Mountain Boy Minerals announces a significant increase in gold resources to 947,988 ounces inferred and 423,002 ounces measured
15 March 2007 - 11:24AM
PR Newswire (US)
Trading Symbol: (TSX -MTB) (OTC Other MBYMF) (Frankfurt: M9U.F)
VANCOUVER, March 14 /PRNewswire-FirstCall/ -- Mountain Boy Minerals
Ltd. Pinnacle Mines Ltd. and Tenajon Resources Corp. are pleased to
announce the results of a recent update to the resource estimate on
the Silver Coin Project, adjoining the former gold producer Premier
Silbak, near Stewart, BC. The new mineral resource has been
significantly increased and improved since the last resource
estimate published in March 2006, which only referred to inferred
resources. MineFill was able to upgrade roughly 40 percent of the
resources from Inferred to Measured and Indicated. The new resource
estimate includes 947,988 ounces of gold in the inferred category
and 423,002 ounces of gold in the measured and indicated category.
Andrew Bowering, a director of Mountain Boy and President of
Pinnacle, stated that "We are pleased with the work that was
completed in 2006 which improved and increased the resources and we
believe that there is potential to increase the resources even more
with additional drilling to the north and east in the next
exploration programs. The 2007 exploration program will be
established upon receipt of the 2006 drill report and Minefill
43-101 report." This updated resource includes an additional 182
surface diamond drill holes completed in 2005 and 2006 under the
supervision of Pinnacle geologists and 417 historical drill holes
of which 288 were drilled from underground. The resource is based
on drilling along 700 meters of strike length within a mineralized
zone that has been identified over a distance of at least 2,500
meters that remains open to the south, east and north. Trenching to
the north along the mineralized structure has returned values up to
22 g/t gold. The current resource estimate is located primarily
within the Kansas claim and the immediate surrounding area
including the Big Missouri claim (51% Pinnacle - 49% Mountain Boy),
as drilling was concentrated in these areas. In 1991 the Facecut
zone, located on the Big Missouri, produced 102,539 tonnes at an
average grade of 8.9 g/t Au and 55.50 g/t Ag. Work during 2005 and
2006 has extended this high grade mineralization (Facecut Zone) at
least 200 meters north of the stoped area. DDH-2005-89 intersected
11.59 meters of 9.89 g/t gold approximately 100 meters north of the
mined area. Future drilling will concentrate on this area to the
north. The new mineral resource estimate is presented in Table 1
below. Table 1 Updated Mineral Resource Estimate for Silver Coin
(Above a Cutoff Grade of 0.75 g/t Au-eq.)
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Au Ag Zn Au Au-Eq (oz) Class Tonnes g/t g/t % (oz) (Au, Ag only)
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Measured 1,073,891 3.481 14.191 0.432 120,181 129,513
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Indicated 8,633,606 1.091 10.567 0.288 302,822 358,689
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M+I 9,707,497 1.355 10.968 0.304 423,002 488,202
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Inferred 15,947,629 1.849 5.377 0.273 947,988 1,000,499
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(x) Au-eq values calculated from $525/oz for Au, $10/oz for Ag. (x)
Metallurgical recoveries and net smelter returns are assumed to be
100%. The inferred total has been almost doubled plus we have added
an additional 423,002 to the measured and indicated categories. In
addition to the above results, MineFill report the following
resources at a range of cutoff values (Table 2). Table 2 Updated
Mineral Resource Estimate for Silver Coin
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Cutoff Grade Au Ag Zn Au Au-Eq (oz) Au-Eq Tonnes g/t g/t % (oz)
(Au, Ag only)
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0.25 76,599,380 0.717 3.781 0.155 1,765,689 1,943,044
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0.5 41,636,771 1.161 5.54 0.217 1,554,100 1,695,353
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0.75 25,655,126 1.662 7.492 0.285 1,370,803 1,488,505
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1 16,760,494 2.259 9.629 0.363 1,217,231 1,316,059
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1.25 11,426,111 2.982 12.059 0.451 1,095,408 1,179,784
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1.5 8,245,680 3.809 14.919 0.535 1,009,735 1,085,067
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The new resource was classified in accordance with CIMM (2000)
standards. The updated resource includes a high grade core of 8.25
million tonnes grading over 5.0 g/t Au-equivalent (3.8 g/t Au, 14.9
g/t Ag, 0.04% Cu and 0.54% Zn) containing just over 1 million
ounces of gold. Resources on the Kansas claim, at a 0.75 g/t
Au-equivalent cutoff include 7.225 million tonnes measured and
indicated grading 1.532 g/t Au, 9.998 g/t Ag, 0.013% Cu and 0.329%
Zn, and 10.256 million tones inferred grading 2.146 g/t Au, 5.572
g/t Ag, 0.009% Cu and 0.26% Zn. Contained metal on the Kansas
claims include 355,924 ounces of measured and indicated gold and
2.322 million ounces of silver, and 707,605 ounces of inferred gold
and 1.837 million ounces of silver. A comprehensive program of data
verification was undertaken by MineFill Services prior to the
building of a block model in SURPAC. The mineral resource estimate
was then generated by ordinary kriging using uncapped gold, silver
and zinc values. MineFill Services is currently preparing a 43-101
compliant Technical Report for filing on SEDAR. MineFill has also
been engaged to prepare a Preliminary Economic Assessment to
evaluate the economics of an open pit at Silver Coin. The results
of this study will be released as soon as they are available, and a
report will be filed on SEDAR. The Qualified Person for this
release is Dr David Stone, P.Eng., P.E. of MineFill Services, Inc.,
Vancouver, B.C. ON BEHALF OF THE BOARD "Ed Kruchkowski" Ed
Kruchkowski, Director The TSX Venture Exchange has not reviewed and
does not accept responsibility for the adequacy or the accuracy of
the content of this news release. CONTACT: visit the website at
http://www.mountainboyminerals.ca/ DATASOURCE: Mountain Boy
Minerals Ltd. CONTACT: visit the website at
http://www.mountainboyminerals.ca/
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