Canplats Resources Corporation: Positive Initial Metallurgical Results From Camino Rojo Project
19 January 2009 - 9:30PM
Marketwired Canada
Canplats Resources Corporation (TSX VENTURE:CPQ) is pleased to announce the
results of 18 column leach tests from the Represa Zone at its 100% owned Camino
Rojo project located in the State of Zacatecas, Mexico. These test results
indicate that near-surface oxide mineralization at the Represa Zone is amenable
to simple and cost effective heap leach processing methods.
Highlights of the column leach tests indicate:
- Gold recoveries are relatively insensitive to crush size and average 76% for
oxide mineralization at a comparatively coarse 3/4 inch feed size;
- Gold recoveries of up to 62% from transitional oxide/sulphide mineralization; and
- Moderate cyanide and lime consumption.
The column tests were completed by SGS Minerals Services in Durango, Mexico, a
subsidiary of SGS Lakefield Research Laboratory. Column tests were conducted
over a 95 day period using samples from large diameter drill core crushed to
feed sizes varying from 1 1/2 inches to 3/8 inches.
Oxide Column Test Results:
--------------------------------------------------------------------------
Calculated Head
Grade Extraction Consumption
Crush --------------- --------------- ------------
Size Gold Silver Gold Silver NaCN CaO
Column (inches) (g/t) (g/t) (%) (%) (kg/T) (kg/T)
--------------------------------------------------------------------------
CRM-06-1 1 1/2 0.672 8.27 72.59 12.84 0.66 2.29
--------------------------------------------------------------------------
3/4 0.603 9.36 73.31 14.91 0.87 3.34
--------------------------------------------------------------------------
3/8 0.537 9.00 73.65 19.02 0.81 4.28
--------------------------------------------------------------------------
--------------------------------------------------------------------------
CRM-06-2/3 1 1/2 1.952 10.63 83.66 12.05 0.79 2.36
--------------------------------------------------------------------------
3/4 1.794 11.51 86.60 21.23 0.99 2.81
--------------------------------------------------------------------------
3/8 1.795 11.58 86.49 25.27 1.23 4.60
--------------------------------------------------------------------------
--------------------------------------------------------------------------
CRM-14-1 1 1/2 0.508 19.24 62.14 30.39 0.78 3.00
--------------------------------------------------------------------------
3/4 0.486 18.01 64.14 32.29 0.62 3.30
--------------------------------------------------------------------------
3/8 0.486 18.01 61.81 28.06 0.91 4.30
--------------------------------------------------------------------------
--------------------------------------------------------------------------
CRM-20-1 1 1/2 0.369 14.09 65.15 23.16 0.58 2.63
--------------------------------------------------------------------------
3/4 0.338 17.94 78.08 23.21 0.55 2.31
--------------------------------------------------------------------------
3/8 0.359 15.26 74.81 30.88 0.71 3.55
--------------------------------------------------------------------------
Transitional Column Test Results:
--------------------------------------------------------------------------
Calculated Head
Grade Extraction Consumption
Crush --------------- --------------- ------------
Size Gold Silver Gold Silver NaCN CaO
Column (inches) (g/t) (g/t) (%) (%) (kg/T) (kg/T)
--------------------------------------------------------------------------
CRM-14-2 1 1/2 0.431 15.51 34.74 33.71 0.67 1.59
--------------------------------------------------------------------------
3/4 0.446 13.63 36.35 38.95 0.61 1.44
--------------------------------------------------------------------------
3/8 0.387 15.33 33.13 44.15 0.81 2.53
--------------------------------------------------------------------------
--------------------------------------------------------------------------
CRM-20-2 1 1/2 0.593 21.51 55.20 30.54 0.54 1.55
--------------------------------------------------------------------------
3/4 0.585 28.58 62.39 31.74 0.47 1.48
--------------------------------------------------------------------------
3/8 0.589 22.35 60.51 50.87 0.84 2.83
--------------------------------------------------------------------------
Additional testwork is planned for both oxide and transitional mineralization,
as well as initial metallurgical studies for sulphide mineralization.
A recent independent resource estimate confirmed measured and indicated
resources of 3.44 million ounces of gold and 60.7 million ounces of silver at
the Represa Zone, with additional inferred resources of 0.56 million ounces of
gold and 7.6 million ounces of silver. Mineralization remains open for further
expansion in both strike directions and to depth. Reconnaissance exploration is
underway to identify new target areas within the 340,000 hectare (more than
1,300 square mile) Camino Rojo property.
The Represa Zone is situated in flat terrain within an area of excellent
infrastructure, less than 5 kilometers from a paved highway and high voltage
power lines. It is located 50 kms to the southeast of Goldcorp's large-scale
Penasquito Mine.
Ken McNaughton, P.Eng., is the qualified person responsible for the Camino Rojo
exploration program.
To receive Canplats' news releases by e-mail, contact Blaine Monaghan, Director,
Investor Relations, at info@canplats.com or (866) 338-0047. Some of the
statements contained in the company's news releases may be forward-looking
statements such as the company's future plans, objectives and goals. The
statements that are not historical facts are forward-looking statements
involving known and unknown risks and uncertainties which could cause actual
results to vary considerably from these statements. The risks and uncertainties
include general and economic conditions as well as those described in Canplats'
SEC Form 20F.
Cautionary note to U.S. investors concerning disclosure of estimates of mineral
resources and contained ounces of gold and silver: The terms "measured
resource", "indicated resource" and "inferred resource" used in this news
release are Canadian geological and mining terms as defined in accordance with
National Instrument 43-101, Standards of Disclosure for Mineral Projects under
the guidelines set out in the Canadian Institute of Mining, Metallurgy and
Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves,
adopted by the CIM Council as may be amended from time to time by the CIM. We
advise U.S. investors that while such terms are recognized and permitted under
Canadian regulations, the SEC does not recognize them. U.S. investors are
cautioned not to assume that any part or all of the mineral deposits in the
measured and indicated categories will ever be converted into reserves.
"Inferred resources" have a great amount of uncertainty as to their existence,
and great uncertainty as to their 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 other economic
studies. U.S. investors are cautioned not to assume that any part or all of an
inferred resource exists, or is economically or legally mineable. Disclosure of
gold and silver resources expressed in ounces in the mineral resource categories
in this news release is in compliance with National Instrument 43-101, but does
not meet the requirements of Industry Guide 7, Description of Property by
Issuers Engaged or to be Engaged in Significant Mining Operations, of the SEC,
which will accept only the disclosure of tonnage and grade estimates for
non-reserve mineralization.
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