ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

CIM Cagim Real Estate Corp

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
Cagim Real Estate Corp TSXV:CIM TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Southern Arc Announces Inferred Resource Estimate for the West Lombok Property with 1.49 Million Ounces of Gold and 397 Milli...

11/07/2013 1:59pm

Marketwired Canada


Southern Arc Minerals Inc. (TSX VENTURE:SA)(OTCQX:SOACF) ("Southern Arc" or "the
Company") is pleased to announce the results of an initial National Instrument
43-101 ("NI 43-101") compliant resource estimate for its West Lombok property.
SRK Consulting (Canada) Inc. ("SRK") has estimated an Inferred Resource
totalling 1.49 million ounces of gold, 1.82 million ounces of silver and 397.3
million pounds of copper from three open-pittable epithermal gold deposits and
one porphyry copper deposit. The Raja, Bising and Tibu Serai epithermal gold
deposits are estimated to contain 11,783,000 tonnes averaging 1.5 g/t gold for
contained metal of 567,820 ounces of gold, with an additional 1.82 million
ounces of silver in the Raja deposit. The Selodong porphyry copper
mineralization is estimated to contain 66,750,000 tonnes averaging 0.43 g/t gold
and 0.27% copper for contained metal of 922,800 ounces of gold and 397,324,000
pounds of copper within two zones: Montong Botek and Blongas. All the resources
reported have been constrained by Whittle optimized open pit shells.


SRK has reviewed and authorized this press release and is preparing an NI 43-101
technical report outlining the resource estimate that will be filed within 45
days on SEDAR at www.SEDAR.com.


Details of the resource estimate are summarized below, with the resource
locations shown in Figures 1 and 2
(http://media3.marketwire.com/docs/sa711_F1-2.pdf). 




               West Lombok Property Mineral Resource Estimate               
                        Effective Date June 29, 2013                        
                                                                            
----------------------------------------------------------------------------
                                                      Grade                 
                                     ---------------------------------------
                Resource      Tonnage         Gold       Silver       Copper
Prospect        Category     (tonnes)        (g/t)        (g/t)          (%)
----------------------------------------------------------------------------
Epithermal                                                                  
Style(1)                                                                    
Raja            Inferred    3,898,000         2.63         14.0            -
Bising          Inferred    6,908,000         0.88           ns            -
Tibu Serai      Inferred      977,000         1.36           ns            -
Total           Inferred   11,783,000         1.50         14.0            -
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Porphyry                                                                    
Style(2)                                                                    
Selodong        Inferred   66,750,000         0.43           ns         0.27
----------------------------------------------------------------------------

                                                                            
----------------------------------------------------------------------------
                                                 Contained Metal            
                                     ---------------------------------------
                Resource      Tonnage         Gold       Silver       Copper
Prospect        Category     (tonnes)         (oz)         (oz)         (lb)
----------------------------------------------------------------------------
Epithermal                                                                  
Style(1)                                                                    
Raja            Inferred    3,898,000      329,700    1,821,000            -
Bising          Inferred    6,908,000      195,550           ns            -
Tibu Serai      Inferred      977,000       42,570           ns            -
Total           Inferred   11,783,000      567,820    1,821,000            -
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Porphyry                                                                    
Style(2)                                                                    
Selodong        Inferred   66,750,000      922,800           ns  397,324,000
----------------------------------------------------------------------------



Notes: 

ns not significant 



1.  Resources for the Raja epithermal deposit are reported at a 0.5 g/t gold
    equivalent cut-off using the long-term consensus price forecasts for
    gold and silver of US$1500 and US$25 per ounce, respectively, and
    assumed 100% metal recoveries for both metals. Bising and Tibu Serai
    epithermal deposits are reported at a cut-off grade of 0.5 g/t gold. All
    resources were constrained inside a Whittle open pit shell. Gold grades
    were capped at 30 g/t for Raja, 5 g/t for Bising and 5 g/t for Tibu
    Serai. 
2.  The resource for the Selodong porphyry copper-gold deposit is reported
    for a 0.25% copper equivalent cut-off grade inside a Whittle open pit
    shell. Copper equivalent is calculated using the long-term consensus
    metal forecast prices for gold and copper of US$1500 per ounce and
    US$3.56 per pound, respectively, and assumed 100% metal recoveries for
    both metals. Gold was capped at 4 g/t for Selodong. No capping was
    applied to copper. 
3.  All numbers have been rounded to reflect the relative accuracy of the
    estimates. 
4.  The mineral resources have been estimated in conformity with generally
    accepted CIM "Estimation of Mineral Resource and Mineral Reserves Best
    Practices" guidelines. Mineral resources are not mineral reserves and do
    not have demonstrated economic viability. 



