5 advanced properties with NI 43-101 resources of 1.7 MM oz. of gold
Recent Drill Results: 2.03 g/T over 106.8 metres, including 2.81 g/T over 72.9 metres
Message: Acadian Mining announces new resource estimates for the Getty Zinc-Lead Deposit
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Trading Symbol: ADA:TSX; C2Z-Frankfurt Shares Outstanding: 153,357,907 HALIFAX, Sept. 12 /CNW/ - Acadian Mining Corporation (ADA:TSX) ("Acadian" or "Corporation") is pleased to announce new resource estimates (Table 1) for its 100% owned Getty Zinc-Lead Deposit in Nova Scotia. The resource estimates were prepared by Mercator Geological Services Limited, independent consultants to Acadian, and comply with Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Mineral Reserves: Definitions and Guidelines and disclosure requirements of National Instrument 43-101. The independent consultant's technical report in support of these estimates will be filed on SEDAR within 45 days. Table 1: Resource Estimate for Getty Zinc-Lead Deposit - Effective September 9, 2008 ------------------------------------... Cutoff: Pb+Zn% Resource Tonnes Pb% Zn% Pb+Zn% Category (Rounded) ------------------------------------... 2.00 Inferred 860,000 1.65 1.82 3.48 ------------------------------------... 2.00 Indicated 2,540,000 1.48 1.91 3.39 ------------------------------------... 2.00 Measured 1,470,000 1.48 2.02 3.50 ------------------------------------... 2.00 Indicated + Measured 4,010,000 1.48 1.95 3.43 ------------------------------------...
------------------------------------... 2.50 Inferred 580,000 1.98 2.09 4.07 ------------------------------------... 2.50 Indicated 1,680,000 1.78 2.21 3.99 ------------------------------------... 2.50 Measured 1,070,000 1.74 2.22 3.97 ------------------------------------... 2.50 Indicated + Measured 2,750,000 1.76 2.21 3.98 ------------------------------------...
------------------------------------... 3.00 Inferred 400,000 2.34 2.37 4.71 ------------------------------------... 3.00 Indicated 1,080,000 2.13 2.54 4.67 ------------------------------------... 3.00 Measured 740,000 2.04 2.47 4.52 ------------------------------------... 3.00 Indicated + Measured 1,820,000 2.09 2.51 4.61 ------------------------------------... The resource estimates are based on 138 recently drilled holes by Acadian and 184 historic drill holes completed during the 1970s. Getty Northeast Mines Limited drilled 181 of these holes and the remaining 3 were completed by Imperial Oil Limited. The Getty deposit is located approximately 1,500 metres west of Acadian's Scotia Mine mill facility, and comprises potentially open pittable zinc-lead mineralization similar to that at Scotia Mine. Zinc-lead mineralization consists of disseminated to locally sub massive sphalerite and galena occurring within a dolomitized carbonate reef of the Lower Carboniferous age Gays River Formation. The Getty deposit is one of a series of related zinc-lead mineralized reefs located west of the Scotia Mine Main and Northeast deposits. The Carroll's Farm zinc-lead discovery and the Carroll's Corner zinc-lead prospect located 1.5 km and 2.5 km, respectively, west of the Getty deposit, are also an integral part of this series and are considered highly prospective targets warranting follow-up drill programs (News Release No. 33-07, December 4, 2007). The mineral claims hosting the Getty deposit as well as certain peripheral claims are subject to a 1% royalty to Globex Resources Ltd. One half of this royalty can be purchased by Acadian at any time for a purchase price of $300,000. Management's Opinion -------------------- Will Felderhof, President and CEO, stated "We are pleased with the new resource estimates and upgrade in resource categories to measured and indicated. Our engineering staff will now be able to focus on evaluating the development potential of this deposit, which has the potential of further extending the life of mine at Scotia Mine beyond the feasibility study (July, 17, 2006), reserve life of 7.5 years." Estimation Methodology ---------------------- The September 9th 2008 resource estimates are based on a three dimensional block model developed using Gemcom Surpac(R) Version 6.0.3 software and validated results for 322 diamond drill holes. The model utilizes 1 meter down-hole assay composites of lead and zinc values, blocks are 2.5 meters x 2.5 meters x 2.5 meters with no sub-blocking and the model is coordinated to Acadian's Scotia Mine Grid. Inverse distance squared (ID2) interpolation methodology was used within a wire-framed deposit solid containing 26 orientation sub-domains. Grade interpolation was carried out using domain-specific search ellipse orientations. Major, semi-major and minor axis ranges for the ellipses were 75 meters, 75 meters and 37.5 meters respectively. Included sample range for grade interpolation was from 1 to 12, with no more than 4 samples from a single drill hole. Measured Resources include all blocks with grades based on three drill holes and a minimum of 9 included samples, with not more than 4 composites from a single drill hole, for which the averaged distance to included samples was 28 meters or less with no sample greater than 50% of the major axis range (37.5m) from the block. Indicated Resources include all blocks with grades based on two or more drill holes and a minimum of 5 included samples, with not more than 4 composites from a single drill hole, for which the averaged distance to included samples was 40 meters or less with no sample greater than 75% of the major axis range (56.5m) from the block. Inferred Resources include all remaining blocks present within the deposit solid for which interpolated grades were present. Specific gravity (SG) values for model blocks were calculated from block metal grades using the formula SG (equal sign) 1 / (Pb% / (86.6 (x) 7.6) + Zn% / (67.0 (x) 4.0) + (1 - Pb % / 86.6 - Zn % / 67.0) / 2.82). Acadian drill program core sampling was subject to full QA/QC program that included submission of blanks, certified standards, check samples and duplicate samples. About the Corporation --------------------- Please see the Corporations' website at www.acadianmining.com. Other ----- Michael P. Cullen, P. Geo., supervised preparation of the technical information pertaining to the Getty resource estimate reported in this news release. Mr. Cullen is an independent third party, Senior Geologist at Mercator Geological Services Limited, and a qualified person as defined under National Instrument 43-101. Forward Looking Statement ------------------------- Certain information regarding the Corporation contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Corporation believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. The Corporation cautions that actual performance will be affected by a number of factors, many of which are beyond the Corporation's control, and that future events and results may vary substantially from what the Corporation currently foresees. Discussion of the various factors that may affect future results is contained in the Corporation's 2007 Annual Report which is available at www.sedar.com. The Corporation's forward-looking statements are expressly qualified in their entirety by this cautionary statement. No regulatory authority has approved or disapproved the contents of this release.
Source: Canada NewsWire (September 12, 2008 - 12:05 AM EDT) |
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