Oracle Mining Announces NI 43-101 Resource Estimate for Oracle Ridge Copper Project
9.9 million tons grading 1.64% copper indicated and 6.9 million tons grading 1.58% copper inferred; additional assays
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/18/13 -- Oracle Mining Corp. ("Oracle Mining" or the "Corporation") (TSX: OMN)(OTCQX: OMCCF)(FRANKFURT: OMC) is pleased to announce an initial Indicated and Inferred Mineral Resource estimate in accordance with National Instrument 43-101 ("NI 43-101"), along with additional assay results from its recently completed underground and surface drilling program, for its Oracle Ridge copper project ("Oracle Ridge" or "Oracle Ridge Project"), located 24 km northeast of Tucson, AZ.
Highlights:
At a 1.0% copper cut-off grade, the NI 43-101 Mineral Resource estimate at Oracle Ridge is:
-- 9.9 million tons grading 1.64% copper and 0.43 silver ounces/ton in the
Indicated mineral resource category containing 323 million pounds of
copper and 4.2 million ounces of silver.
-- 6.9 million tons grading 1.58% copper and 0.41 silver ounces/ton in the
Inferred mineral resource category containing 217 million pounds of
copper and 2.8 million ounces of silver.
"The initial Mineral Resource estimate for Oracle Ridge confirms what we have believed since acquisition of the project two years ago - that mineralization in historical zones could be validated and a resource established," said Mr. Alan Edwards, Oracle Mining's CEO. "Oracle Mining plans to resume drilling during the second quarter of 2013 with the goal of expanding and upgrading, if possible, the Mineral Resources."
Mineral Resource Estimate
In early 2013, Oracle Mining contracted Glenn R. Clark & Associates Limited and Barnes Engineering Services to prepare a NI 43-101 Mineral Resource estimate for the Oracle Ridge copper project. Table 1 summarizes the estimated Indicated Mineral Resources at various cut-off grades for comparison purposes, with 1.0% copper used as the base case cut-off grade. Indicated Mineral Resources at the 1.0% copper base case cut-off grade are estimated to be 9.9 million short tons at 1.64% copper. All tonnages in this news release are in imperial (short) tons.
Table 1. Oracle Ridge Project Indicated Mineral Resource Estimate (Diluted)
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Cut-off Tons Contained Contained Contained
%Cu Millions Grade Cu Ag Au
% Ag Au %Cu Millions Millions Thousands
Cu oz/t oz/t Equivalent (lb) (oz) (oz)
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0.75 13.5 1.43 0.38 0.004 1.74 386 5.1 59
1.00 9.9 1.64 0.43 0.005 1.98 323 4.2 48
1.25 7.0 1.85 0.47 0.005 2.23 258 3.3 37
1.50 4.7 2.08 0.52 0.006 2.49 197 2.5 27
1.75 3.1 2.33 0.57 0.006 2.77 143 1.8 18
2.00 2.0 2.59 0.63 0.006 3.06 102 1.2 12
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-- The effective date of the Mineral Resource estimate is March 18, 2013.
-- Mineral Resources are not Mineral Reserves and do not have demonstrated
economic viability. There is no certainty that all or any part of the
Mineral Resources will be converted into Mineral Reserves.
-- The base case cut-off grade of 1.0% copper has been estimated to ensure
reasonable prospects of economic extraction assuming extraction by an
underground mining scenario, projected copper price of $2.80 per pound
and estimated total site operating costs of $45 per ton.
-- A selective mining unit of 25 x 25 x 5 feet has been used as a dilution
allowance for potential extraction methods.
-- Mineral Resource tonnage and contained metal have been rounded to
reflect the accuracy of the estimate, and numbers may not add due to
rounding.
-- Silver and gold grade estimates were based on a less comprehensive data
set than the copper grade estimates. Where copper grade estimates exist
without accompanying silver or gold grade estimates, the silver or gold
grade estimates were assumed to be zero.
-- Copper equivalency has been estimated using metal pricing of $2.80 per
pound of copper, $28 per ounce of silver and $1487 per ounce of gold. No
allowance for metallurgical recovery has been made and copper
equivalency is estimated on a contained basis. The formula used is as
follows: CuEQ = Cu% + (Ag oz/t x tons at cut-off (i) $28/ $2.80 (i) 2000
(i) tons at cut-off) (i)100 + (Au oz/t x tons at cut-off (i) $1487/
$2.80 (i) 2000 (i) tons at cut-off) (i)100.
