Category: Uncategorized
- Published: 29 November -0001
News Release: First Quantum Minerals Announces New Copper Discovery; Diamond Drilling Cuts 112 Metres Grading 2.33% Copper at Lufua
First Quantum Minerals Ltd. (TSX Symbol 'FM', LSE Symbol 'FQM') is pleased to announce the results of 13 diamond drill holes completed at its wholly owned Lufua prospect (Lufua), Haut Katanga Province, Democratic Republic of Congo (DRC) (to see attached map please refer to link below). Lufua is a new discovery made by First Quantum, a product of its generative exploration program initiated after the successful discovery and development of the Lonshi copper mine. Lufua was found using grid soil sampling in an area of scattered, old surface workings. Shallow reverse circulation and air core drill testing of the soil anomaly by First Quantum provided sufficient encouragement to complete a diamond drill program, the results of which are reported here. Diamond and rotary holes have encountered significant mineralization within an area measuring at a minimum 1,200 metres by 350 metres, as shown on the accompanying drill plan map (www.first-quantum.com). Further drilling is required to determine the ultimate geometry and size of the mineralized body in this area of limited outcrop. A 5,000 metre reverse circulation drilling program is now underway to define and expand the known mineralization.
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Lufua Diamond Drill Intersections greater than 0.5%TCu
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Acid
Hole Total Soluble
Hole Inclination Depth Ore From To Interval Copper Copper
(degrees)(metres)Type(metres)(metres) (metres) (%) (%)
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LD1 -90 71.3 all 14.70 67.80 53.10 1.28 0.91
including oxide 14.70 47.40 32.70 1.91 1.60
and sulphide 54.70 67.80 13.10 0.68 0.00
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LD1B -60 57.2 all 23.10 57.20 34.10 1.40 0.86
including oxide 23.10 52.00 28.90 1.36 1.02
and sulphide 55.00 57.20 2.20 3.49 0.00
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LD2 -90 39 oxide 13.30 30.80 17.50 1.36 1.10
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LD3 -90 111.8 No significant results
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LD4 -90 125.1 all 5.20 117.90 112.70 1.53 0.24
including oxide 5.20 27.70 22.50 1.51 1.19
and sulphide 33.00 117.90 84.90 1.62 0.02
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LD5 -50 155.1 all 25.60 137.10 111.50 2.33 1.90
including oxide 25.60 52.00 26.40 2.31 2.01
and mixed 52.00 137.10 85.10 2.34 1.86
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LD6 -90 210.8 all 37.30 202.00 164.70 1.53 0.48
Including oxide 37.30 62.80 25.50 3.42 3.12
sulphide 64.30 202.00 137.70 1.19 0.01
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LD7 -90 98.3 No significant results
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LD8 -90 97.3 all 11.50 41.80 30.30 0.77 0.37
including oxide 11.50 24.80 13.30 0.99 0.57
and mixed 37.50 41.80 4.30 1.84 0.38
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LD9 -90 181.8 oxide 7.80 26.50 18.70 1.82 1.51
sulphide109.50 140.80 31.30 0.50 0.01
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LD10 -90 106.7 mixed 18.40 78.20 59.80 0.70 0.39
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LD11 -90 77.5 No significant results
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LD12 -90 76 No significant results
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LD13 -90 88.5 oxide 13.80 75.00 61.20 0.87 0.73
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Mineralization at Lufua is hosted predominantly within altered and veined Katangan metapelites, overlying largely unaltered and unmineralized conglomeratic schist, and is believed to be contained within a shallow south eastwardly plunging fold. Potassic alteration occurs in association with layer-parallel albitization and quartz-dolomite-chalcopyrite veinlets, all of which is deformed by later folding. Subsequent undeformed and generally coarser grained quartz-dolomite-chalcopyrite-bornite veins, and coarse disseminated sulphide mineralization also occur. Oxidation extends to variable depths across the deposit, and is strongly influenced by post mineral faulting. The stratigraphic and structural setting, and the style of mineralization are analogous to First Quantum's Kansanshi deposit in Northwest Zambia.
Lufua is located within 2 km of the Zambian border, and the paved highway that parallels it, roughly equidistant between the city of Ndola (35 kilometres) and the Mopani Mines smelter at Mufulira (30 kilometres). It is also approximately 45 kilometres from First Quantum's Bwana Mkubwa SX/EW facility. The main railway from the Copperbelt in Zambia to Lubumbashi in the DRC passes within 5 km of the property.
On June 26, 2003 the Government of the DRC adopted a new mining code and regulations aimed at improving investment in the Country's mineral resource industry. The mining code, developed under the auspices of the World Bank, is based upon 'best practice'examples from other countries, namely Chile and Zambia. The new mining code will provide a transparent framework for the exploration, development and mining of mineral resources. First Quantum's existing DRC assets including Lonshi and Lufua conform to the new mining legislation and First Quantum has been granted new claims in areas that are prospective for the discovery of copper deposits.
Alan Stephens, Vice President of Exploration commented, 'The combination of good copper grades and significant widths of mineralization intersected to date, together with the excellent location, make Lufua a very attractive target. We will continue to drill Lufua during the current dry season with a view to defining a resource within the next several months. The discovery of Lonshi and Lufua demonstrate the untapped potential for the Copperbelt to host significant new deposits, and we are confident that our generative program in both Zambia and the DRC will continue to bear fruit.'
Drilling at Lufua was carried out by Stanley Mining Services Ltd, a subsidiary of Layne Christensen Company. Survey and Technical Services (STS), Masvingo, Zimbabwe surveyed all drill hole collars. Down hole surveys were completed on the holes which were drilled at HQ size, with reduction to NQ as required. Half core samples were taken with individual sample intervals reflecting geology and respecting core loss, and a minimum sample interval of 0.5 metres. Core recovery was generally better than 90%. First Quantum personnel, who also supervised the chain of custody from the drill site to the laboratory, conducted all sampling. All samples were prepared to normal industry standards and assayed for total copper and ambient temperature acid soluble copper at Scientific Services (Pty.) Ltd in Capetown, South Africa. Appropriate standards, blanks and duplicates were employed. Alan J. Stephens, Vice President of Exploration for First Quantum, a geologist with more than 27 years of experience was responsible for the design and conduct of the program. G. Clive Newall, MIMMM, President of First Quantum, is the qualified person for the purposes of NI 43-101.
On Behalf of the Board of Directors of First Quantum Minerals Ltd.
G. Clive Newall, President
12g3-2b-82-4461 Listed in Standard and Poor's Sedar Profile #00006237
Certain of the information contained in this news release constitute 'forward-looking statements'within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to those with respect to the prices of gold, copper and sulphuric acid, estimated future production, estimated costs of future production, the Company's hedging policy and permitting time lines, 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 future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual prices of copper, gold and sulphuric acid, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities and Exchange Commission.
Note: To view Copperbelt Infrastructure and Mining Operations please click on the following link: http://www2.cdn-news.com/database/fax/2000/0922fm.pdf
Note: To view Lufua Prospect: Drill Plan &Copper Soil Geochemistry please click on the following link: http://www2.cdn-news.com/database/fax/2000/0922fm1.pdf
First Quantum Minerals Ltd.Geoff Chater(604) 688-6577 or Toll Free: 1-888-688-6577(604) 688-3818 (FAX)orFirst Quantum Minerals Ltd.Bill Iversen(604) 688-6577 or Toll Free: 1-888-688-6577(604) 688-3818 (FAX)Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: www.first-quantum.com
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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