BacTech Partner Caldera to Commence Collection of Samples at Armenian Gold Project for Bioleach Test Work
18 November 2009 - 4:00AM
Marketwired Canada
BacTech Mining Corporation ("BacTech" or the "Company")(TSX VENTURE:BM) today
announced that its strategic partner, Caldera Resources Inc. (TSX VENTURE:CDR)
has engaged the services of Mr. Ricardo Valls, M.Sc., P.Geo., to supervise and
collect surface and underground samples at the Lichkvaz-Tey refractory gold
project in Armenia. Mr. Valls is an independent geologist and member of the
Ordre du Geologues du Quebec and the Association of Professional Geoscientists
of Ontario.
All samples collected will be shipped to SGS Lakefield for preparation and
analysis. Concentrate samples from SGS will be shipped to BacTech for bioleach
analysis at the University of Toronto. Results of the bioleaching study will
provide firsthand data, confirming that the refractory ore at the Lichkvaz-Tey
gold project is amenable to bioleaching. All sampling is expected to be
completed before the end of November 2009. BacTech has the right to back into a
40% ownership stake in the project.
Ross Orr, President and CEO of BacTech stated: "The bioleach testing is the
first and most important step towards acquiring the project for the group. We
anticipate having results from the bioleach work in 4-6 months from the date we
receive the material from SGS Lakefield."
Mr. Valls, P.Geo., has also completed his review of the GKZ (Russian Federation
State Commission on Mineral Resources) reports that were received from the
Armenian Ministry of Energy and Mines, and has confirmed the following published
mineral resources:
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Estimated Resources of the Lichkvaz deposit by the GKZ in 1986(i)
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Ele- Gr- Gr- Gr-
ment Unit C1 Unit ade C2 Unit Grade P1 Unit ade P2 Unit ade
----------------------------------------------------------------------------
Ore KT 1,291 1,490 4,700 2,000
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Gold Kg 10,144 g/t 7.85 7,063 g/t 4.74 21,360 g/t 4.5 10,000 g/t 5
----------------------------------------------------------------------------
Sil-
ver T 49.7 g/t 38.5 45.4 g/t 30.5 87 g/t 18.5 30 g/t 15
----------------------------------------------------------------------------
Cop-
per KT 6.2 % 0.48 5.3 % 0.35
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Sul-
phur KT 240.3 % 8.64
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Zinc KT 23.6 % 0.85
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Lead KT 15.1 % 0.54
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Sele-
nium T 15.1 g/t 5.4
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Tell-
urium T 23.7 g/t 8.5
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Bis-
muth T 195.2 % 0.0038
----------------------------------------------------------------------------
According to the Committee for Mineral Reserves International Reporting
Standards (CRIRSCO), "C1" and "C2" classifications are equivalent to "indicated"
and "inferred" resources. Resources identified as P1 and P2 in the same report
can be considered in the "Inferred" and "Mineralized Zone" categories
respectively, as defined by the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM) in their document "Estimation of Mineral Resources and Mineral
Reserves Best Practices Guidelines".
(http://www.cim.org/committees/CIMDefStds_Dec11_05.pdf).
Mr. Valls, P.Geo., stated in his report that, taking into consideration the
solid geological and structural control on the distribution of the
mineralization within the Lichkvaz-Tey project, he agrees with such
classification.
The table below, prepared by Mr. Valls, P.Geo., presents the GKZ data by metal
and category using CIM classifications.
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Summary of Total Metal by Category(i)
November 13th, 2009
----------------------------------------------------------------------------
Category Au (oz) Ag (oz) Cu (lb) Zn (lb) Pb (lb)
----------------------------------------------------------------------------
Measured 325,827 1,598,003 13,661,603
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Indicated 227,068 1,461,090 11,497,105 27,921,541 17,738,391
----------------------------------------------------------------------------
Total 522,894 3,059,093 25,158,709 27,921,541 17,738,391
----------------------------------------------------------------------------
Inferred 679,988 2,795,505
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Mineralized Zone 321,507 964,522
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(i)All numbers are historical and there is no NI 43-101 compliant resource
prepared for this project. Data was referenced from Mining-Metallurgical
Institute of Armenia in 1986 Protocol GKZ USSR N 10081 dd.28/11/1986.
Qualified Person
Mr. Jim Steel, MBA, P. Geo., is the Qualified Person for the information
contained in this press release and is a Qualified Person within the meaning of
National Instrument 43-101.
BACTECH PROFILE
BacTech owns patented bacterial oxidation technology for the treatment of
refractory ores and concentrates to enhance the recovery of gold, silver and
base metals. The Company's focus is the acquisition of equity positions in
projects amenable to bioleaching. In September 2008, BacTech signed an MOU to
investigate the use of bioleaching to reprocess arsenic-laden tailings in
Cobalt, Ontario. This is the Company's first foray into the cleantech industry.
BacTech is continuing to evaluate additional remediation projects.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to the Company, certain
information contained herein constitutes "forward-looking statements".
Forward-looking statements are frequently characterized by words such as "plan,"
"expect," "project," "intend," "believe," "anticipate" and other similar words,
or statements that certain events or conditions "may" or "will" occur.
Forward-looking statements are based on the opinions and estimates of management
at the date the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking statements.
These factors include the inherent risks involved in the exploration and
development of mineral properties, the uncertainties involved in interpreting
drilling results and other ecological data, fluctuating metal prices, the
possibility of project cost overruns or unanticipated costs and expenses,
uncertainties relating to the availability and costs of financing needed in the
future and other factors described in the section entitled "Risks" in the
Company's Management Discussion and Analysis for the Year Ended December 31,
2008. Circumstances or management's estimates or opinions could change. The
reader is cautioned not to place undue reliance on forward-looking statements.
Certain exploration results referred to herein are historical in nature and were
compiled before NI 43-101. Caldera has not independently analyzed the results of
the previous exploration, therefore the historical results should not be relied
upon. BacTech believes these historical results provide an indication of the
potential of the properties and are relevant to ongoing evaluation of the
project.
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