- Published: 11 March 2009
- Written by Editor
Infill drilling increases mineral resources at Joanna
Aurizon Mines Ltd. (TSX: ARZ; NYSE Alternext: AZK) reports that an updated mineral resource estimate has been completed for the Joanna Property, located in north western Quebec, Canada. The new updated mineral resource estimate has been prepared by SGS Geostat Ltd. ("Geostat").
The updated measured and indicated mineral resource estimate integrates results of the 2008 infill drilling program completed within the limit of the proposed pit outline of the Hosco Block and the results of all exploration drilling performed outside of that pit contour above 300 metres. The inferred mineral resources are estimated down to 600 metres.
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- Measured and Indicated mineral resources have increased by 900,000
ounces in comparison with the previous estimate of September, 2007.
The increase is mainly within the pit outline as proposed in the BBA
preliminary assessment report of May, 2008
- Inferred mineral resources estimates decreased by 151,000 ounces in
comparison with the previous estimate of September, 2007. The
decrease is mainly due to the upgrade of resources to the measured
and indicated category.
In addition to the upgrading of previously reported mineral resources,
total resources have increased within and along the extension of the previous
mineral resources outline.
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JOANNA MINERAL RESOURCES ESTIMATE (1,2,3,)
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December, 2008
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Grade
Grams/ Gold
Mineral Resources Tonnes tonne Ounces
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Measured Hosco 18,500,000 1.4 827,000
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Indicated Hosco 11,100,000 1.3 446,000
Heva 4,200,000 1.9 257,000
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Total Measured and
Indicated 33,800,000 1.4 1,530,000
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Inferred Hosco 19,800,000 1.2 774,000
Heva 8,600,000 1.8 488,000
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28,400,000 1.4 1,262,000
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September 2007
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Grade
Grams/ Gold Gain (loss)
Mineral Resources Tonnes tonne Ounces Ounces
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Measured - - - 827,000
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Indicated 8,200,000 1.6 420,000 26,000
3,100,000 2.1 210,000 47,000
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Total Measured and
Indicated 11,300,000 1.7 630,000 900,000
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Inferred 24,300,000 1.5 1,150,000 (376,000)
4,300,000 1.9 263,000 225,000
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28,600,000 1.5 1,413,000 (151,000)
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(1) Mineral Resources which are not mineral reserves do not have
demonstrated economic viability
(2) Measured and indicated mineral resources for 2008 are reported to a
depth of 300 metres at a cut off grade of 0.5 grams of gold per
tonne. Inferred mineral resources for 2008 are related to a depth of
600 metres at a cut off grade of 0.5 grams of gold per tonne. Mineral
resources for 2007 are reported to a depth of 600 metres at cut-
offs from 0.5 to 1.5 grams of gold per tonne, depending of depth.
(3) Historical production of 9,700 oz (Hosco) and 10,700 oz (Heva), has
not been subtracted from indicated and measured resources.
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The mineral resource estimate is in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definitions Standards for mineral resources and reserves and has been completed in accordance with the National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
"As the updated mineral resource estimate has confirmed the quality of the existing mineral resources, Aurizon is proceeding with the pre-feasibility study which will include all necessary technical and economic aspects for the project and address environmental and social issues, including the results of future discussions with local and municipal organizations," said Michel Gilbert, ing. Vice President.
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MINERAL RESOURCES - VARIABLE CUT-OFF GRADES
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Cut- Property Measured Indicated Total Measured
off & Indicated
(g/t) -----------------------------------------------------------
Tonnes Grade Ozs Tonnes Grade Ozs Tonnes Grade Ozs
(M) (g/t) (000) (M) (g/t) (000) (M) (g/t) (000)
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0.5 Hosco 18,524 1.4 827 11,072 1.3 446 29,596 1.3 1,273
Heva - - - 4,203 1.9 257 4,203 1.9 257
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Total 18,524 1.4 827 15,275 1.4 703 33,799 1.4 1,530
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1.0 Hosco 13,476 1.6 691 6,899 1.5 337 20,375 1.6 1,028
Heva - - - 3,670 2.1 244 3,670 2.1 244
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Total 13,476 1.6 691 10,569 1.6 581 24,045 1.6 1,272
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1.5 Hosco 5,762 2.1 385 2,431 2.1 162 8,193 2.1 547
Heva - - - 2,467 2.5 195 2,467 2.5 195
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Total 5,762 2.1 385 4,898 2.2 357 10,660 2.2 742
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Cut- Property Inferred
off
(g/t) -------------------
Tonnes Grade Ozs
(M) (g/t) (000)
---------------------------------
0.5 Hosco 19,767 1.2 774
Heva 8,586 1.8 488
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Total 28,353 1.4 1,262
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1.0 Hosco 12,618 1.4 586
Heva 7,775 1.9 466
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Total 20,393 1.6 1052
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1.5 Hosco 3,953 2.0 249
Heva 5,403 2.1 368
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Total 9,356 2.0 617
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Geology
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Mineralization at Joanna is closely related to the east-west Cadillac Fault and forms a 200 metre wide corridor composed of different mineralized lenses parallel to the fault, dipping 55 degrees to the north. Mineralization takes the form of a few millimetres to 15 centimetres wide quartz veins networks inside finely disseminated sulphides. Mineralization has been defined and correlated based on altered mineral assemblages (biotite, tremolite, carbonates, muscovite, tourmaline, chlorite), quartz textures, deformation features and sulphides types (pyrrhotite and arsenopyrite). Mineralization is concentrated within two main sectors, respectively, Hosco on the eastern side and Heva on the western side.