Table 2 summarizes the estimated Inferred Mineral Resources at various cut-off grades for comparison purposes, with 1.0% copper used as the base case cut-off grade. Inferred Mineral Resources at the 1.0% copper base case cut-off grade are estimated to be 6.9 million tons at 1.58% copper.
Table 2. Oracle Ridge Project Inferred Mineral Resource Estimate (Diluted)
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Cut-off Tons Grade Contained Contained Contained
%Cu Millions Cu Ag Au
% Ag Au %Cu Millions Millions Thousands
Cu oz/t oz/t Equivalent (lb) (oz) (oz)
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0.75 10.7 1.33 0.35 0.003 1.58 283 3.7 32
1.00 6.9 1.58 0.41 0.003 1.87 217 2.8 22
1.25 4.4 1.85 0.47 0.003 2.17 161 2.0 15
1.50 2.7 2.14 0.53 0.003 2.50 116 1.4 9
1.75 1.7 2.45 0.60 0.004 2.85 84 1.0 6
2.00 1.2 2.73 0.68 0.004 3.18 63 0.8 5
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-- The effective date of the Mineral Resource estimate is March 18, 2013.
-- Mineral Resources are not Mineral Reserves and do not have demonstrated
economic viability. There is no certainty that all or any part of the
Mineral Resources will be converted into Mineral Reserves.
-- The base case cut-off grade of 1.0% copper has been estimated to ensure
reasonable prospects of economic extraction assuming extraction by an
underground mining scenario, projected copper price of $2.80 per pound
and total estimated site operating costs of $45 per ton.
-- A selective mining unit of 25 x 25 x 5 feet has been used as a dilution
allowance for potential extraction methods.
-- Mineral Resource tonnage and contained metal have been rounded to
reflect the accuracy of the estimate, and numbers may not add due to
rounding.
-- Silver and gold grade estimates were based on a less comprehensive data
set than the copper grade estimates. Where copper grade estimates exist
without accompanying silver or gold grade estimates, the silver or gold
grade estimates were assumed to be zero.
-- Inferred Mineral 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
Mineral Resources will ever be upgraded to a higher category.
-- Copper equivalency has been estimated using metal pricing of $2.80 per
pound of copper, $28 per ounce of silver and $1487 per ounce of gold. No
allowance for metallurgical recovery has been made and copper
equivalency is estimated on a contained basis. The formula used is as
follows: CuEQ = Cu% + (Ag oz/t x tons at cut-off (i) $28/ $2.80 (i) 2000
(i) tons at cut-off) (i)100 + (Au oz/t x tons at cut-off (i) $1487/
$2.80 (i) 2000 (i) tons at cut-off) (i)100.
The Mineral Resource model was developed using a total of 588 drill holes, including 83 holes (62 from surface and 21 from underground) drilled on behalf of Oracle Mining during the 2011 and 2012 drilling campaigns and 505 historical drill holes.
The Mineral Resource estimate has been generated from drill hole sample assay results and the interpretation of a geologic model that relates to the spatial distribution of copper in the deposit. Grade estimates are made using ordinary kriging constrained within individually identified geological beds using sample data composited to 5-foot intervals into model blocks measuring 25 feet by 25 feet along strike and down dip and 5 feet perpendicular to the structure. A comprehensive geological model that encompasses all known mineralization was constructed. Within the framework of the comprehensive model, individual skarn beds and the presence of intrusive sills were estimated incorporating LVA (locally varying anisotropy) kriging techniques. Mineralization within each of the individually identified skarn beds was estimated independently using only the assay data identified as being within that skarn bed. The resulting tons and grade represent an estimate of what would be expected to be extracted at the time of mining (i.e. fully diluted). Statistical checks were made to ensure that the level of dilution incorporated into the model was consistent with what would be expected with mining selectivity of 25 x 25 x 5 feet. That is the expected level of selectivity within the underground stopes would be +/- 5 feet on the hanging wall and +/- 5 feet on the footwall. It is assumed that any additional dilution will be unnecessary when evaluating minable stopes. Resources have been classified using estimation variance and are reported according to the CIM definition standards for Mineral Resources and Mineral Reserves.
Mr. Barnes has verified the technical and scientific information including sampling, analytical and test data underlying the information or opinions relating to the Mineral Resource estimate. This verification was done during visits to the Oracle Ridge site and reviewing the data that was produced.
There are no known legal, political, environmental, or other risks that could materially affect the potential development of the Mineral Resources.
