Energizer Resources Announces Interim Metallurgy Recovery of 82% on Green Giant Vanadium Project, Madagascar
TORONTO, ONTARIO -- (Marketwire) -- 09/08/10 -- Energizer Resources Inc. (formerly Uranium Star Corp.) (TSX VENTURE: EGZ)(OTCBB: ENZR)(FRANKFURT: YE5) ('Energizer' or 'the Company') is pleased to announce interim metallurgy and remaining final assay results from its 2010 drill program and provide a metallurgy update for its Green Giant Vanadium Project in Madagascar.
Metallurgical Test Program Achieves 82% Vanadium Extraction
The Company is pleased to announce that the ongoing metallurgical flow sheet development program has progressed well, with scoping test work nearing completion at three metallurgical laboratories (in Canada and Johannesburg). Of note, alkaline pressure leach testing at SGS Lakefield has determined that soda ash can be used to extract 82% vanadium into a leach solution low in contaminants. Ongoing work is aimed at optimizing reagent consumption and leach temperature and is expected to be completed in October 2010.
Julie Lee Harrs, President and COO, said, 'We are very excited by these developments in metallurgical performance and are looking forward to reporting the remaining results shortly.'
Highlights of the Remaining Assay Results
-- 0.875% V2O5 over 60 metres, including 0.939 % V2O5 over 21 metres (Hole
M91a)
-- 0.846% V2O5 over 72.1 metres, including 0.912 % V2O5 over 42 metres
(Hole M-89)
-- 0.688% V2O5 over 22.5 metres, including 0.823 % V2O5 over 7.5 metres;
and 0.64% V2O5 over 43.5 metres, including 0.731 % V2O5 over 24 metres
(Hole M-88)
-- 0.58% V2O5 over 97.5 metres, including 0.714 % V2O5 over 39 metres (Hole
K-07)
-- 0.588% V2O5 over 58.5 metres, including 0.61% V2O5 over 40.5 metres
(Hole K-05)
A complete summary table of all of the assay results from the 2010 drill program follows at the end of this press release. With these assay results, the Company has now received all results for the 46 diamond drill holes (totalling 8,952 metres) completed during the 2010 drill program.
Updated NI 43-101 Resource Estimate Expected October 2010
Based on these results, the Company is confident that it has exceeded its exploration target to delineate additional mineral resources in the range of 25 to 30 million tonnes of V2O5. This will increase the Company's previously reported indicated resource estimate of 21.74 million tonnes of V2O5 at a grade of 0.759% and inferred resource estimate of 4.15 million tonnes of V2O5 at a grade of 0.655%. An updated National Instrument 43-101 compliant resource estimate is expected in October 2010.
Qualified Person
Craig Scherba, P.Geol., is the qualified person for the geological information provided in this release. Andy Holloway, P.Eng., Principal Process Engineer of AGP Mining Consultants Inc. (formerly PEG Mining Consultants), is responsible for oversight of the metallurgical program currently underway.
Summary of drill hole assays for 2010 drill program:
INTERVAL Including
----------------------------------------------------------------------------
From To Interval From To Interval
HoleID V2O5_Grade (m) (m) (m) V2O5_Grade (m) (m) (m)
----------------------------------------------------------------------------
K-01 0.559 92 95 3
K-01 0.523 99.5 113 13.5
K-01 0.59 140 155 15 0.647 143 152 9
----------------------------------------------------------------------------
K-02 0.522 180.5 204.5 24 0.645 185 192.5 7.5
----------------------------------------------------------------------------
K-03 0.616 93.5 135.56 42.06
K-03 0.628 138.5 150.5 12 0.74 140 144.5 4.5
----------------------------------------------------------------------------
K-04 0.514 141.5 189.5 48 0.612 149 159.77 10.77
K-04 0.683 164.18 167 2.82
----------------------------------------------------------------------------
K-05 0.588 45.5 104 58.5 0.61 48.5 89 40.5
----------------------------------------------------------------------------
K-06 0.577 108.5 139.75 31.25 0.611 113 134 21
K-06 0.519 189.52 194 4.48
----------------------------------------------------------------------------
K-07 0.58 161 258.5 97.5 0.714 174.5 213.5 39
----------------------------------------------------------------------------
K-08 0.527 92.26 100.5 8.24
----------------------------------------------------------------------------
K-09 0.555 132.5 230 97.5 0.606 144.5 195.5 51
K-09 0.643 203 230 27
----------------------------------------------------------------------------
K-13 0.562 125 181.47 56.47 0.606 135.5 181.47 45.97
----------------------------------------------------------------------------
M-05 0.572 50 90.5 40.5 0.705 51.5 62 10.5
M-05 0.661 78.5 90.5 12
----------------------------------------------------------------------------
M-44 0.686 75.5 87.5 12 0.974 80 83 3
----------------------------------------------------------------------------
M-48 0.692 50 62 12 0.864 51.5 59 7.5
----------------------------------------------------------------------------
M-49 0.734 192.5 200 7.5 1.036 194 197 3
----------------------------------------------------------------------------
M-53 0.711 71 86 15 0.946 72.5 80 7.5
M-53 0.616 99.5 102.5 3
