14:15 EDT Wednesday, August 05, 2009
FSC / Press Release
Anglo Swiss Resources Inc. Announces NI 43-101 Gold Resource Report on the 257 Level of the Kenville Gold Mine Property and Clarifies Prior Historical Disclosure
Vancouver, British Columbia CANADA, August 05, 2009 /FSC/ - Anglo Swiss Resources Inc. (ASW - TSX Venture, ASWRF - OTCBB, AMO - FWB),
As a result of a review by the British Columbia Securities Commission, Anglo Swiss Resources Inc. (the "Company") is issuing the following news release to clarify some of its previous disclosure for the Kenville Gold Mine Property located near Nelson, British Columbia (the "Property").
Updated Technical Report
Richard Munroe, FGAC, P.Geo., of Munroe Geological Services Inc., an independent Qualified Person as defined by NI 43-101, has prepared a NI 43-101 Technical (Geological) Report for the 257 Level of the Kenville Gold Mine. This Technical Report (the "Munroe Report") is complete and is under review by management and will be filed on SEDAR within 45 days. The Company cautions that, as noted below in this news release, current underground gold resource estimates have only been undertaken for the 257 Level so far, as reflected by the estimates in the Munroe Report. However, since the Munroe Report is only for one of the six levels in the Kenville Gold Mine, exploration to facilitate additional resource estimation is being planned, and an additional Technical Report to identify an increased mineral resource has been requested, for the 275 Level. Work for rehabilitating this Level for exploration purposes is in the detailed planning stages.
Mineral Resource Estimates
The Company provides the following complete statement for its gold resource estimates for the Kenville Gold Mine:
1. The Company releases its mineral resource statement as of July 22, 2009, which has been estimated by Mr. Munroe and is documented in the Munroe Report.
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Deposit 257 Level Mineral Resource
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|
Category |
Tonnage
(tonnes) |
Ounces
per ton |
Ounces Gold |
Grams
per tonne |
Grams Gold |
|
|
Measured |
5,132 |
0.138 |
778 |
4.715 |
24,199 |
|
|
Indicated |
66,704 |
0.138 |
10,113 |
4.716 |
314,550 |
|
|
Inferred |
518,682 |
0.420 |
239,954 |
14.389 |
7,463,404 |
|
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2. A Notice of Work application is awaiting approval by the British Columbia Ministry of Energy, Mines & Petroleum Resources (the "Ministry") for further diamond drilling and trenching work in the area of a possible porphyry copper-gold deposit southwest of Eagle Creek. The Company is also presently planning to obtain a NI 43-101 compliant program to determine the grade and tonnage of the old mine waste dumps on the Property so that the Company can submit a Quarry Permit application to the Ministry.
3. Except for old mine waste tonnage reported in various annual reports of the Ministry, the Company has no historical or current gold mineral resource estimate for low-grade surface materials, nor does it have any mineral resource estimate for an in-situ porphyry copper-gold deposit, on the Property. It retracts in its entirety previous disclosure in the Company's investor materials of quantities, grades and dollar value of gross contained metal for low-grade gold deposits in old mine wastes and a porphyry gold-copper deposit on the Property. This disclosure was based on management's review of historical information about the Property prepared by various consultants. In the future, any such disclosure will be made in accordance with the requirements of NI 43-101.
Clarification of Recent Sampling Results and Estimates of Potential
The Company's July 10, 2009 news release emphasized the importance of a 2,696 g/tonne gold assay from sample L25, which was taken at the 1281 sub-drift on the 257 Level in South Yule Vein. Historically, similar values and areas of enrichment have occurred in spot locations. In the 1281 sub-drift area, sample spacing was 2m. Adjoining sample L24 returned values of 1.24, 1.28 and 2.03 g/t and L26 provided 6.47, 6.78 and 7.57 g/t. The gold mineralization is subject to a "nugget effect", and as a provisional cutting procedure, the L25 value is cut to the next highest assay value from the sub-drift at 43.55 g/t. Additional analysis to determine appropriate cutting procedures is underway.
