|January 16, 2006|
Crowflight Files Ni 43-101 Technical Report And Resource Estimate On Bucko Lake Property
|CROWFLIGHT MINERALS INC. (Crowflight, the Company) (TSX Venture Exchange: CML) is pleased to announce the filing of the Bucko Resource Study on the Bucko Lake Nickel Deposit recently completed by P & E Mining Consultants Inc. The Study indicates that the Bucko Deposit hosts (undiluted) Indicated Resources of 1.82 million tonnes grading 2.10% nickel and additional Inferred Resources of 1.55 million tonnes grading 1.88% nickel at a 1.5% nickel cut-off grade. Based on the continuity, thickness and grade of nickel mineralization, the authors of the Study believe that excellent potential exists to upgrade significant portions of the Inferred mineralization to the Indicated Resource category either through surface and/or underground infill drilling programs. Additionally, the authors believe the opportunity exists to significantly expand the resource by exploring below the current level of drilling. |
Crowflight intends to further explore the deposit down to the 2000 Level (approximately 2,000 feet or 600 metres below surface) during the first half of 2006 with the objective of adding from 500,000 up to as much as 1,000,000 additional tonnes of Indicated Resources. Deeper Indicated Resource potential will be tested once the underground workings have been accessed and appropriately located drill stations can be established to more cost effectively test this potential from this underground access.
Jean Lafleur, Crowflight's Vice President Exploration stated: "Crowflight has all the evidence it needs to demonstrate continuity of the mineralization at Bucko, both with regard to tonnage and grade. The Company is now poised to further test the upside potential at Bucko, and more significantly add Indicated Resources through further drilling of mineralized shoots in areas outside of, yet contiguous with the current Indicated Resource. Both the company and the authors of the technical report believe the potential to expand the resources at Bucko are excellent in these areas.
Mineral Resource Estimate
The Technical Report on the mineral resource at the Bucko Lake Nickel Deposit was prepared by P & E Mining Consultants Inc. ("P & E") of Brampton, Ontario, an independent third party consulting firm which specializes in the study and determination of mineral resources and reserves. The full report, titled NI 43-101 Technical Report and Resource Estimate of the Bucko Lake Property by E. Puritch, P.Eng., and Dr. W. D. Ewert, P. Geo., will be available shortly on the SEDAR website at www.sedar.com under Crowflight Minerals Inc. The Technical Report outlines the resource estimate for Bucko, compliant with National Instrument 43-101 and NI 43-101F1, and forms an integral part of the feasibility study recently completed by the Company which has assessed the economic potential of developing the Bucko Deposit as an underground mine.
Indicated and Inferred Resources by level at a 1.5% nickel cut-off grade are as follows:
P & E Mining Consultants Resource Estimate - 2005 Indicated Resources Inferred Resources Level (depth from surface) Tonnes % Ni Tonnes % Ni 400 to 600 (surface to -150 metres) 15,000 1.71 35,000 1.68 600 to 1000 (-150 to -375 metres) 1,356,000 2.12 74,000 1.74 1000 to 1600 (-375 to -750 metres) 444,000 2.05 1,442,000 1.90 Below 1600 (below -750 metres) nil nil nil nil Total 1,816,000 2.10 1,551,000 1.88 Sensitivity analysis on Indicated and Inferred Resource at different cut-off grades are as illustrated below: Indicated Inferred Contained Contained CUT-OFF Tonnes Grade lbs. Ni Tonnes Grade lbs. Ni (% Ni) (millions) % Ni (millions) (millions) % Ni (millions) 1.9 0.9 2.5 51 0.6 2.2 34 1.7 1.3 2.3 65 0.9 2.1 48 1.5 1.8 2.1 84 1.6 1.9 72 1.3 2.8 1.9 115 2.9 1.7 119 1.1 4.7 1.6 164 5.8 1.4 202
Note: Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
The determination of the mineral resources at Bucko is based on geostatistical block modeling using the inverse distance squared method of grade interpolation. The database consisted of 57 underground and 76 surface diamond drill holes (including the recent Crowflight holes completed during the Summer 2005 drill campaign), minimum composite lengths of 1.5 metres, an internal dilution of 0.5% nickel (representing the background grade), assay grade capping, and a bulk density of 3.02 tonnes per cubic metre. The Indicated Resources used a 35 metre search ellipse with a minimum of 2 drill holes and 3 samples. The 1.1% nickel cut-off grade used a 36 month trailing trading average nickel price of US$5.61 per pound.
