Millbrook Minerals Announces Completion of an Initial Resource Estimate for the Los Pasos Project, Central Cuba
Jul. 12, 2018
TORONTO--(BUSINESS WIRE)--Jul 12, 2018--Toronto-based Millbrook Minerals Inc. (“Millbrook” or the “Company”) announced today that Roscoe Postle Associates Inc. (“RPA”) has completed a Technical Report in accordance with NI 43-101 on the 317 km 2 Los Pasos Project located in central Cuba. The Los Pasos project is a highly prospective polymetallic VMS belt that correlates with similar Cretaceous volcanic arc rocks in the Dominican Republic, which host the Pueblo Viejo, Cerro de Maimón and other large gold and silver enriched VMS deposits. Three past producing mines are located on the Los Pasos concession as are multiple clusters of underexplored targets.
A Mineral Resource estimate has been prepared by RPA for two of three past producing mines that occur on the Los Pasos property. RPA estimated the Mineral Resources for the Antonio and San Fernando deposits using drill hole data. The Mineral Resource estimate is summarized in Table 1 below. A Technical Report in compliance with National Instrument NI-43-101 will be filed on SEDAR within 45 days of this release.
TABLE 1. LOS PASOS PROJECT MINERAL RESOURCE ESTIMATE – December 31, 2017
1. CIM 2014 Definition Standards were followed for Mineral Resources. 2. Mineral Resources are reported at a Net Smelter Return (NSR) cut-off value of US$70/t for underground and US$25/t for open pit. 3. Mineral Resources are estimated using a long-term copper price of US$3.50 per pound, zinc price of US$1.15 per pound, and silver price of US$21 per ounce. 4. Metallurgical recovery factors assumed were 91% Cu, 73% Zn, and 68% Ag. 5. Common industry values for smelter terms were assumed. 6. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 7. Bulk density of 3.8 t/m 3 was used at Antonio and 3.1 t/m 3 at San Fernando. 8. A minimum thickness of approximately two metres was used. 9. Numbers may not add due to rounding.
The current Mineral Resource estimate was done by block modeling techniques, using a minimum horizontal width of approximately two metres and a cut-off value based on a NSR basis, because of the polymetallic nature of the mineralization. The Mineral Resource estimate is based on both open pit and underground potential mining scenarios using a US$70/t NSR cut-off value for underground and US$25/t NSR cut-off value for open pit. Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves were followed for Mineral Resources. All Mineral Resources are classified as Inferred.
The Mineral Resource estimate for the San Fernando deposit is based on a potential underground mining scenario. Inferred Mineral Resources reported at a US$70/t NSR cut-off value are estimated to total 0.24 million tonnes at 2.04% Cu, 3.60% Zn, and 28.7 g/t Ag. The Mineral Resource estimate for the Antonio deposit is based on a potential open pit and underground mining scenario. Inferred Mineral Resources estimated at a US$25/t NSR cut-off value within a preliminary Whittle pit shell total 2.25 million tonnes at 1.58% Cu, 2.51% Zn, and 16.5 g/t Ag. Underground Inferred Mineral Resources estimated at a US$70/t NSR cut-off value total 0.91 million tonnes at 1.49% Cu, 2.30% Zn, and 9.7 g/t Ag. Although gold is known to be present in both deposits it has not been accounted for in the Mineral Resource because limited gold assays were performed on the historical drill core.
“Millbrook is pleased to report its initial resource estimate which is an important milestone for the Los Pasos project and the Company. The concession contains an abundance of VMS deposits and occurrences, some of which are enriched in precious metals. Historical exploration work had little focus on precious metals and Millbrook is confident that future drilling will expand this initial resource, validate the high gold and silver content of the mineralization and add further value to an already attractive asset,” stated Doug Hunter, President of Millbrook Minerals.
The International Economic Association (IEA) Contract between Millbrook and GeoMinera S.A., was signed on April 23, 2018 at a formal ceremony in Havana. Millbrook’s IEA contract with GeoMinera S.A. is a landmark agreement for the exclusive exploration and future joint development of mineral resources located within the 317 km2 Los Pasos project area.
Millbrook Minerals is a private Canadian mineral resource exploration and development company focused exclusively and uniquely on Cuba. For more information on Millbrook Minerals, see www.millbrookminerals.com.
GeoMinera S.A. is a Cuban company focused on attracting and negotiating the participation of foreign investment in the development of the Cuban mining sector.
This release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information includes, but is not limited to, expectations, intentions, plans, assumptions and beliefs with respect to, among other things, the acquisition and maintaining of mineral property interests in Cuba and the exploration and development of such mineral properties. Often, but not always, forward-looking information can be identified by forward-looking words such as "anticipate", "believe", "expect", "goal", "plan", "intend", "estimate", "may", "assume" and "will" or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions, or statements about future events or performance. Forward-looking information is based on the opinions and estimates of the Company as of the date such information is provided and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward looking information.
The Qualified Persons for the Technical Report and Mineral Resource estimate are James Franklin, Ph.D., P.Geo., independent consulting geologist, Katharine Masun, M.Sc., P.Geo., Senior Geologist with RPA, and William E. Roscoe, Ph.D., P.Eng., Principal Geologist with RPA.
David Melling, P.Geo., Vice President of Millbrook Minerals and a Qualified Person (QP) under NI 43-101, has approved the applicable contents of this release.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180712005712/en/
CONTACT: For further information, please contact:
Mark Entwistle, 647-725-6614
Chairman of Millbrook Minerals Inc.
Alastair McIntyre, 416-434-3799
Vice President, Corporate Development, Millbrook Minerals
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: NATURAL RESOURCES MINING/MINERALS PROFESSIONAL SERVICES FINANCE
SOURCE: Millbrook Minerals Inc.
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PUB: 07/12/2018 01:03 PM/DISC: 07/12/2018 01:03 PM