Canadian Shield Receives Initial Colpayoc Inferred Gold Resource Estimate, Peru
26 Mai 2010 - 1:00PM
Marketwired Canada
Canadian Shield Resources Ltd. (TSX VENTURE:EXP) ("Canadian Shield" or the
"Company") has received the initial mineral resource estimate from SRK
Consulting (U.S.) Inc. ("SRK"), as part of the NI 43-101 Technical Report now in
preparation for the Colpayoc gold project, Yanacocha gold district, Peru. The
property is at an early stage of exploration and 6 areas of mineralization have
been identified with the Colpayoc Daylight Zone being the most advanced. The
Daylight zone contains an area of outcropping gold mineralization, hosted within
a classic gold porphyry system which has received 2,500 meters of trenching, and
4 drill holes, totaling 647 meters. Initial surface sampling identified a
roughly 300 meter diameter area of consistent gold mineralization in trenches,
which was subsequently tested with 4 drill holes to a depth of 180 meters. Based
on a low grade cut-off of 0.30 g/t the following inferred resource is estimated:
Colpayoc Daylight Zone: Inferred Resource (0.30 g/t low-grade cutoff):
Oxide: 4,663,275 tonnes @ 0.59 g/t containing 87,800 oz
Reduced: 2,913,019 tonnes @ 0.61 g/t containing 56,800 oz
Total: 7,576,293 tonnes @ 0.60 g/t containing 144,600
oz gold
A detailed description of the mineral resource is included below, using variable
cut-off grades. The block model utilizes an inverse-distance squared (ID2)
model, with 6m x 10m x 10m block sizes, using Mintec's MineSight software. All
gold mineralization is hosted within sheeted and stockwork
quartz+/magnetite+/pyrite-iron oxide veins, hosted within a highly altered
granitic intrusion. Oxidation extends to approximately 45 meters depth, and
preliminary bottle-role tests on surface trench samples indicate favorable
recoveries for oxidized material. The outcropping area of the intrusion is
almost entirely altered and mineralized, however overlying sedimentary rocks
limit the exposure of this mineralized rock. Although the property has received
only a small amount of drilling, due to the consistent and broad areas of gold
mineralization, the Company has prepared this initial gold resource estimate to
guide future exploration and expansion of the resource. This initial resource
estimate benefits from extensive surface trench data, however the small number
of drill holes generally limits the extent of interpolated mineralization at
depth. The four drill holes penetrated consistent mineralization to the end of
each hole (200 meters), however resources can only be included adjacent to the
drill holes, and between the drill holes on interpreted northeast structural
trends, until additional drilling is completed. There is exploration potential
beneath mineralized trenches that is not fully tested by drilling.
The state of exploration for Colpayoc is too early to justify estimating in-pit
resources. SRK has estimated and is reporting an in-situ total resource rather
than the preferred option of reporting an in-pit resource, primarily because the
resource is totally an Inferred classification, and is based on limited drill
hole information. In reporting the resource at a 0.3 g/t Au cutoff, SRK has
examined potential mineability and can state the mineralization has the
potential for economic extraction at current gold prices. The following resource
sensitivity table was generated by SRK:
----------------------------------------------------------------
Colpayoc Inferred Resources - SRK 2010
----------------------------------------------------------------
ZONE CUTOFF INSITU GRADES AU
Au g/t (TONNES) AU g/t (OUNCES)
----------------------------------------------------------------
OXIDE 0.2 6,101,114 0.51 99,037
----------------------------------------------------------------
0.3 4,663,275 0.59 87,811
----------------------------------------------------------------
0.4 3,418,519 0.67 73,812
----------------------------------------------------------------
0.5 2,335,536 0.78 58,358
----------------------------------------------------------------
0.6 1,811,568 0.84 49,156
----------------------------------------------------------------
0.7 1,247,439 0.93 37,446
----------------------------------------------------------------
0.8 879,633 1.01 28,540
----------------------------------------------------------------
0.9 589,220 1.09 20,593
----------------------------------------------------------------
1.0 353,110 1.18 13,419
----------------------------------------------------------------
----------------------------------------------------------------
----------------------------------------------------------------
REDUC 0.2 3,769,178 0.53 63,401
----------------------------------------------------------------
0.3 2,913,019 0.61 56,810
----------------------------------------------------------------
0.4 2,386,519 0.66 50,778
