First Bauxite Corporation Reports Mineral Resource Estimate for Bonasika 7 Deposit, Waratilla-Cartwright PL, Guyana
February 03 2011 - 1:06PM
Marketwired
FIRST BAUXITE CORP. ("First Bauxite" or the "Company") (TSX
VENTURE: FBX)(FRANKFURT: FBI)(BERLIN: FBI) -
In August 2010 the company announced the discovery of bauxite at
surface in the southwestern area of its Waratilla-Cartwright
Prospecting Licence ("Warcart PL") and had started drilling this
LWC target on June 3, 2010. Today, the company is pleased to
announce that the deposit, now named Bonasika 7, hosts a NI 43-101
compliant unwashed bauxite Indicated mineral resource estimate of
5.9 million tonnes at a grade of 57.7% Al2O3, 8.4% SiO2, 2.5% TiO2,
0.9% Fe2O3 and 29.5% LOI.
The August 2010 news release also announced the mineral resource
estimate for the Upper Waratilla Cartwright deposit, which has now
been renamed Bonasika 6. These deposits are now referred to as the
Bonasika 6 and 7 deposits respectively because they are a part of
the Bonasika mineralized region and are key elements to project
development. This News Release provides a summary of the
exploration work on the Bonasika 7 deposit and presents a Table
summarizing all the NI 43-101 compliant resources estimated by
Aluminpro to date on the Bonasika Project (Bonasika Mining License
and Warcart PL combined).
Since June 2010, 192 resource holes have been drilled on the
Bonasika 7 deposit totaling 7017m on an overall 85m x 85m drill
pattern. The Company has also excavated bauxite bulk samples for
process test work and sent core samples to SGS Lakefield in Ontario
for mineralogical studies. Core sampling has been conducted at site
and 2489 chemical analyses of the core have been carried out by
Acme Laboratories in Vancouver, B.C.
The exploration work on Bonasika 7 has allowed for a NI 43-101
compliant resource estimate for unwashed bauxite over a potentially
mineable zone covering some 100ha. While the deposit is exposed at
surface, and hence there is ready access to the deposit, the
overall average overburden thickness is 28.6m; the bauxite
thickness averages 4.1m.
The five Bonasika bauxite deposits have been modeled and the
resources estimated and categorized according to the specific drill
spacing and continuity of mineralization of each deposit. Bonasika
1, 2 and 5 are located on the Bonasika Mining Licence. Bonasika 6
and 7 are located on the contiguous Warcart PL; small area of the
Bonasika 6 deposit extends onto the Bonasika Mining Licence. The
mineral resources of Bonasika 1, 2, 5 and 6 were reported in the
Feasibility Study completed by Met Chem in July 2010. These
resources are presented again in the table below for comparison
with the newly estimated Bonasika 7 resources:
----------------------------------------------------------------------------
THE MINERAL RESOURCES OF THE BONASIKA DEPOSITS
Unwashed Bauxite
----------------------------------------------------------------------------
Mineral Tonnage (t) Al2O3% LOI% SiO2% TiO2% Fe2O3% Date
Resource
----------------------------------------------------------------------------
MEASURED
----------------------------------------------------------------------------
Bonasika 1 1,443,000 55.80 28.40 11.50 1.90 2.00 04.06.10
Deposit
----------------------------------------------------------------------------
Bonasika 2 342,000 54.73 27.56 13.55 1.93 1.69 04.06.10
Deposit
----------------------------------------------------------------------------
TOTAL MEASURED 1,785,000 55.59 28.24 11.89 1.90 1.94
----------------------------------------------------------------------------
INDICATED
----------------------------------------------------------------------------
Bonasika 1 90,000 53.90 27.60 13.70 1.90 2.50 04.06.10
Deposit
----------------------------------------------------------------------------
Bonasika 2 90,000 54.86 27.55 13.42 1.79 1.85 04.06.10
Deposit
----------------------------------------------------------------------------
Bonasika 5 645,000 55.06 27.86 12.75 1.76 1.98 04.06.10
Deposit
----------------------------------------------------------------------------
Bonasika 6 4,918,000 58.94 29.36 7.85 2.28 1.01 04.06.10
Deposit
----------------------------------------------------------------------------
Bonasika 7 5,869,000 57.70 29.50 8.40 2.50 0.90 22.12.10
Deposit
----------------------------------------------------------------------------
TOTAL 11,612,000 58.03 29.32 8.49 2.36 1.03
INDICATED
----------------------------------------------------------------------------
TOTAL MEASURED 13,397,000 57.70 29.18 8.94 2.30 1.15
and INDICATED
----------------------------------------------------------------------------
As the Inferred mineral resource for each deposit is small, it
has not been included and will not be used in any mining plan or
economic analysis until upgraded.
