Category: Uncategorized
- Published: 29 November -0001
News Release: Drill Results On The Oxide Cap At The Company's Cerro de Maimon Copper/Gold Deposit In The Dominican Republic
TGW Corp Inc (GWC TSX-V) is pleased to announce the preliminary results from the oxide portion of TGW's 28-hole drill program carried out at the company's Cerro de Maimon Project in the Dominican Republic. A private US group is earning a 50% Net Working Interest (NWI) in Cerro de Maimon, by investing the first $2.65 million and funding 50% of further expenditures (see press release 23rd May 2002). The new results are listed in Annex 1. Previous drilling and trenching results have been recalculated by TGW geologists and previously generated intersections being considered for the oxide resource calculation are listed in Annex 2. Highlights of the new oxide drilling include:
- 41.2 metres grading 3.8 grams per tonne (g/t) gold (from surface)
- 16.7 metres grading 2.1 g/t gold & 168 g/t silver
- 12.3 metres grading 3.1 g/t gold & 262 g/t silver
- 7.8 metres grading 7.7 g/t gold
The mineralization has been encountered over a 575-metre strike length within a weathered profile from surface to around 25-30 metres. The majority of the resource is concentrated in the eastern 375-metre length, where previously unreported intersections of up to 8.2 metres grading 5.6 g/t gold & 612.1 g/t silver and 7.3 metres grading 7.0 g/t gold & 143.6 g/t silver have been encountered in earlier drilling programs. The oxide material outcrops, forming an upstanding ridge, overlies the enriched and primary massive sulphide, which has been described by Falconbridge in internal documents as a measured resource of 3.36 million tonnes grading 3.93% copper, 1.93% zinc, 0.56 g/t gold and 47.32 g/t silver at a 1% copper cut off.
Representative samples were taken from the newly drilled oxide core and shipped for metallurgical testing for economic metal recovery to Resource Development Inc (RDI) of Denver, Colorado. The average recovery from the 9 samples considered was 91% for gold and 75% for silver.
"Excellent metal grades and high, fast recoveries confirm our belief that a profitable oxide leaching operation can be contemplated, to provide capital for development of the much larger underlying high grade sulphide deposit" said Bill Fisher TGW's president "The Cerro de Maimon oxide resource is slated to be processed using cheap proven technology. TGW will move immediately to the next stage of evaluation."
Drilling and Test Results
Annexes 1 and 2 are lists of intersections that might be used to evaluate the oxide resource, including previously unreported data from drill-holes and trenches generated under the supervision of Falcondo, the Dominican Republic division of Falconbridge Ltd, the previous owner of Cerro de Maimon. From the previous data, Falcondo's internal studies concluded that the oxide resource might contain 323,000 t grading 3.1 g/t gold and 60 g/t silver (uncut grades). TGW's infill drilling is expected to refine this estimate rather than change it substantially, as the new drilling is in broad agreement with Falcondo's conclusions. A formal, independently prepared resource estimate for the oxides will be released in due course.
The drillhole intersections reported today are from the oxide portions of 19 holes from TGW's recent 28-hole program designed to investigate both the oxide and sulphide potential at Cerro de Maimon. The results of the sulphide drilling will be released when the full data set from this round of drilling has been received. In line with established industry standards, all drill core was logged for geotechnical data to assist open pit design, then split, with half retained intact. The split core was prepared by Falcondo's laboratory in Bonao, Dominican Republic and the pulps were shipped for assaying by Chemex laboratories in Vancouver Canada.
Representative samples were sent to RDI for a comprehensive test program. Nine out of ten samples returned grades of above the proposed cut-off of 0.5 g/t gold, and these were considered representative of ore types likely to be encountered. The recoveries, as defined by bottle-roll tests averaged 91% (maximum 98.7%) for gold and 75% (maximum 97.5%) for silver. The recovery factor of ore is the amount of metal that can be extracted from ore and is described as a percentage of the total metal found while assaying the sample. Two blends were made of five samples each, and bucket tests are in progress to check amenability for heap leaching over time. The tests will continue for at least 49 days. After 14 days the gold recoveries were as follows, which are considered excellent;
1 day 4 days 7 days 14 days
Blend 1 - 5 28% 50% 64% 66%
Blend 6 - 10 18% 40% 52% 68%
The average bulk density for 5 gossan samples tested was 2.3 metric tonnes per cubic metre.
In further news, TGW has engaged the engineering firm, Pincock, Allen and Holt (PAH) of Lakewood, Colorado to conduct various aspects of feasibility studies related to the Cerro de Maimon deposit. PAH maintain an office in the Dominican Republic. As a leading independent, internationally recognized engineering company, any conclusions by PAH will be credible to investors and project financing institutions.
David Crawford of PAH is the independent Qualified Person (QP) assigned to the Cerro de Maimon project. Mr Crawford has reviewed the content of this press release for accuracy.
TGW Corporation Inc (GWC - TSXV) is a mining and exploration company focussing in Quebec and the Dominican Republic. The company is currently drilling its 50% owned Poste Lemoyne gold project in Quebec, where results will be released at the end of the drill program. Further information is available on the company's web site at www.tgwcorp.com
Annex 1 TGW Corporation
August 2002 drilling results for Cerro de Maimon Oxide
deposit
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Grid line Name From To drill length Gold Silver
(in metres) m. m. m. g/t g/t
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400W CM-122 53.75 55.70 1.95 0.8 54.4
350W CM-121 13.50 23.00 9.50 2.2 0.8
300W CM-120 15.95 31.47 15.52 2.0 8.7
275W CM-128 16.05 17.33 1.28 0.9 7.6
275W CM-128 20.05 21.60 1.55 0.7 970.0
275W CM-128 27.50 28.04 2.34 0.6 21.8
250W CM-119 8.85 10.80 1.95 0.5 21.6
250W CM-119 12.35 14.85 2.50 0.9 5.6
250W CM-119 23.47 27.60 4.13 2.6 12.0
250W CM-119 12.35 27.60 15.25 1.1 10.4
225W CM-127 7.05 26.30 19.25 2.0 4.7
200W CM-103 9.14 13.41 4.27 0.9 10.6
200W CM-103 17.07 28.00 10.93 1.1 88.2
200W CM-103 30.00 33.53 3.53 2.7 38.0
175W CM-123 9.60 12.80 3.20 0.7 2.2
175W CM-123 19.37 23.50 4.13 1.1 2.2
175W CM-123 27.30 44.00 16.70 2.1 167.9
150W CM-104 0.00 41.20 41.20 3.8 4.4
150W CM-104 0.00 54.86 54.86 2.8 5.4
125W CM-105 11.90 21.34 9.44 2.0 21.9
125W CM-105 27.13 29.47 2.34 1.5 2.6
125W CM-105 32.00 34.14 2.14 2.8 10.5
125W CM-105 39.85 44.20 4.35 2.2 363.0
125W CM-124 12.40 26.20 13.80 3.9 104.9
100W CM-107 19.00 31.30 12.30 3.1 262.0
100W CM-106 16.00 23.77 7.77 7.7 8.0
50W CM-108 28.96 37.35 8.39 2.0 78.5
L00 CM-110 28.04 29.88 1.84 0.5 29.6
25E CM-109 23.14 29.17 6.03 4.0 72.5
100E CM-129 32.81 35.56 2.75 4.2 203.4
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Annex 2 TGW Corporation
Historical drilling and trenching results for the
Cerro de Maimon Oxide
deposit
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Grid line Trench/
