Jul. 7, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA -- Pacific Wildcat Resources Corp. (TSX VENTURE:PAW) ("PAW" or the "Company") is pleased to announce the initial NI 43-101 compliant independent Niobium mineral resource estimate report for the Mrima Hill Niobium and Rare Earth Project in Kenya.
The mineral resource estimate was prepared by ExplorMine Consultants ("ExplorMine") of Johannesburg, South Africa. The table below shows the results of the mineral resource estimate as follows:
|Mineral Resource||Tonnes||Average||Nb 2 O 5 Pounds|
|Category||(Millions)||Nb 2 O 5 (%)||(millions)|
- Mineral Resource tabulation for Nb2O5 for Mrima Hill, Kenya at a 0.2% Nb2O5 cut-off. Figures have been rounded off to the appropriate level of accuracy.
- The effective date of the mineral resource estimate presented above is 6th July, 2011.
- This mineral resource estimate includes technical information which requires subsequent estimates to derive totals and weighted averages. Such estimations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, ExplorMine does not consider them to be material.
The Niobium mineral resource estimate is from surface down to a maximum depth of 30 metres with 83% of the mineral resource tonnes being found in the top 20 metres. ExplorMine are of the view that with additional surface survey information a significant portion of the inferred classification may be able to be reclassified into the Indicated category.
As can be seen from the mineral resource estimate grade tonnage curve below, a significant portion of the mineral resource is high grade with 12.0 million tonnes of mineralisation having a grade of 1.21% Nb2O5 at a 1.00% Nb2O5 cut-off grade.
To view Figures 1 and 2 please click on the following link: http://media3.marketwire.com/docs/0707PAW.pdf
PAW's President Mr. Darren Townsend commented, "We are very pleased with this initial Niobium mineral resource estimate given how shallow the mineral resource is as well as the high grade nature of the deposit. It shows the large size potential of the deposit and I am confident the 1,500 metres deeper diamond drilling program we are currently undertaking will continue to show the depth potential of the deposit."
Mineral Resource Estimate Methodology
The mineral resource estimation methodology was Ordinary Kriging interpolation of blocks with a block size of 100m (x) x 100m (y) x 2.5 m (z). A well-defined grade model was obtained by constraining the upper limit of the Nb2O5 95% confidence limit spread to 30%. The horizontal extent of the Resource was constrained by historical geological mapping by Anglo American.
The mineral resource estimate is based on:
- A database of 31 RC drill holes drilled by PAW during 2011 and the results are summarized in Appendix 1.
- A database of 410 Anglo American pits from 1955 generally sunk to approximately 9m depth from surface.
- All RC drill hole assays were performed by Ultra Trace Assay Labs in Perth using XRF assay techniques for niobium.
- Historical Anglo American assays were undertaken locally in Kenya under Anglo American supervision using chromatographic techniques with regular checks in the central South African laboratory using both spectrophotometric and chromatographic techniques. An extensive validation exercise was undertaken by ExplorMine to confirm that these assay results could be used in the mineral resource estimate.
- Specific gravity used the overall mean of 1.84 t/m3.
- Geological losses of between 10 and 15% have been applied depending on mineral resource estimation confidence levels.
- All grades are based on weight percent.
The Niobium Market
Niobium is an advanced metal used in a variety of uses including high strength, low alloy steels. "Niobium represents a small percentage of the raw material cost of steel making, but adds significant value by improving strength, durability, weight and flexibility. Substitutes, such as ferrovanadium have inferior physical characteristics and comparatively higher prices and generally lower added value, mitigating the risk of substitution" (IAMGOLD 4 May 2011. Niobium consumption has increased at approximately double the rate of steel over the past 10 years and the current FeNb price is approx. US $ 46/kg Nb (source Metal Pages – Ferro Niobium 65% - 30/6/11).
About the Mrima Hill Project
The Mrima Hill Project is located in the southeast of Kenya and is 70 kilometres south of Mombasa, the largest port in East Africa. The ground area covered by the Mrima Hill licences is 1,180 sq. km.
