immediately commence conceptual
planning to ensure we can complete the comprehensive program planned for this
year. Our field programs will include extensive core drilling to delineate
the deposit and collect preliminary geo-technical data for site design and
metallurgical testwork."
Mr. Hallbauer
added: "With limited near-term niobium production on the horizon
and demand steadily growing, an open pit mining operation at Aley has strong potential to become a key asset for Taseko."
About the Aley
property
The Aley
property is host to a carbonatite intrusion which
was discovered by Cominco between 1983 and 1986. Cominco undertook a
twenty-hole diamond drilling program in 1986 which led to the discovery of several
areas of niobium mineralization of undelineated
dimensions or continuity. Taseko purchased the
property in 2006, and completed a small drilling and mapping program in
another portion of the large property. The global financial crisis curtailed
exploration work planned for 2008 and 2009, but systematic drilling and
mapping undertaken in 2010 has now begun to illustrate the extensive,
continuous distribution and quality of Aley niobium
mineralization.
About Niobium
Niobium in the form of ferro niobium is used as an alloying element in steels
and in the production of superalloys such as those
used in the, automotive, aviation, pipeline and the power generation sectors.
While demand for ferro niobium is currently
increasing, ferro niobium production is limited to
only three mining and processing facilities in Brazil
and Quebec.
Composite
assay results from all core holes received to date are listed below. A
Drill Location Plan along with characteristic Cross Sections are available at
the Company's website www.tasekomines.com.
Drill Hole
Number
|
Azimuth (degrees)
|
Dip (degrees)
|
From (metres)
|
To (metres)
|
Intercept2
(metres)
|
Nb2O5
%
|
Ferro Niobium1
kg/tonne
|
2010-012
|
|
20
|
-55
|
9.1
|
134.4
|
125.3
|
0.53
|
3.41
|
2010-012
|
Incl.
|
|
|
70.7
|
96.4
|
25.7
|
0.69
|
4.40
|
2010-013
|
|
20
|
-55
|
7.1
|
27.5
|
20.4
|
0.51
|
3.26
|
2010-013
|
|
|
|
42.7
|
126.5
|
83.8
|
0.42
|
2.68
|
2010-014
|
|
20
|
-55
|
14.6
|
91.5
|
76.9
|
0.67
|
4.28
|
2010-014
|
Incl.
|
|
|
41.2
|
74.6
|
33.4
|
0.87
|
5.52
|
2010-015
|
|
20
|
-55
|
18.9
|
104.8
|
85.9
|
0.53
|
3.41
|
2010-015
|
Incl.
|
|
|
18.9
|
35.2
|
16.3
|
0.87
|
5.56
|
2010-015
|
Incl.
|
|
|
68.6
|
86.2
|
17.6
|
0.64
|
4.07
|
2010-016
|
|
20
|
-55
|
6.1
|
80.4
|
74.3
|
0.60
|
3.82
|
2010-016
|
Incl.
|
|
|
17.9
|
52.6
|
34.7
|
0.83
|
5.31
|
2010-016
|
|
|
|
106.1
|
119.4
|
13.3
|
0.64
|
4.07
|
2010-017
|
|
20
|
-55
|
6.1
|
30.5
|
24.4
|
0.74
|
4.74
|
2010-017
|
Incl.
|
|
|
6.1
|
21.4
|
15.3
|
1.00
|
6.36
|
2010-017
|
|
|
|
61.1
|
87.4
|
26.3
|
0.58
|
3.71
|
2010-020
|
|
20
|
-55
|
3.7
|
70.2
|
66.5
|
0.55
|
3.49
|
2010-020
|
Incl.
|
|
|
31.1
|
55.5
|
24.4
|
0.82
|
5.24
|
2010-020
|
|
|
|
79.4
|
116.6
|
37.2
|
0.45
|
2.85
|
2010-020
|
|
|
|
144.5
|
164.4
|
19.9
|
0.43
|
2.77
|
2010-020
|
|
|
|
180.1
|
193.8
|
13.7
|
0.51
|
3.24
|
2010-021
|
|
20
|
-55
|
6.3
|
140.4
|
134.1
|
0.70
|
4.48
|
2010-021
|
Incl.
|
|
|
6.3
|
27.4
|
21.1
|
0.98
|
6.27
|
2010-021
|
Incl.
|
|
|
51.5
|
62.3
|
10.8
|
1.00
|
6.40
|
2010-021
|
Incl.
|
|
|
119.7
|
137.7
|
18.0
|
0.85
|
5.45
|
2010-022
|
|
20
|
-55
|
6.7
|
150.8
|
144.1
|
0.57
|
3.64
|
2010-022
|
Incl.
|
|
|
21.3
|
49.7
|
28.4
|
0.82
|
5.24
|
2010-022
|
Incl.
