Adex Mining Inc. ("Adex" or the "Company") (TSX VENTURE: ADE) is
pleased to announce that it has completed a National Instrument
43-101 ("NI 43-101") compliant Mineral Resource estimate for seven
tin-indium-zinc (Sn-In-Zn) sub-(zones and one
tungsten-molybdenum-bismuth (WO3-MoS2-Bi) sub-zone which make up)
the North Zone ("NZ") at its wholly-owned Mount Pleasant Mine
Property in southwestern New Brunswick, Canada ("Mount Pleasant" or
the "Property"). The total Sn-In-Zn resource estimate includes an
Indicated Mineral Resource of 10,882,000 tonnes, plus an Inferred
Mineral Resource of 7,603,000 tonnes.
The NI 43-101 compliant Mineral Resource estimate for the NZ
indicates the opportunity for both near surface and at depth
mineralization. This will have implications for further studies
when assessing the economic potential of developing a near surface,
open pit and/or underground mining operation at the NZ.
The NI 43-101 compliant Mineral Resource estimate, completed by
Watts, Griffis and McOuat Limited ("WGM") using an updated GEMCOM
model, was completed in conjunction with the preparation by WGM of
an independent NI 43-101 Technical Report under the supervision of
Trevor Boyd, P.Geo., the Company's Geological Consultant.
Details of the NI 43-101 compliant mineral resource estimate are
as follows.
NORTH ZONE - MINERAL RESOURCE ESTIMATE,
MOUNT PLEASANT MINE PROPERTY
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Sub-Zones Tonnes % Sn g/t In g/t In % Zn % As %WO3 %MoS2 % Cu % Bi
(Capped)
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Indicated
Deep Tin 5,006,000 0.39 101.0 95.2 0.86 1.25 0.08 0.06 0.14 0.08
Endogranitic 4,336,000 0.55 21.8 20.3 0.28 0.85 0.12 0.06 0.10 0.09
Upper Deep
Tin 838,000 0.22 102.8 94.9 1.36 0.76 0.08 0.06 0.07 0.05
#4 Tin Lode 702,000 0.25 74.1 74.1 1.00 0.19 0.01 0.01 0.09 0.00
Total
Indicated 10,882,000 0.43 67.8 64.0 0.67 0.98 0.09 0.06 0.11 0.08
Inferred
#1-3 Tin
Lode 2,345,000 0.18 76.8 73.5 1.08 0.28 0.02 0.03 0.09 0.01
#5 Tin Lode 1,267,000 0.15 115.4 111.3 1.50 0.70 0.07 0.04 0.08 0.03
North Adit 3,076,000 0.27 62.1 62.1 0.83 1.16 0.09 0.06 0.09 0.07
North W-Mo 915,000 0.26 54.3 49.8 0.58 1.14 0.25 0.12 0.12 0.10
Total
Inferred 7,603,000 0.22 74.6 72.3 0.99 0.80 0.08 0.05 0.09 0.05
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The resource estimate for the Sn-In-Zn sub-zones was based on a
cut-off grade of 0.25% Sn equivalent (Sn eqv.), equal to % Sn +
41.67 x % In. The 0.25% Sn equivalent cut-off grade was provided by
Adex based on a value of the mineralized material of US$30/tonne
derived from the previous six-year price trend and price
relationship between tin and indium using an estimated tin price of
US$12.0/kg and indium price of $500/kg. Zinc was not incorporated
into the estimation of the cut-off grade. In consultation with WGM
and based upon these metal prices, Adex has determined that 0.25%
Sn equivalent is an acceptable cut-off grade to report the
resources.
Until an economic evaluation is completed, the economic cut-off
for this deposit is unknown. Mineral resources that are not mineral
reserves do not have demonstrated economic viability.
A policy of capping of high indium grades was implemented based
upon the statistical distribution of the metal within each
individual sub-zone. Hence the Upper Deep Tin, Deep Tin, #5 Tin
Lode, #1-3 Tin Lode, Endogranitic and North W-Mo sub-zones had
capped indium grades at 965, 830, 750, 500, 200 and 200 g/t,
respectively. No capping of indium was required for the North Adit
or the #4 Tin lode.
