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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Toledo Mining | LSE:TMC | London | Ordinary Share | GB00B0CRWC45 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 55.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMTMC 15 March 2013 Toledo Mining Corporation plc ("Toledo" or the "Company") (AIM:TMC) Berong Nickel Mine Resource Update Toledo Mining Corporation plc ("Toledo" or the "Company" (AIM: TMC)) is pleased to announce an upgrade of its JORC compliant Mineral Resource estimate ("Revised JORC Resource") for its Berong Nickel Project as well as further detail and confirmation of the Exploration Targets at the Moorsom, Long Point and Berong Extension prospects, all held by Berong Nickel Corporation ("BNC") in which Toledo has a 56.2% economic interest and located on the Island of Palawan in the Philippines. The Revised JORC Resource was estimated by Toledo Mining Management ("TMM") geology professionals responsible for the Berong Nickel Project, under the supervision of Mr. Pierre Charlent (MAusIMM). All tonnes reported in this statement are dry metric tonnes (dmt). Previous JORC Mineral Resource estimate for the Berong Nickel Project: The previous JORC Mineral Resource estimate for the Berong Nickel Project was 9.92 Million tonnes of laterite resource at an average grade of 1.55% Ni. The resource was estimated by Snowden Mining Industry Consultants (Perth, Australia) and announced on 20 June 2007 (the "Snowden Resource"). The Snowden Resource was calculated from 17,285 samples, including duplicates (1 in 10) and standards (1 in 20) derived from 435 diamond drill holes and 1,266 re-sampled test-pits, and using a 1.0% Ni cut-off grade. Revised JORC Mineral Resource estimate for the Berong Nickel Project: The Revised JORC Resource upgrade followed the completion in 2009 and 2010 of additional infill drilling (25 meter x 25 meter grid drilling or better) and extensional drilling outside the Snowden JORC Resource limits and within the granted Berong Mineral Production Sharing Agreement ("MPSA") area. The Revised JORC Resource for the Berong Nickel Project at a cut-off grade of 1.0% Ni as at 31December 2012 amounts to 27.2 Million tonnes @ 1.41% Ni for 384,722 tonnes of contained Nickel. Detailed JORC compliant resource upgrade estimates at 1.0% and 1.6% Ni cut-off grades follow: Resource at 1.0% cut off - Gross +---------+--------------------+-------------------+-------------------+--------------------+ | |Measured |Indicated |Inferred |Total | | | | | | | | |Tonnes Grade Nickel |Tonnes Grade Nickel|Tonnes Grade Nickel|Tonnes Grade Nickel | | | | | | | | |(Mt) (%Ni) (t) |(Mt) (%Ni) (t) |(Mt) (%Ni) (t) |(Mt) (%Ni) (t) | +---------+--------------------+-------------------+-------------------+--------------------+ |Limonite |5.585 1.18 66,157 |1.654 1.21 20,038|2.512 1.15 28,851|9.751 1.18 115,045| | | | | | | |Saprolite|1.139 1.54 17,534 |1.065 1.50 15,948|1.032 1.37 14,156|3.236 1.47 47,638 | | | | | | | |Rocky |11.632 1.58 184,336|2.042 1.44 29,460|0.583 1.41 8,243 |14.257 1.56 222,038| |Saprolite| | | | | +---------+--------------------+-------------------+-------------------+--------------------+ |Total |18.356 1.46 268,026|4.761 1.37 65,445|4.127 1.24 51,251|27.245 1.41 384,722| +---------+--------------------+-------------------+-------------------+--------------------+ Note: Values for Ore Tonnes and Grade are reported as rounded Resource at 1.0% cut off - Net attributable to TMC (56.2%) +---------+--------------------+-------------------+-------------------+--------------------+ | |Measured |Indicated |Inferred |Total | | | | | | | | |Tonnes Grade Nickel |Tonnes Grade Nickel|Tonnes Grade Nickel|Tonnes Grade Nickel | | | | | | | | |(Mt) (%Ni) (t) |(Mt) (%Ni) (t) |(Mt) (%Ni) (t) |(Mt) (%Ni) (t) | +---------+--------------------+-------------------+-------------------+--------------------+ |Limonite |3.139 1.18 37,180 |0.929 1.21 11,261|1.412 1.15 16,214|5.480 1.18 64,656 | | | | | | | |Saprolite|0.640 1.54 9,854 |0.598 1.50 8,963 |0.580 1.37 7,956 |1.819 1.47 26,773 | | | | | | | |Rocky |6.537 1.58 103,596|1.147 1.44 16,556|0.327 1.41 4,633 |8.012 1.56 124,785| |Saprolite| | | | | +---------+--------------------+-------------------+-------------------+--------------------+ |Total |10.316 1.46 150,630|2.675 1.37 36,780|2.319 1.24 28,803|15.311 1.41 216,214| +---------+--------------------+-------------------+-------------------+--------------------+ Note: Values for Ore Tonnes and Grade are reported as rounded Resource at 1.6% cut off - Gross +---------+--------------------+-------------------+-------------------+--------------------+ | |Measured |Indicated |Inferred |Total | | | | | | | | |Tonnes Grade Nickel |Tonnes Grade Nickel|Tonnes Grade Nickel|Tonnes Grade Nickel | | | | | | | | |(Mt) (%Ni) (t) |(Mt) (%Ni) (t) |(Mt) (%Ni) (t) |(Mt) (%Ni) (t) | +---------+--------------------+-------------------+-------------------+--------------------+ |Limonite |0.021 1.71 353 |0.006 1.85 114 |0.000 0.00 0 |0.027 1.74 468 | | | | | | | |Saprolite|0.463 1.86 8,623 |0.360 1.85 6,682 |0.216 1.73 3,738 |1.039 1.83 19,043 | | | | | | | |Rocky |5.386 1.91 102,685|0.617 1.87 11,564|0.200 1.77 3,541 |6.203 1.90 117,790| |Saprolite| | | | | +---------+--------------------+-------------------+-------------------+--------------------+ |Total |5.869 1.90 111,681|0.984 1.87 18,360|0.416 1.75 7,279 |7.269 1.89 137,301| +---------+--------------------+-------------------+-------------------+--------------------+ Note: Values for Ore Tonnes and Grade are reported as rounded Resource at 1.6% cut off - Net attributable to TMC (56.2%) +---------+-------------------+-------------------+-------------------+-------------------+ | |Measured |Indicated |Inferred |Total | | | | | | | | |Tonnes Grade Nickel|Tonnes Grade Nickel|Tonnes Grade Nickel|Tonnes Grade Nickel| | | | | | | | |(Mt) (%Ni) (t) |(Mt) (%Ni) (t) |(Mt) (%Ni) (t) |(Mt) (%Ni) (t) | +---------+-------------------+-------------------+-------------------+-------------------+ |Limonite |0.012 1.71 199 |0.003 1.85 64 |0 0.00 0 |0.015 1.74 263 | | | | | | | |Saprolite|0.260 1.86 4,846 |0.203 1.85 3,755 |0.122 1.73 2,101 |0.584 1.83 10,702| | | | | | | |Rocky |3.027 1.91 57,709| 0.347 1.87 6,499 |0.112 1.77 1,990 |3.486 1.90 66,198| |Saprolite| | | | | +---------+-------------------+-------------------+-------------------+-------------------+ |Total |3.299 1.90 62,754|0.553 1.87 10,318|0.234 1.75 4,091 |4.085 1.89 77,163| +---------+-------------------+-------------------+-------------------+-------------------+ Note: Values for Ore Tonnes and Grade are reported as rounded The Revised JORC Resource is based on a total of 1,156 diamond drill holes and 1,408 re-sampled test pits for a total of approximately 24,173 meters and 26,703 samples. The Revised JORC Resource includes all data available as of 31 December 2012, covering approximately 74% of the total MPSA area. Production from the Berong mine prior to this date has been removed from the resource estimate by using the 31 December 2012 surveyed topographic surface. The Revised JORC Resource was estimated by Toledo Mining Management ("TMM") geology professionals responsible for the Berong Nickel Project, under the supervision of Mr. Pierre Charlent (MAusIMM). TMM is a management company owned sixty percent (60%) by Atlas Consolidated Mining and Development Corporation ("ACMDC") and forty percent (40%) by Toledo. TMM manages the Berong nickel Project for the BNC joint venture partners. Exploration Targets for the Moorsom - Long Point and Berong Extension prospects: A review of the Moorsom-Long Point prospect based on drilling conducted at Moorsom in 2010 by TMM and historical exploration and pitting data from the 1970's at Long Point by the Soriano Exploration Group ("Sorex"), whose mineral rights were later transferred to ACMDC, has confirmed our initial estimate of an Exploration Target of 80-120 Million tonnes of laterite resource for Moorsom- Long Point at an approximate grade of 1.20-1.30 %Ni. Further analysis of geo-referenced data for Long Point has enabled TMM geologists to assess the different ore types and delineate high grade zones potentially amenble as direct shipping ore ("DSO"), similar to Berong. The Exploration Target of Morsoom-Long Point is based on 409 test pits for 2,086 meters and 3,468 samples excavated by Sorex in the 1970's in Long Point and more recent drilling by TMM on four granted exploration permits on the Moorsom prospect (624 diamond drill holes for 5,258 meters). Drill results from Moorsom show a good correlation to historical test pit results which is also consistent with results obtained from re-sampling test pits on the Berong Nickel Project and diamond drill hole analysis. The review of the Berong Extension prospect (outside the current Berong MPSA area) which covers the Dangla ridge has also confirmed a target of 60-100 Million tonnes of laterite resource at an approximate grade of 1.30-1.40 %Ni. (148 Test pits for 956 meters were dug by Sorex on the Dangla ridge in the 1970's). The Exploration Targets reviewed above occur on Berong Nickel Corporation Exploration Permit applications (TMC 56.2% economic interest) and future drilling and sampling of the Exploration Targets will only proceed when permitting and approvals are obtained. The potential quantity and grade of the Exploration Targets is conceptual in nature. While historical test pits and more recent drill data exists, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Qualified Person The information in this statement that relates to Exploration Targets and Mineral Resources is based on information reviewed and compiled by Mr Pierre Charlent, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Pierre Charlent is a full-time employee of the company as Chief Operating Officer of Toledo. He has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results. Mineral Resources and Ore Reserves" and as a qualified person under the AIM Note for Mining, Oil and Gas Companies. Mr Pierre Charlent consents to the inclusion in the statement of the matters based on his information in the form and context in which it appears. For further information, please visit www.toledomining.com or contact: Victor Kolesnikov, CEO, Toledo Mining Corporation +44 (0) 20 7290 3100 Richard Morrison / Jen Boorer, RFC Ambrian Ltd +44 (0) 20 3440 6800 Anthony Shewell , Fin Public Relations +44 (0) 20 7608 2280 Carina Corbett, 4C Communications Ltd +44 (0) 20 3170 7973 This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Toledo Mining Corporation PLC via Thomson Reuters ONE [HUG#1685670]
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