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Thursday,
February 05, 2009
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TSX: VTR
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Volta Announces NI 43-101
Resource Estimate At Gaoua 724,880,000 Lbs Of Copper And 1,072,900 Ounces
Of Gold Inferred
Toronto, ON - February 5, 2009 - Volta Resources Inc. ("Volta"
or the "Company") (TSX:VTR) has completed a NI 43-101
compliant resource estimate at its Gaoua copper-gold porphyry project in
southern Burkina Faso, West Africa. At a 0.45% copper equivalent cut-off
grade, the Dienemera and Gongondy deposits host an initial Inferred
Resource of 82,600,000 tonnes grading 0.40% copper and 0.40 g/t gold for
a total of 724,880,000 lbs of copper and 1,072,900 ounces of gold.
The mineral resource estimate was prepared by SRK Consulting (UK) Ltd.
based on over 26,661 metres of diamond drilling in 92 holes and 1,305
metres in 15 reverse circulation holes ("RC"). The mineral
resource estimate follows the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM) definitions standards for mineral resources and reserves,
and has been completed in accordance with the standards of disclosure for
mineral projects as defined by National Instrument 43-101.
"We are extremely pleased with the initial resource defined at
Dienemera and Gongondy", says Kevin Bullock, Volta's President and
CEO. "We are confident that the geological models derived from the
diamond drilling carried out to date are robust, providing a solid basis
for understanding the nature, geometry and orientation of the
mineralization. The potential for additional resources are strong as both
deposits remain open at depth and along strike."
A breakdown of the tonnage and grade, at various cut-offs, for the two
deposits are presented below.
DEPOSIT
|
Cut-off
Grade
|
Tonnage
|
Copper
|
Gold
|
Copper Equivalent
|
>(CuEQ %)
|
(tonnes)
|
%
|
lbs
|
g/t
|
Oz
|
%
|
lbs
|
DIENEMERA
|
0.60
|
9,200,000
|
0.64
|
129,632,000
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0.25
|
74,600
|
0.79
|
160,276,000
|
|
0.50
|
18,100,000
|
0.54
|
214,510,000
|
0.22
|
128,600
|
0.67
|
267,421,000
|
|
0.45
|
23,000,000
|
0.50
|
255,075,000
|
0.21
|
155,300
|
0.63
|
319,009,000
|
|
0.40
|
27,800,000
|
0.47
|
372,802,000
|
0.20
|
237,700
|
0.59
|
364,424,000
|
|
0.30
|
41,700,000
|
0.41
|
372,802,000
|
0.18
|
237,700
|
0.51
|
470,687,000
|
|
0.20
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57,400,000
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0.35
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440,704,000
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0.15
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284,700
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0.44
|
557,769,000
|
GONGONDY
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0.60
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27,200,000
|
0.43
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257,279,000
|
0.62
|
541,300
|
0.80
|
479,946,000
|
|
0.50
|
45,800,000
|
0.38
|
387,793,000
|
0.52
|
768,200
|
0.70
|
703,936,000
|
|
0.45
|
59,600,000
|
0.36
|
469,805,000
|
0.48
|
917,600
|
0.65
|
847,236,000
|
|
0.40
|
78,300,000
|
0.33
|
568,793,000
|
0.44
|
1,102,200
|
0.59
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1,022,283,000
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|
0.30
|
125,900,000
|
0.28
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766,547,000
|
0.37
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1,506,400
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0.50
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1,386,266,000
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|
0.20
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170,400,000
|
0.24
|
893,974,000
|
0.33
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1,793,000
|
0.43
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1,631,641,000
|
TOTAL
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0.60
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36,400,000
|
0.48
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386,911,000
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0.53
|
616,000
|
0.80
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640,222,000
|
|
0.50
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63,900,000
|
0.43
|
602,303,000
|
0.44
|
896,800
|
0.69
|
971,357,000
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|
0.45
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82,600,000
|
0.40
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724,880,000
|
0.40
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1,072,900
|
0.64
|
1,166,245,000
|
|
0.40
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106,100,000
|
0.37
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858,921,000
|
0.38
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1,282,500
|
0.59
|
1,386,707,000
|
|
0.30
|
167,600,000
|
0.31
|
1,139,349,000
|
0.32
|
1,744,100
|
0.50
|
1,856,953,000
|
|
0.20
|
227,800,000
|
0.27
|
1,334,678,000
|
0.28
|
2,077,700
|
0.43
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2,189,410,000
|
Figures have been rounded
SRK have constrained the resource in optimized open pits based on
reasonable technical and economic parameters which they consider to have
reasonable prospects for eventual economic extraction. The table above
summarises the in-situ Mineral Resource stated at a 0.45% Copper Equivalent
(CuEQ) cut-off grade within the defined mineralisation models. CuEQ has
been calculated from assumed revenues of US$3,000/t copper and US$700/oz
gold with metallurgical recovery assumed to be 85% and 70% respectively.