A technical report supporting this disclosure will be filed under the Corporation's profile on SEDAR (www.sedar.com) on or before the filing of the Corporation's annual information form for the year ended December 31, 2012. The Corporation plans to resume drilling during the second quarter of 2013. The goal of the drill program will be to potentially expand the Mineral Resource estimate and upgrade Mineral Resources, if possible, to a higher Mineral Resource category.
Qualified Persons
The Mineral Resource estimate has been prepared by, or under the supervision of, Mr. Tracy Barnes, P.E. of Barnes Engineering Services of Golden, Colorado. Mr. Barnes is an independent "qualified person", within the meaning of NI 43-101 and has reviewed and approved the scientific and technical information included in this news release relating to the Mineral Resource estimate.
The assay drill results and geological technical information has been prepared by, or under the supervision of, Mr. Glenn Clark, P.Eng., of Glenn R. Clark & Associates Limited of Ontario, Canada. Mr. Clark is an independent "qualified person", within the meaning of NI 43-101 and has reviewed and approved the scientific and technical information included in this news release relating to the assay drill results and geological technical information.
Messrs. Barnes and Clark will co-author the technical report supporting this disclosure to be filed under the Corporation's profile on SEDAR (www.sedar.com) on or before the filing of the Corporation's annual information form for the year ended December 31, 2012.
Additional assay results reported
Oracle Mining also reports additional assay results that are incorporated into the Mineral Resource estimate above. In the table below, "ODH" holes indicate surface-drilled holes. "OUH" holes indicate underground-drilled holes.
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Drill From To Interval Cu Au Ag
Hole (feet) (feet) (feet) (%)(oz/ton) (oz/ton) Zone Azimuth Dip
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ODH-047 188.8 202.1 13.3 0.93 0.003 0.24 2 205 -45
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includes 188.8 191 2.2 1.71 0.009 0.51
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ODH-047 245 267 22 1.53 0.007 0.43 2 205 -45
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includes 250 255 5 2.2 0.01 0.65
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ODH-047 281 291 10 1.28 0.01 0.27 1 205 -45
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includes 286 291 5 1.61 0.012 0.37
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ODH-047 356.6 384.5 27.9 1.27 0.001 0.19 1 205 -45
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includes 379.5 384.5 5 1.87 0.001 0.27
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ODH-052 119.3 134.6 15.3 2.66 0.014 0.52 2 250 -67
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includes 124 129 5 3.84 0.02 0.75
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ODH-052 156 172 16 1.08 0.007 0.17 2 250 -67
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includes 168.5 172 3.5 1.71 0.012 0.34
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ODH-052 214 216.5 2.5 1.47 0.008 0.21 2 250 -67
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ODH-052 259 262 3 1.37 0.014 0.25 1 250 -67
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ODH-053 172.1 195 22.9 2.05 0.007 0.51 2 301 -60
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includes 182 192 10 3.02 0.012 0.79
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ODH-053 225 248 23 1.64 0.006 0.44 2 301 -60
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ODH-053 294.2 355 60.8 1.67 0.007 0.55 1 301 -60
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includes 294.2 305.9 11.7 1.48 0.016 0.37
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includes 315 355 40 2.01 0.006 0.68
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ODH-054 78 84.5 6.5 2.47 0.016 0.79 4 335 -60
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ODH-054 154 184 30 2.51 0.014 0.52 2 335 -60
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includes 159 169 10 3.59 0.019 0.86
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ODH-054 204 221 17 1.5 0.006 0.33 2 335 -60
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ODH-054 291.8 321 29.2 1.05 0.009 0.25 2 335 -60
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includes 291.8 299.3 7.5 1.92 0.017 0.52
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includes 309 314 5 2.01 0.012 0.37
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ODH-055 141.3 151 9.7 2.25 0.008 0.65 2 220 -65
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ODH-055 175 191.3 16.3 2.01 0.01 0.66 2 220 -65
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includes 184.9 191.3 6.4 3.14 0.016 0.97
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ODH-055 204.5 228 23.5 0.76 0.003 0.24 2 220 -65
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includes 204.5 209 4.5 2.49 0.011 0.89
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ODH-055 252 329.6 77.6 2.03 0.007 0.49 1 220 -65
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includes 252 287 35 1.87 0.007 0.47 1
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includes 298 329.6 31.6 2.67 0.008 0.59 1
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ODH-056 72 78 6 1.56 0.01 0.5 4 170 -45
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ODH-056 145 155.7 10.7 2.9 0.022 0.97 2 170 -45
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includes 145 152 7 3.71 0.029 1.29
