Messina Minerals Announces Initial Zinc Resource Estimate at the Long Lake Main Zone, Newfoundland
14 March 2012 - 12:30AM
Marketwired Canada
Messina Minerals Inc. (TSX VENTURE:MMI) ("Messina") has received results of the
first independent mineral resource estimate for the Long Lake Main Zone
zinc-lead-copper-silver-gold massive sulphide prospect located in central
Newfoundland, Canada; a part of Messina's Glitter Project area. The mineral
resource estimate has been prepared by SRK Consulting (Canada) Inc. ("SRK") of
Toronto, Ontario in accordance with Canada's National Instrument 43-101 ("NI
43-101") standards for disclosure.
The estimate includes indicated resources of 70 million pounds of zinc, 14
million pounds of lead, 8.7 million pounds of copper, 640,000 ounces silver and
7,500 ounces gold. See table below for details. The Main Zone prospect is
located 22 kilometers northeast of Messina's Boomerang deposit and 48 km
southwest of Teck's operating Duck Pond zinc-copper mine. To view a location map
please click the following link:
http://www.messinaminerals.com/i/pdf/MMI_PropertyLocation_2011.pdf.
Peter Tallman, President and CEO of Messina, states, "We are extremely pleased
to accomplish this significant milestone of completing the first initial
resource estimate at the Main Zone. The review also identifies exploration
potential to expand the Main Zone resource with future drilling. The Long Lake
Main Zone is the second polymetallic volcanogenic massive sulphide ("VMS")
deposit within Messina's Glitter Project to have sufficient work to allow a NI
43-101 compliant mineral resource estimate. Both Long Lake and Boomerang, the
first VMS deposit located 22 kilometers away, have potential for future resource
expansion."
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Grade
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Resource Zn Pb Cu Ag Au ZnEq
Category Tonnes (%) (%) (%) (gpt) (gpt) (%)
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Indicated 407,000 7.82 1.58 0.97 49 0.57 12.41
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Inferred 78,000 5.77 1.24 0.70 34 0.48 9.15
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Summary of Mineral Resources for the Long Lake Main Zone Polymetallic
Project
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Contained Metal
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Resource Zn Pb Cu Ag Au
Category Tonnes (M lb) (M lb) (M lb) (oz) (oz)
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Indicated 407,000 70.1 14.16 8.7 640,000 7,500
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Inferred 78,000 9.94 2.14 1.21 80,000 1,200
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Summary of Mineral Resources for the Long Lake Main Zone Polymetallic
Project
(i)Notes:
1. Mineral resources are not mineral reserves and do not have demonstrated
economic viability. All figures have been rounded to reflect the
relative accuracy of the estimates.
2. Reported at a cut-off of 7.00 percent zinc equivalent based on an
underground mining scenario, metallurgical recoveries of 80 percent
zinc, 40 percent copper, 70 percent lead and 50 percent silver. Gold
grades were not used in the metal equivalent calculation.
3. Metal prices assumptions of US$1.00/pound for zinc, US$4.00/pound for
copper, US$1.20 for lead and US$40.00/troy ounce silver.
4. Composite capping values were applied to the 171 composite sample
database of 3.5% Cu (7 samples), 5.0% Pb (11 samples), 25.0% Zn (9
samples), 150 g/t Ag (7 samples) and 0.18 g/t Au (7 samples).
