Toledo Mining Corporation PLC Toledo Mining Corporation PLC : Berong Nickel Mine Resource Update
March 15 2013 - 8:23AM
UK Regulatory
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
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