Coronation Minerals Inc.: Clarification of Historical Resource Estimate.TORONTO -- Further to the Coronation Minerals Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:MSA (Metropolitan Service Area) An urban area with at least 50,000 people plus surrounding counties. There are 306 MSAs and 428 RSAs (rural service areas) in the U.S. MSAs and RSAs are used to allocate cellular licenses. ) news release dated July 18, 2005 the Company provides additional information about the historical resource estimate and exploration target. The historical resource estimate reported in "A Preliminary Feasibility Report" prepared for Coppermine River Coppermine River Stream, Northwest Territories and Nunavut territory, Canada. Rising in the Barren Grounds, a subarctic prairie region, it flows north for 525 mi (845 km) into Coronation Gulf, an arm of the Arctic Ocean, near the Inuit settlement of Kugluktuk (formerly Limited, on the company's Copper Deposit at Hope Lake, Northwest Territories Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. , written by J.M. Bracken, P.Eng., dated December 1, 1968. The ore reserves in this study are estimated to be 4,160,000 tons grading 2.46% copper. These reserves include an allowance of 10% for dilution. These reserves were based on 39 holes totaling some 14,969 feet. The tonnage factor used for this estimation was 11 cubic feet per ton. The total strike length of drill indicated reserves is 1,528 feet. The reserves were calculated to a maximum vertical depth of 600 feet. Coronation does not have access to any of the original drill core. This historical resource estimate does not meet NI 43-101 standards and Coronation cautions that the resource and reserve estimates are historical in nature, have not been verified by a qualified person, and should not be relied upon. Coronation did carry out a 2000m drill program during the 2003 field season which confirmed the mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. copper structure was in place (SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review File, December 18, 2003) The Company reported that it believes that the property may host a major CU/Ni/PGE deposit. The Company retracts this statement and cautions investors from relying on it. There has been insufficient exploration done to support the statement about the exploration target, and there is no certainty that a mineral deposit like that of Noril'sk will be found through further exploration The drilling program was carried out and reviewed under the direction of Mr. Rory Calhoun, a qualified person within the meaning of National Instrument 43-101. Mr. Calhoun has reviewed the exploration results contained in this news release. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Coronation Minerals Incorporated (TSX VENTURE:MSA) |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion