Bluebird Merchant Ventures Limited Kochang Mine - Mineral Potential (8210H)
November 20 2018 - 2:00AM
UK Regulatory
TIDMBMV
RNS Number : 8210H
Bluebird Merchant Ventures Limited
20 November 2018
20 November 2018
Bluebird Merchant Ventures Ltd
(the "Company" or "Bluebird")
Kochang Mine - Mineral Potential
Bluebird Merchant Ventures (LSE: BMV), the Asian focused
resource development group, is pleased to announce an update on the
Kochang gold and silver mine.
Highlights:
-- Initial Mineral Potential of between 550,000 and 700,000 tonnes derived from a small area
-- Range of grades between 5.2 g/t to 6.6 g/t of gold and 27.3 g/t and 34.8 g/t of silver
-- Underground drill targets identified in close proximity to the three main veins
Bluebird has completed a review of all data to date, related to
the Kochang Gold and Silver mine. As a result it has derived an
initial estimate of the mineral potential available for the
redevelopment of the mine. The development of this mineral
potential used historical plans, production statistics, recent
surface exploration mapping and sampling, historic drilling, 3D
computer modelling, and recent underground surveying and
grab/channel sampling.
The total estimate of the mineral potential is between 550,000
and 700,000 tonnes, with a range of grades between 5.2 g/t to 6.6
g/t Au, and 27.3 g/t to 34.8 g/t Ag. The grades and grade profile
were based on the underground sampling programme carried out this
year, augmented by recent surface sampling results. The tonnage
range is 40% to 50% of the calculated total tonnage which is the
same percentage as that of significant results obtained by sampling
(RNS 23 May 2018).
The recent work carried out covers an extremely small area with
obvious underground drill targets in close proximity to the three
main veins. The deposit is open along strike and to depth. The
company intends to commence an underground drilling programme,
along with further mapping and channel sampling in other historic
workings in early to mid 2019. This programme will lead to further
refinement and expansion of the mineral potential and enable
conversion to a mineral resource as defined by internationally
accepted codes.
We note that this estimate has cost just USD 230,000. As we have
previously noted, very few exploration projects ever become mines
so having been underground and identified structures and mining
targets has cut out much of the expensive work needed to reach this
point by conventional greenfield exploration.
Colin Patterson, CEO, commented:
"Once again our team have demonstrated that our strategy of
reviewing old mines which were closed down years ago with the
intent of reopening them has huge cost benefits when compared to a
conventional exploration model. For a relatively small outlay the
team have accessed safe and usable underground tunnels and
generated huge amounts of geological and production information.
Our primary goal is to rapidly and safely get into commercial
production in the most cost-effective manner possible, to ensure
the highest investment return for shareholders. We look forward to
updating the market on any developments soon."
Note to Editors
It should be noted that Mineral Potential is akin to Geological
Potential, conceptual in nature, and there has been insufficient
information to define a Mineral Resource or Ore Reserve as defined
under the respective international codes.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR")
Enquiries:
Bluebird Merchant Ventures Ltd +44 (0) 7797 859986
Jonathan Morley-Kirk, Non-Executive
Chairman
SP Angel Corporate Finance LLP
Ewan Leggat
Smaller Company Capital Ltd + 44 (0) 20 3470 0470
Rupert Williams /Jeremy Woodgate +44 (0) 20 3651 2910
Blytheweigh +44 (0) 20 7138 3204
Tim Blythe / Camilla Horsfall
/ Julia Tilley
www.bluebirdmv.com
@BluebirdIR
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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