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Buchans Resources Ltd.
Summary
| Project: | Buchans | |
|---|---|---|
| Deposit: | Lundberg | |
| Location: | Canada | |
| Commodities: | Copper-Lead-Zinc-Silver-Gold | |
| Date: | 3/1/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 1-3-2019: Buchans Resources Ltd. announces a Resource Estimation report for its Lundberg deposit at the Buchans project. Upgraded mineral resource estimate at the Lundberg deposit. Toronto, March 1, 2019 – Buchans Resources Limited (the “Company” or “Buch | |
| Resources: | (Resource): 16.79Mt @ 3.38% ZnEq. (Ind.) and 0.38Mt @ 4.46% ZnEq. (Inf.) | |
| CP/QP: | [Resources]: Matthew Harrington, Michael Cullen (Mercator Geological Services Ltd.) | |
| ABSTRACT: | Toronto, March 1, 2019 – Buchans Resources Limited (the “Company” or “Buchans”), a Canadian base metal mineral exploration and development company, is pleased to announce a new, pit-constrained, Mineral Resource Estimate for its Lundberg base metal deposit, located at the former Lucky Strike mine site, within its 100% owned Buchans project in central Newfoundland, Canada. “We are very pleased to have successfully upgraded the Lundberg deposit to a more robust, pitconstrained, Mineral Resource comprised almost entirely of Indicated category Mineral Resources” said John F. Kearney: Chairman & Chief Executive of Buchans Resources. “The new estimate demonstrates that Lundberg’s in-pit Mineral Resources contain more than 1.25 billion pounds zinc equivalent in the Indicated category and, as such, we believe Lundberg represents a potential open pit mine development project, optimally situated on a brownfields site, with excellent infrastructure and a low strip ratio.” The new 2019 Mineral Resource Estimate (“2019 MRE”) was prepared by Mercator Geological Services Limited (Mercator). The pit shell was developed and optimized by MineTech International Limited. Projected metal recoveries are based on the pervious Central Milling Facility Assessment by Thibault & Associates Ltd and the Net Smelter Return (NSR) calculator was prepared by Stantec Consulting. The 2019 MRE is constrained by an optimized pit shell that incorporates net smelter return (“NSR”) cutoffs reflecting metal price assumptions of US $1.20/lb Zn, $1.00/lb Pb, $3.00/lb Cu, $1250/oz Au, and $17/oz Ag and costs and recovery parameters determined through continued assessment of the project, comprising multiple past studies, such as the positive Preliminary Economic Assessment (“PEA”) completed by Tetra Tech in August of 2011 and the Mineral Resource Estimate completed by Mercator in February 2013, as well as several metallurgical investigations, including bench-scale studies completed by Thibault & Associates Ltd in 2017, and additional definition drilling undertaken by the Company in 2018. | |
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