Tiberon releases more drill results

Vancouver – Tiberon Minerals (TBR-V) has released more results from its on-going drilling campaign at its Nui Phao tungsten polymetallic deposit in northern Vietnam.

A total of five drill rigs are turning on the property with the goal of geo-technical and step-out drilling. Tiberon states that drilling has focused on the western portion of the deposit in order better define mineralization and optimize the open pit design in this area.

Highlights from a few holes in this area are as follows;

• Hole NP-104 cut 1.6 metres averaging 0.55% tungsten trioxide 0.13 gram gold per tonne, 0.47% copper, 0.12% bismuth and 12.3% fluorite, starting 42.9 metres down-hole.
• Hole NP-105 cut 8.0 metres averaging 0.20 tungsten trioxide, 0.12 grams gold, 0.43% copper, 0.15% bismuth and 8.0% fluorite, starting 44.0 metres down-hole. This was followed by 20.0 metres averaging 0.25% tungsten trioxide, 0.22 gram gold, 0.43% copper, 0.15% bismuth and 6.3% fluorite, starting67 metres down-hole.
• Hole NP-106 cut 20.8 metres averaging 0.07% tungsten trioxide, 0.02 gram gold, 0.17% copper, 0.0% bismuth and 16.2% fluorite, starting 83.0 metres down-hole.
• Hole NP-108 intersected 2.9 metres averaging 0.28% tungsten trioxide, 0.36 gram gold, 0.31% copper, 0.13% bismuth and 14.6% fluorite, starting 72.4 metres down-hole. This was followed by a 22.4-metre section that averaged 0.09% tungsten trioxide 0.05 gram gold, 0.03% copper, 0.02% bismuth and 19.3% fluorite.
• Hole NP-109 cut 3.8 metres averaging 1.30% tungsten trioxide 1.58 grams gold, 1.43% copper, 0.59% bismuth and 0.6% fluorite, starting 4.1 metres down-hole. This was followed by a 3.9-metre section that averaged 0.79% tungsten trioxide, 0.46% gold, 0.68% copper, 0.13% bismuth and 12.7% fluorite. Another intercept further down-hole cut 5.7 metres averaging 0.34% tungsten trioxide, 0.18 gram gold, 0.16% copper, 0.04% bismuth and 9.3% fluorite.
• Hole NP-110 cut 12.0 metres averaging 0.19% tungsten trioxide, 0.60 gram gold, 0.26% copper, 0.13% bismuth and 6.0% fluorite, starting 26.0 metres down-hole.

Current drilling on the western portion of the Nui Phao deposit has refined the geological model. Tiberon states that the metasedimentary units within the deposit that host mineralization, appear to have been folded, overturned and dip moderately to the northwest. Mineralization is believed to post date and overprint the folded package of rocks.

Holes NP-106 and NP-108 intersected significant zones of fluorite mineralization associated with a magnetite skarn. Tiberon believes that this unit may continue to the northwest. Fluorite will be a potentially significant component of the diversified revenue stream from the Nui Phao deposit. The majority of the fluorite has the potential to be ‘acid grade’, which is the most valuable grade of this commodity. The only geotechnical hole drilled in this batch of holes was NP-107. It was drilled to define the Nui Phao granite contact on the south side of the deposit.

AMEC E&C Services is in the process of updating the Nui Phao resource estimate based on a revised lower operation cost structure and additional drilling results. All drill holes up to and including NP-110 will be included in the resource estimate. Tiberon expects the revised estimate to be released in early 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 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.

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