Abitibi Royalties Announces Increase in NI 43-101 Compliant Reserve and Resource Estimates at Malartic CHL Property and 2% NS...
07 March 2013 - 1:17AM
Marketwired Canada
Abitibi Royalties Inc. (TSX VENTURE:RZZ) (the "Company" or "Abitibi") is pleased
to announce the receipt of the year-end 2012 gold reserve and resource estimate
completed by Osisko Mining Corporation ("Osisko") in respect of the Company's
interests in the Malartic CHL property and the claim in respect of which the
Company holds a 2% net smelter return royalty (the "Royalty").
Abitibi has commissioned Micon International Limited ("Micon") of Toronto,
Ontario to: (i) audit the year-end 2012 gold reserve and resource estimate
completed by Osisko with respect to the Mammoth/Barnat, and Jeffrey zones only;
and (ii) prepare a corresponding National Instrument 43-101 ("NI 43-101)
compliant technical report with respect to same.
The Malartic CHL property is the object of a joint venture with Osisko in which
Abitibi holds a 30% free carried interest; it hosts the Mammoth/Barnat, and
Jeffrey zones. The Charlie-Gouldie gold deposits lie within the single claim
held by Osisko in respect of which Abitibi holds the Royalty. Glenn Mullan,
President of Abitibi, notes: "Osisko has indicated that the Gouldie pit area is
currently scheduled to begin production in November of 2013, thereby providing
an expected initial cash flow distribution to Abitibi."
Information regarding the updated reserves and resource estimates for the
Canadian Malartic Project was published by Osisko by way of a news release dated
February 19, 2013, which can be found under Osisko's issuer profile on Sedar.
The information that follows has been provided to Abitibi by Osisko; only the
data with respect to the Mammoth/Barnat and Jeffrey zones will be independently
audited by Micon:
Table 1 - Mammoth/Barnat Pit Proven & Probable Reserves Estimate(1), (2)
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Ore Grade
Category Area Ore Tons (g/t) Contained Oz
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Proven Reserve Mammoth/Barnat 376,300 0.93 11,200
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Probable Reserve Mammoth/Barnat 1,638,300 0.94 49,447
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Proven & Probable
Reserve Mammoth/Barnat 2,014,600 0.94 60,647
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Table 2 - Mammoth/Barnat Pit Resource Estimate(3)
The following Resources are in addition to reserves noted above:
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Category Area Tons Grade (g/t) Contained Oz
----------------------------------------------------------------------------
Measured Resource Mammoth/Barnat 229,300 1.02 7,523
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Total Measured Resource 229,300 1.02 7,523
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Indicated Resource Mammoth/Barnat 1,842,200 0.77 45,574
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Total Indicated Resource 1,842,200 0.77 45,574
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Measured & Indicated
Resource Mammoth/Barnat 2,071,600 0.80 53,097
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Total M&I Resource Mammoth/Barnat 2,071,600 0.80 53,097
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Inferred Resource Mammoth/Barnat 1,433,700 1.06 48,965
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Table 3 - Jeffrey Proven & Probable Reserves Estimate(1), (2)
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Ore Grade
Category Area Ore Tons (g/t) Contained Oz
----------------------------------------------------------------------------
Proven Reserve Jeffrey - - -
----------------------------------------------------------------------------
Probable Reserve Jeffrey 3,395,200 0.73 79,249
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Proven & Probably
Reserve Jeffrey 3,395,200 0.73 79,249
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Table 4 - Jeffrey Mineral Resource Estimate(3)
The following Resources are in addition to reserves noted above:
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Category Area Tons Grade (g/t) Contained Oz
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Measured Resource Jeffrey - - -
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Total Measured Resource - - -
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Indicated Resource Jeffrey 5,269,000 0.65 110,696
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Total Indicated Resource 5,269,000 0.65 110,696
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Measured & Indicated
Resource Jeffrey 5,269,000 0.65 110,696
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Total M&I Resource 5,269,000 0.65 110,696
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Inferred Resource Jeffrey 376,200 0.90 10,842
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Table 5. - Gouldie Proven & Probable Reserves Estimate(1), (2)
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Ore Grade
Category Area Ore Tons (g/t) Contained Oz
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Proven Reserves Gouldie 666,800 0.99 21,151
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Probable Reserves Gouldie 500,300 0.83 13,321
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Proven & Probable
Reserves Gouldie 1,167,100 0.92 34,472
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Table 6 - Gouldie Mineral Resource Estimate(3)
The following resources are in addition to Reserves noted above:
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Gold Grade Contained Gold
Category Area Tons (g/t) (ounces)
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Measured Resources Gouldie 843,700 1.17 31,816
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Indicated Resources Gouldie 4,662,800 0.96 143,815
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Measured & Indicated
Resources Gouldie 5,506,500 0.99 175,631
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Inferred Resources Gouldie 857,800 0.83 22,935
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Table 7 - Gouldie Estimated Production subject to Abitibi Royalties interest
during calendar year 2013
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Area
(by royalty
Month area) Tons (metric) Gold Grad (g/t) Contained Ounces
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November Gouldie 64,900 0.516 1,076
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December Gouldie 231,500 0.934 6,950
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Total All 296,300 0.842 8,026
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1 Mineral Reserves are reported at a commodity price of US$1,475/oz Au
for Gouldie and Barnat and $1,450/oz Au for Jeffrey, and have an
effective date of December 31, 2012. Tonnages have been rounded to
nearest hundred tonnes. Numbers may not add up due to rounding.
