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Avion holds 80% of the Tabakoto and Segala gold projects in Mali. Gold production commenced at these projects in 2009 with approximately 51,290 ounces produced. 2010 production was 87,630 ounces of gold.
Message: Increases 169% at Tabakoto / Mali from 450,200 Ozs Gold to 1,211,300 Ozs Gold
| May 19, 2009 |
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Avion's Measured and Indicated Mineral Resources Increases 169% at Tabakoto and Segala Gold Projects in Mali from 450,200 Ozs Gold to 1,211,300 Ozs Gold
INFERRED MINERAL RESOURCES INCREASES 152% FROM 452,600 OZS GOLD TO 1,139,000 OZS GOLD |
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TORONTO, ONTARIO--(Marketwire - May 19, 2009) - Avion Resources Corp. ("Avion" or "the Company") (TSX VENTURE:AVR), today announced the results of an ongoing review of the mineral resource estimates for the contiguous Segala and Tabakoto gold projects in Mali (West Africa). Since releasing the Segala zone resources on December 12, 2008 (Measured and Indicated 4,001,000 tonnes @ 3.5 g/t Au and Inferred 4,072,000 tonnes @ 3.48 g/t Au) Avion has been modeling and evaluating the mineralized zones proximal to the historic Tabakoto pit, the newly discovered Dar Salam South zone and the Dioulafoundou zone. Highlights of the most recent estimates include: - Open Pit Measured and Indicated mineral resource estimate of 4,136,000 tonnes grading 3.30 g/t Au totaling 439,300 ounces at a 1.0 g/t cut-off - Open Pit Inferred mineral resource estimate of 2,527,000 tonnes grading 3.52 g/t Au totaling 285,900 ounces at a 1.0 g/t cut-off - Underground Measured and Indicated mineral resource estimate of 2,685,000 tonnes grading 3.73 g/t Au totaling 321,800 ounces at a 2.0 g/t cut-off - Underground Inferred mineral resource estimate of 3,386,000 tonnes grading 3.68 g/t Au totaling 400,500 ounces at a 2.0 g/t cut-off The Tabakoto pit area resources, which form the bulk of the above resource estimate, combines a series of mineralized structures along an approximate 1.8 km long part of the northerly-trending Tabakoto mineralized trend (see attached figure). These mineralized structures have been defined by drill data and geological mapping in the Tabakoto pit. Avion's next step will be to better define the mineralized structures with drilling aimed at upgrading inferred resources to measured and indicated resources, and to further increase the resources on the property. To provide a guide to the strength of the mineralized system the charts at the end of this document present cut-off grades ranging from 0.5 g/t Au to 3.0 g/t Au. The resource study was prepared by Milko Rivera, P. Eng. and Farshid Ghazanfari, G.I.T. with a third party review and initial open pit versus underground mining reviews carried out by Eugene Puritch, P.Eng. of P&E Mining Consultants. Inc. Total project measured and indicated resources now comprise 18.44 million tonnes grading 2.55 g/t Au or some 1.51 million ounces Au at a 0.5 g/t Au cut-off. Total project inferred resources total 17.68 million tonnes grading 2.58 g/t Au at a 0.5 g/t Au cut-off. Note that there have been no studies which support a cut-off grade of 0.5 g/t Au and that these resources are only provided as an indication of the size of the mineralized system on the two properties. The mineral resources in the Tabakoto Pit area combine a series of northerly-, northeast- and northwest-trending zones and a series of shallow-dipping to flat-lying zones. The mineral resources for Dar Salam comprise three distinct mineralized zones. The Dioulafoundou inferred mineral resource is understood to be one northwest-trending mineralized body. Most of the zones are open down plunge and to a lesser extent along strike. Details of the resources are presented at the end of the release. To develop the mineral resources presented herein the first step was to create 3-dimensional models of the mineralized zones. Once these mineralized domains were defined a statistical review of the drill hole intercept data was carried out to determine capping or top cut grades. This work indicated that assays in the Tabakoto Pit area should be cut to 32.0 g/t Au, those in the Dar Salam zones to 21.5 g/t Au and the zone at Dioulafoundou cut to 28.0 g/t Au. Assay grades were then composited into 2.0 metre intervals with resources calculated with a minimum 2.0 metre width with a variety of cut-offs as presented in this release. The assumptions used to determine open pit resources include the following: Ore mining equals $2.73/t mined, Waste mining equals $1.54/t mined, Processing equals $20/t milled, G&A equals $5/t milled, Au Price equals $825/oz and Process Recovery equals 92%. The assumptions used to determine underground resources include the following : Ore mining equals $25/t mined, Processing equals $20/t milled, G&A equals $5/t milled, Au Price equals $825/oz, Process recovery equals 92%. The newly developed resources will be presented in an independent technical report that will be filed under the profile of the Company on SEDAR within 45 days of this news release. "The significant increase in the mineral resources in the project further supports Avion's Segala and Tabakoto expansion strategy" commented John Begeman, President and CEO. "These new resources support Avion's goal to increase the capacity of the plant from 100,000 ounces per year to 200,000 ounce per year. As well, we believe that the project and area have excellent potential to deliver more resource ounces in the future." Milko Rivera, P. Eng , a Qualified Person under NI 43-101, and Farshid Ghazanfari are responsible for the mineral resource estimates presented herein and have reviewed the scientific and technical information in this document relating to those estimates. Updated resource calculations at the Tabakoto Deposits were independently reviewed by Eugene Puritch, P.Eng. of P&E Mining Consultants Inc. (P&E) of Brampton, Ontario. P&E is of the opinion that the resource estimates were prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) definition standards regarding Mineral Resources and Reserves; Mr. Puritch's work indicated that in general similar resource results were obtained while using the mineralized zones that Mr. Rivera and Mr. Ghazanfari defined along with the assistance of and review by Don Dudek, P.Geo., Vice President Exploration of Avion. Avion has not completed a feasibility study in regards to the resource presented herein and there is no certainty the proposed operations will be economically viable. Mineral resources that are not mineral reserves do not have demonstrated economic viability. About Avion Resources Corp. Avion is a Canadian-based gold company focused in West Africa. The Company holds 80% of the Tabakoto and Segala gold projects in Mali. Gold production at these projects has commenced, with approximately 66,000 ounces of production forecast for 2009 with an expected cash cost of US$505 per ounce of gold. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa. Should you wish to receive Company news via email, please email info@avionresources.com and specify "AVR News" in the subject line. Mineral Resource Estimate Sensitivities (1)(2)(3)(4)(5)