Main Zone Mineral Resource Estimate Methodologies
The Main Zone mineral resource estimate is effective November 29, 2011 and is
based on data collected from a total of 21 NQ drill holes completed by Messina
from 2004 to 2008 and 13 NQ drill holes completed by Noranda Inc. ("Noranda")
between 1994 and 2000. The assay database considered for resource estimation is
comprised of approximately 270 sample intervals. Individual wireframe boundaries
for zinc, lead, copper, and silver mineralization were modelled using gross
metal values ("GMV") for each assayed interval. GMV were calculated using an
aggregate metal value for each sampled assay using metal price assumptions of
US$1.00 per pound ("/lb") for zinc, US$1.20/lb for lead, US$4.00/lb for copper,
and US$40.00 per ounce ("/oz") for silver. The mineralization envelope was
defined by modelling hangingwall and footwall wireframe surfaces using a GMV of
approximately US$200. Both contacts are relatively sharp and moderately
sensitive to variations in GMV. All assay intervals within the wireframe solid
were composited to an approximate length of 1.0 meters which generated 171
composites. Composite capping values were determined to limit the influence of
high grade composites; capping values of 3.5% copper, 5.0% lead, 25.0% zinc, 150
g/t silver, and 1.8 g/t gold were applied. Block model parameters were generated
using CAE Datamine Studio 3 software. The block model size is 10 meters by 10
meters by 10 meters; sub-blocking was carried out to three levels in the X, Y,
and Z directions. The model is rotated using the Datamine convention at seventy
degrees along the Z-axis and eighty-five degrees along the Y-axis. The
estimation strategy consists of ordinary kriging ("OK") estimates for zinc,
lead, copper, silver and gold. An average specific gravity of 3.38 for the Main
Zone was assigned to each block in the model based on the mean of the pycnometer
measurements based on measurements by SRK on 15 samples.
SRK considers that the Main Zone is amenable for underground extraction. To
assist with determining a reasonable reporting cut-off grade, SRK considered the
following assumptions:
-- Metal price assumptions of US$1.00 per pound ("/lb") for zinc,
US$1.20/lb for lead, US$4.00/lb for copper, and US$40.00 per ounce
("/oz") for silver; and
-- Metallurgical recoveries of 80% for zinc, 70% for lead, 40% for copper,
and 50% for silver.
Based on these assumptions, SRK considers that classified resource blocks above
a grade of 7.0% zinc equivalent show reasonable prospect for economic extraction
from an underground mine and, therefore, can be reported as a mineral resource.
At this cut-off grade the sulphide mineralization forms a contiguous minable
shape.
Technical Report
A Technical Report prepared by SRK according to Form 43-101F1 and the
requirements of NI43-101 describing the Main Zone resource estimate will be
available on Messina's website messinaminerals.com and also on sedar.com within
45 days.
Cautionary Note Concerning Reserve and Resource Estimates
This press release may use the terms "reserves", "resources", "proven reserves",
"probable reserves", "measured resources", "indicated resources" and "inferred
resources". Investors are advised that mineral resources that are not mineral
reserves do not have demonstrated economic viability. Investors are cautioned
not to assume that all or any part of measured or indicated resources will ever
be converted into reserves. Inferred Resources are in addition to Measured and
Indicated Resources. Further, inferred resources have a great amount of
uncertainty as to their existence and as to whether they can be mined legally or
economically. It cannot be assumed that all or any part of the inferred
resources will ever be upgraded to a higher category. Therefore, investors are
also cautioned not to assume that all or any part of the inferred resources
exist, or that they can be mined legally or economically. National Instrument
43-101 Standards of Disclosure for Mineral Projects is a rule developed by the
Canadian Securities Administrators, which established standards for all public
disclosure an issuer makes of scientific and technical information concerning
mineral projects. Unless otherwise indicated, all reserve and resource estimates
referred to in this press release or released by the Company in the future have
been or will be prepared in accordance with NI 43-101 and the Canadian Institute
of Mining, Metallurgy and Petroleum Classification System.
Technical Information
Peter Tallman, P.Geo., President and CEO of Messina Minerals Inc. and a
Qualified Person as defined by NI43-101, has supervised the preparation of the
scientific and technical information that forms the basis for this news release
in accordance with Canadian standards for disclosure set out in NI 43-101. Mr.
Tallman is not independent of the company as he is an officer, director, and
shareholder. The Main Zone mineral resource statement was prepared by G. David
Keller., P.Geo. and Sebastien Bernier, P.Geo., both "independent qualified
persons" as defined by NI 43-101.
About Messina
Messina Minerals Inc. is a leading explorer for zinc-lead-copper-silver-gold
massive sulphide deposits in Newfoundland, Canada. Our extensive 450 square
kilometer mineral lands are in a region known historically for its copper and
zinc resources and where the Company has made massive sulphide discoveries
including NI 43-101 complaint mineral resources "Boomerang", "Domino", and now
"Main Zone" on the Glitter Project. See our website for more information.
ON BEHALF OF THE BOARD OF DIRECTORS OF MESSINA MINERALS INC.
Peter Tallman, President
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