At Hosco, mineralization is located within three lenses, one located north of the fault and two others at the southern side. Each lens shows a thickness between 15 and 60 metres and a variable lateral extension between 300 and 700 metres. At Heva, lenses are always located south of the fault and rarely exceed 10 metres.
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Data
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Data from drilling and underground channel sampling have been used for the
mineral resource estimate, including holes completed by previous owners and
four hundred and seventy (470) holes, totaling 134,489 metres, completed by
Aurizon. All holes were drilled between Sections 4,200m East and 9,700m East.
At Hosco, infill drilling at an average spacing of 25 metres was completed
between section 8,200m East and 9,300m East from surface to a depth of 200
metres.
Preliminary assessment
----------------------
BBA Inc. completed a Preliminary Assessment Report based on the mineral
resources contained in the Hosco block, as calculated in September, 2007. See
news release dated May 12, 2008, and the Preliminary Assessment Report filed
under the Company's profile at www.sedar.com "BBA Preliminary Assessment"
dated May 22, 2008. The preliminary assessment has not been revised to
incorporate the updated resource estimate prepared by Geostat.
Hosco mineral reserves
----------------------
Aurizon holds an option to earn a 100% interest in the mineral claims
containing the Hosco mineral reserves.
Heva mineral resources
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The Heva block covers mineral claims under two different option
agreements, namely the Vantex agreement and Feifer option. Aurizon holds a 75%
interest in the claims held under the Vantex agreement, with the residual 25%
interest held by Stellar Pacific Ventures Inc, subject to dilution, and a 100%
interest in the claims held under the Feifer option. Mineral resources
contained in the Vantex claim blocks comprise indicated mineral resources of
2,012,000 tonnes at an average grade of 2.4 grams of gold per tonne, and
inferred mineral resources of 1,386,000 tonnes at an average grade of 2.0
grams per tonne (at a variable cut-off with depth). No work has been performed
on the Vantex claims since the previous mineral resource estimate of
September, 2007.
Outlook
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Two (2) drill rigs are currently active on the Joanna property, one to test a deep exploration target 400 to 700 metres down-plunge from the existing mineral resource contour, and a second drill rig is testing geophysics targets in the northern part of the property and will explore the main horizon along the recently optioned Alexandria property, to the east of the Hosco Block.
The pre-feasibility study will incorporate the new resource estimate on the Hosco block of the Joanna property as well as the results from the metallurgical and geo-mechanical tests and studies currently in progress. In addition, a preliminary economic assessment study will be initiated on the Heva (West) block. The studies are expected to be completed during the third quarter, 2009.
Qualified Person and Quality Control
Information of a scientific or technical nature in this news release has been prepared by or under the supervision of Ghislain Fournier ing., Corporate Development Manager and Martin Demers, P.Geo, Exploration Manager of the Company. Mineral resource estimates were prepared by Michel Dagbert of Geostat, a "qualified person" as defined by National Instrument 43-101.
Additional Information
Additional information required by Part 3 of NI 43-101 and not otherwise contained in this news release can be found in the "Technical Report Resource modeling & estimation update Joanna Gold deposit", dated October 26, 2007 and the "Technical Report NI 43-101 Preliminary Assessment for the Joanna Gold Project", dated May 22, 2008, which can be found under Aurizon's profile on www.sedar.com.
Two sketches are attached showing the updated resource outline at the Joanna Gold Project. You can view the sketches here: http://files.newswire.ca/734/NRJoanna_A_031109.pdf and here: http://files.newswire.ca/734/NRJoanna_B_031109.pdf. An appendix is also attached detailing the technical parameters used for the mineral resource estimate. All other information previously released on Joanna is also available on Aurizon's website at www.aurizon.com.