The above table testifies to the significant resource potential
of the Warcart PL both from the bauxite quality and tonnage
perspectives. The Bonasika 6 and 7 resources will form the basis to
a Feasibility Study Update that is currently being prepared by Met
Chem; this study will provide a NI 43-101 compliant technical
report on the Reserves on completion of mine planning, processing
and economic studies.
The sonic drill is now exploring an area of bauxite
mineralization between the Bonasika 6 and 7 deposits on the Warcart
PL. A cluster of eleven holes have intersected sufficient bauxite
to suggest another resource may exist in this area.
The drill program continues to be supervised by Mr. Bryan S.
Osborne, P.Geo of Aluminpro, who is the designated Qualified Person
as defined by NI 43-101. Mr. Osborne has supervised all QA/QC work,
reviewed all exploration information for accuracy and overseen
preparation of the geological database for provision to Mr.
Dominique Butty, EuroGeol of Aluminpro who has assisted in the
resource modeling and estimation for all the deposits discussed
above.
The CEO of the company Hilbert N Shields commented: "With these
results, FBX has now confirmed the geological prognosis that the
Bonasika deposits host considerable refractory grade bauxites.
While we are comfortable that there is still more bauxite to be
inventoried, our focus now is on optimizing the Bonasika
Feasibility Study to include the Bonasika 6 & 7 resources in
the economic assessment of the project."
About First Bauxite
First Bauxite Corporation (TSX VENTUREP: FBX) is a Canadian
natural resources company engaged in the exploration and
development of bauxite deposits, through resource discovery and
mining within a niche industrial market. The company has its
head-office in Vancouver and its current assets in Guyana, South
America and is managed by experienced geoscientists and business
development professionals with worldwide experience in the
exploration and mining business across a number of mineral
commodities. The mission of First Bauxite is to become a near term,
medium size producer and supplier of high quality refractory grade
sintered (calcined) bauxite. First Bauxite controls a large land
package in Guyana's historical coastal bauxite belt, including the
Bonasika Mining License and the Waratilla-Cartwright Prospecting
License, covering deposits which were drilled in 1940's-60's by
ALCAN and which host near surface deposits of refractory grade
bauxite. The Company has recently completed a Feasibility Study
over the Bonasika Project and announced its results on July 29,
2010. The Feasibility Study defines and confirms the viability of
an operation based on sequential mining of the three (3) bauxite
deposits located on the Bonasika Mining License by open-pit, truck
and excavator mining, with the mined ore trucked for processing at
a central wash plant facility located less than 2 km from the
Bonasika 1 & 2 pits. The wash plant concentrate will be
transported 23 km to the sintering plant and load out facilities at
Sand Hills. The Mine will operate at a production rate of 298,500
metric tons ("tonnes") of raw, dry bauxite per year or 1,148 tonnes
per day, the wash plant will produce 162,232 tonnes of washed
bauxite concentrate and the two vertical pressurised shaft kilns
will produce 100,000 tonnes per year of sintered bauxite final
product. The Company drilled two bauxite deposits within the
Waratilla Prospecting License. The NI 43-101 compliant Geological
Resource outlined in the UWC deposit now called the Bonasika 6, was
reported in the Bonasika Feasibility Study and the NI 43-101
compliant Geological Resource outlined in the LWC deposit, now
called Bonasika 7 is reported in the Company's News Release of
February 3, 2011. First Bauxite has additional upside potential to
the metallurgical bauxite business, through an option agreement
with Rio Tinto Mining and Exploration Ltd, whereby Rio can earn up
to 75% interest in the Company's exploration ground by expending up
to US$58 million in stages. The Company also recently acquired all
of the issued and outstanding shares of Bauxite Corporation of
Guyana Inc. ("BCGI") and accordingly, 100% of its interest in the
contiguous Tarakuli and Tarakuli North-West Prospecting Licenses in
Northeast Guyana, which host an historical inferred bauxite
resource of significant size and quality. For further information
on First Bauxite Corporation, please visit our corporate website at
www.firstbauxite.com.
On behalf of The Board of Directors of First Bauxite
Corporation
Ioannis (Yannis) Tsitos, President & Director
Hilbert N. Shields, CEO & Director
This document contains certain forward looking statements which
involve known and unknown risks, delays, and uncertainties not
under the Company's control which may cause actual results,
performance or achievements of the Company to be materially
different from the results, performance or expectation implied by
these forward looking statements.
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.
Contacts: First Bauxite Corporation Ioannis (Yannis) Tsitos
President & Director 604-806-0916 604-806-0956 (FAX)
www.firstbauxite.com
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