Great Quest Metals Ltd.: Tilemsi Phosphate Project Receives 32.6 Mt Initial NI 43-101 Mineral Resource Estimate
09 November 2011 - 2:57AM
Marketwired
Victor J.E. Jones, President and CFO of Great Quest Metals Ltd.
("Great Quest" or the "Company") (TSX VENTURE:GQ)(FRANKFURT:GQM),
is pleased to announce that the Company has received an NI 43-101
compliant mineral resource estimate based on the first phase drill
results within small portions of the company's 737 km2 Tilemsi
Phosphate Project located in Eastern Mali, West Africa. The report
from Jed Diner, (M.Sc., P.Geol.) provides an Inferred Mineral
Resource estimate of 32 million tonnes at a grade of 23.4% P2O5 (at
a cutoff of 5% P2O5) using a specific gravity of 2.1.
Inferred Resources:
Summary of the resources at various cutoff grades
---------------------------------------------------------------------------
Tin Hina Alfatchafa Total
---------------------------------------------------------------------------
Average Average Average
Cutoff Tonnes grade Tonnes grade Tonnes grade
grade % 1000's P2O5% 1000's P2O5% 1000's P2O5%
---------------------------------------------------------------------------
15 19,280 24.66 11,639 22.8 30,919 23.96
---------------------------------------------------------------------------
12 19,995 24.25 12,497 22.19 32,492 23.46
---------------------------------------------------------------------------
10 20,000 24.24 12,550 22.14 32,550 23.43
---------------------------------------------------------------------------
5 20,000 24.24 12,664 22.01 32,664 23.38
---------------------------------------------------------------------------
The Tilemsi resource model is based on 176 drill holes completed
in the Phase 1 drilling program carried out in the second quarter
2011 on the two initial target areas within the 737 km2 large
project area. The phosphate bodies are stratabound, located near
surface in gently rolling plateaus, and outcropping where the
plateaus are cut by wide dry river beds. This should allow for a
low strip ratio and minimal pre-stripping requirements. The
overburden and phosphate material is soft unconsolidated silts and
sand, which should be amenable to free digging, minimizing mining
costs.
The report acknowledged that there is considerable additional
untested exploration potential on the Tilemsi concessions,
especially adjacent to the drilled areas, east of Tin Hina and SW
of Alfatchafa. The report concludes that other areas within the
concessions exhibit phosphate outcrops which have not been drill
tested at all and which could increase the potential considerably.
Continued exploration and drilling is recommended. The map given in
Figure 4 of the report is presented below indicating the location
of the drilling to date.
Mr. Ehud Levy, a Director of Great Quest Metal and international
consultant on commercial phosphate deposit development stated, "The
Company is pleased with the initial resource estimate for Tilemsi
as it confirms the quality of the deposit and the potential for
Mali as a source of high grade phosphate. We believe that the
current inferred resource is conservative and that drilling of the
target areas and other hills within the Tilemsi concessions will
show greater reserves and increase the project potential."
The Company has mobilized geologists to the project site for
continued sampling and geological reconnaissance. Eleven pits have
been completed for a bulk sample for metallurgical test work and
field work is in progress in preparation for drilling programs
scheduled over the coming months.
Resource Estimation Methodology
The majority of the drill holes used were on the 320km2 Tin Hina
Concession, with the area of the polygons used for the calculation
of resource set at 6.75km2 for Tin Hina and 6.7 km2 for Alfatchafa,
representing just over 13.4km2 of the expansive 320 km2 Tin Hina
area in a total project area of 737 km2.
Based on the average thicknesses of the phosphate seams,
weighted average grade of the intersections, and using a specific
gravity of 2.1, the preliminary estimate of tonnage represented by
the Phase 1 drilling is approximately 32.6 million tonnes of
phosphate rock at a weighted average grade 23.4% P2O5 of high
quality. Geochemical analysis of the phosphate samples indicates
that the deposit is free of deleterious elements (Cd less than 1
ppm, U less than 10 ppm) but rich in Fe2O3 and Al2O3 (about 11%
combined).
Based on the drill hole spacing and sample quality issues, the
report classifies the resources as inferred. The Phosphate field
was divided into two different areas: Tin Hina and Alfatchafa, each
of which was modelled independently by seam modeling. An Inverse
Distance Squared (IDS) algorithm was used to obtain resource
estimates. A detailed statistical analysis was completed according
to the geological model. Each element assayed was included in the
analysis. A two dimensional (2D) estimate as defined by the ore
layer surfaces was undertaken. The block model size was based on
drill-hole spacing and thickness of the mineralised unit. The
estimation of P2O5 for the main phosphate layer was undertaken
using the IDS method. On Alfatchafa, presence of good variograms
allowed calculation of resources using Kriging, while in Tin Hina,
only IDS estimation was possible.
The statistical analysis comprised comparing the block average
grades from the Inverse Distance Squared (IDS) to that of the raw
drill hole data. The Kriged Alfatchafa model grades compare very
well to the IDS model grades with less than 1% variation between
the two models. The area is not structurally complex and so no
geological losses were applied.
To view the map accompanying this press release please visit the
following link: http://media3.marketwire.com/docs/GQMap118.pdf
Qualified Person
Jed Diner (M.Sc., P.Geol.) is the Qualified Person responsible
in accordance with NI 43-101 for the content, review and approval
of this News Release. Mr. Diner completed his MSc in Applied Earth
Science at Stanford University in 1983 and works internationally on
mineral exploration and resource development projects. He has
consulted on other Phosphate projects in Uzbekistan, Peru and
Angola.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS
LTD.
Victor J.E. Jones, President
Great Quest Metals Ltd. is a Canadian mineral exploration
company with assets in Mali, West Africa. The Company is focused on
developing the Tilemsi Phosphate Project, encompassing 737 km2 in
eastern Mali. The Company also holds several gold concessions in
the productive Birimian gold belt in western Mali. Great Quest is
listed on TSX Venture Exchange (GQ), and the Frankfurt Stock
Exchange (GQM).
12g3-2(b) Exemption #82-3116
Standard & Poor's Listed
The statements that are not historical facts and are
forward-looking statements involving known and unknown risks and
uncertainties could cause actual results to vary materially from
the targeted results.
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Great Quest Metals Ltd. George Butterworth Investor
Relations 604-689-2882 or Toll Free: 877-325-3838 604-684-5854
(FAX)info@greatquest.comwww.greatquest.com
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