About Aurizon
Aurizon is a gold producer with a growth strategy focused on developing its existing projects in the Abitibi region of north-western Quebec, one of the world's most favourable mining jurisdictions and prolific gold and base metal regions, and by increasing its asset base through accretive transactions. Aurizon shares trade on the Toronto Stock Exchange under the symbol "ARZ" and on the NYSE Alternext (formerly the American Stock Exchange) under the symbol "AZK". Additional information on Aurizon and its properties is available on Aurizon's website at http://www.aurizon.com.
FORWARD-LOOKING STATEMENTS
This News Release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities legislation. These forward-looking statements include, but are not limited to, statements and information regarding estimated mineral resources, anticipated effect of the completed drill results on the Joanna project, a preliminary assessment, timing of a pre-feasibility study, and timing and expectations for future work programs. Forward-looking statements express, as at the date of this News Release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and the Company does not intend, and does not assume any obligation to update these forward-looking statements. Forward-looking statements are based on certain assumptions, including, those referred to in this news release and, with respect to mineral resource estimates, the key assumptions and parameters on which such estimates are based, as set out in the technical report for the property, and involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in ore resources, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, delays in work programs due to shortage of labour, equipment or financial resources, environmental risks and hazards and other risks of the mining industry; and other risks more fully described in Aurizon's Annual Information Form filed with the Securities Commissions of the provinces of British Columbia, Alberta, Manitoba, Ontario and Quebec, and in Aurizon's Annual Report on Form 40-F filed with the United States Securities and Exchange Commission. These documents are available on Sedar at www.sedar.com and on Edgar at www.sec.gov.
CAUTIONARY NOTE TO US READERS
As a British Columbia corporation, the Company is subject to certain rules and regulations issued by the British Columbia Securities Commission ("BC Securities Commission"). The Company is required to provide detailed information regarding its properties including mineralization, drilling, sampling and analysis, security of samples and mineral resource and mineral reserve estimates. Further, the Company describes mineral resources associated with its properties utilizing terminology such as "indicated" or "inferred" which terms are recognized by Canadian regulations but are not recognized by the United States Securities and Exchange Commission ("SEC").
Cautionary Note to U.S. Investors Regarding Mineral Resources
The SEC allows mining companies, in their filings with the SEC, to disclose only those mineral deposits they can economically and legally extract or produce. The Company may use certain terms in this document, such as "mineral resources", "indicated mineral resources" and "inferred resources" that are recognized and mandated by Canadian securities regulators but are not recognized by the SEC.
This News Release may use the term "indicated" resources. U.S. readers are cautioned that while that term is recognized and required by Canadian regulations, the SEC does not recognize it. U.S. investors are cautioned not to assume that any part or all of mineral deposits in this category will ever be converted into mineral reserves.
This News Release may also use the term "inferred" resources. U.S. readers are cautioned that while this term is recognized and required by Canadian regulations, the SEC does not recognize it. "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable
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Appendix
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Technical Parameters - Mineral Resource Estimate
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Technical parameters used for the updated mineral resource estimate are as
follows:
- For the block model calculation, the block size is 5m (EW) x 2m (NS)
x 5m (Z)
- The average gold grade of each block is interpolated by ordinary
kriging from the grades of nearby 2 metre composites.
- Higher grade intercepts have been revised and capped at 15 grams of
gold per tonne on the 2 metre composite, in comparison with 25 grams
of gold per tonne on 1 metre composite at Heva and 15 grams of gold
per tonne at Hosco as previously used.
- The specific gravity used in the tonnage calculation is 2.66 tonnes
per cubic metre.
- The minimum cut off grade of 0.5 grams of gold per tonne, which is in
line with the BBA preliminary assessment completed in 2008, was based
on a gold price of US$650 per ounce, a Canadian dollar exchange rate
of 1.17, and milling recovery of 77%.
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SOURCE: Aurizon Mines Ltd.
AURIZON MINES LTD.: David Hall, President and C.E.O., Telephone: (604) 687-6600, Toll
Free: 1-888-411-GOLD, Fax: (604) 687-3932; Michel Gilbert, Vice President, Telephone:
(819) 874-4511, Fax: (819) 874-3391, Web Site: www.aurizon.com; Email:
This email address is being protected from spambots. You need JavaScript enabled to view it.; Or Renmark Financial Communications Inc., 2080 Rene-Levesque Blvd.
West, Montreal, QC, H3H 1R6, Barry Mire, This email address is being protected from spambots. You need JavaScript enabled to view it.; Jen Power,
This email address is being protected from spambots. You need JavaScript enabled to view it.; Media: Vanessa Napoli, This email address is being protected from spambots. You need JavaScript enabled to view it.,
Tel: (514) 939-3989, Fax: (514) 939-3717