|
|
|
90.2
|
103.5
|
13.3
|
0.82
|
5.24
|
2010-023
|
|
20
|
-55
|
4.6
|
146.3
|
141.7
|
0.82
|
5.23
|
2010-023
|
Incl.
|
|
|
12.2
|
106.3
|
94.1
|
1.01
|
6.42
|
2010-023
|
|
|
|
169.4
|
196.5
|
27.1
|
0.43
|
2.77
|
2010-023
|
|
30
|
-55
|
202.5
|
213.4
|
10.9
|
1.61
|
10.27
|
2010-024
|
|
|
|
7.3
|
111.6
|
104.3
|
0.44
|
2.78
|
2010-027
|
|
30
|
-45
|
3.5
|
46.1
|
42.6
|
0.36
|
2.28
|
2010-027
|
|
|
|
105.3
|
135.6
|
30.3
|
0.91
|
5.78
|
2010-027
|
Incl.
|
|
|
110.2
|
125.1
|
14.9
|
1.31
|
8.37
|
2010-029
|
|
30
|
-45
|
4.5
|
115.2
|
110.7
|
0.45
|
2.85
|
2010-030
|
|
30
|
-45
|
45.1
|
198.3
|
153.2
|
0.52
|
3.31
|
2010-030
|
Incl.
|
|
|
101.0
|
138.5
|
37.4
|
0.79
|
5.01
|
2010-031
|
|
30
|
-45
|
20.0
|
42.3
|
22.3
|
0.84
|
5.39
|
2010-031
|
Incl.
|
|
|
23.7
|
39.1
|
15.4
|
1.06
|
6.73
|
2010-031
|
|
|
|
66.7
|
199.1
|
132.4
|
0.48
|
3.05
|
2010-031
|
Incl.
|
|
|
123.6
|
136.0
|
12.4
|
0.81
|
5.19
|
2010-032
|
|
60
|
-50
|
3.1
|
33.5
|
30.4
|
0.67
|
4.29
|
2010-032
|
Incl.
|
|
|
18.0
|
33.5
|
15.5
|
0.89
|
5.70
|
2010-032
|
|
|
|
67.6
|
146.1
|
78.5
|
0.38
|
2.42
|
2010-033
|
|
30
|
-45
|
6.1
|
213.4
|
207.3
|
0.66
|
4.20
|
2010-033
|
Incl.
|
|
|
6.1
|
35.7
|
29.6
|
0.90
|
5.74
|
2010-033
|
Incl.
|
|
|
61.1
|
123.4
|
62.3
|
0.87
|
5.55
|
2010-033
|
Incl.
|
|
|
139.5
|
155.8
|
16.3
|
0.99
|
6.32
|
2010-034
|
|
60
|
-50
|
2.5
|
162.6
|
160.1
|
0.35
|
2.21
|
Note 1: Ferro niobium (FeNb) content is calculated assuming 60% recovery and 5%
conversion loss (Nb2O5 x 6.38).
Note 2: True thicknesses of reported intervals have yet to be established.
Note 3: No significant intersections in Holes 2010-018, 2010-019,
2010-025. Assays pending Holes 2010-026 and 2010-028.
Sample preparation and analysis for the Aley project is done at Inspectorate laboratories in Richmond, BC. All samples are assayed for (Nb205)
by HF-HCl-H3PO4 digestion with an Inductively Coupled
Plasma-Mass Spectrometry (ICP-MS) finish. As part of a comprehensive Quality
Control/Quality Assurance, one standard is inserted into the sample stream in
each group of 20 samples, as well as one or more field blanks in each
analytical batch. One sample in each group of 20 is a duplicate, analyzed by
Inspectorate, and also by Acme Analytical Laboratories in Vancouver.
Scott Jones, P.Eng., Vice President, Engineering for Taseko
and a Qualified Person, has reviewed this release.
Russell Hallbauer
President and CEO
No
regulatory authority has approved or disapproved of the information contained
in this news release.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This release includes certain statements
that may be deemed "forward-looking statements". All statements in
this release, other than statements of historical facts, that address future
production, reserve potential, exploration drilling, exploitation activities
and events or developments that the Company expects are forward-looking
statements. Although the Company 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
developments may differ materially from those in the forward-looking
statements. Factors that could cause actual results to differ materially from
those in forward-looking statements include market prices, exploitation and
exploration successes, continuity of mineralization, uncertainty related to
the ability to obtain necessary permits, licenses and title and delays due to
third party opposition, changes in government policy regarding mining and
natural resource exploration and exploitation, continued availability of
capital and financing, and general economic, market or business conditions .
Investors are cautioned that any such statements are not guarantees of future
performance and that actual results or developments
may differ materially from those projected in the forward-looking statements.
For more information on the Company, Investors should review the Company's
annual Form 40-F filing with the United States Securities Commission or the
Company's home jurisdiction filings at www.sedar.com.
|