Tiger Resources Announces High Grade Results at Kileba
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
PERTH, Western Australia, Nov. 2, 2012 /CNW/ - Tiger Resources Limited (ASX/TSX:TGS, "Tiger") is pleased to announce high-grade results from a diamond drilling (DD) programme at Kileba, a deposit within the boundaries of the Company's Kipoi Copper Project in the Democratic Republic of Congo (DRC).
- Priority 2 programme at Kileba drilled a total 29 DD holes for 2,824.5m. Assay results received for 20 DD holes, nine holes are outstanding.
- 17 of the 20 DD holes returned copper mineralisation. Significant intersections included:
- KLBDD105: 44.0m @ 3.55% Cu (0.0m to 44.0m) including 3.5m @ 14.83%
- KLBDD109: 34.2m @ 5.02% Cu (29.0m to 63.2m)
- KLBDD117: 51.5m @ 1.20% Cu (0.0m to 51.5m), and 64.0m @ 2.62% Cu (102.0m to 166.0m)
- Assay results add further confidence to the continuity of copper oxide mineralisation across the middle of the Kileba deposit and to the northern extension.
- Mineralisation remains open at depth and along strike to the northwest and southeast of Kileba.
The Priority 2 DD programme of 29 DD holes for 2,824.5m was designed to test for an extension to the Kileba resource.
The results delineated the width of the ore body, and mineralisation remains open at depth and along strike to the northwest and southeast.
The latest drilling programme also demonstrates the strike extension of the mineralisation and confirms the Company's understanding of the structural controls at the Kileba deposit. Kileba represents the top hinge of the anticline, with a shallow plunge to the South and North and copper oxide enrichment reducing as the ground tightens away from the top hinge.
Full details are available in a release that has been filed with SEDAR and is posted on the Company's website at www.tigerresources.com.au
The Kipoi Project covers an area of 55 square km and is located 75km north‐north‐west of the city of Lubumbashi in the Katanga Province of the DRC. The project contains a 12km sequence of mineralised Roan sediments that host at least five known deposits: Kipoi Central, Kipoi North, Kileba, Judeira and Kaminafitwe.
The Company has reported JORC-compliant resources at three of the deposits: Kipoi Central, Kipoi North and Kileba. The principal deposit is Kipoi Central, which contains a zone of high grade copper mineralisation within a much larger, lower grade global resource.
The Company has adopted a staged development approach at the Kipoi Project. The high grade zone of copper mineralisation at Kipoi Central is being exploited during the Stage 1 development. During the three-year operation of Stage 1: 900,000tpa of 7% Cu is planned to be processed through the Heavy Media Separation plant with a recovery rate of 55%, to produce the equivalent of approximately 35,000tpa of copper.
The Company is currently undertaking a feasibility study to evaluate the economic viability of constructing a SXEW plant (Stage 2), targeted to come on-stream in 2014. It is envisaged that ore from Kipoi Central, Kipoi North and Kileba and other deposits within the Kipoi Project, as well as the nearby Lupoto Project, will be processed during the Stage 2 phase.
Caution Regarding Forward Looking Statements and Forward Looking Information: This report contains forward looking statements and forward looking information, which are based on assumptions and judgments of management regarding future events and results. Such forward-looking statements and forward looking information, including but not limited to those with respect to the Stage 1 mining, HMS and spiral system operations and the development of a Stage 2 SXEW plant at Kipoi Central, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual market prices of copper, the actual results of current exploration, the availability of debt financing, the volatility in global financial markets, the actual results of future mining, processing and development activities and changes in project parameters as plans continue to be evaluated. There can be no assurance that the Stage 1 HMS plant will operate in accordance with forecast performance, that anticipated metallurgical recoveries will be achieved, that future evaluation work will confirm the viability of deposits identified within the project, that future required regulatory approvals will be obtained, that the Stage 2 expansion of the Kipoi Project will proceed as planned and within expected time limits and budgets or that, when completed, the expanded Kipoi Stage 2 project will operate as anticipated.
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr. Brad Marwood, who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Marwood is a Director and full-time employee of the Company.
Mr Marwood has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Marwood consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Appendix 1 - Table 1
Kileba DD holes completed during June 2012 to July 2012 resource extension programme with assay results
Notes: Cut-off grade of 0.3% Cu used, with a maximum internal dilution
of 2m; intercepts less than 3m not included unless > 1% Cu; assays have
been rounded up to two decimal places; intervals with no return have
been given a grade of 0%; assaying performed by ALS Chemex RSA. NSR
indicates No Significant Return of copper mineralisation
SOURCE: Tiger Resources LimitedFor further information:
For further information on the Company's activities please contact:
Tel: (+61 8) 6188 2000
Chief Financial Officer
Tel: (+61 8) 6188 2000
Tel: (+61 0)420 582 887
Company website: www.tigerresources.com.au