The Company's July 10, 2009 news release also discussed new exciting discoveries at the Eagle Vein Structure and the Jackpot Mine, "each of which, in management's opinion, could replicate the size and richness of the existing Kenville Gold Mine footprint". The Company clarifies that these are exploration targets and will require significant exploration to prove their potential. The Company retracts any inference that they could equal the size or richness of the historical Kenville Gold Mine. At this time the Company does not have sufficient exploration data to estimate potential ranges of tonnes and grade for these targets, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the targets being delineated as a mineral resource. The Company has applied for a permit from the Ministry to conduct a surface drill program in the months ahead to test both of these targets and is planning a drift from the 257 Level to explore the Eagle Vein system underground.
Production Plans and Economic Viability
The Company's October 9, 2008 news release discussed initial pilot plant mill feed from the extensive tonnage of broken mineralized quartz materials on the 257 Level of the Property, and subsequently from mining of the mineralized veins. It disclosed there are underground historical reserves with ore bodies readily available. The Company's March 23, 2009 news release further indicated that the 257 and 275 Levels of the Kenville Gold Mine contain substantial volumes that will initially supply the on-site mill as the Company initiates its startup. The October 9, 2008 news release cautioned that historic reserves are not to be considered currently economic. As indicated above, previously disclosed quantity and grade estimates should not be relied on. The Company further cautions that there are significant additional risks in making a production decision without appreciable current indicated and measured resource estimates, before completing a preliminary economic assessment, and without a preliminary feasibility study or feasibility study to qualify a current mineral reserve.
The Company intends to proceed based on current underground resource estimates that are contained in the Munroe Report, but cautions that due to the nature of the Kenville Gold Mine's high grade vein deposits, long mine life gold resource estimates are not always readily determinable and obtaining a more accurate resource definition may be partly dependent on extending underground access to the Property during the course of the Company's operations.
The Company intends to start-up gold production based on the feed mineral processing assessment for the 257 Level by G&T Metallurgical Services Ltd. in its report to the Company dated April 9, 2009. The G&T Metallurgical report states that the equipment on hand at the pilot plant milling facility could process 200 tonnes per day. The Company has received a permit from the Ministry to operate as a mine quarry and will use its on-site mill as a pilot plant to process 1,000 and 10,000 tonne bulk samples from the 257 Level and to crush approximately 200,000 tonnes from the surface waste dump. Any resulting gold, copper and silver values will be sold at the prevailing market value. The mill will only be operating in a pilot plant capacity during the bulk sampling programs.
The Company's March 23, 2009 news release discussed processing the extensive waste rock material left on surface of the Property by previous operations. The Company clarifies that surface waste rock fines have been assayed by G&T Metallurgical Services Ltd. from two separate locations weighing 10 kg each and averaged 5.5g/tonne gold. The Company cautions that these samples are insufficient for estimating a representative gold grade. During 2008, the Company processed approximately 2,200 tonnes of the waste rock dumps. It produced drain rock and pea gravel, and separated gold bearing fines from shattered quartz, which it stockpiled. The Company has not yet determined the quantity nor the grades from such gold bearing material.
Qualified Person
The information contained in this news release and the preparation of the information contained in this news release has been supervised by Edward J. Nunn, P.Eng, a Qualified Person as defined by NI 43-101. Mr. Nunn is a director of the Company with over 30 years of mineral exploration experience and is a Professional Engineer in the Province of British Columbia. Prior to becoming a director of the Company, Mr. Nunn was an engineering consultant for the Company at the Property.
On behalf of the Board
"Len Danard"
Len Danard, Chief Executive Officer
For further information, investors are asked to visit the Anglo Swiss Resources Investor Relations Hub at www.agoracom.com/IR/AngloSwiss or email to ASW@agoracom.com.
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