| ||Tue Mar 13, 2012|
Messina Minerals Announces Initial Zinc Resource Estimate at the Long Lake Main Zone, Newfoundland
| ||Vancouver, BC, March 13, 2012 --Messina Minerals Inc. ("Messina") has received results of the first independent mineral resource estimate for the Long Lake Main Zone zinc-lead-copper-silver-gold massive sulphide prospect located in central Newfoundland, Canada; a part of Messina's Glitter Project area. The mineral resource estimate has been prepared by SRK Consulting (Canada) Inc. ("SRK") of Toronto, Ontario in accordance with Canada's National Instrument 43-101 ("NI 43-101") standards for disclosure.|
The estimate includes indicated resources of 70 million pounds of zinc, 14 million pounds of lead, 8.7 million pounds of copper, 640,000 ounces silver and 7,500 ounces gold. See table below for details. The Main Zone prospect is located 22 kilometers northeast of Messina's Boomerang deposit and 48 km southwest of Teck's operating Duck Pond zinc-copper mine. To view a location map please click the following link:
Peter Tallman, President and CEO of Messina states "We are extremely pleased to accomplish this significant milestone of completing the first initial resource estimate at the Main Zone. The review also identifies exploration potential to expand the Main Zone resource with future drilling. The Long Lake Main Zone is the second polymetallic volcanogenic massive sulphide ("VMS") deposit within Messina's Glitter Project to have sufficient work to allow a NI 43-101 compliant mineral resource estimate. Both Long Lake and Boomerang, the first VMS deposit located 22 kilometers away, have potential for future resource expansion."
Summary of Mineral Resources for the Long Lake Main Zone Polymetallic Project
Main Zone Mineral Resource Estimate Methodologies
- Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates.
- Reported at a cut-off of 7.00 percent zinc equivalent based on an underground mining scenario, metallurgical recoveries of 80 percent zinc, 40 percent copper, 70 percent lead and 50 percent silver. Gold grades were not used in the metal equivalent calculation.
- Metal prices assumptions of US$1.00/pound for zinc, US$4.00/pound for copper, US$1.20 for lead and US$40.00/troy ounce silver.
- Composite capping values were applied to the 171 composite sample database of 3.5% Cu (7 samples), 5.0% Pb (11 samples), 25.0% Zn (9 samples), 150 g/t Ag (7 samples) and 0.18 g/t Au (7 samples).
The Main Zone mineral resource estimate is effective November 29, 2011 and is based on data collected from a total of 21 NQ drill holes completed by Messina from 2004 to 2008 and 13 NQ drill holes completed by Noranda Inc. ("Noranda") between 1994 and 2000. The assay database considered for resource estimation is comprised of approximately 270 sample intervals. Individual wireframe boundaries for zinc, lead, copper, and silver mineralization were modelled using gross metal values ("GMV") for each assayed interval. GMV were calculated using an aggregate metal value for each sampled assay using metal price assumptions of US$1.00 per pound ("/lb") for zinc, US$1.20/lb for lead, US$4.00/lb for copper, and US$40.00 per ounce ("/oz") for silver. The mineralization envelope was defined by modelling hangingwall and footwall wireframe surfaces using a GMV of approximately US$200. Both contacts are relatively sharp and moderately sensitive to variations in GMV. All assay intervals within the wireframe solid were composited to an approximate length of 1.0 meters which generated 171 composites. Composite capping values were determined to limit the influence of high grade composites; capping values of 3.5% copper, 5.0% lead, 25.0% zinc, 150 g/t silver, and 1.8 g/t gold were applied. Block model parameters were generated using CAE Datamine Studio 3 software. The block model size is 10 meters by 10 meters by 10 meters; sub-blocking was carried out to three levels in the X, Y, and Z directions. The model is rotated using the Datamine convention at seventy degrees along the Z-axis and eighty-five degrees along the Y-axis. The estimation strategy consists of ordinary kriging ("OK") estimates for zinc, lead, copper, silver and gold. An average specific gravity of 3.38 for the Main Zone was assigned to each block in the model based on the mean of the pycnometer measurements based on measurements by SRK on 15 samples.
SRK considers that the Main Zone is amenable for underground extraction. To assist with determining a reasonable reporting cut-off grade, SRK considered the following assumptions:
Based on these assumptions, SRK considers that classified resource blocks above a grade of 7.0% zinc equivalent show reasonable prospect for economic extraction from an underground mine and, therefore, can be reported as a mineral resource. At this cut-off grade the sulphide mineralization forms a contiguous minable shape.
- Metal price assumptions of US$1.00 per pound ("/lb") for zinc, US$1.20/lb for lead, US$4.00/lb for copper, and US$40.00 per ounce ("/oz") for silver; and
- Metallurgical recoveries of 80% for zinc, 70% for lead, 40% for copper, and 50% for silver.
A Technical Report prepared by SRK according to Form 43-101F1 and the requirements of NI43-101 describing the Main Zone resource estimate will be available on Messina's website messinaminerals.com and also on sedar.com within 45 days.
Cautionary Note Concerning Reserve and Resource Estimates
This press release may use the terms "reserves", "resources", "proven reserves", "probable reserves", "measured resources", "indicated resources" and "inferred resources". Investors are advised that mineral resources that are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Inferred Resources are in addition to Measured and Indicated Resources. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Therefore, investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. National Instrument 43-101 Standards of Disclosure for Mineral Projects is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all reserve and resource estimates referred to in this press release or released by the Company in the future have been or will be prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System.
Peter Tallman, P.Geo., President and CEO of Messina Minerals Inc. and a Qualified Person as defined by NI43-101, has supervised the preparation of the scientific and technical information that forms the basis for this news release in accordance with Canadian standards for disclosure set out in NI 43-101. Mr. Tallman is not independent of the company as he is an officer, director, and shareholder. The Main Zone mineral resource statement was prepared by G. David Keller., P.Geo. and Sébastien Bernier, P.Geo., both "independent qualified persons" as defined by NI 43-101.
Messina Minerals Inc. is a leading explorer for zinc-lead-copper-silver-gold massive sulphide deposits in Newfoundland, Canada. Our extensive 450 square kilometer mineral lands are in a region known historically for its copper and zinc resources and where the Company has made massive sulphide discoveries including NI 43-101 complaint mineral resources "Boomerang", "Domino", and now "Main Zone" on the Glitter Project. See our website for more information.
ON BEHALF OF THE BOARD OF DIRECTORS OF
MESSINA MINERALS INC.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information
Peter Tallman, President
Phone: (604)688-1508 Fax: (604) 601-8253
You can view the Next News Releases item: Mon Apr 16, 2012, Messina Announces Filing of NI 43-101 Technical Report for the Long Lake Main Zone in Newfoundland, Canada
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