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Oct 30, 2008PDX Resources Advised By Detour Gold Of The Exercise Of Its Option For 100% Interest In The Detour Lake | more
Oct 01, 2008PDX Resources Advised Of Drill Results From Detour Gold's Drilling Program At Detour Lake, Ontario | more
Sep 08, 2008PDX Announces Closing of Arrangement | more
Aug 26, 2008Pelangio Provides Update On Closing Of Arrangement | more
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PDX RESOURCES ADVISED BY DETOUR GOLD OF ADDITIONAL DRILL RESULTS FROM PHASE II PROGRAM AT DETOUR LAKE PROJECT
TORONTO, Ontario (November 12, 2008) � PDX Resources Inc. (PLG:TSX) (�PDX�) has been advised by Detour Gold Corporation (�Detour Gold�) that it has received assay results for an additional 35 holes totaling 15,281 metres from its Phase II infill drilling program at the Detour Lake project in northern Ontario.
PDX has a 42.4% equity interest in Detour Gold (19 million shares). Detour Gold issued a press release today, the verbatim text of which follows:
�Detour Gold Reports Additional Drill Results from Phase II Program at its 100% owned Detour Lake Property in Ontario (DG-08-392: 1.45 g/t / 50.0 m, 1.94 g/t / 36.0 m, and 1.52 g/t / 61.0 m in Calcite Zone)
Detour Gold Corporation (TSX: DGC) (�Detour Gold� or the �Company�) is pleased to report assay results for an additional 35 holes totaling 15,281 metres from its Phase II infill drilling program at the Detour Lake project in northern Ontario. Results continue to indicate additional gold mineralization within and outside the US$700 pit shell (mineral resource reported in Press Release July 2, 2008), which should positively impact the final pit design (lower strip ratio) and resource base.
Thus far in 2008, the Company has completed 114,912 metres of drilling in 286 holes and 224,509 metres in 591 holes on the Detour Lake deposit since it acquired the project in early 2007. Results of the remaining 53,500 metres of drilling are expected to be finalized in the next four months.
Today�s results from 12 holes in the core of the Calcite Zone are indicating additional gold mineralization within the US$700 pit shell. Of importance, wide intersections in the hanging wall were encountered in hole DG-08-392 with 1.45 g/t over 50.0 metres, 1.94 g/t over 36.0 metres and 1.52 g/t over 61.0 metres (cut and uncut values are the same for all three intervals).
Results from five holes infilling the centre of the deposit (between sections 18,700E and 19,280E) intersected significant gold mineralization. In particular, hole DG-08-382 intersected 1.51 g/t (uncut) or 1.24 g/t (cut) over 58.8 metres and DG-08-406 intersected 1.32 g/t over 44.0 metres and 3.59 g/t (uncut) or 1.81 g/t (cut) over 56.0 metres in the core of the mineralized corridor.
Results from 14 holes drilled at the eastern end of the deposit (east end of former open pit) between sections 20,000E and 20,520E encountered gold mineralization in the footwall rocks and the presence of numerous unmineralized mafic dykes and intrusives. The best result was obtained along the CMH (Chert Marker Horizon) in hole DG-08-411 with 3.29 g/t (uncut) or 1.12 g/t (cut) over 28.0 metres within the US$700 pit shell.
The best mineralized (uncut) intervals encountered are shown below.
Calcite Zone |
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DG-08-392 |
DG-08-403 |
DG-08-409 |
DG-08-416 |
1.45 g/t over 50.0 m |
1.45 g/t over 44.0 m |
3.75 g/t over 18.5 m |
5.01 g/t over 15.0 m |
1.94 g/t over 36.0 m |
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7.51 g/t over 7.8 m |
4.19 g/t over 25.0 m |
1.52 g/t over 61.0 m |
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1.45 g/t over 37.0 m |
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DG-08-417 |
DG-08-419 |
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1.37 g/t over 77.0 m |
2.50 g/t over 22.0 m |
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Gap Zone |
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DG-08-382 |
DG-08-401 |
DG-08-406 |
DG-08-413 |
1.51 g/t over 58.8 m |
5.39 g/t over 10.0 m |
1.33 g/t over 44.0 m |
2.47 g/t over 24.0 m |
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4.84 g/t over 20.0 m |
3.59 g/t over 56.0 m |
1.82 g/t over 30.0 m |
West Pit |
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DG-08-411 |
DG-08-412 |
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3.29 g/t over 28.0 m |
5.88 g/t over 11.0 m |
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Four holes drilled at the western end of the deposit on section 17,500E (approximately 250 metres outside of the US$700 pit shell) intersected gold mineralization ranging from 1.0 to 1.5 g/t over widths of approximately 10 metres. The deposit remains open to the west for at least another kilometre.
The Company is making good progress on its feasibility study, which is now targeted for completion at the end of the first quarter of 2009. The feasibility study contemplates having a starter pit with an initial capacity of processing 30,000 to 35,000 tpd and a potential expansion to 60,000 tpd. Pit optimization work underway has greatly improved the preliminary undiluted mining schedule previously released on August 19, 2008. Higher grade ore is expected to be mined in the early years of the operation by using a higher cut-off grade and the overall strip ratio is improving. Further improvements are anticipated once all drill results have been received and incorporated in the block model.
