TLC VENTURES ANNOUNCES INDEPENDENT RESOURCE ESTIMATE FOR POINT LEAMINGTON Zn-Au-Cu-Ag MASSIVE SULPHIDE DEPOSIT, NEWFOUNDLAND Inferred Resource contains 348,000 ounces Gold and 520 million pounds Zinc
Dr. Sally Eyre, President and CEO of TLC Ventures Corp. (TLV.TSXV) is pleased to announce the results of an independent mineral resource estimate on the Company’s 100% controlled Point Leamington zinc-gold-copper-silver massive sulphide deposit in northcentral Newfoundland. The estimate was completed by Hatch Associates Limited (“Hatch”) of Vancouver, B. C. under the direction of Mr. Callum Grant, P.Eng, an independent qualified person as defined by National Instrument 43-101.
Above a 1.00 % zinc cutoff grade, Hatch has estimated that the Point Leamington volcanogenic massive sulphide deposit contains an inferred resource of 12,300,000 tonnes grading 1.92% Zn, 0.88 g/t Au, 0.28% Cu and 16.94 g/t Ag containing 348,000 ounces of gold and 520 million pounds of zinc and significant resources of copper and silver. Hatch has also outlined a higher grade zone within the deposit defined above a 3.00 % zinc cutoff grade containing an inferred resource of 1,600,000 tonnes grading 4.16% Zn, 1.54 g/t Au, 0.23% Cu, and 31.26 g/t Ag (see Table below).
|Average Grade above Cutoff|
|Zn (%)||Au (g/t)||Cu (%)||Ag (g/t)|
(1) An “Inferred Mineral Resource” is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed by not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. Mineral resources do not have demonstrated economic viability.
Hatch’s resource estimates are based on drill core assay results from a total of 72 holes totaling 20,714 metres of drilling completed by Noranda (1971-1997) and Rubicon Minerals Corporation (1999-2000). Statistical and geostatistical analysis was completed on the total database of 3,318 sample assays to assess the characteristics and distribution of zinc, gold, copper and silver values across the deposit. Variograms were generated for zinc, gold, copper and silver and search parameters established for grade interpolation using kriging. Bulk density was interpolated into each block based on extrapolation from as assumed mineral content (the average specific gravity was estimated at 3.03 g/cm3).
The Point Leamington deposit remains open for further expansion and Hatch has recommended a 2004 exploration program totaling $550,000 which would include diamond drilling, downhole geophysics and metallurgical investigations.
Dr. Sally Eyre stated: “We are very pleased with the independent resource estimated on the Point Leamington zinc/gold-rich volcanogenic massive sulphide (VMS) deposit. In the past 6 months LME zinc inventories have declined and the price of zinc has increased from $0.42/lb to its current approximate $0.51/lb. Zinc metal demand has increased substantially, with China emerging as the largest consumer of zinc in the world. Newfoundland has a long history for the discovery of world-class VMS deposits such as the Buchans Zn, Pb, Cu, Au, Ag deposit which mined 16.2 million tonnes of ore from 5 main orebodies between 1928 and 1984. The Point Leamington massive sulphide deposit; located in the same geological belt as the Buchans deposit, remains open for further resource expansion, and for the discovery of additional higher grade zinc-gold mineralization at depth and along strike.”
TLC Ventures has acquired by staking an additional 80 claims covering 2000 hectares surrounding the original 263 hectare Mining Lease that contains the Point Leamington deposit. The Company is currently compiling all data on the project prior to initiating additional exploration on the property.
TLC Ventures Corp. is a well funded, Vancouver, Canada based mineral exploration company that is focused on the acquisition, advancement and development of gold and base metal assets around the world. The Company has a Strategic Partnership with Gold Fields Limited (through a wholly owned subsidiary) whereby both companies have exclusive, reciprocal rights to conduct a first review of data from mineral projects that either company wishes to sell, option or joint venture. Gold Fields Limited (through a wholly owned subsidiary) is also a significant equity owner in TLC Ventures controlling an approximate 9.5% equity interest in the Company. Endeavour Financial is an advisor to TLC Ventures on project acquisitions and corporate financings. With offices in Vancouver, Georgetown and London, Endeavour is one of the largest investment banking teams dedicated exclusively to the global mining industry.