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ODH-056 171.3 174 2.7 1.18 0.014 0.62 2 170 -45
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ODH-057 116 122 6 1.01 0.001 0.78 4 45 -77
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ODH-057 249 261.5 12.5 2.12 0.006 0.61 2 45 -77
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includes 249 254 5 3.16 0.011 0.86
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ODH-057 298.7 307 8.3 1.3 0.003 0.49 2 45 -77
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ODH-057 419 471 52 1.92 0.009 0.71 1 45 -77
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includes 448 458 10 3.13 0.008 0.53
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ODH-058 474 477 3 1.48 0.0004 0.89 1 320 -45
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ODH-058 523 530.9 7.9 3.06 0.0004 0.6 1 320 -45
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includes 527.7 530.9 3.2 3.57 0.0004 0.4
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ODH-059 123 149.5 26.5 2.19 0.012 0.47 2 220 -45
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ODH-059 271.8 275 3.2 1.09 0.007 0.27 1 220 -45
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ODH-060 491.2 500 8.8 1.71 0.001 0.54 1 350 -55
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ODH-061 129.5 142 12.5 1.27 0.003 0.85 6 0 -90
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includes 137.2 142 4.8 2.4 0.005 1.81
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OUH-10 275.5 303.6 28.1 1.53 0.007 0.41 4 290 -10
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includes 278 288 10 2.44 0.01 0.65
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OUH-10 318 323 5 1.23 0.001 0.15 2 290 -10
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OUH-10 392 397 5 1.22 0 0.04 2 290 -10
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OUH-11 262 268.1 6.1 2.61 0.014 0.82 4 265 -4
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OUH-11 345 350 5 1.24 0.005 0.26 Endo- 265 -4
skarn
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OUH-12 Encountered only sub 1.0% copper 4 265 -18
mineralization
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OUH-15 Encountered only sub 1.0% copper 2 280 -12
mineralization
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OUH-16 257.4 267.2 9.8 1.29 0.007 0.67 4 300 -15
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includes 257.4 262.4 5 1.53 0.008 0.77
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OUH-17 136 157 21 1.81 0.01 0.71 4 300 -35
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includes 146 155 9 2.72 0.016 1.18
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OUH-18 184.8 208 23.2 1.13 0.004 0.41 4 220 -12
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includes 184.8 188.2 3.4 1.79 0.006 1.17
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includes 203 208 5 1.64 0.004 0.44
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OUH-18 257 281 24 2.67 0.011 0.75 2 220 -12
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includes 257 270.3 13.3 3.44 0.015 1.03
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OUH-19 127.7 136 8.3 1.95 0.004 0.83 4 220 -35
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OUH-20 235 240 5 1.31 0.002 0.31 4 250 -12
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OUH-21 225.8 239 13.2 2.2 0.009 0.9 4 235 -23
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OUH-21 251 278 27 1.54 0.005 0.36 4 235 -23
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Oracle Mining has posted an updated diagram of all drill hole locations of these reported assay results at http://www.oracleminingcorp.com/_resources/images/2013_March_skarn.pdf.
The drilling intervals were calculated using a 1.0% copper cut-off grade and may include internal waste and accordingly are not representative of the true width of mineralized intercepts. The mineralized intercepts have been used in the model for the Mineral Resource Estimate. As the holes cut the mineralization at different angles, they all have different true widths. In general, they are estimated to be 60% to 100% of the stated interval length for Zones 1, 2 and 4. Additional drilling in Zones 5 and 6 will be needed before true thickness can be estimated. Intervals labelled "includes" are higher-grade portions of the previous listed interval. There are no drilling, recovery or other factors that could materially affect the accuracy or reliability of the data.
Data Verification
The Corporation maintains a rigorous QA/QC protocol on all aspects of sampling and analytical procedure. Drill core is checked, logged, marked for sampling and sawn in half. The sample size varies depending on the geology and the mineralization. In general, the samples are predominantly about 5 feet long. One-half of each drill core is maintained for future reference and one-half of each drill core is sent for analysis. Half-core samples are shipped to Skyline Assayer and Laboratories ("Skyline"), in Tucson, Arizona, or SGS Minerals Services Geochemistry in Vancouver ("SGS"), both ISO/IEC 17025 accredited laboratories. Each lab is contracted to complete all sample preparation and assaying and is independent of Oracle Mining. Samples are analyzed employing acid digestion and AA for analyses of copper, as well as fire assaying for silver and gold. For QA/QC purposes, Skyline and SGS run a series of standard and blank samples and provide the results of these assays to us. The Corporation periodically submits the pulps of the samples assayed by our primary labs to ALS Chemex Labs Ltd. in Reno, Nevada for check analysis.
