NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
PERTH, Western Australia, Oct. 11, 2012 /CNW/ - Tiger Resources Limited (ASX/TSX:TGS, "Tiger") is pleased to announce high-grade results from a diamond drilling (DD) programme at Kipoi North, a deposit within the boundaries of the Company's Kipoi Copper Project in the Democratic Republic of Congo (DRC).
The results will be used to upgrade Kipoi North's existing JORC-standard Inferred Mineral Resource of 5.3mt at 1.40% Cu containing 72,000 tonnes of copper, in support of the definitive feasibility study (DFS) being conducted for a Stage 2 solvent extraction-electro winning (SXEW) facility at Kipoi.
- Significant intersections from the 34-hole Priority 1 programme at Kipoi North include:
- KPNDD071: 21.5m @ 4.80% Cu (0.0m to 21.5m) including 16.5m @ 5.75% (1.5m to 18.0m)
- KPNDD076: 11.2m @ 3.18% Cu (51.8m to 63.0m)
- KPNDD077: 10.5m @3.04% Cu (39.5m to 50.0m)
- KPNDD078: 17.3m @ 2.61% Cu (21.5m to 38.8m) including 10.5m @ 4.04% Cu (21.5m to 32.0m)
- KPNDD079: 57.0m @ 2.37% Cu (34.0m to 91.0m)
- KPNDD080: 34.3m @3.16% Cu (62.7m to 97.0m) including [email protected]% Cu (74.0m to 80.2m)
- KPNDD090: 56.0m @ 2.59% Cu(51.0m to 107.0m)including 6.0m @ 9.87% Cu (51.5m to 57.5m)
- KPNDD092: 21.3m @ 2.49% Cu (13.5m to 34.8m)
- Assay results confirm the continuity of copper oxide mineralisation across the middle of the Kipoi North deposit
- Mineralisation remains open at depth and along strike to the northwest and southeast.
- The Priority 2 DD programme at the Kipoi North Deposit of 15 holes was completed. Assay results are pending.
Kipoi North (PE533)
The drilling programme at the Kipoi North Deposit, totalling 49 DD drill holes (34 Priority 1 holes for a total of 3,436.5m and 15 Priority 2 holes for 1,190m), was designed to convert existing JORC-standard Inferred Mineral Resources to the Measured and Indicated categories.
Recent assay results received for Priority 1 DD holes KPNDD071 to KPNDD104 confirm that copper mineralisation is consistent with the proposed resource model and hosted in highly weathered dolomite and strongly talc- and clay- altered formation.
The latest drilling programme has also confirmed the Company's understanding of the sedimentary and structural controls of the Kipoi North Deposit, which is considered as a tight anticline with mineralisation linked with the R2 RSC formations. The Kipoi North Deposit represents the top of the anticline, with its axis dipping to the west and copper oxide enrichment in the upper levels of the anticline.
Figure 1: Priority 1 Drill Plan for Kipoi North
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 results will be used in support of the DFS being conducted for a Stage 2 SXEW facility at Kipoi.
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 South and the other deposits within the Kipoi Project and within the nearby Lupoto Project would 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
Kipoi North DD holes completed during January 2012 - March 2012 resource upgrade 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 on the Company's activities please contact:
Tel: (+61 8) 6188 2000
Email: [email protected]
Chief Financial Officer
Tel: (+61 8) 6188 2000
Email: [email protected]
Tel: (+61 0)420 582 887
Email: [email protected]
Company website: www.tigerresources.com.au