Gold grade has been multiplied by 0.6 and added to the copper grade to
provide a CuEQ grade. The cut-off grade further assumes typical costs of
US$2/t for mining and US$10/t for processing and general administration
costs. The NI 43-101 technical report will be posted on the company's
website as well as SEDAR within 45 days.
The 687.5 km2 Gaoua project area includes a 35 kilometer long anomalous
porphyry trend, clearly defined during a high definition airborne
geophysical survey completed late last year and it is along this trend that
the Dienemera and Gongondy deposits reside (See Figure #1). The deposits
outcrop approximately 7 kilometres apart and exhibit similar distinctive
geophysical signatures. Similar signatures along the corridor indicate that
potential exists for additional deposits that are under transported cover
between Gongondy and Dienemera and along the greater 35 kilometer strike
extent. There is therefore potential to extend the current resources and
significantly enhance the overall potential of the Gaoua copper-gold
project.
Based on these findings, Volta will shortly commence detailed geochemical
auger drilling between the Dienemera and Gongondy deposits where regolith,
comprising transported laterite and alluvium, may have masked the geochemical
response produced by traditional soil sampling programs. Volta will also
continue to explore the western side of the post-mineralized gabbro at the
Gongondy deposit with further RC drilling.
Under the guidelines of National Instrument 43-101, the qualified person
for the Gaoua copper-gold project is Mr. Guy Franceschi, Vice President,
Exploration for the Company. Mr. Franceschi is a member of the European
Federation of Geologists and has reviewed and approved the contents of this
news release.
Volta is a mineral exploration company focused on becoming the leader in
the identification, acquisition and exploration of gold properties in West
Africa. The Company is committed to West African exploration and is
Canadian-based with its head office in Toronto, Ontario and operations
offices in Accra, Ghana and Ouagadougou, Burkina Faso. The Company
currently has $5.5 million in cash and marketable securities with a quoted
market value of approximately $3.0 million for a total of $8.5 million.
There are 53.2 million common shares issued and outstanding.
For further information, please refer to our website www.Voltaresources.com or contact:
Kevin Bullock, P.Eng., President & CEO
Tel: (416) 867-2299
Fax: (416) 867-2298
Email: kbullock@voltaresources.com
Investor Relations: Vancouver
Farah Alibhai
Tel: (604) 731-7340
Email: falibhai@voltaresources.com
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this news release.
Forward Looking Information Caution:
This press release presents "forward-looking statements"
within the meaning of Canadian securities legislation that involve inherent
risks and uncertainties. Forward-looking statements include, but are not
limited to, statements with respect to the future price of gold and other
minerals and metals, the estimation of mineral reserves and resources, the
realization of mineral reserve estimates, the capital expenditures, costs
and timing of the resources, the realization of mineral reserve estimates,
the capital expenditures, costs and timing of the development of new
deposits, success of exploration activities, permitting time lines,
currency exchange rate fluctuations, requirements for additional capital,
government regulation of mining operations, environmental risks,
unanticipated reclamation expenses, title disputes or claims and
limitations on insurance coverage. Generally, these forward-looking
statements can be identified by the use of forward looking terminology such
as "plans", "expects" or "does not expect",
"is expected", "budget", "scheduled",
"estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could",
"would", "might" or "will be taken",
"occur" or "be achieved". Forward-looking statements
are subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance or
achievements of Volta to be materially different from those expressed or
implied by such forward looking statements, including but not limited to:
risks related to international operations, risks related to the integration
of acquisitions; risks related to joint venture operations; actual results
of current exploration activities; actual results of current or future
reclamation activities; conclusions of economic evaluations; changes in
project parameters as plans continue to be refined; future prices of gold
and other minerals and metals; possible variations in ore reserves, grade
or recovery rates; failure of equipment or processes to operate as
anticipated; accidents, labour disputes and other risks of the mining
industry; and delays in obtaining governmental approvals or financing or in
the completion of development or construction activities. Although the
management and officers of Volta believe that the expectations reflected in
such forward-looking statements are based upon reasonable assumptions and have
attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking statements, there
may be other factors that cause results not to be as anticipated, estimated
or intended. There can be no assurance that such statements will prove to
be accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. Volta Resources does
not undertake to update any forward-looking statements that are
incorporated by reference herein, except in accordance with applicable
securities laws.
Click to Enlarge
You can also view this News Release on our website at:
http://www.voltaresources.com/s/NewsReleases.asp?ReportID=337161
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