In October 2008, the Company started an 8,000 metre drilling program on a 20 metre by 20 metre grid in the eastern portion of the deposit. The drilling will closely infill an area of 80 metres along strike (19,420E to 19,500E) by 300 metre in width (north-south) to a depth of 160 metres. This program will further support the feasibility study since this portion of the deposit is scheduled to be mined in the first years of operation.
Complete tables of results, surface and longitudinal plans and cross-sections for the Detour Lake deposit are posted on the Company's website www.detourgold.com /Projects/Detour Lake or http://www.detourgold.com/s/LatestDrillResults.asp or on the home page �Explore Detour Lake�.
Detour Gold�s exploration program is being managed by Project Manager, Mr. Roger Aubertin, P.Eng., a Qualified Person within the meaning of National Instrument 43-101. Mr. Aubertin has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information. Samples are prepared and assayed at SGS Minerals Services in Don Mills, Ontario, Canada. Analysis for gold is done on sawn half core samples using fire assay (AA finish). Samples with higher grade gold (>5 g/t) are re-assayed using the pulp and metallics procedures. Standard reference materials, blank and field duplicate samples are inserted prior to shipment from site to monitor the quality control of the assay data. For additional information on Quality Assurance and Quality Control (�QA/QC�), refer to the press release dated April 11, 2007.
For further information, please contact:
Gerald Panneton, President and CEO Tel: (416) 304.0800
Laurie Gaborit, Director Investor Relations Tel: (416) 304.0581
Detour Gold Corporation, Royal Bank Plaza, North Tower, 200 Bay Street, Suite 2040, Toronto, Ontario M5J 2J1
Forward-Looking Information This press release contains certain forward-looking information as defined in applicable securities laws (referred to herein as �forward-looking statements�). Often, but not always, forward-looking statements can be identified by the use of words such as �plans�, �expects�, �is expected�, �budget�, �scheduled�, �estimates�, �continues�, �forecasts�, �projects�, �predicts�, �intends�, �anticipates� or �believes�, or variations of, or the negatives of, such words and phrases, or statements that certain actions, events or results �may�, �could�, �would�, �should�, �might� or �will� be taken, occur or be achieved. Specifically, this press release includes forward-looking statements regarding: the Company�s planned drilling program and estimate of the quantity and quality of its mineral resources. Inherent in forward-looking statements are risks, uncertainties and other factors beyond the Company�s ability to predict or control. These risks, uncertainties and other factors include, but are not limited to, the uncertainties involved in interpreting geological data and other risks involved in the gold exploration and development industry as well as those risk factors listed in the Company�s Annual Information Form (AIF), Item 4.4 � �Description of Business - Risk Factors� filed on SEDAR. Readers are cautioned that the list of factors included in the AIF is not exhaustive of the factors that may affect the forward-looking statements. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. Such statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, the following assumptions: the Company�s exploration and development activities on the Detour Lake Property will proceed in accordance with the Company�s current timetables; and the Company�s resource estimates, geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral resources) and operational and price assumptions on which the resource estimates are based, are accurate. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company�s actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law.
Information Concerning Estimates of Mineral Resources This news release uses the terms �measured�, �indicated� and �inferred� resources. Detour Gold advises investors that although these terms are recognized and required by Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission does not recognize them. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, �inferred resources� have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category.. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for Preliminary Assessment as defined under 43-101. Investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.
To see Detour Lake Project - Highlights of Drill Results, click on image below
About PDX Resources Inc.
PDX (formerly named Pelangio Mines Inc.) holds a 42.4% equity interest in Detour Gold Corporation (DGC:TSX), which controls the Detour Lake advanced gold exploration project. PDX provides prospective investors with an opportunity to participate in potential increases in the size of the resource at the Detour Lake project and the value of PDX�s equity interest in Detour. PDX�s shareholders are also uniquely situated to benefit from current moves towards consolidation in the gold industry and increasingly positive sentiment towards investment in gold.
For additional information, please visit our website at www.pdxresources.com or contact:
Ingrid Hibbard, President & CEO or Warren Bates, Vice President Exploration Tel: 905-875-3828 / Toll-free: 1-877-746-1632 / Email: info@pdxresources.com
Reliance on Detour Gold and Forward-Looking Statements The information contained in this press release is a verbatim extract of the press release issued by Detour Gold. Although PDX believes the information included in the press release to be generally reliable, the data has not been independently verified and PDX does not assume any liability for the accuracy or completeness of such information. Furthermore, as noted above in the verbatim extract, the press release may contain forward-looking information within the meaning of applicable securities laws. Such information includes the statements contained in the verbatim extract regarding Detour Gold's exploration and drilling plans, plans to update the mineral resource and the estimation of mineral resources and are subject to risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The risks include those that are set out above in the verbatim extract and those contained in Detour Gold's annual information form, Item 4.4 � �Description of Business � Risk Factors� filed on SEDAR as noted above. See also, the risks set out in Pelangio Mines Inc.'s annual information form, management information circular dated March 19, 2008 and quarterly and annual management's discussion and analysis. There is no assurance that the forward-looking information contained in the press release will prove to be accurate. Accordingly, readers should not place undue reliance on the forward-looking information.
All of the information contained in the press release is qualified by this cautionary statement.
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