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TSXV:AVZ | TSX Venture | Common Stock |
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LONGUEUIL, QUEBEC--(Marketwired - Apr 23, 2014) - Avala Resources Ltd. (TSX-VENTURE:AVZ) (the "Company" or "Avala") is pleased to announce a resource estimate for the Korkan East deposit, which is part of its Timok Gold Project located in Eastern Serbia.
Using a 2g/t in situ gold-equivalent cut-off grade (Au_Eq) the Korkan East deposit contains in-situ inferred resources of 1.37 million tonnes at an average grade of 3.4g/t gold (Au), 44 g/t silver (Ag), 0.6% lead (Pb), 0.5% zinc (Zn) and 0.8% arsenic (As), for 147,000 ounces of Au, 1.919 million ounces of Ag, 8,300 tonnes of Pb and 7,100 tonnes of Zn. The resource estimate is based on 54 drill holes and 8,593 samples.
TIMOK GOLD PROJECT | |||||||||||||
KORKAN EAST | |||||||||||||
INFERRED IN SITU RESOURCE ESTIMATE | |||||||||||||
Cut-Off | Tonnes | Au_Eq | Au | Ag | Pb | Zn | As | S | Au_Eq | Au | Ag | Pb | Zn |
(Au_Eq) g/t | (mt) | (g/t) | (g/t) | (g/t) | (%) | (%) | (%) | (%) | (koz) | (koz) | (koz) | (kt) | (kt) |
MBX BRECCIA ZONE | |||||||||||||
2.0 | 1.12 | 4.6 | 3.6 | 47 | 0.6 | 0.6 | 0.8 | 3.6 | 166 | 130 | 1,703 | 7.1 | 6.4 |
S1/LMST | |||||||||||||
2.0 | 0.25 | 2.9 | 2.2 | 27 | 0.5 | 0.3 | 0.9 | 2.8 | 23 | 18 | 215 | 1.1 | 0.7 |
TOTAL INFERRED RESOURCES | |||||||||||||
2.0 | 1.37 | 4.3 | 3.4 | 44 | 0.6 | 0.5 | 0.8 | 3.1 | 189 | 147 | 1,919 | 8.3 | 7.1 |
Notes:
The Timok Gold Project, incorporating the Bigar Hill, Korkan, Kraku Pester and Korkan East deposits, has a combined in-situ indicated resource estimated at 46.3 million tonnes at an average grade of 1.56 g/t Au for a total of 2.32 million ounces of Au. Additionally, a combined inferred resource of 10 million tonnes at an average grade of 1.6 g/t Au for a total of 0.5 million ounces of Au has been defined within the Timok Gold Project. The cut-off grade and the Au price used for the Bigar Hill, Korkan, Kraku Pester estimates was 0.6 g/t and US$1,250/oz, respectively and for Korkan East, 2.0 g/t and US$1300/oz, respectively.
TIMOK GOLD PROJECT | |||||||
INDICATED AND INFERRED IN SITU RESOURCE ESTIMATES | |||||||
Deposit | Indicated | Inferred | |||||
Cut Off Grade (Au g/t) | Million Tonnes | Au (g/t) | Million Ounces (Au) | Million Tonnes | Au (g/t) | Million Ounces (Au) | |
Bigar Hill | 0.6 | 25.48 | 1.63 | 1.34 | 1.6 | 1.6 | 0.08 |
Korkan | 0.6 | 14.51 | 1.53 | 0.72 | 4.9 | 1.4 | 0.21 |
Kraku Pester | 0.6 | 6.32 | 1.31 | 0.27 | 2.2 | 1.0 | 0.07 |
Korkan East | 2.0 | 1.4 | 3.4 | 0.15 | |||
Total | 46.30 | 1.56 | 2.32 | 10.0 | 1.6 | 0.51 |
The Korkan East deposit, in part, comprises a polymetallic style of mineralization, containing elevated levels of gold, silver, lead, zinc and arsenic. The volume of rock that contains Korkan East was initially assessed as part of Korkan in the 2012 resource estimate. The Korkan East sector was subsequently removed from the volume estimated in the 2013 resource update of Korkan to enable the preparation of a separate polymetallic resource estimate, which is reported upon here. Figure 1 shows the zone within which Korkan East has been defined.
The Company is in the process of finalizing a preliminary economic assessment ("PEA") of its Timok Gold Project, which includes the Bigar Hill, Korkan and Kraku Pester deposits. The Korkan East deposit will not be included in the PEA at this stage. The results of the PEA should be available by the end of April.