----------------------------------------------------------------
0.5 1,687,608 0.75 40,801
----------------------------------------------------------------
0.6 1,189,188 0.84 32,123
----------------------------------------------------------------
0.7 803,930 0.93 24,128
----------------------------------------------------------------
0.8 641,628 0.98 20,175
----------------------------------------------------------------
0.9 460,512 1.03 15,224
----------------------------------------------------------------
1.0 225,482 1.12 8,126
----------------------------------------------------------------
----------------------------------------------------------------
----------------------------------------------------------------
TOTALS 0.2 9,870,292 0.51 162,441
----------------------------------------------------------------
0.3 7,576,293 0.60 144,637
----------------------------------------------------------------
0.4 5,805,038 0.67 124,596
----------------------------------------------------------------
0.5 4,023,143 0.77 99,155
----------------------------------------------------------------
0.6 3,000,756 0.84 81,280
----------------------------------------------------------------
0.7 2,051,369 0.93 61,572
----------------------------------------------------------------
0.8 1,521,260 1.00 48,713
----------------------------------------------------------------
0.9 1,049,732 1.06 35,818
----------------------------------------------------------------
1.0 578,593 1.16 21,545
----------------------------------------------------------------
The Daylight Zone drilling is focused on an outcropping area of mineralization,
that occurs within a 3 km diameter magnetic anomaly, extending beyond the
outcropping intrusive into adjacent sedimentary rocks, dominantly limestone.
These areas may also contain additional mineralization. The mineralization
indicated by drilling remains open, along strike and at depth. Keith Laskowski,
President of Canadian Shield commented: "This initial resource estimate and
resource model provides a preliminary gold resource that can be rapidly expanded
at the Daylight Zone. The resource model identifies higher grade zones within
the gold system which will be one of our main focuses going forward.
Additionally, there are five other areas of mineralization on the property that
we will evaluate."
The property contains northwest trending fault zones, and northeast trending
fault zones within the sedimentary rocks surrounding the porphyry system. In
several places, these structures host variably brecciated felsic volcanics
(possible vent breccias), with precious metal mineralization, including gold
assays up to 10 g/t and silver assays up 912 g/t reported from surface rock
samples. These areas have received only preliminary sampling at this time, and
more systematic work is required to assess the distribution of this
mineralization. Epithermal silver-gold mineralization is present within felsic
volcanic and skarn mineralization may be present, associated with a series of
magnetic anomalies within the sedimentary rocks, at depth. The combination of an
inferred gold resource, with growth potential, and additional areas of
mineralization indicate the Colpayoc project is highly prospective. The property
contains 4,200 hectares and is located 15 km west of the city of Cajamarca and
15 km south of the Yanacocha mine complex. The Company has an option to acquire
a 100% interest, subject to a 2% NSR royalty in the property.
About SRK Consulting (U.S.) Inc. Allan V. Moran, Principal Geologist, and Jay
Pennington, Principal Mining Geologist, both with SRK Consulting (U.S.) Inc.,
are the independent Qualified Persons as defined by NI 43- 101 responsible for
preparing the current resource estimate.
About Canadian Shield Resources Ltd. (TSX VENTURE:EXP) Canadian Shield is a
precious metals exploration and development company focused on
strategically-located properties in Peru and Chile. Canadian Shield has seven
precious metal exploration projects in Peru and one in Chile. Mr. Keith A.
Laskowski, MSc., is a Qualified Person for the purposes of National Instrument
43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities
Administrators, and has prepared, reviewed and verified the technical
information contained in this news release The Company's shares are listed on
the TSX Venture Exchange (Trading Symbol TSX-V: EXP). Further information is
available at Canadian Shield's website: www.canadianshieldresources.com.
STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION,
INCLUDING STATEMENTS RELATING TO THE COMPANY'S FUTURE PLANS AND OBJECTIVES OR
EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING
STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS
AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT,
ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING
STATEMENTS.
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