Vancouver — Results from ongoing drilling have prompted
The program continues to intersect thick intervals of near-surface tungsten mineralization. Drilling began in September 2000, and Tiberon expects to table a resource estimate by November of this year; metallurgical tests will follow in early 2002.
Mineralization is hosted in skarns and pyrrhotite-rich retrograde equivalents. The property hosts a large zone of tungsten, fluorite, bismuth, copper and gold mineralization measuring more than 2 km in strike length and up to 500 metres wide.
The Vietnamese government has granted the junior an extended exploration licence covering 47.9 sq. km (compared with the original 32.2 sq. km), together with the right to explore for gold and other metals.
Tiberon will next focus on Nui Chiem, a previously identified copper-gold target that is separate and distinct from the Main Gossan of the main Nui Phao tungsten project.
Nui Chiem hosts a strong geophysical anomaly with a strike length of 900 metres, and remains open to the north and west. The target is on the margin of the Dia Lien Granite and is associated with a coincident copper-and-gold soil anomaly. Silicious pyritic rock float is also associated with the prospect, and chip samples from the more gossanous specimens returned up to 0.51% bismuth, 0.19% copper, and 1.78 grams gold per tonne.
Previously, two vertical holes were sunk using a small portable scout drill. Hole 6 hit fresh rock at a depth of 53 metres but was unable to penetrate it to any significant extent. The other hole intersected only highly weathered material. Tiberon views the target as a possible copper-gold skarn.
Tungsten fundamentals remain positive as prices continue to be strong. China is the dominant supplier of the commodity, and industrial consumers are becoming increasingly concerned about their dependence on this one source.
Tiberon holds a 70% interest in the Nui Phao project, with the remainder held by Vietnamese parties.
Recent drill results from Nui Phao are shown in the table below.
HoleFrom-toIntervalTungstenGoldCopperBismuthFluorite
| (metres) | (metres) | (% WO3) | (g/t) | (%) | (%) | (%CaF2) | |
| 56 | 110-136 | 26 | 0.99 | 0.41 | 0.35 | 0.23 | 3.2 |
| 57 | 50-120 | 70 | 0.57 | 0.35 | 0.23 | 0.09 | 15.3 |
| including | 60-72 | 12 | 1.47 | 0.23 | 0.18 | 0.05 | 20.6 |
| 58 | 115-117 | 2 | 0.49 | 0.00 | 0.49 | 0.03 | 1.0 |
| 123-137 | 14 | 0.45 | 0.29 | 0.43 | 0.22 | 9.8 | |
| 60 | 146-150 | 4 | 0.71 | 0.05 | 0.07 | 0.04 | 7.0 |
| 158-174 | 16 | 0.56 | 0.67 | 0.31 | 0.22 | 6.2 | |
| 61 | 18-22 | 4 | 0.59 | 0.08 | 0.10 | 0.03 | 10.7 |
| 34-36 | 2 | 0.44 | 0.42 | 0.33 | 0.14 | 8.7 | |
| 41.9-48 | 6.1 | 0.34 | 0.24 | 0.18 | 0.10 | 6.0 | |
| 52.4-90 | 35.8 | 0.36 | 0.28 | 0.16 | 0.06 | 14.9 | |
| including | 86-90 | 4 | 0.81 | 0.88 | 0.09 | 0.13 | 23.1 |
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