"This maiden resource estimate for West Lombok confirms Southern Arc's model for
a multi-pit project on a number of epithermal gold deposits on the property and
enhances the area's potential for bulk tonnage porphyry copper-gold
mineralization," said Dr. Mike Andrews, Southern Arc's President and Chief
Operating Officer. "The mineral estimate reported here is based on drilling at
only four locations in the 13 km by 7 km mineralized belt. Both Southern Arc and
SRK feel the resource estimate could be expanded and upgraded with additional
exploration."


Beginning in 1996, Southern Arc and the previous operator, Newmont, have
completed a total of 55,706 metres of diamond core drilling (291 drill holes) on
the three main prospects within the West Lombok property: Pelangan, Mencanggah
and Selodong. Ninety-nine drill holes were included in the current resource
estimation, while the remaining holes were either first phase exploratory holes
or focused on different targets across the property. The reported resources
cover three discreet epithermal gold targets: the Raja target in the Pelangan
prospect (36 resource definition drill holes, for 5,787 m) and the Bising and
Tibu Serai targets in the Mencanggah prospect (32 resource definition drill
holes, for 5,200 m), as well as the two near-contiguous Montong Botek and
Blongas porphyry targets within the Selodong copper-gold prospect (31 resource
definition drill holes, for 11,012 m). 


The resource estimation was completed by Dr. Gilles Arseneau, P.Geo. (APEGBC) of
SRK, an "independent qualified person" as defined in NI 43-101. Gemcom GEMs
software was used to construct geological solids, verify the database, prepare
assay data for geostatistical analysis, construct 3D block models, estimate
metal grades and tabulate mineral resources. Geostatistical Software SAGE2001
was used for geostatistical analysis and variography.


Geological modelling was completed by SRK for Raja, Bising and Tibu Serai with
wireframes constructed on 20-m spaced sections using a 1.5-m minimum horizontal
thickness and a 0.15 g/t gold nominal cut off, whereas at Selodong wireframes
were constructed on 50-m spaced sections using a 0.2% copper equivalent cut off.
Block model estimates were calculated using 10m by 10m by 5m blocks for Raja,
Bising and Tibu Serai, and 10m by 10m by 10m blocks for Selodong. Block grades
for gold, and where appropriate silver or copper, were estimated using Ordinary
Kriging methodology. The resources reported were constrained by Whittle
optimized open pit shells.


The Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition
Standards for Mineral Resources and Mineral Reserves (2005) require that there
be "reasonable prospects for economic extraction" and selection of appropriate
cut-off grades for mineral resource estimates. To determine the quantities of
material offering "reasonable prospects for economic extraction" by open pit,
SRK used a Whittle pit optimizer and reasonable mining assumptions to evaluate
the proportions of the block models that could be reasonably expected to be
mined. Only these blocks were included in the stated resource estimate.


The drill results database used to estimate the West Lombok Project mineral
resources was audited by SRK. SRK is of the opinion that the current drilling
information is sufficiently reliable to interpret with confidence the boundaries
for epithermal gold and porphyry copper mineralization and that the assay data
are sufficiently reliable to support mineral resource estimation.


West Lombok Mineral District

Southern Arc's property is centred on the West Lombok Mineral Belt, a 13 km long
by 7 km wide northwest trending zone that has been shown to host extensive
development of linear structures hosting epithermal gold mineralization and
exposed and blind porphyritic intermediate intrusives with associated
porphyry-style copper-gold mineralization.


Epithermal Gold Mineralization

Epithermal gold mineralization occurs within the West Lombok Property as linear,
steeply-dipping, tabular silica-rich bodies that are associated with
advanced-argillic alteration of the host Tertiary volcanic rocks. The field term
mineralized structural breccia ("MSB") has been applied by Southern Arc
geologists to describe the property's style of mineralization. Two main centres
of such gold mineralization have been defined: the Pelangan and Mencanggah
prospects. The breccia bodies at Pelangan can be up to 30 metres wide and can
extend more than 1,000 metres along strike. At Mencanggah, the breccia bodies
are up to 100 metres wide and form zones in which some of the breccia bodies
extend more than 1,000 metres along strike. Drilling has shown that the down-dip
of these breccias extends beyond 300 metres in depth. In total more than 30 km
of aggregate strike length of MSBs have been mapped in West Lombok.


