TORONTO--(BUSINESS WIRE)--
Summary of 2014 Exploration & Engineering Results
-
Two rigs completed 20 diamond drill holes totalling approximately
7,644 metres.
-
Confirmed the continuance of the AREX deposit at depth and to the west
of a major fault.
-
Identified the continuity of the zone linking the AREX and AMBREX
deposits (“Link Zone”).
-
Environmental permitting studies continued.
-
Plans for 2015, subject to budgetary approval, include; revision of
the internal pre-feasibility study including the new geological
results, public hearings and the start of an internal definitive
feasibility study. The exploration drilling program will resume in
February 2015.
-
Within an estimated timeframe of 18 months, Milpo plans to conduct
additional geological and engineering studies to reach the level of a
feasibility study.
Karmin Exploration Inc. (“Karmin”) (TSXV and the Lima Stock Exchange:
KAR) is pleased to report the results of the 2014 exploration
program at the Aripuanã Zinc Project (“Aripuanã”) located in
north-western Brazil. Karmin has a 30% carried interest in Aripuanã
until 12 months after the delivery of a bankable feasibility study.
Votorantim Metais Zinc S.A. (“Votorantim”) and Compañía Minera
Milpo S.A.A. (“Milpo”) (Lima Stock Exchange: MILPOC1) (the “Operators”)
jointly own 70% of Aripuanã but are responsible for 100% of expenditures
until 12 months after the delivery of a bankable feasibility study. The
Operators have delivered a report to Karmin outlining the exploration
results from the 2014 program.
AREX
Prior to 2014, approximately 240 diamond drill and reverse circulation
drill holes, totalling approximately 45,760 metres, were completed on
the AREX deposit (RPA Inc. NI 43-101 Report dated 29Jan13). During 2014,
four diamond drill holes confirmed the continuity of stringer
mineralization at depth along a strike length of 400 metres. An
additional two drill holes confirmed the continuation of the AREX
deposit at least 250 metres west of the ARPA fault which had previously
been the western boundary of the AREX deposit.
AREX-AMBREX Link Zone
To date, six diamond drill holes completed in the Link Zone between the
AREX and AMBREX deposits have intersected base metal mineralization
thereby decreasing the gap between the AREX and AMBREX deposits. In
particular, a high grade intersection of 56.99 metres (not true
thickness) grading 11.2% zinc and 5.4% lead in drill hole BRAPDD0011 has
made the Link Zone a priority target for the 2015 drill program. The
mineral resource model will be updated when the Link Zone drilling is
completed.
Engineering Results
During 2014, engineering work was limited to environmental studies and
was submitted to SEMA-MT, the governmental office for environmental
permits in Mato Grosso State. Currently work is ongoing with respect to
Aboriginal affairs and archaeological studies.
The 2015 work plan, subject to budgetary approval, includes revision of
the Operator’s internal pre-feasibility study, public hearings and the
start of the Operator’s definitive feasibility study.
Milpo plans Feasibility Level Studies
As announced in Karmin’s press release of February 12, 2015 Milpo has
purchased an initial 7.7% participation in Aripuanã from Votorantim and
Milpo will significantly advance the development of Aripuanã with plans
to conduct additional geological and engineering studies to reach the
level of a feasibility study within an estimated timeframe of 18 months.
Qualified Person
A.E. Olson, FAusIMM, a Qualified Person as defined under Canadian
National Instrument 43-101 Standards of Disclosure for Mineral
Projects, and a consultant to Karmin, has reviewed and approved the
technical content of this news release in the form and context in which
it appears.
QA/QC Program
Votorantim as operator has implemented a quality control program to
ensure best practices in the sampling and analysis of the drill core.
The HQ (63.5 mm diameter) drill core was logged and then split with one
half sent for assay and the other retained in the core box as a witness
sample. Duplicates, standards and blanks were inserted regularly into
the sample stream. The samples are transported in secure tagged bags
directly to the ALS Chemex preparation facility in Goiânia Brazil.
Samples are weighed, identified prior to preparation and then crushed to
70% minus 2 mm, separated and pulverized to 85% passing 75 μm. Resulting
pulps are sent to ALS Chemex analytical facility in Lima Peru. The
current Aripuanã project standard analytical package includes 33
element, four acid digestion and ICP-AES with over limits subject to an
AAS finish for base metals. Gold is analysed by fire assay with an AAS
finish. No bias or critical errors were identified for the 2014 drill
program.
About Karmin
The common shares of Karmin are listed on the TSX Venture Exchange and
the Lima Stock Exchange and trade in both markets under the symbol
“KAR”. The principal business of Karmin is to acquire, explore and
develop resource properties.
Karmin owns 30% of the Aripuanã Zinc Project, one of the ten largest
undeveloped zinc projects in the world. The Aripuanã Zinc Project covers
an 820 square kilometre mineralized massive-sulphide district that
includes five areas of mineralization (Ambrex, Arex, Babacu,
Massaranduba and Mocoto) over a 25-kilometre strike length. Votorantim
and Milpo own 70% of the Aripuanã zinc project, but are responsible for
100% of the project costs until the completion of a bankable feasibility
study.
The Summary of Mineral resources at the Aripuanã Zinc Project is
outlined in Table 1 (for more information see Karmin press release dated
February 21, 2013).