Mr. Clark has verified the technical and scientific information including sampling, analytical and test data underlying the information or opinions. Verification included QA/QC procedures review, inspection of drill core and review of assay certificates. This verification was done during visits to the Oracle Ridge site and reviewing the data that was produced. In addition, a visit was made to Skyline Labs early in the drilling program.
Note: All financial information in this news release is reported in United States dollars, unless otherwise noted.
About Oracle Mining Corp.
Oracle Mining Corp. (TSX: OMN)(OTCQX: OMCCF)(FRANKFURT: OMC) is a Vancouver, Canada-based corporation that is the sole owner and operator of Oracle Ridge Mining, LLC and the Oracle Ridge copper project located 24 km northeast of Tucson, Arizona. Oracle Mining is managed by an experienced team of mining professionals with extensive operating and financial experience.
Cautionary Note Regarding Forward-Looking Information
Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of Canadian securities legislation that involves risks and uncertainties. Forward-looking information included herein is made as of the date of this news release and Oracle Mining does not intend, and does not assume any obligation, to update forward-looking information unless required by applicable securities laws. Forward-looking information relates to future events or future performance and reflects management of the Corporation's expectations or beliefs regarding future events. In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "scheduled", "estimates", "intends", "anticipates" or "does not anticipate", "goal" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. Examples of forward-looking information in this news release include, but are not limited to, statements with respect to: our Mineral Resource estimate for the Oracle Ridge Project; the estimates of cut-off grade and the factors underlying including projected copper prices and estimated total operating costs; expected level of selectivity within underground stopes; our plans and expectations for the Oracle Ridge Project including our plans relating to completion of a further drilling program and further exploration and development of the Oracle Ridge Project; the timing or completion of any work on the Oracle Ridge Project, including timing of commencement and completion of our proposed drilling program; and our goal to expand the Mineral Resource estimate and upgrade Mineral Resources, if possible, to a higher Mineral Resource category. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: our assumptions regarding copper, base metal and precious metal prices; accuracy of Mineral Resource estimate and Mineral Resource modelling; accuracy of cut-off grade and assumptions underlying thereto, including projected copper prices and estimates of total operating costs; dilution allowance assumptions; success of future drilling programs; reliability of drilling, sampling and assay data; representativeness of mineralization; accuracy of metallurgical testwork; our ability to comply with current and future environmental, safety and other regulatory requirements and to obtain and maintain timely receipt of regulatory approvals.
By its very nature, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by forward-looking information. Such factors include, but are not limited to: risks relating to our estimates of Mineral Resources and cut-off grade and factors underlying, proving to be inaccurate; our dependence on the Oracle Ridge Project; risk that we are unable to enforce our legal rights under existing agreements, permits or licences or are subject to litigation or arbitration that has an adverse outcome; risk there are changes in project parameters as plans continue to be refined; risks related to the actual results of exploration and development activities; our historical experience with development-stage mining operations; changes in commodity prices, and particularly copper prices; receipt of necessary permits and licences; regulatory changes; risks related to the uncertainty of timing of events including delays in obtaining governmental approvals or financing or in the completion of project development studies; we are affected by environmental, safety and regulatory risks, including increased regulatory burdens or delays, accidents, labour disputes and other risks inherent in the mining industry; dilution to shareholders from any equity financings; the availability of capital on acceptable terms, or at all; availability of materials and equipment; lack of revenue and commercial production; increased indebtedness and events of default thereunder; competition for properties, capital, skilled personnel and resources; uninsured risks; defects in title; influence of significant shareholders; foreign operations; adequate infrastructure in the jurisdictions in which we operate; opposition to mining activities; fluctuations in currency exchange rate, as well as those factors discussed in the Corporation's annual information form dated April 13, 2012, for the year ended December 31, 2011, filed and available for review on SEDAR at www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated by such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information.
Contacts:
Oracle Mining Corp.
Investor Relations
604-689-9282 or Toll-free: +1-855-689-9282
Oracle Mining Corp.
Mr. Jason Mercier
Senior VP Corporate Secretary
604-689-9261
info@oracleminingcorp.com
www.oracleminingcorp.com