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PERTH, Western Australia, Feb. 7, 2013 /CNW/ - Tiger Resources Limited (ASX/TSX:TGS, "Tiger") is pleased to announce high-grade copper results from a diamond drilling (DD) programme at Judeira South, which lies within the boundaries of the Company's Kipoi Copper Project mining licence (PE 533) in the Katanga Province of the Democratic Republic of Congo (DRC).
The results will be used to support the preparation of a maiden resource estimate at Judeira South.
- Significant intersections from the 11-hole DD programme at Judeira South included:
- JUDDD005: 16.5m @ 5.12% Cu (from 45.9m - 62.4m) including 8.9m @ 7.39% (53.5m - 62.4m) and 30.2m @ 2.41% Cu (from 63.9m - 94.1m)
- JUDDD006: 44.5m @ 2.28% Cu (from 36.5m - 81.0m) including 5.0m @ 6.28% Cu (from 39.0m - 44.0m)
- JUDDD008: 76.2m @ 1.69% Cu (from 89.8m - 166m) including 6.5m @ 5.8% Cu (from 90.8m - 97.3m)
- Assay results add further confidence to the continuity and distribution of copper oxide mineralisation across Judeira South.
- Tiger plans to use ore from Judeira South for a Stage 2 solvent-extraction electro-winning (SXEW) plant at Kipoi, planned to come on-stream in 2014. The Company is targeting annual production of 50,000t LME Grade A copper metal over a nine-year period (refer ASX announcement 9 January, 2013).
The full copy of the announcement is available in a release that has been filed with SEDAR and is posted on the Company's website at www.tigerresources.com.au
Judeira South (PE 533)
Assay results have been received for the 11-hole DD programme for 1,711m, completed in Q4 2012. The DD programme was designed to provide confirmation of the previously determined copper oxide mineralisation delineated during the 2011 reverse circulation (RC) drilling programme and will support the preparation of a maiden resource estimate at Judeira South.
The results gained during the DD programme expand the width and the down dip extent of the copper mineralisation. Additional insights were gained into lithology and the structure of the deposit, increasing the understanding of the mineralisation, which comprises dolomites, dolomitic siltstones intercalated with shale within the brecciated siltstone zone.
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.
Tiger is undertaking a phased development at Kipoi, where the Stage 1 heavy media separation (HMS) plant is in production and is expected to process 2.7Mt of ore grading approximately 7% Cu to produce a total of 113,000 tonnes of copper in concentrate over its 39 month1 life.
A definitive feasibility study (DFS) for a Stage 2 solvent-extraction electro-winning (SXEW) plant, targeted to come on-stream in 2014, has confirmed the operation as a low cost, high margin project which can be commissioned after 16 months of development. Ore reserves from the Kipoi Central, Kipoi North and Kileba deposits within the Kipoi Project area will be processed during the Stage 2 operations.
It is envisaged that ore from Judeira and other deposits within the Kipoi Project area, and within the nearby Lupoto Project, will also be processed during the Stage 2 operations, providing additional returns and increasing the mineral resources available as feedstock to the Stage 2 SXEW plant. Increased resources will potentially increase the nine-year mine life demonstrated in the DFS and/or annual plant throughput.
1Stage 1 Kipoi Central HMS ore processed average recovery is estimated at 60%, as per the Kipoi HMS Feasibility Study
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, cobalt and silver, 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 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.
Table 1: Judeira DD holes completed during Q4 2012 DD programme with assay results
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.
SOURCE: Tiger Resources Limited
For further information:
For further information in respect of the Company's activities, please contact:
Brad Marwood Managing Director (+61 8) 6188 2000 [email protected]
Stephen Hills Chief Financial Officer (+61 8) 6188 2000 [email protected]
Nathan Ryan Investor Relations (+61 0) 420 582 887 [email protected]
Company website: www.tigerresources.com.au