Korkan Mineralization Style
Drilling and Sampling
DRILLING DATA USED IN THE KORKAN EAST RESOURCE ESTIMATION | ||||
Item | DD | DT | RC | Total |
HOLES | 34 | 1 | 19 | 54 |
METERS DRILLED | 5,759.5 | 159.8 | 2,683 | 8,602.3 |
SAMPLES | 5,751 | 159 | 2,683 | 8,593 |
AVERAGE RECOVERY | 99% | 98% | 97% | 98% |
PRIMARY ASSAYS (Au) | 5,751 | 159 | 2,683 | 8,593 |
BULK DENSITIES | 1,310 | 47 | 1,357 |
Resource Estimation
Metallurgical Testwork
Sampling and Analysis
The majority of soil samples have been assayed at the ALS Chemex laboratory, Perth, Australia. More recent programs have been assayed at the SGS managed laboratory at Chelopech in Bulgaria using a combination of ICP-OES and ICP-MS; whereas gold has been assayed by low level detection fire assay method with an AAS finish. The Company has established a laboratory facility at Bor, Eastern Serbia which is independently managed by SGS. Trench samples were prepared at the laboratory facility at Bor and the samples have been assayed at the SGS managed laboratory at Chelopech in Bulgaria or the laboratory facility at Bor. Diamond drill core has been prepared at the laboratory facility at Bor and assayed at either the SGS managed laboratory at Chelopech in Bulgaria or the assay laboratory at Bor. A one meter sampling interval has been used where possible for the Timok Gold Project diamond drilling program. Half core is routinely submitted to the laboratory for analysis. Reverse circulation drill samples have been prepared at the laboratory facility at Bor and assayed at the laboratory at Bor. A one meter sampling interval has been used for the Timok Gold Project reverse circulation drilling program. Following Avala standard quality assurance procedures, a full suite of field and laboratory duplicates and replicates along with internationally accredited standards and blanks, have been submitted with each batch of samples.
At the SGS managed assay facility in Bor, analysis of drill or trench samples for gold is routinely carried out using a 50g fire assay charge with an AAS finish. Silver, lead, zinc, copper and arsenic are analyzed using an aqua regia digest (0.3g charge) followed by either an AAS or ICP-MS finish. Sulfur is analyzed using an Eltra combustion furnace (0.2g charge).
Qualified Persons
The Bigar Hill, Korkan, Kraku Pester and Korkan East resource estimates were undertaken by independent qualified person Chris Arnold MAusIMM CP(Geo) of AMC. Mr. Arnold has reviewed and approved the contents of this press release insofar as mineral resource estimates are concerned.
Metallurgical testwork summarised in this press release has been managed and reviewed by an independent qualified person, Dr. Deepak Malhotra, SME-Registered Member and President of Resource Development Inc. (RDi). Dr. Malhotra of RDi has reviewed and approved the contents of this press release.
The technical information contained in this press release was prepared and approved by Dr. Julian F. H. Barnes, FAusIMM, MAIG, a director of the Company and special consultant. Dr. Barnes is a 'qualified person' within the meaning of that term under NI 43-101.
About Avala Resources Ltd.: Avala Resources is a mineral exploration company focused on the exploration and development of the Timok Gold Project in Eastern Serbia. The Timok Gold Project comprises several targets, including the Korkan, Bigar Hill, Kraku Pester and Korkan East deposits. Avala controls 100% of this recently identified sediment-hosted gold belt which totals approximately 250 square kilometers. The common shares of Avala trade on the TSX Venture Exchange under the symbol AVZ.
Avala had approximately $1.0 million in its treasury at March 31, 2014. Avala's issued and outstanding share capital totals 254,492,223 common shares, of which approximately 53.1% is held by Dundee Precious Metals Inc. (TSX:DPM).
Cautionary Statement Regarding Forward-Looking Information
This press release contains 'forward-looking information' within the meaning of Canadian securities legislation. Forward looking information in this press release includes information about the results and interpretation of the mineral resource estimate, the results of additional metallurgical testwork, the timing of the completion of the PEA, the nature of the mineralization of Korkan East, and the results and interpretation of studies and exploration activities. Mineral resources are not mineral reserves and do not have demonstrated economic viability. "Inferred Resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. Since forward-looking information is based on assumptions and addresses future events and conditions, by its very nature it involves risks and uncertainties. Actual results could differ materially from those anticipated in the forward looking information for many reasons including, but not limited to: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for gold; legislative, environmental and other regulatory, political and competitive developments; operational difficulties encountered in connection with the activities of the Company; and the Company's financial condition. These and other factors referred to in public disclosures and filings by the Company should be considered carefully, and readers should not place undue reliance on the Company's forward-looking information. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Figures 1 and 2 are available at the following link: http://media3.marketwire.com/docs/941179_figures.pdf
Avala Resources Ltd.James Crombie, President and Chief Executive Officer+1.450.640.0810info@avalaresources.comwww.avalaresources.com
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