Close-spaced drilling of the MSBs to depths of 300 metres has been undertaken at
only four locations within the Pelangan and Mencanggah prospects. Three of these
locations - Raja, Bising and Tibu Serai - showed continuity of mineralization
adequate to yield Inferred Resource estimates. Figure 1 shows the locations of
the resources defined to date as well as the full extent of MSBs outcropping
within the West Lombok Mineral Belt.


Porphyry Copper-Gold Mineralization

Within the West Lombok Mineral Belt a number of outcropping centres of diorite
hosted stockwork porphyry-type copper-gold mineralization have been identified,
and numerous "blind" targets have also been defined. Figure 2 highlights the 23
porphyry copper-gold targets generated by airborne geophysics, structural
interpretation, geochemistry and alteration mapping during Southern Arc's
prospectivity analysis (refer to Southern Arc news release dated February 9,
2012).


Moderate to high prospectivity porphyry targets have been identified at Montong
Botek, Blongas, Mahoni, Belikat and Makam Kedaro in the Selodong prospect; at
Bising and Telekur in the Mencanggah prospect; and beneath Batu Sendi and Lala
in the Pelangan prospect. A number of the targets have already had a limited
amount of drill testing; however, most of the drilling has been focused on the
Montong Botek and Blongas targets, which host the copper-gold resource reported
here.


SRK's Recommendations for Further Exploration

SRK's report states that: "The West Lombok Property hosts at least four separate
mineral deposits within a 10-km strike length. Both epithermal gold and porphyry
copper-gold deposits have been identified and a large portion of the property
still remains to be explored in detail. All deposits identified so far are still
open along strike and at depth and further drilling could discover additional
mineralization, especially at Raja where the possibility of finding
mineralization that could be amenable to underground mining seems very good." 


SRK has recommended that the following programs are warranted to advance the
West Lombok Property. The locations outlined below are shown in Figure 1.




--  At Raja, further drilling is required to upgrade the resource status to
    infill intercepts to nominal 25 metre centres, and to extend resources
    down-plunge of open high-grade shoots. 
--  Scout drilling to test the Lala structure located some 350 metres east
    of, and parallel to, the Raja deposit. Here numerous high-grade rock
    chip samples have been collected along an 800 metre strike zone. 
--  At Tibu Serai, where the current resource zone is only drilled on a 250
    metre long zone of MSB, further drilling is required to test open
    extensions down dip and along strike. 
--  Scout drilling is warranted at several other targets with high-grade
    rock chip sampling at Mencanggah, including the 2-km long Mahoni zone. 
--  Further drilling is required on Bising to infill the upper high-grade
    parts of the structure and test open extensions along strike and down
    dip. 
--  Selective ground IP geophysics is recommended to focus porphyry drill
    testing on the higher priority porphyry targets. 



The West Lombok Property contains several other mineral occurrences and only a
small portion of the favourable ground has been drill tested to date. SRK have
expressed their opinion that the untested mineral occurrences represent a great
opportunity to locate additional mineralization on the West Lombok Property.


"This resource estimate represents a major milestone for Southern Arc and
demonstrates that the West Lombok property holds significant potential on both
the epithermal and porphyry fronts," said John Proust, Chairman and Chief
Executive Officer of Southern Arc. "With this resource estimate in hand, we are
now in a position to advance substantive conversation with potential partners to
fund and advance the West Lombok property." 


On behalf of the Board of Southern Arc Minerals Inc. 

John Proust, Chairman & Chief Executive Officer

About Southern Arc 

Southern Arc Minerals Inc. is a Canadian mineral exploration company focused on
gold and copper-gold exploration. The Company's key exploration property is its
West Lombok project, with several gold-rich copper porphyry and epithermal gold
vein prospects. Southern Arc is listed on the TSX Venture Exchange under the
symbol SA and on the OTCQX International under the symbol SOACF. More
information is available at www.southernarcminerals.com or by emailing
info@southernarcminerals.com. 