If a cut-off grade of 0.30% WO3 equivalent is applied to the
estimate of the North W-Mo sub-zone then the Inferred Resource is
estimated to be 3,278,800 tonnes grading 0.10 % Sn, 23.5 g/t In
(21.9 g/t In capped) 0.27 % Zn, 1.02 % As, 0.27 % WO3, 0.16 % MoS2,
0.05 % Cu, and 0.14 % Bi. The cut-off grade of 0.30% WO3
equivalent, equal to % WO3 + 1.5 x % MoS2, was provided by Adex.
This was based on a value of the mineralized material of
US$30/tonne at a tungsten price of US$100/MTU (US$10.0/kg WO3)
similar) to that used for the NI 43-101 resource estimation and
technical report for the Fire Tower Zone (the "FTZ") at the
Property. The technical report on the FTZ (the "FTZ Technical
Report") entitled "A Technical Review of the Mount Pleasant
Property, Including an updated Mineral Resource Estimate on the
Fire Tower Zone, Southwestern New Brunswick for ADEX Mining Inc."
dated December 1, 2008 and completed by Paul Dunbar, M.Sc., P.Geo.
Senior Associate Geologist of Watts, Griffis and McOuat Limited,
Dorota A. El-Rassi, M.Sc., P.Eng., Geological Engineer of SRK
Consulting and John S. Rogers, P.Eng., of Aker Metals, a division
of Aker Solutions Canada Inc., is available on www.SEDAR.com.
The boundaries of the mineralized body were interpreted manually
by Trevor Boyd, P.Geo., the Company's Geological Consultant.
Mineralized zones were commonly cross-cutting geological units and
structural boundaries. Consequently, resource boundaries were
defined based solely on % Sn and % In values (or % WO3 and % MoS2
values in the case of the North W-Mo sub-zone). These were plotted
on cross sections spaced 25 metres apart and mineralization
boundaries were drawn halfway between drill holes. If no holes
existed to limit the mineralization outlines, the boundaries were
extended to a maximum of 20 metres away from the nearest hole. In
general, extensions of the boundaries were made consistent with the
trends defined by joining known cut-off boundaries. A minimum width
of 3 metres was used for defining the zones, and a specific gravity
of 2.70 was used for estimating the resources.
The eight modeled sub-zones that make up the North Zone are
distributed over an area of 450 by 250 metres extending from the
surface to a vertical depth of 450 metres. They are located 800
metres north of the WO3 - MoS2 FTZ for which an NI 43-101 compliant
Indicated Resource of 13,489,000 tonnes, plus an Inferred Resource
of 841,700 tonnes, was reported in FTZ Technical Report.
The #4 Tin Lode and #5 Tin Lode sub-zones extend from the
surface to a vertical depth of 70 metres. The #1-3 Tin Lode
sub-zone extends from the surface to a vertical depth of 160
metres. The Upper Deep Tin sub-zone is situated beneath the #5 Tin
Lode extending from 80 to 160 metres vertical depth. The Deep Tin
sub-zone reaches to within 40 metres laterally of the Upper Deep
Tin Zone extending from 140 to 270 metres vertical depth. The North
Adit sub-zone consists of four mineralized regions distributed from
the surface to a vertical depth of 250 metres. The North W-Mo
sub-zone consists of three mineralized regions extending from 80 to
350 metres vertical depth. The Endogranitic sub-zone extends from
250 to 450 metres vertical depth. An 1,100 metre decline, which was
used to collect bulk samples in 1986, extends from the Fire Tower
Zone underground workings to the Endogranitic sub-zone. The decline
and underground workings are presently flooded. An exploration
drive developed in the 1960s extends from the surface to the
vicinity of the #4 Tin Lode and the #1-3 Tin Lode sub-zones. The
condition of the drive is presently unknown.
The mineral resources are reported in accordance with NI 43-101
and the Canadian Institute of Mining, Metallurgy and Petroleum
("CIM") Definition Standards, November 2004 and have been estimated
in conformity with the CIM Estimation of Mineral Resource and
Mineral Reserves Best Practices Guidelines, November 2003. The
Company has implemented an industry standard quality control
program on its drill core and assaying since the inception of its
drilling program.
