REPEAT: Trelawney Announces Updated Resource of 5.9 Million Ounces Inferred and 0.9 Million Ounces Indicated for the Cote Lak...
February 27 2012 - 7:00AM
Marketwired Canada
Trelawney Mining and Exploration Inc. (the "Company" or "Trelawney") (TSX
VENTURE:TRR)(FRANKFURT:RTW) is pleased to announce the results of an updated
resource estimate for the Cote Lake Deposit on the Chester Project located
halfway between Timmins and Sudbury in Northern Ontario.
The mineral resource estimate has been audited by Roscoe Postle Associates Inc.
("RPA") and reported in accordance with National Instrument 43-101 requirements.
The resource estimate was prepared by Trelawney's Consulting Geologist Jamie
Lavigne, P.Geo., with the assistance of Mohan Srivastava, P.Geo., Consulting
Geostatistician with FSS Canada.
The estimate has an indicated resource of 35 million tonnes averaging 0.82 g/t
for contained gold of 0.93 million ounces and inferred resource of 204 million
tonnes averaging 0.91 g/t for 5.94 million ounces of contained gold. A cut-off
grade of 0.3 g/t Au was used for the estimate. The new resource estimate
represents an overall increase of 63% in the total ounces of gold over the 2011
resource estimate.
Table 1 demonstrates the mineral resource at the 0.3 g/t Au cut-off grade and at
several additional cut-off grades for comparison. A preliminary Whittle open pit
design was prepared for the block model to test the mineral resource criteria of
reasonable prospects for economic extraction. Only mineralization falling within
the preliminary pit shell has been included in the resource estimate. The
effective date of this resource estimate is February 24, 2012 and the cut-off
date for assay data is December 16, 2011.
TABLE 1 MINERAL RESOURCE ESTIMATE
February 24, 2012
Trelawney Mining and Exploration Inc. - Cote Lake Project
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Cut-off Grade Tonnes Grade Contained Au
Classification g/t Au Millions g/t Au Millions of oz
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Indicated 0.25 37 0.80 0.95
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Indicated 0.3 35 0.82 0.93
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Indicated 0.4 31 0.88 0.89
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Indicated 0.5 26 0.96 0.81
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Inferred 0.25 212 0.88 6.02
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Inferred 0.3 204 0.91 5.94
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Inferred 0.4 181 0.97 5.66
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Inferred 0.5 154 1.06 5.26
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Notes:
1. CIM Definition Standards were followed for Mineral Resources.
2. Mineral Resources are reported at a cut-off grade of 0.3 g/t Au.
3. Mineral Resources are estimated using a gold price of US$1,500 per ounce
and process recovery of 95%.
4. High assays are capped at 20 g/t Au or 25 g/t Au by domain.
5. Bulk density ranged from 2.71 t/m3 to 2.79 t/m3 depending on rock type.
6. Mineral resources are not mineral reserves and do not have demonstrated
economic viability.
7. Numbers may not add due to rounding.
This mineral resource estimate is based on a total of 129 holes for a total of
65,866 metres drilled from December 2009 to September 2011. Mineralized
wireframes were interpreted and used to constrain grade interpolation by
ordinary kriging with validation by inverse distance.
Greg Gibson, Trelawney's President and CEO commented, "We are extremely pleased
with the significant increase in the resource estimate in the Cote Lake Deposit.
The increase in confidence from the drilling and the upgrading of almost a
million ounces into the indicated category is a significant step forward for the
project. With our current aggressive diamond drill program we look forward to
upgrading the remaining inferred resource, and rapidly advancing the project to
the next step."
The expansion and definition drill program on the Cote Lake Deposit is ongoing
with nine drills currently working on expanding and defining the deposit. The
focus of the winter drilling has been to complete infill drilling of the 50
metre sections on the wetlands. One drill is focusing on extending the
mineralization to the north.
The Trelawney mineral resource estimate for the Cote Lake Project has been
audited and accepted by Dr. William E. Roscoe, P.Eng., Principal Geologist with
RPA, an independent qualified person under NI 43-101, who has also reviewed and
approved the contents of this release.
David Beilhartz, Vice President, Exploration of Trelawney, a Qualified Person
under NI 43-101, has prepared or supervised the scientific or technical
information for the property and verified the data disclosed in this press
release.
Trelawney is a Canadian junior mining and exploration company with a focus on
Archean gold deposits. The Company's current focus is directed towards the
continued exploration and development of the Cote Lake Deposit, located in
Chester Township, 20 kilometres southwest of Gogama, Ontario.
This news release may contain forward-looking statements including but not
limited to comments regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential mineral
recovery processes, etc. Forward-looking statements address future events and
conditions and therefore, involve inherent risks and uncertainties. Actual
results may differ materially from those currently anticipated in such
statements.
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