Selkirk Metals Corp.: 43-101 Mineral Resource Estimate for Catface Copper Project
September 02 2009 - 7:00AM
Marketwired
Selkirk Metals Corp. ("Selkirk" or the "Company") (TSX VENTURE:
SLK) is pleased to provide this 43-101 compliant resource for the
Cliff Zone on the Catface Project, British Columbia. The report,
dated August 31, 2009, entitled "Mineral Resource Estimate Catface
Copper Project - Nanaimo Mining Division, Vancouver Island, British
Columbia", was prepared by Ronald G. Simpson, P.Geo. of GeoSim
Services Inc. and Jim Chapman, P. Geo., "qualified persons" for the
purposes of National Instrument 43-101 - Standards of Disclosure
for Mineral Projects.
The mineral resource estimate for the Cliff Zone is presented in
the table below. The base-case cut-off grades for the sulfide and
mixed material are 0.2% Cu and 0.3% Cu respectively. Based on the
metallurgical work to date the oxide material (greater than 66%
CuO/Cu) is not considered recoverable at this time and there is not
sufficient tonnage to consider a separate plant to recover oxide
Cu. The resource blocks were constrained by a Lerchs-Grossmann pit
shell envelope assuming a Cu price of $2.00/lb, 87% recovery,
mining and processing costs of $8.00/tonne and a constant pit slope
angle of 45.
Catface Open Pit Mineral Resource
------------------------------------------------------
INDICATED INFERRED
-------------------------------------------
Ore Type Tonnes 000's Cu % Tonnes 000's Cu %
------------------------------------------------------
Sulfide 43,968 0.41 230,063 0.38
------------------------------------------------------
Mixed 12,895 0.38 32,386 0.40
------------------------------------------------------
Total 56,863 0.40 262,448 0.38
------------------------------------------------------
The mineral resource for the Catface Deposit was estimated by
ordinary kriging constrained by a 3D solid model based on a 0.2% Cu
grade shell. Block dimensions were 15x15x15 metres. The deposit has
been tested by 76 core holes drilled between 1962 and September,
2008. Cutting of high-grade assays for Cu was not implemented as
statistical analysis of the constrained grade distribution showed
no significant outliers or high-grade populations.
This resource estimate is based on the portion of the Cliff Zone
that has been drilled or tested in sufficient detail. The Cliff
Zone remains open and is one of three zones of mineralization
(Cliff, Irishman Creek and Hecate Bay Zones) that have been
discovered on the Property to date. Previous exploration of the
Catface deposit was conducted by Falconbridge Limited from
discovery in 1960 through 1989, and included extensive surface
exploration and several phases of surface diamond drilling, and
underground diamond drilling from an 825 metre adit through the
centre of the deposit.
In 2008, Selkirk entered into a Memorandum of Understanding with
the Ahousaht First Nation and subsequently completed a diamond
drilling program, the first exploration program on Catface in over
30 years. The Company has recently received approval for the
proposed next phase of operations, including gaining road access to
the work area by rehabilitating existing access roads. Exploration
plans include continued definition and delineation drilling of the
Cliff Zone for engineering purposes, expanding the initial high
grade mineralization at the Irishman Creek zone, where Falconbridge
drill hole #68-39 intersected 155.4m of 0.63% copper, and drill
testing of the Hecate Bay Zone. Future exploration plans include
rehabilitation of the 825 meter adit to allow for underground bulk
sampling and diamond drilling. The Company will also continue with
baseline environmental sampling.
The Catface Copper Property is owned 100% by Catface Copper
Mines Limited, which is a subsidiary of Selkirk Metals Corp. The
Property is located on Catface Mountain, on the West Coast of
central Vancouver Island, BC. Selkirk announced on July 27, 2009 a
Letter of Intent to merge with Imperial Metals Corporation by way
of the Plan of Arrangement, subject to shareholder and regulatory
approval. One of the goals of this proposed merger is to facilitate
ongoing exploration and development of the Catface Porphyry Copper
Prospect.
The contents of this news release has been reviewed by the
Company's Qualified Person (as defined by NI 43-101), Jim Chapman,
P.Geo.. A full text version of the Catface Copper Project mineral
resource estimate will be filed on SEDAR and will be available at
www.sedar.com under the Company's profile and can also be found by
visiting the Company's website at www.selkirkmetals.com.
Corporate Update
At its Meeting of Shareholders held on July 22, 2009, the
Company received shareholder approval of its rolling stock option
plan which sets the number of common shares which may be issued
pursuant to options previously granted, and those granted under the
Plan, to a maximum of 10% of the issued and outstanding common
shares at the time of the grant, in accordance with the policies of
the TSX Venture Exchange (the "Exchange"). The number of shares
which may be reserved for issuance to any one individual, may not
exceed 5% of the issued shares on a yearly basis, or 2% if the
optionee is engaged in investor relations activities or is a
consultant. The Stock Option Plan was approved by the Exchange on
August 28, 2009.
On Behalf of the Board of Directors:
Gordon Keevil, President
For further information on Selkirk Metals Corp. please visit our
website at www.selkirkmetals.com.
This release includes certain statements that may be deemed to
be "forward-looking statements" within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. All statements in
this release, other than statements of historical facts, that
address future production, reserve potential, exploration and
development activities and events or developments that the Company
expects, are forward-looking statements. Although management
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance, and actual results or
developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, exploration and development successes,
continued availability of capital and financing, and general
economic, market or business conditions. Please see our public
filings at www.sedar.com for further information.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of content of this
press release.
Contacts: Selkirk Metals Corp. Gordon Keevil President
604-687-2038 604-687-3141 (FAX) www.selkirkmetals.com
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