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Deposit Expected to Be Mined Using Surface Mining Methods
BLAINE, WASHINGTON -- (
Marketwire - Dec. 12, 2011) -
Tamerlane Ventures Inc. (“Tamerlane“ or the “Company“) (TSX VENTURE: TAM) is pleased to provide assay results of the last three drill holes from the summer drill program conducted on the W-85 deposit at its Pine Point Project in Canada's Northwest Territories. As previously announced on November 21, 2011, assay results for drill holes TV 13, 14 and 16 were delayed because these holes were so heavily mineralized that a method more suited to very high grade lead and zinc values was necessitated. The Company noted a particularly high grade intersection of 75 feet containing 21.7% combined lead/zinc, including 5 feet of 72.3% combined lead and zinc. The purpose of this drill program was to provide current drill data to convert historical W-85 resources into National Instrument (“NI“) 43-101-compliant resources.
The drill results for holes TV 13, 14 and 16 are as follows:
Interval True
Drill Hole (Feet) Interval Thickness Average Combined
From To Feet Feet Meters %Pb %Zn %Pb + %Zn
W85-11-TV13 292 322 30 24.4 7.4 8.03 14.95 22.98
362 407 45 36.6 11.2 10.43 17.93 28.36
W85-11-TV14 227 297 70 54.6 16.7 3.18 3.25 6.43
327 382 55 42.9 13.1 2.97 6.91 9.88
W85-11-TV16 92 167 75 61.6 18.8 11.15 10.57 21.72
Containing 117 122 5 4.1 1.3 43.15 29.20 72.35
254.5 309.5 55 49.3 15.0 0.97 7.31 8.28
The following table shows the intersections of significance for the W-85 deposit, as previously announced in the November 21 news release. Including the results announced today, the total number of drill holes in the deposit is 211, totaling 20,925 meters.
Interval True
Drill Hole (Feet) Interval Thickness Average Combined
Hole id From To Feet Feet Meters %Pb %Zn %Pb + %Zn
W85-11-TV10 267 287 20 13.0 3.97 0.74 2.63 3.37
W85-11-TV10 317 332 15 9.8 2.97 0.54 1.67 2.21
W85-11-TV10 357 389.5 32.5 21.2 6.45 3.00 5.26 8.26
W85-11-TV10 421.5 422.5 1 0.7 0.23 61.45 7.84 69.29
W85-11-TV11 339 387 48 30.0 9.15 0.53 2.09 2.62
W85-11-TV12 322 342 20 15.4 4.68 1.18 4.54 5.72
W85-11-TV12 357 372 15 9.2 2.81 0.54 2.94 3.48
W85-11-TV12 357 432 75 46.1 14.05 1.35 5.74 7.09
Containing 377 432 55 36.9 11.23 1.68 6.99 8.67
W85-11-TV17 132 197 65 25.9 7.90 2.56 4.88 7.44
W85-11-TV18 132 187 55 33.9 10.34 3.91 2.96 6.87
W85-11-TV18 272 282 10 6.2 1.89 3.08 7.70 10.78
W85-11-TV18 302 332 30 18.6 5.67 0.75 6.19 6.94
W85-11-TV19 272 287 15 9.1 2.76 0.33 3.87 4.20
Tamerlane is currently in the process of converting the historical W-85 resource into a NI 43-101 compliant reserve. The Company noted the significance of W-85 and other deposits that may be mined using surface mining methods, which would compliment underground mining operations by facilitating operational diversification, lower operational costs, and a lower overall technical risk profile.
The existing historical resource* on W-85 is as follows:
Tonnes Lead % Zinc %
3,760,000 2.3 4.0
*The historical estimates presented above are not in accordance with the mineral resources or mineral reserves classifications contained in the CIM Definition Standards on Mineral Resources and Mineral Reserves, as required by National Instrument 43-101 (“NI 43-101“). Accordingly, the company is not treating these historical estimates as current mineral resources or mineral reserves as defined in NI 43-101 and such historical estimates should not be relied upon. A qualified person has not done sufficient work to date to classify the historical estimates as current mineral resources or mineral reserves.
Pine Point's current NI 43-101 compliant mineral inventory (excluding W-85) is given in the table below:
Category Tonnes Lead % Zinc %
Underground Proven & Probable 7,790,271 3.01 6.16
Measured & Indicated 8,030,000 1.13 2.26
Open Pit (N204) Indicated 9,166,000 0.92 3.42
Inferred 2,413,000 0.86 3.04
Total Historical resources* (including W-85) for Pine Point are given in the table below:
Tonnes Lead % Zinc %
34,221,000 1.4 4.4
*The historical estimates presented above are not in accordance with the mineral resources or mineral reserves classifications contained in the CIM Definition Standards on Mineral Resources and Mineral Reserves, as required by National Instrument 43-101 (“NI 43-101“). Accordingly, the company is not treating these historical estimates as current mineral resources or mineral reserves as defined in NI 43-101 and such historical estimates should not be relied upon. A qualified person has not done sufficient work to date to classify the historical estimates as current mineral resources or mineral reserves.
Mike Willett, CEO Tamerlane Ventures, commented, “The assay results from this year's drill program at our W-85 deposit are very exciting. We have excellent grades and thickness of mineralization. Furthermore, given the near-surface location of this deposit, we believe that it can be developed using lower cost surface mining methods.“
The Company is continuing work to convert the N-204 deposit resources to a NI 43-101 compliant reserve category, and convert the W-85 historical resources to a NI 43-101 compliant resource category early in the new year.
The information in this press release was prepared under the guidance of Mr. Ross F. Burns, P.Geo., LG., who is designated as a Qualified Person with the ability and authority to verify the authenticity and validity of data.
About Tamerlane Ventures Inc.
Tamerlane Ventures Inc. is an exploration and development mining company with advanced base metal development projects in Canada and Peru. The Company's immediate focus is bringing the 100%-owned Pine Point Project to production. The Company is currently in the financing phase and expects to commence construction following financing. Tamerlane plans to sell the well-known, Pine Point Concentrates to various smelting facilities around the world. The Company also plans to develop its Los Pinos heap leach copper project in Peru.
Michael A. Willett
Chief Executive Officer
Caution Concerning Forward-Looking Information
This press release contains forward-looking information within the meaning of applicable securities laws. We use words such as “may“, “will“, “should“, “anticipate“, “plan“, “expect“, “believe“, “estimate“ and similar terminology to identify forward-looking information. It is based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and, accordingly, readers should not place undue reliance on those statements. Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties; the availability to the Company of suitable financing alternatives; fluctuations in zinc, lead and other resource prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from our activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information
Tamerlane Ventures Inc.
Brent Jones
Director of Corporate Communications and Investor Relations
(360) 332-4636
(360) 332-5025 (FAX)
bjones@tamerlaneventures.com
www.tamerlaneventures.com