Paul Dunbar, M.Sc., P.Geo., Senior Associate Geologist of WGM,
an independent qualified person as defined by National Instrument
43-101, carried out site visits to the Property in May and June,
2008 during which he examined the drilling program and core, and
completed check sampling and assaying of core samples. Robert de
l'Etoile, P.Eng., Geological Engineer and consultant to WGM, an
independent qualified person as defined by National Instrument
43-101, checked assay results against the GEMCOM database. The
database verification found no significant discrepancies in the
geological information, which conformed to industry standards. Pulp
duplicates of the drill core samples, unknown to the laboratory,
were sent to a second laboratory fulfilling standard QA/QC
protocols. Analytical results for some of these samples remain
pending.
None of Trevor Boyd, the Company's Geological Consultant, Paul
Dunbar, Robert de l'Etoile or Management of the Company is aware of
any known environmental, permitting, legal, title, taxation,
socio-political, marketing or other relevant issues that may
materially affect the estimate of the mineral resource.
Trevor Boyd, P.Geo., the Company's Geological Consultant,
supervised the preparation of the mineral resource estimate for the
North Zone and the technical information contained in this press
release in compliance with NI 43-101. Paul Dunbar is preparing the
NI 43-101 Technical Report on the North Zone, which Adex will file
on SEDAR within 45 days of today's date.
Additional information concerning the Property is contained in
the FTZ Technical Report.
ABOUT ADEX
Adex Mining Inc. is a Canadian junior mining company with an
experienced management team. The Company is focused on developing
its flagship Mount Pleasant Mine Property, a multi-metal project
that is host to promising tungsten-molybdenum and tin-indium-zinc
mineralization. Located in Charlotte County, New Brunswick, the
Mount Pleasant Mine Property is situated approximately 80
kilometres south of Fredericton, the provincial capital, and is 65
kilometres from the United States border. The common shares of Adex
trade on the TSX Venture Exchange under the stock symbol "ADE," and
the Company has 88,117,361 common shares issued and
outstanding.
No securities commission or regulatory authority has approved or
disapproved the contents of this press release.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute
"forward-looking" statements which involve known and unknown risks,
uncertainties and other factors which may cause actual results,
performance or achievements of Adex, its subsidiary or the industry
in which they operate to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. When used in this press release, the
words "estimate", "believe", "anticipate", "intend", "expect",
"plan", "may", "should", "will", the negative thereof or other
variations thereon or comparable terminology are intended to
identify forward-looking statements. Such statements reflect the
current expectations of the management of Adex with respect to
future events based on currently available information and are
subject to risks and uncertainties that could cause actual results,
performance or achievements to differ materially from those
expressed or implied by those forward-looking statements. These
risks and uncertainties are detailed from time to time, including,
without limitation, under the heading "Risk Factors", in reports
filed by Adex with the Alberta, British Columbia and Ontario
Securities Commissions which are available at www.sedar.com and to
which readers of this press release are referred for additional
information concerning Adex, its prospects and the risks and
uncertainties relating to Adex and its prospects. New risk factors
may arise from time to time and it is not possible for management
to predict all of those risk factors or the extent to which any
factor or combination of factors may cause actual results,
performance and achievements of Adex to be materially different
from those contained in forward-looking statements. Although the
forward-looking statements contained in this press release are
based upon what management believes to be reasonable assumptions,
Adex cannot assure investors that actual results will be consistent
with these forward-looking statements. Given these risks and
uncertainties, investors should not place undue reliance on
forward-looking statements as a prediction of actual results.
The forward-looking information contained in this press release
is current only as of the date of the press release. Adex does not
undertake or assume any obligation to release publicly any
revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events, except as required by law.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this press release.
Contacts: Adex Mining Inc. Kabir Ahmed President, Chief
Executive Officer and Director 1-866-508-2339 (ADEX)
investorrelations@adexmining.com www.adexmining.com
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