Cautionary Note Regarding Resource Estimates

This press release uses the term "resources", "indicated resources" and
"inferred resources". United States investors are advised that, while such terms
are recognized and required by Canadian securities laws, the United States
Securities and Exchange Commission (the "SEC") does not recognize them. Under
United States standards, mineralization may not be classified as a "reserve"
unless the determination has been made that the mineralization could be
economically and legally produced or extracted at the time the reserve
determination is made. United States investors are cautioned not to assume that
all or any part of measured or indicated resources will ever be converted into
reserves. 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, United States 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. Disclosure of "contained ounces"
is permitted disclosure under Canadian regulations, however, the SEC normally
only permits issuers to report "resources" as in place tonnage and grade without
reference to unit measures. Accordingly, information concerning descriptions of
mineralization and resources contained in this release may not be comparable to
information made public by United States companies subject to the reporting and
disclosure requirements of the SEC.


National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI
43-101") 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. All resource estimates
contained in this circular have been prepared in accordance with NI 43-101 and
the Canadian Institute of Mining, Metallurgy and Petroleum Classification
System. 


Qualified Person 

The resource estimation described in this document was completed by Dr. Gilles
Arseneau, P.Geo (APEGBC) of SRK, an appropriate "independent qualified person"
as this term is defined in National Instrument 43-101 ("NI 43-101"). SRK has
audited the drill results database used to estimate the West Lombok Project
mineral resource, and is of the opinion that the current drilling information is
sufficiently reliable to interpret with confidence the boundaries for epithermal
gold and porphyry copper mineralization and that the assay data are sufficiently
reliable to support mineral resource estimation. Dr. Arseneau has completed a
site visit to the West Lombok Project and has reviewed Southern Arc's drill
program and sampling protocol, and is of the opinion that the QA/QC data and
sampling programs are acceptable for the purpose of resource estimation.


The technical information in this document has been reviewed by Southern Arc's
President & Chief Operating Officer, Dr. Mike Andrews, PhD, FAusIMM, who has
sufficient experience relevant to the style of mineralization under
consideration and qualifies as a Qualified Person as defined by National
Instrument 43-101. 


The drill program and sampling protocol is managed by Southern Arc under the
supervision of Andrew Rowe B. App. Sc. Geology, MAusIMM, Southern Arc's
Executive Vice President,. Mr. Rowe has over 20 years of international mineral
exploration experience throughout Southeast and Central Asia and Australia.
During this time he has held such positions as Principal Geologist - Feasibility
Studies, Senior Geologist and Consulting Geologist.The diamond drill holes are
drilled at PQ, HQ and NQ sizes depending on hole depth and core recovery to date
has averaged better than 97.5%. Half core is cut by rock saw and is generally
sampled using nominal 1-metre intervals; however, sample intervals are varied
according to geological contacts and have ranged between 0.2 to 2.5 metres in
length. Three quality control samples (one blank and two standards) are inserted
into each batch of 40 samples. The half core samples are securely transported
from the project site to the Intertek Testing Services ("ITS") sample
preparation laboratory in Sumbawa Besar via private truck hired by Southern Arc.
Sample pulps are then sent to the ITS Jakarta laboratory by ITS. Gold is
analysed by fire assay with AAS finish and a four-acid digestion with ICP-MS
finish is used to analyse a full suite of elements including silver and base
metals. ITS is one of the world's largest product and commodity testing,
inspection and certification organizations. The Jakarta laboratory is ISO 17025
accredited and employs a Laboratory Information Management System for sample
tracking, quality control and reporting. 


Forward-looking Statements 

This news release contains forward-looking statements relating to expected or
anticipated future events and operations, timing of projects and anticipated
results that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market and business
conditions, the regulatory process and actions, the need to obtain permits, the
need to work with local communities and authorities to advance the properties,
technical issues, new legislation, competitive and general economic factors and
conditions, the uncertainties resulting from potential delays or changes in
plans, the occurrence of unexpected events, and the Company's ability to execute
and implement future plans. Actual results achieved may vary from the
information provided herein as a result of numerous known and unknown risks and
uncertainties and other factors, including uncertainty related to drill results
and the inclusion of drill results in future resource estimates for the
property. There is no representation by the Company that actual results achieved
during the forecast period will be the same in whole or in part as that
forecast. 


Neither the TSX Venture Exchange nor its Regulation Services Provider (as such
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Southern Arc Minerals Inc.
Rhylin Bailie
Vice President, Communications & Investor Relations
North American toll-free: 1-855-676-5241
info@southernarcminerals.com
www.southernarcminerals.com

1 Year Cagim Real Estate Corp Chart

1 Year Cagim Real Estate Corp Chart

1 Month Cagim Real Estate Corp Chart

1 Month Cagim Real Estate Corp Chart