VANCOUVER, Sept. 6, 2012 /CNW/ - Flinders Resources Limited ("Flinders") (TSXV : FDR). Mr. Martin McFarlane, President & CEO, announces further assay results from the 41 drill hole program at the Kringel project in Sweden. Latest results include 16.3m @ 12% graphitic carbon ("Cg") from 71m in drill hole KRI12DD019 and 14m @ 11.5% Cg from 20m in drill hole KRI12DD032.
Mr McFarlane states: "We were pleased to see that substantial widths of graphite were recorded in all holes reported in this release confirming the validity of our geological model. Importantly continuity of graphite grade and width beyond the limits of the historic resource area bodes well for the upcoming NI43-101 compliant resource calculation due in mid to late September."
A summary of all graphite intercepts equal to or greater than 5 metres in width are shown below in Table 1. In addition multiple graphite intercepts of less than 5 metres width have been assayed but are not reported here. Only assays from additional drilling beyond the historic graphite resource remain outstanding. A plan showing the Kringel mine lease, historic drilling and the location of the current program is shown in Figure 1.
The Kringel Graphite Project was the subject of substantial drilling by previous owners, and has an historic resource estimate of 6.9 million tonnes containing 8.8% graphite in 4 separate deposits.
The recently completed drill program has focused only on the graphite deposit at the Kringel mine site and aims to verify the historic resource at Kringel of 1.3 million tonnes @ 11.3% graphite to NI43-101 standards as well as potentially expand the resource through definition of deeper graphite zones. This information will then be used to develop a mining plan to facilitate the restart of graphite production in 2013.
The other 3 historic resources at Gropabo, Mattsmyra and Mansberg will continue to be classified as historic resources until we have the opportunity to upgrade them to NI43-101 standard, which is planned for 2013.
The historical resource estimates quoted are based on a NI43-101 report prepared by Albert Thamm and Marian Skwarnecki of Coffey Mining in November 2011 which is available on SEDAR and on Flinders' website at www.flindersreources.com. The historic resource was calculated using a polygonal method and is broadly similar to CIM definitions "Indicated" and "Inferred". Data is historical in nature and was compiled prior to the implementation of NI 43-101 reporting standards. Flinders has not completed sufficient exploration to verify the estimates. Flinders is not treating them as National Instrument defined resources or reserves verified by a Qualified Person, and the historical estimate should not be relied upon. The Company does not have, and is not aware of, any more recent resource estimates that conform to the standards set out in National Instrument 43-101.
The qualified person for the Kringel project is Mr. Geoff Reed, a consultant to Flinders and Member of the Australian Institute of Mining and Metallurgy (CP). Mr. Reed has reviewed and verified the contents of this release. Assaying was completed by ALS Chemex in their Vancouver Laboratory. The technique used for determining graphitic carbon was Leco -direct combustion and infrared absorption, ALS Chemex method code C-IR06. Drill holes were sampled over 1 metre intervals. Duplicates, repeats and blanks were inserted according to standard industry practice. It is interpreted that reported drill hole intercepts approximate the true width of mineralization.
On behalf of the Board
Martin McFarlane, President and CEO
Certain information set out in this news release may constitute forward-looking information. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in the forward-looking statements contained in this document, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
Neither the 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 news release.
Table 1: Summary of graphite intercepts equal to or greater than 5m wide
SOURCE: Flinders Resources Limited
For further information:
Jim Powell +1 647-478-5806