Tabakoto Pit Area Open Pit Measured Resource Estimate (1)(2)(3)(4)(5)
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Assay Cut-off Tonnes g/t Au Ozs Au
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1.0 g/t Cut-off 1,253,992 2.89 116,383
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2.0 g/t Cut-off 693,667 4.07 90,878
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3.0 g/t Cut-off 389,979 5.35 67,132
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Tabakoto Pit Area Open Pit Indicated Resource Estimate (1)(2)(3)(4)(5)
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Assay Cut-off Tonnes g/t Au Ozs Au
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1.0 g/t Cut-off 2,882,992 3.48 322,946
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2.0 g/t Cut-off 1,813,301 4.69 273,246
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3.0 g/t Cut-off 1,165,532 5.92 221,705
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Tabakoto Pit Area Open PitInferred Resource Estimate (1)(2)(3)(4)(5)
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Assay Cut-off Tonnes g/t Au Ozs Au
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1.0 g/t Cut-off 982,628 3.47 109,568
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2.0 g/t Cut-off 651,492 4.48 93,810
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3.0 g/t Cut-off 472,113 5.25 79,728
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Tabakoto Underground Measured Resource Estimate (1)(2)(3)(4)(5)
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Assay Cut-off Tonnes g/t Au Ozs Au
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2.0 g/t Cut-off 39,746 3.39 4,331
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3.0 g/t Cut-off 15,975 4.95 2,540
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Tabakoto Underground Indicated Resource Estimate (1)(2)(3)(4)(5)
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Assay Cut-off Tonnes g/t Au Ozs Au
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2.0 g/t Cut-off 2,645,337 3.73 317,476
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3.0 g/t Cut-off 1,340,154 5.01 215,830
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Tabakoto Underground Inferred Resource Estimate (1)(2)(3)(4)(5)
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Assay Cut-off Tonnes g/t Au Ozs Au
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2.0 g/t Cut-off 2,682,100 3.73 321,300
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3.0 g/t Cut-off 1,431,979 4.90 225,439
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Dar Salam Area Open Pit Inferred Resource Estimate (1)(2)(3)(4)(5)
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Assay Cut-off Tonnes g/t Au Ozs Au
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1.0 g/t Cut-off 1,195,228 3.49 134,155
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2.0 g/t Cut-off 901,396 4.15 120,346
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3.0 g/t Cut-off 567,930 5.13 93,682
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Dar Salam Area Underground Resource Estimate (1)(2)(3)(4)(5)
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Assay Cut-off Tonnes g/t Au Ozs Au
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2.0 g/t Cut-off 601,965 3.35 64,785
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3.0 g/t Cut-off 292,247 4.30 40,360
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Dioulafoundou Open Pit Inferred Resource Estimate (1)(2)(3)(4)(5)
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Assay Cut-off Tonnes g/t Au Ozs Au
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1.0 g/t Cut-off 349,296 3.76 42,177
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2.0 g/t Cut-off 219,559 5.20 36,690
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3.0 g/t Cut-off 181,703 5.75 33,563
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Dioulafoundou Underground Inferred Resource Estimate (1)(2)(3)(4)(5)
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Assay Cut-off Tonnes g/t Au Ozs Au
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2.0 g/t Cut-off 102,010 4.41 14,461
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3.0 g/t Cut-off 54,401 6.11 10,680
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Tabakoto Pit Area, Dar Salam and Dioulafoundou Open Pit &
Underground M&I Resource Estimate (1)(2)(3)(4)(5)
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Assay Cut-off Tonnes g/t Au Ozs Au
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0.5 g/t Cut-off 12,628,412 2.37 963,391
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1.0 g/t Cut-off 9,678,520 2.86 891,254
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2.0 g/t Cut-off 5,192,091 4.11 685,931
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3.0 g/t Cut-off 2,911,639 5.42 507,207
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(1) The Inferred Resources are in addition to the Measured and Indicated
Resources.
(2) The mineral resources have been classified in accordance with
requirements of NI 43-101 and the CIM standards. Resource estimates
based on a gold price of USD$825 per ounce
(3) Milko Rivera, P.Eng and Farshid Gazanfari independent consultants,
Qualified Persons under NI 43-101, prepared the above mineral resource
estimates and have reviewed the technical disclosure herein relating to
the resource estimates. Eugene Puritch, P. Eng. of P&E Mining
Consultants Inc. carried out an independent review of the resource model
and provided preliminary open pit and UG mining costs for the
development of resource cut-off grades.
(4) Mineral resources that are not mineral reserves do not have demonstrated
economic viability.
(5) Estimates as of May 17, 2009
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