TABLE #1 SUMMARY OF MINERAL RESOURCES – ARIPUANÃ
|
|
September 12, 2012
|
|
|
|
|
|
|
|
Grade
|
|
Contained Metal
|
|
|
|
Tonnage
|
|
Zn
|
|
Pb
|
|
Cu
|
|
Au
|
|
Ag
|
|
Zn
|
|
Pb
|
|
Cu
|
|
Au
|
|
Ag
|
|
|
|
Mt
|
|
%
|
|
%
|
|
%
|
|
g/t
|
|
g/t
|
|
M lb
|
|
M lb
|
|
M lb
|
|
Oz
|
|
K Oz
|
|
AREX
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured
|
|
2.4
|
|
7.15
|
|
2.50
|
|
0.51
|
|
0.24
|
|
73
|
|
378
|
|
132
|
|
27
|
|
19,000
|
|
5,633
|
|
Indicated
|
|
2.5
|
|
3.50
|
|
1.18
|
|
1.36
|
|
0.64
|
|
37
|
|
195
|
|
65
|
|
76
|
|
52,000
|
|
2,996
|
|
Inferred
|
|
3.2
|
|
3.9
|
|
1.4
|
|
0.8
|
|
0.7
|
|
39
|
|
278
|
|
101
|
|
57
|
|
73,000
|
|
4,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMBREX
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indicated
|
|
14.2
|
|
3.39
|
|
1.23
|
|
0.07
|
|
0.18
|
|
29
|
|
1,062
|
|
386
|
|
23
|
|
82,000
|
|
13,389
|
|
Inferred
|
|
11.5
|
|
5.0
|
|
1.7
|
|
0.1
|
|
0.30
|
|
40
|
|
1,269
|
|
436
|
|
36
|
|
108,000
|
|
14,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AREX + AMBREX
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured + Indicated
|
|
19.1
|
|
3.87
|
|
1.38
|
|
0.30
|
|
0.25
|
|
36
|
|
1,635
|
|
584
|
|
125
|
|
153,000
|
|
22,018
|
|
Inferred
|
|
14.7
|
|
4.8
|
|
1.7
|
|
0.3
|
|
0.4
|
|
39
|
|
1,547
|
|
536
|
|
93
|
|
181,000
|
|
8,560
|
|
Notes:
1. CIM definitions were followed for Mineral Resources.
2.
Mineral Resources are reported as within mineralized wireframes modelled
at 3% Zn in the stratabound zone and 0.5% Cu in the stringer zone and
include internal dilution.
3. The Ambrex resource database does not
include results of drilling in 2012.
4. Numbers may not add due to
rounding.
Karmin owns 100% of the Aripuanã Gold Project, which encompasses the
gold and silver mineralization associated with near-surface oxidized
portions of numerous massive-sulphide deposits in the
820-square-kilometre Aripuanã Zinc Project in north-western Brazil.
Karmin owns 100% of the 25-square-kilometre Cushuro Gold Project located
in the world-class Alto Chicama gold-mining district of northern Peru.
Disclaimer Relating to Forward-Looking Information
This news release contains forward-looking statements that are based on
the belief of management and reflect Karmin’s current expectations.
Forward-looking statements include, but are not limited to, possible
events and statements. The words “potential,” “possible,” “expects,”
“plans,” “scheduled,” “estimates,” “anticipates” or “believes,” or
variations of such words and phrases or statements that certain actions,
events or results “may,” “could,” “would,” “might,” or “will” be taken
or occur, and similar expressions identify forward-looking statements.
The forward-looking statements and information in this press release
include, but are not limited to the mineral resource estimates and the
business plans of Karmin. Such statements and information reflect the
current view of Karmin with respect to risks and uncertainties that may
cause actual results to differ materially from those contemplated in
those forward-looking statements and information.
Such statements are not historical facts. Readers are cautioned not to
place undue reliance on forward-looking statements, as there can be no
assurance that the plans, intentions or expectations upon which they are
based will occur. By their nature, forward-looking statements involve
numerous assumptions, known and unknown risks and uncertainties, both
general and specific, that contribute to the possibility that the
predictions, forecasts, projections in the forward-looking statements
will not occur, and that actual performance and results in future
periods may differ materially from any estimates or projections of
future performance or results expressed or implied by such
forward-looking statements.
The Aripuanã Zinc Project and the land it relates to is an exploration
property only. Accordingly, there are a number of important factors that
could cause Karmin’s actual results to differ materially from those
indicated or implied by forward-looking statements and information. Such
factors relating to the Aripuanã Zinc Project include, among others, the
timing and content of work programs, results of the development of
mineral properties, the interpretation of drilling results and other
geological data, the uncertainties of resource and reserve estimates,
receipt and security of mineral property titles, receipt of licenses to
conduct mining activities, project cost overruns or unanticipated costs
and expenses, fluctuations in metal prices and general market and
industry conditions, changes in national and local government
legislation, taxation, controls, policies and regulations, the security
of personnel and assets, and political or economic developments in
Canada and Brazil, operating or technical difficulties in connection
with mining or development activities, employee relations, the
speculative nature of mineral exploration and development and the risks
and hazards associated with the business of mineral exploration,
development and mining, including environmental hazards, industrial
accidents, unusual or unexpected formations, pressures, cave-ins and
flooding.
The forward-looking statements contained in this news release are made
as of the date of this news release. Readers should not place undue
importance on forward-looking information and should not rely upon this
information as of any other date. Except as required by law, Karmin
disclaims any intention and assumes no obligation to update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise. Additionally, Karmin undertakes no
obligation to comment on the expectations of, or statements made by,
third parties in respect of the matters discussed above.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.