2 Mineral Resources are reported exclusive of Mineral Reserves and are
determined by Ordinary Kriging and a variable cut-off grade ranging
from 0.31 to 0.34 g/t Au. Mineral Resources that are not Mineral
Reserves do not have demonstrated economic viability
3 Rounding as required by reporting guidelines may result in apparent
summation differences between tonnes, grade and contained metal
content.
4 Tonnage and grade measurements are in metric units. Contained gold
ounces are reported as troy ounces.
5 A Proven Ore Reserve is economically minable part of a Measured Mineral
Resource. It includes diluting materials and allowances for losses
which occur when the material is mined. A Proven Ore Reserve represents
the highest confidence category of reserve estimate.
6 A Probable Ore Reserve is the economically minable part of Indicated
Mineral Resource. It includes diluting material and allowances for
losses which may occur when the material is mined. A Probable Ore
Reserve has a lower level of confidence than a Proven Ore Reserve but
is of sufficient quality to serve as the basis for decision on the
development of deposit.
7 Basis for Reserves estimation.
Qualified Person
Mr. Donald Gervais is the qualified person, as defined in NI 43-101, who has
reviewed and is responsible for the technical information in this new release,
including verification of the data disclosed, the sampling, and the analytical
QA-QC data underlying the technical information. Resources and Reserves have
been classified following the standards and definitions of the CIM.
A NI 43-101 compliant report, supporting the mineral resources and mineral
reserves estimates with respect to the Mammoth/Barnat, and Jeffrey zones, will
be finalized and filed on SEDAR within 45 days of the date of this news release.
Mr. B. Terrence Hennessey, P.Geo., Mani M. Verma, P. Eng. and Richard Gowans,
P.Eng. of Micon will co-author the report.
About Micon International
Since 1988, Micon International has provided consulting services to the
international mining industry with particular focus upon mineral resource
estimations, metallurgical services, mine design and production scheduling,
preparation of pre-feasibility and feasibility studies, independent reviews of
mining and mineral properties, project monitoring, independent engineer roles,
financial analysis and litigation support. Micon's clients include mining and
mineral exploration companies, financial institutions and government agencies
from around the world. A particular expertise has been developed in the economic
evaluation of mining properties, including studies in support of debt and equity
financing. Micon's professional staff has the experience, education and
professional credentials to act as Qualified Persons and/or Competent Persons,
as required by world-wide regulatory agencies.
About Abitibi Royalties Inc.
Abitibi Royalties holds title to the Luc Bourdon and Bourdon West Prospects
(also known as the McFaulds Lake Property) and a 30% free carried interest on
the Malartic CHL Property which is the object of a joint venture with Osisko. In
addition, the Company holds a 2% net smelter royalty interest in one claim held
by Osisko, and may acquire and generate other property and royalty interests.
Forward Looking Statements:
This news release contains certain statements that may be deemed
"forward-looking statements. Forward looking statements are statements that are
not historical facts and are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. Although the Company believes
the expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future performance
and actual results or realities may differ materially from those in forward
looking statements. Forward looking statements are based on the beliefs,
estimates and opinions of the Company's management on the date the statements
are made. Except as required by law, the Company undertakes no obligation to
update these forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change.
FOR FURTHER INFORMATION PLEASE CONTACT:
Glenn J. Mullan
President
819-824-2808, x 1222
glenn.mullan@goldenvalleymines.com
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