The preceding resource estimate sensitivity table was derived by applying a series of increasing nickel cut-off grades to the five domains which constrain the mineralization. These domains were developed utilizing an approximate 1.25% nickel cut-off grade. This 1.25% nickel cut-off grade was found to be the grade at which the domains demonstrate the optimal lithological and structural continuity along strike and down dip. This set of domains was subsequently used during the application of all cut-off grades within the sensitivity table.
Qualified Person Comments/Quality Control Procedures
This press release has been prepared and revised by Mr. Jean Lafleur, P. Geo., Crowflight's VP Exploration, Mr. Eugene Puritch, P.Eng., and Dr. Wayne Ewert, P.Geo., all of whom are Qualified Persons under the NI 43-101 guidelines. The resource estimate has been prepared in compliance with National Instrument 43-101 and form NI 43-101F1, which requires that the estimate be prepared in accordance with the "CIM Definition Standards on Mineral Resources and Mineral Reserves as prepared by the CIM Standing Committee on Reserve Definitions and as adopted by CIM Council, November 14, 2004"
The core sampling method applied during the 2004 and 2005 drill campaign followed NI 43-101 requirements and procedures as set forth in the Diamond Drill Standard Procedures developed by Falconbridge Limited. One control standard and one blank were inserted per 40 samples. Three different internal control standards representing different grades were utilized and the standard was selected with similar grade as the samples submitted. All diamond drill core utilized during the 2004 and 2005 drill programs were sent to the primary laboratory ALS Chemex in Thunder Bay for preparation and were subsequently analyzed in Vancouver. Fire assays were performed on all the samples for Gold and PGE's which undergo an ICP-AES finish and Sodium Peroxide Fusion. All other metals undergo an ICP-AES finish.
Crowflight -- The Base Metal Builder
Crowflight Minerals Inc. is a Canadian junior mining exploration and development company listed on the TSX Venture Exchange. The company is focused on nickel, copper and Platinum Group Mineral ("PGM") projects in the Thompson Nickel Belt ("TNB") and Sudbury Basin. The company currently owns and/or has under option approximately 600 square kilometres of exploration and development properties in Manitoba and Ontario.
In Manitoba, these properties include: (1) the Bucko Nickel Deposit; (2) an earn-in option with Falconbridge Limited on five highly prospective properties (Bucko/Bowden, Resting Lake, Rock Island Lake, Halfway Lake and Gonlin Lake) on the TNB South Project located within 30 kilometres of the Bucko Deposit; and (3) six additional properties (Burntwood River, Birchtree South, Birchtree North, Airport, Moak Lake and Strong Lake) located 100 kilometres to the north on the TNB North Project.
In the Sudbury Basin, these properties include: (1) the 100% owned AER Kidd Project adjacent to Inco's Totten Deposit (10.1 million tonnes @ 1.5% Nickel, 2% Cu, 4.8 g/t PGM's); (2) the 100% owned Peter's Roost Property; and (3) the Airport Property (a 50/50 joint venture with Millstream Mines Ltd.) located 4 km south, and on-strike, with Falconbridge's Nickel Rim South Deposit (13.2 million tonnes @ 3.5% Cu, 1.7% nickel, 0.8 g/t Au, 4.1 g/t PGM's).
Further information is available on the Company's web site at www.crowflight.com.
Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements. The Company cautions investors that the projections for increases to the Indicated Resources are based on Inferred Resources. There is no certainty that these projections will be added to the Indicated Resources or that they will be economically viable.
For further information please contact:
President and CEO
Tel: (416) 861 - 5900
Fax: (416) 861 - 8165
or Bruce Korhonen
Tel: (604) 684-4743 x 30
You can view the Next News Release item: Thu Mar 23, 2006, CROWFLIGHT STAKES ADDITIONAL GROUND IN THE NORTH RANGE FOOTWALL OF THE SUDBURY BASIN
You can view the Previous News Release item: Tue Dec 20, 2005, High Resolution Airborne Geophysical Survey Commences On Thompson Nickel Belt Properties
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