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West Kirkland Announces Initial Near Surface Gold Resource for TUG Deposit
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West Kirkland Mining Inc. (TSX VENTURE:WKM) report that a NI 43-101 compliant inferred mineral resource estimate has been completed for the TUG deposit located in Utah, along the Long Canyon Trend. Using a cut-off grade of 0.1 grams per tonne gold, the TUG deposit is estimated to contain an inferred mineral resource of 679,000 gold equivalent ("AuEq") ounces as detailed below. The Company expects that a NI 43-101 report will be filed on SEDAR within 45 days.
Table 1 – TUG deposit Mineral Resources Statement
Prepared by Jason Baker, P. Eng. of Caracle Creek International Consulting Inc. ("Caracle Creek") May 29, 2012 and accepted by the Company on May 30, 2012.
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Grade Grade Grade(2)
Quantity Au Ag AuEq Ounces Ounces Ounces(2)
Area Category (tonnes)(1) g/t g/t g/t Au Ag AuEq
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TUG Inferred 27,110,000 0.49 15.8 0.78 431,400 13,844,800 679,000
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(1) Reported at a cut-off grade of 0.1 g/t Au. Mineral resources that are
not mineral reserves do not have demonstrated economic viability.
(2)AuEq was calculated assuming 100% metal recovery using a metal price
ratio between Ag and Au (Ag:Au)= 0.018 (AuEq= Au+(Ag(i)0.018))
R. Michael Jones, President and CEO of West Kirkland Mining, said, "The TUG deposit is of interest in the current market. We see TUG as a base from which we can grow a low cost gold model targeting near surface deposits. Our regional exploration on our 952 square kilometer land position is focused on a large-scale Long Canyon type deposit. As we systematically complete our regional exploration work we are also cognisant of the working radius to TUG, which can be a solid base."
West Kirkland has the right to earn a 60% interest at TUG as part of a regional transaction completed in December 2010 with Fronteer Development (USA) Inc. (now a subsidiary of Newmont Mining Corporation). The TUG resource is primarily a near surface oxide resource that may be amenable to open pit mining and heap leach extraction for gold and silver. Approximately 34% of the tonnes of the resource, representing 44% of the AuEq ounces, are located within 40 meters of surface, providing potential for very low stripping and mining costs as well as short project lead times.
A three dimensional image of the inferred mineral resource model with drill holes can be viewed from this link:
http://www.wkmining.com/_resources/news/TUGresource.jpg
TUG Inferred Mineral Resource Estimate at different cut-off grades
Grade sensitivity was performed using variable cut-off grades. The results are tabulated in the table below.
Table 2 – Grade Sensitivity for TUG Deposit
Prepared by Jason Baker, P. Eng. of Caracle Creek
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Au Ag AuEq Au Ag AuEq
Cut-Off Tonnes g/t g/t g/t Ounces Ounces Ounces
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(i)0.1 27,110,000 0.49 15.8 0.78 431,400 13,844,800 679,000
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0.2 22,430,000 0.57 18.0 0.89 408,100 13,019,600 642,400
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0.3 16,690,000 0.67 21.9 1.07 362,200 11,726,000 573,300
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0.4 11,960,000 0.80 25.8 1.27 309,400 9,921,300 487,900
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0.5 9,090,000 0.92 28.8 1.43 267,900 8,408,300 419,200
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0.6 7,350,000 1.00 31.0 1.56 237,400 7,331,300 369,400
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These figures are not to be misconstrued as a mineral resource as they are
intended for the sole purpose of demonstrating the sensitivity of the
inferred mineral resource estimate with respect to reporting cut-off grade.
(i) Base case reported at a cut-off of 0.1 g/t Au
Posted June 3, 2012
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