Mrima Hill also has significant Rare Earth Oxide ("REO") mineralisation located coincidently and in close proximity to the Niobium deposit at Mrima Hill. Binge FW (1955) reports a total of 32 million tonnes of mineralisation at 3.1% REO in the surface weathered profile down to approximately 8m depth (for further details refer to press release dated 23rd July 2010 and titled "PAW enters into conditional purchase agreement with the right to acquire the majority of a large scale Niobium/Rare Earth metal project").
Note that the potential quantities and grades of the above REO estimates are conceptual in nature, and there is insufficient exploration to date to define a mineral resource and therefore it is uncertain if further exploration will result in the target being delineated as a mineral resource.
The individuals who completed the niobium mineral resource estimate have extensive experience in the mining and exploration industry and are members in good standing of appropriate professional institutions are as follows:
- Dr William (Bill) Northrop, PhD, Pr. Sci. Nat. (400164/87), FSAIMM, FGSSA, MGASA
- Mr. Andre Deiss, BSc (Hons), Pr. Sci. Nat. (400007/97), MSAIMM
Dr. Northrop and Mr. Deiss are competent person's registered with the South African Council of Natural Scientists ("SACNASP") as well as with various mining and geological professional bodies and are qualified persons as defined under NI 43-101. Both Dr. Northrop and Mr. Deiss have reviewed the content of this press release and consent to its disclosure.
Timothy David Major, BSc, MSc – Geology and Mineral Exploration. MAusIMM. Qualified person under NI 43-101, and as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' has reviewed the scientific and technical data and exploration data relating to the Mrima Hill Project contained in this news release on behalf of the Company and consents to its release.
ExplorMine has no beneficial interest in PAW or any other related companies and subsidiaries.
A NI 43-101 compliant technical report is currently being prepared and will be filed on SEDAR within 45 days of the date of this press release.
ON BEHALF OF THE BOARD OF DIRECTORS OF PACIFIC WILDCAT RESOURCES CORP.
Darren Townsend, President
Investors are cautioned that trading in the securities of Pacific Wildcat Resources Corp. should be considered highly speculative. Cautionary note: This press release contains forward looking statements, particularly those regarding cash flow, capital expenditures, work programs, the estimation of mineral resources and the Company's plans with respect to the exploration and development of its projects and its investment plans. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. There can be no assurance that the Company will be able to obtain a mining licence or any of the permits that are required in order to commence mining operations at the Mrima Hill Project. The rare earths historical resource estimates is considered speculative and therefore non-compliant with National Instrument 43-101 ("NI 43-101") reporting standards and should not be relied upon. The Company is not treating the historical estimate as current mineral resources or reserves. The Company has not undertaken any independent investigation of the historic rare earths resource estimates. The Company believes that these historical resource estimates provide a conceptual indication of the potential of mineral occurrences within the project and are relevant to ongoing exploration. The Company intends to confirm the historic resource estimates through drilling as soon as possible.
|MRIMA HILL RC DRILL RESULTS, +0.20% NIOBIUM Ultra Trace XRF results|
Coordinate system UTM Zone 37S WGS84
- All drill holes were drilled vertical and the positions were surveyed.
- 1m assay undertaken by Ultra trace assay labs in Perth Western Australia by X-Ray Fluorescence Spectrometry.
- Intersections calculated using a 0.20% Nb2O5 lower cut with a maximum 2m internal dilution.
- PAWRC005 17-18m and PAWRC006 4-5m sample lost- waste value substituted.
A Quality Assurance/Quality Control (QA/QC) program forms part of the drilling, sampling and assay program on the Mrima Hill Project. This program includes chain of custody protocol as well as systematic submittal of certified reference materials and blank samples into the flow of samples produced by the drilling.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither 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 release.
Pacific Wildcat Resources Corp.
Corporate Communications Manager
+416 306 5777