LionOre Announces Strategic Targets, Emily Ann Nickel Resource and New Gold Deposits.TORONTO--(BUSINESS WIRE)--Aug. 21, 1997--(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : LIM.) LionOre Mining International Ltd. ("LionOre") Board of Directors has approved a five-year strategic plan and is pleased to report an initial geological ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. nickel nickel, metallic chemical element; symbol Ni; at. no. 28; at. wt. 58.69; m.p. about 1,453°C;; b.p. about 2,732°C;; sp. gr. 8.902 at 25°C;; valence 0, +1, +2, +3, or +4. resource at Emily Ann prospect, Lake Johnston, Western Australia Western Australia, state (1991 pop. 1,409,965), 975,920 sq mi (2,527,633 sq km), Australia, comprising the entire western part of the continent. It is bounded on the N, W, and S by the Indian Ocean. Perth is the capital. . - 2,060,000 tonnes of ore at 4.06 percent nickel (83,553 tonnes contained nickel) which includes 1,196,000 tonnes of ore at 5.05 percent nickel. Successful exploration drilling at LionOre's Bounty bounty, payment made by a government bounty, amount paid by a government for the achievement of certain economic or other goals. It often takes the form of a premium paid for the increased production or export of certain goods. Gold Mine has discovered new open pit deposits that also have underground potential. This will increase open pit production in the current mining plan. Mr. Gil Playford, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of LionOre, states: "The five-year strategic goals we have set for ourselves are directed to adding substantial shareholder value. We believe these targets are realistic and attainable at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. and are consistent with our management and financing capabilities." LionOre's Five-Year Strategic Targets 1. To become an international mining company by growing existing assets of US$185 million to US$500-$750 million over the next 5 years. 2. To grow nickel production from the current level of 2500 tonnes/year to the level of 15,000 to 20,000 tonnes/year at an operating cash cost of $1.50/lb. 3. To increase gold production from the current level of 150,000 oz/year to 500,000 oz/year at operating cash costs below $250/oz. 4. To invest in a third mineral commodity business with competitive cost advantages. Nickel Exploration and Development - Australia Nickel production is slated for Western Australia at the Maggie Hays/Emily Ann nickel deposits and expansion is projected for Tati Nickel Botswana with increasing nickel resources at both locations. An independent mining consultant has completed a geological resource estimate for Emily Ann using conventional 3-D modelling techniques over a 400 metre metre In poetry, the rhythmic pattern of a poetic line. Various principles have been devised to organize poetic lines into rhythmic units. Quantitative verse, the metre of Classical Greek and Latin poetry, measures the length of time required to pronounce syllables, strike length of the deposit. A second resource estimate has been carried out in-house and is consistent with the independent estimate. The resource calculation does not include mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. found over a distance of 300 metres to the north of the resource boundary. The deposit is open ended both to the north and south. -0-
LionOre Nickel Deposits
Dec.31/96
Thousand Nickel Nickel
Tonnes Ni percent Tonnes Tonnes
Lake Johnston,
Western Australia
Emily Ann (37.5
percent owned)
Lower Zone 1,196 5.05 60,398
Upper Zone 864 2.68 23,155
Total 2,060 4.06 83,553/a 0
/a 400 metres strike length
Maggie Hays (50 percent owned)
South Zone 8,900 1.20 106,800
North Zone 3,300 1.50 49,500
Central Zone 1,200 3.60 43,200
Total 13,400 1.50 199,500/b 199,500
Tati Nickel, Botswana
(41.5 percent owned)
Phoenix Mine 19,900 0.69 137,300 94,400
Selkirk Mine 310 2.43 7,500 7,500
20,210 144,800/b 101,900
Total Nickel Deposit 35,670 427,853/b 301,400
/b To be updated
LionOre Share 15,859 191,174 142,038
Mr. Playford comments: - LionOre's share of contained nickel has increased from 142,038 tonnes to 191,174 tonnes and is expected to increase further by the end of the year. The in-site value at current nickel prices is approximately $1.3 billion or equivalent to 4.0 million ounces of gold. - The ore resource tonnage TONNAGE, mar. law. The capacity of a ship or vessel. 2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. from Lake Johnston (the deposits are only 3 km apart) is now reaching sufficient size and project mine life to support initial production of 15,000 to 20,000 tonnes/year of nickel in concentrate. - The high nickel grades at Emily Ann and positive metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. test work indicates low cost production of nickel concentrate. - Further resource upgrades are expected at both Maggie Hays Hays, city (1990 pop. 17,767), seat of Ellis co., W central Kans.; inc. 1885. It is a rail, trade, and medical center in a grain, cattle, and oil area. Manufactures include electronic equipment, plastics, feeds, medical supplies, aircraft, and motorcycles. and Emily Ann. Infill in·fill n. 1. The use of vacant land and property within a built-up area for further construction or development, especially as part of a neighborhood preservation or limited growth program. 2. drilling at Maggie Hays continues to confirm the resource and in particular is showing higher grade, wider intersections in the central zone of the deposit. Latest drilling intersections at Maggie Hays: -0-
MAGGIE HAYS - CENTRAL ZONE
Drill Hole From Depth Down/Hole Width Ni percent
(metres) (metres)
LJD 99 511 25.9 2.62
LJD 99W1 509 40.6 1.94
LJD 99W2 515 18.4 3.44
LJD 95 504 23.8 1.23
- Recent drilling in the northern extension of Emily Ann has
intersected promising mineralization of similar structure and
grade with the main body of the deposit.
EMILY ANN - NORTHERN EXTENSION
Drill Hole From Depth Down/Hole Width Ni percent
(metres) (metres)
RTD 85 257 2.0 5.2
272 0.7 6.4
277 0.4 7.2
RTD 88 256 0.5 8.2
- In the immediate region of Maggie Hays/Emily Ann, the Lake Johnston project has identified to date 10 nickel prospects, based on geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. results over a 7 km strike length. Drilling at Spielers Prospect, 3 km north of Emily Ann has intersected nickel mineralization. The geological environment is highly prospective for new nickel discoveries. - Current drilling program is to complete infill drilling and metallurgical testing at both nickel deposits so as to finish preliminary feasibility studies The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. this year, with a target to be producing nickel concentrate during the second half of 1999. Nickel Exploration and Development - Botswana Phoenix Mine - Two diamond drill holes to the northwest of the open pit have been completed and have intersected massive and disseminated disseminated /dis·sem·i·nat·ed/ (-sem´i-nat?ed) scattered; distributed over a considerable area. dis·sem·i·nat·ed adj. Spread over a large area of a body, a tissue, or an organ. mineralization comparable to the mineralization in the open pit (assays pending). - Two further holes are currently being drilled to the south of the pit, the first of which has also intersected encouraging mineralization. Drilling is continuing. - In addition to the above preliminary resource re-evaluation and data from blast hole a hole in the bottom of a pump stock through which water enters. See also: Blast drilling indicates mineable reserve increasing to 19.9 million tonnes at 0.69 percent Ni. The enhanced reserve increases the planned life of the mine to 15 years. Selkirk Mine - Ground geophysical survey Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. work has confirmed the anomaly Abnormality or deviation. Pronounced "uh-nom-uh-lee," it is a favorite word among computer people when complex systems produce output that is inexplicable. See software conflict and anomaly detection. originally identified by aerial survey Aerial survey is a geomatics method of collecting information by utilising aerial photography or from remote sensing imagery using other bands of the electromagnetic spectrum, such as infrared, gamma, or ultraviolet. , and follow-up diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral is scheduled to commence within the next two weeks. Gold Exploration and Development - Australia The exploration priorities at the Bounty Gold Mine are:
1. Underground drilling to extend the ore reserves at depth
2. Surface exploration for extending existing open pits
3. Discovering new surface deposits with underground potential
Underground at Bounty
A major program of underground diamond drilling from 800
metres is testing extension of the deposit at depth and to the
south. Initial drilling has intersected gold mineralization some
160 metres below the current reserve/resource boundary and the
nearest development. Recent results include:
- 3.4 metres at 4.8 g/ton and 2.6 metres at 26.4 g/ton.
New Gold Deposits
The surface drilling program has discovered new deposits
at Blue Vein and Teddy Bear (near the Bounty Mill) and an
extension to the existing open pit mine at Lounge Lizard.
- Blue Vein has over 1500 metres of mineralization
containing high grade gold intersections ranging from 5 to 30
g/ton, varying from 2 to 18 metres at depth down to 50 metres.
Deposit is now planned for open pit production of 250-300 metres
within the next 3 months. Very significantly, diamond drilling
has now intersected mineralization at depth.
-0-
BLUE VEIN - DIAMOND DRILLING Drill Hole From Depth Down/Hole Width g/ton (metres) (metres) HNED 1 113 1.7 15.4 HNED 2 138 8.0 4.2
Drilling will continue to evaluate Blue Vein's
underground potential as well as open pit extension along strike.
- Teddy Bear is being planned to go into production as a
small open pit resource. Gold mineralization is between 2 and 11
metres in width with average grades of 1 to 3 g/ton.
- At Lounge Lizard, beyond the existing open pit,
drilling has encountered high grade mineralization at depth and
along strike. Widths range from 2 to 7 metres with typical grades
of 5 to 10 g/ton. Based on these promising results, an
underground zone of mineralization extending beyond the Lounge
Lizard open pit is indicated.
LionOre is an international mining company headquartered
in Toronto, Ontario, Canada and trades on The Toronto Stock
Exchange under the stock symbol "LIM".
CONTACT: LionOre Mining International Ltd. Mr. Ted This article is about the actor. For the animated series, see Mister T (TV series). For other uses, see Mr. T (disambiguation). Mr. T (legally changed his name from Laurence Tureaud), (born on May 21 1952), is an iconic actor known for his roles as Sgt. "B. A. Mayers, 416/777-1670 or LionOre Mining International Ltd. Mr. Gil Playford, 416/777-1985 |
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