VANCOUVER, June 22, 2017 /CNW/ - ALTAIR RESOURCES INC. ("Altair" or the "Company") (TSXV: AVX; Germany FRA: 90A; ISIN: CA02137W1014; WKN: WKN A2ALMP) Mr. Harold (Roy) Shipes is pleased to announce addition of 77 unpatented mining claims comprising 1,540 acres to the Pan American Mine, Comet Mining District, Lincoln County, Nevada, USA. The staking of these claims more than doubles the Altair holding in the area, and protects the mine from encroachment while possible extensions are explored.
The Pan American Mine is a fully developed room and pillar mine previously and lastly operated by Bunker Hill Mining at a rate of 1500 tons per day. Output from the mine was processed in the Caselton Mill, 16 miles from the mine, averaging 2.7% zinc, 1.8% lead, 1.6 ounces of silver per ton and 8.6% manganese. Bunker Hill records indicate an historical resource of 1.7 million tons, of which 732,000 tons were developed for mining. Workings are currently flooded. Permitting of mine dewatering and mine planning with a view to permitting re-start of mining will commence immediately. The reader is cautioned that there are no current reserves or resources on the property under National Instrument 43-101. Dewatering and resampling of the mine mineralization and broken rock will be required to establish a resource and there can be no assurance that when established that such resource will be economically recoverable. This historic estimate was prepared by Bunker Hill and was completed in 1978/1979 and there was limited activity after the preparation of this historic estimate. There has not been a Preliminary Economic Evaluation or feasibility conducted on the project and a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; and the issuer is not treating the historical estimate as current mineral resources or mineral reserves.
Rehabilitation and permitting activities have begun on the recently purchased Caselton Concentrator mentioned above, located 16 miles from the Pan American Mine, where the Pan American material was trucked for processing by Bunker Hill. The plant hosts a three stage mill for the flotation of zinc and lead/silver concentrates. It includes two stage closed circuit crushing, three grinding mills with closed circuit classification and three circuit flotation to produce both zinc and lead/silver concentrates (including thickening and filtration). The mill has all required infrastructure for operations, including electric power, water, warehouses and shops. It was last operated in 1979 by Bunker Hill with an average throughput of 1500 tpd. The mill has a nominal capacity of 2000 tpd. Design and permitting of a new tailings dam will also begin immediately.
In addition, the Company recently acquired an Exploration Lease and Option to Purchase the Prince Mine located one mile from the concentrator (News Release 5/25/17). The Prince Mine produced for over fifty years and still hosts significant mineralization, some of which has not yet been developed following discovery by exploration two years ago. Altair Mining preserved all drill cuttings from that program for further evaluation, and plans sufficient additional drilling this year with the aim to report a current resource supported by a NI 43-101 report on the project.
The technical information In this release has been reviewed and approved by Dr. Stewart A. Jackson, PGeo., a Qualified Person and Technical Advisor to the Company.
Altair anticipates that the Prince and Pan Am Mines will be instrumental in the future development of the Company to achieve its objective of becoming a serious zinc producer in the shortest possible time.
To learn more about Altair, please visit http://altairresources.com.
ON BEHALF OF THE BOARD,
"Harold Roy Shipes"
Harold Roy Shipes
President and CEO
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.
SOURCE Altair Resources
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