Vancouver —
The program is designed to define mineralization in the western portion of the deposit, and provide data for open-pit mine planning.
Highlights are as follows:
– Hole 104 intersected 1.6 metres grading 0.55% tungsten trioxide, 0.47% copper, 0.12% bismuth and 12.3% fluorite, plus 0.13 gram gold per tonne, starting at a down-hole depth of 42.9 metres.
– Hole 105 cut 8 metres of 0.2% tungsten trioxide, 0.43% copper, 0.15% bismuth, 8% fluorite and 0.12 gram gold starting at 44 metres down-hole. This was followed by 20 metres averaging 0.25% tungsten trioxide, 0.43% copper, 0.15% bismuth, 6.3% fluorite and 0.22 gram gold starting at 67 metres down-hole.
– Hole 106 cut 20.8 metres of 0.07% tungsten trioxide, 0.17% copper, 16.2% fluorite, no bismuth and 0.02 gram gold starting at 83 metres down-hole.
– Hole 108 returned 2.9 metres of 0.28% tungsten trioxide, 0.31% copper, 0.13% bismuth, 14.6% fluorite and 0.36 gram gold starting at 72.4 metres down-hole. This was followed by a 22.4-metre section of 0.09% tungsten trioxide, 0.03% copper, 0.02% bismuth, 19.3% fluorite and 0.05 gram gold.
– Hole 109 cut 3.8 metres of 1.3% tungsten trioxide, 1.43% copper, 0.59% bismuth, 0.6% fluorite and 1.58 grams gold starting at 4.1 metres down-hole. This was followed by a 3.9-metre section grading 0.79% tungsten trioxide, 0.46% gold, 0.68% copper, 0.13% bismuth and 12.7% fluorite. Another intercept, farther down-hole, cut 5.7 metres of 0.34% tungsten trioxide, 0.16% copper, 0.04% bismuth, 9.3% fluorite and 0.18 gram gold.
– Hole 110 intersected 12 metres grading 0.19% tungsten trioxide, 0.26% copper, 0.13% bismuth, 6% fluorite and 0.6 gram gold starting at 26 metres down-hole.
Current drilling on the western portion of the Nui Phao deposit has refined the geological model. The metasedimentary units that host mineralization appear to have been folded and overturned, and they dip moderately to the northwest. Mineralization is believed to post-date and overprint the folded package of rocks.
Holes 106 and 108 intersected significant zones of fluorite mineralization associated with a magnetite skarn. Tiberon believes this unit continues to the northwest. Fluorite will be a potentially significant component of the diversified revenue stream from the Nui Phao deposit. Most of it has the potential to be valuable grade.
The only geotechnical hole drilled in this batch of holes was no. 107, which attempted to define the Nui Phao granite contact on the southern side of the deposit.
AMEC E&C Services is updating the Nui Phao resource estimate based on a lower projected operating cost plus additional drilling results. All drill holes up to and including no. 110 will be included in the resource estimate. Tiberon expected the revised estimate to be released in late December.
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. 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 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 low stripping ratio.
Tiberon holds a 70% interest in the Nui Phao project, with the remainder held by Vietnamese parties.
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