Tiberon expands prefeasibility at Nui Phao

Vancouver — Tiberon Minerals (TBR-V) has expanded the scope of its prefeasibility study of the Nui Phao tungsten-polymetallic deposit in northern Vietnam.

Recent work suggests operating costs may be lower than initially expected. This, in turn, would enable Tiberon to mine lower-grade ore than what the original cutoff grade suggested, while expanding the resource size and the scope of mine development.

AMEC E&C Services will therefore update the resource estimate based on a lower operating cost and additional drill results. The new estimate will be available in December, followed by the prefeasibility study in January.

Currently, the measured resource at Nui Phao stands at 5.7 million tonnes averaging 0.42% tungsten trioxide, 0.27% copper, 0.13% bismuth and 11% fluorite, plus 0.34 gram gold per tonne. The indicated resource is pegged at 11.47 million tonnes grading 0.36% tungsten trioxide, 0.28% copper, 0.14% bismuth and 10% fluorite, plus 0.33 gram gold. The inferred resource is estimated to be 7.2 million tonnes grading 0.42% tungsten trioxide, 0.3% copper, 0.15% bismuth and 11.4% fluorite, plus 0.34 gram gold.

These estimates are based on 103 drill holes and a cutoff grade of 0.5% tungsten trioxide equivalent.

The resource outlined in the measured and indicated category forms a tabular body measuring 250 metres long in an east-west direction and 150 metres wide in a north-south direction. Mineralization occurs near surface to a maximum depth of 200 metres. The resource is potentially amenable to open-pit mining methods, with a very low stripping ratio.

At Nui Phao, Tiberon has five drill rigs conducting both geotechnical and stepout drilling. The stepout work is designed to define the open-pit limits on the western end of the deposit. The geotechnical component will provide information for the pit wall design.

Tiberon holds a 70% interest in the Nui Phao project, with the remainder held by Vietnamese parties.