Pacific Wildcat Resources Corp.: Initial Niobium Resource Estimate for Mrima Hill Exceeds 1.5 Billion Pounds
July 07 2011 - 1:04PM
Marketwired Canada
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 Nb2O5 Pounds
Category (Millions) Nb2O5(%) (millions)
-------------------------------------------------------------------
Measured - - -
Indicated - - -
Inferred 105.3 0.65 1,519
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1. 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.
2. The effective date of the mineral resource estimate presented above is
6th July, 2011.
3. 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.
Qualified Person
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.
Appendix 1
MRIMA HILL RC DRILL RESULTS, +0.20% NIOBIUM Ultra Trace XRF results
--------------------------------------------------------------------------
Hole Id CORDINATES INTERCEPTS
---------------------------------------------------------------
Total
East North Depth From To Interval Nb2O5
m m m m m m %
--------------------------------------------------------------------------
PAWRC001 529001 9503870 32 0 14 14 0.51
--------------------------------------------------------------------------
PAWRC002 529095 9503864 30 10 21 11 0.31
--------------------------------------------------------------------------
PAWRC003 529254 9503836 30 4 18 14 0.40
--------------------------------------------------------------------------
22 30 8 0.53
--------------------------------------------------------------------------
PAWRC004 529336 9503892 30 0 30 30 0.56
--------------------------------------------------------------------------
PAWRC005 529293 9503961 21 0 21 21 0.31
--------------------------------------------------------------------------
PAWRC006 529272 9504056 47 3 43 40 0.49
--------------------------------------------------------------------------
PAWRC007 529137 9504241 40 0 30 30 0.72
--------------------------------------------------------------------------
PAWRC008 529243 9504200 30 0 30 30 0.47
--------------------------------------------------------------------------
PAWRC009 529324 9504396 22 0 22 22 1.39
--------------------------------------------------------------------------
PAWRC010 529278 9504445 27 0 21 21 0.97
--------------------------------------------------------------------------
PAWRC011 529200 9504461 30 0 30 30 0.54
--------------------------------------------------------------------------
PAWRC012 529127 9504480 30 0 30 30 0.77
--------------------------------------------------------------------------
including 8 16 8 1.53
--------------------------------------------------------------------------
PAWRC013 528844 9504499 30 0 14 14 0.56
--------------------------------------------------------------------------
PAWRC014 528818 9504588 12 0 12 12 0.64
--------------------------------------------------------------------------
PAWRC015 529026 9504491 30 0 7 7 0.53
--------------------------------------------------------------------------
and 17 30 13 2.14
--------------------------------------------------------------------------
PAWRC016 529047 9504508 30 0 5 5 0.63
--------------------------------------------------------------------------
and 17 30 13 2.30
--------------------------------------------------------------------------
PAWRC017 529097 9504538 30 0 30 30 0.97
--------------------------------------------------------------------------
PAWRC018 529151 9504566 30 0 10 10 0.46
--------------------------------------------------------------------------
PAWRC019 529220 9504584 43 0 43 43 0.83
--------------------------------------------------------------------------
PAWRC020 529247 9504596 30 0 12 12 1.14
--------------------------------------------------------------------------
and 23 28 5 0.47
--------------------------------------------------------------------------
PAWRC021 529278 9504614 30 0 30 30 0.96
--------------------------------------------------------------------------
PAWRC022 529304 9504615 30 0 9 9 0.43
--------------------------------------------------------------------------
PAWRC023 529309 9504623 30 0 30 30 1.08
--------------------------------------------------------------------------
PAWRC024 528926 9504553 30 0 30 30 1.24
--------------------------------------------------------------------------
PAWRC025 528963 9504588 30 0 30 30 1.54
--------------------------------------------------------------------------
including 27 30 3 6.11
--------------------------------------------------------------------------
PAWRC026 529047 9504682 30 0 29 29 1.19
--------------------------------------------------------------------------
PAWRC027 529093 9504703 30 0 30 30 1.90
--------------------------------------------------------------------------
PAWRC028 529161 9504738 50 0 13 13 0.66
--------------------------------------------------------------------------
and 21 26 5 0.53
--------------------------------------------------------------------------
and 32 37 5 0.51
--------------------------------------------------------------------------
PAWRC029 529190 9504740 50 0 26 26 0.59
--------------------------------------------------------------------------
PAWRC030 529239 9504767 30 0 8 8 0.35
--------------------------------------------------------------------------
PAWRC031 529321 9504825 30 0 17 17 0.66
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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.
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