----------------------------------------------------------------------------
M-54 0.528 134 147.5 13.5 0.749 134 137 3
----------------------------------------------------------------------------
M-55 0.602 102.5 108.5 6 0.88 104 107 3
M-55 0.548 116 137 21
M-55 0.521 147.5 155 7.5
----------------------------------------------------------------------------
M-56 0.726 163.5 178.5 15 0.801 168 177 9
M-56 0.711 180 244.5 64.5 0.983 223.5 234 10.5
----------------------------------------------------------------------------
M-57 0.621 24.5 63.5 39 0.948 44 48.5 4.5
----------------------------------------------------------------------------
M-58 0.783 161 185 24 0.945 171.5 180.5 9
----------------------------------------------------------------------------
M-59 0.844 81.5 102.5 21 0.981 90.5 101 10.5
----------------------------------------------------------------------------
M-60 0.751 210.5 219.5 9
M-60 0.773 231.5 236 4.5
----------------------------------------------------------------------------
M-62 0.706 51.5 84.5 33 0.991 65 69.5 4.5
M-62 1.057 80 83 3
----------------------------------------------------------------------------
M-65 0.736 50 60.5 10.5
M-65 0.531 101 108.5 7.5
----------------------------------------------------------------------------
M-71 0.725 188 273.5 85.5 0.923 192.5 198.5 6
M-71 1.2 221 234.5 13.5
M-71 0.922 245.64 260 14.36
----------------------------------------------------------------------------
M-72 0.594 53 66.5 13.5 0.838 54.5 59 4.5
----------------------------------------------------------------------------
M-73 0.611 51.5 63.5 12 0.714 53 60.5 7.5
----------------------------------------------------------------------------
M-74 0.667 51.5 66.5 15 0.874 53 60.5 7.5
M-74 0.505 95 101 6
----------------------------------------------------------------------------
M-75 0.516 30.17 33.5 3.33
M-75 0.618 45.5 77 31.5 0.922 54.5 66.5 12
----------------------------------------------------------------------------
M-76 0.53 54.5 69.5 15
----------------------------------------------------------------------------
M-82 0.533 119 126.5 7.5
----------------------------------------------------------------------------
M-83 0.66 45.5 71 25.5 1.073 56 63.5 7.5
----------------------------------------------------------------------------
M-84 0.564 149.75 162.5 12.75
----------------------------------------------------------------------------
M-85 0.609 96.5 108.5 12
M-85 0.657 113 131 18 0.859 122 126.5 4.5
----------------------------------------------------------------------------
M-86 0.65 155 191 36
----------------------------------------------------------------------------
M-87 0.749 185 283.5 98.5 0.801 195.5 270.5 75
----------------------------------------------------------------------------
M-88 0.64 206 249.5 43.5 0.731 221 245 24
M-88 0.608 266 276.5 10.5
M-88 0.688 284 306.5 22.5 0.823 297.5 305 7.5
----------------------------------------------------------------------------
M-89 0.846 240.4 312.5 72.1 0.912 252.5 294.5 42
M-89 1.043 306.5 311 4.5
----------------------------------------------------------------------------
M-91a 0.875 243.5 303.5 60 0.939 282.5 303.5 21
----------------------------------------------------------------------------
MM-01 0.911 2.5 156.5 154 1.166 71 155 84
MM-01 1.343 74 86 12
MM-01 1.327 102.5 126.5 24
----------------------------------------------------------------------------
For more information, please visit our website at www.energizerresources.com.
Safe Harbour Statement: The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release issued by the Company. This press release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from expectations and projections set out herein.
Forward-looking statements include, receipt of regulatory approval, statements on the proposed use of proceeds; completion of financing on terms proposed; the ability to raise additional funds as required; the development potential and timetable of the Company's properties and minerals; the current and future price of minerals the Company explores; the estimated size of mineral deposits on the Company's properties; the realization of those mineral deposit estimates; the timing and amount of estimated future exploration, development and production; costs of future exploration, development and production activities; success of exploration activities; government regulatory matters; discussion of political and environmental risks.
Forward-looking statements are based on the opinions and estimates of management of the Company. Forward-looking statements are subject to known and unknown risks that may cause actual results to be materially different from stated opinions and estimates of management. Some of the Company's more material risks are: availability and timing of external financing; unexpected events and delays during exploration; receipt of government and stock exchange approvals; results of current exploration activities; future price of minerals; political risks in the locations of the Company's properties; appreciation/depreciation of foreign currencies relative to the United States Dollar (the Company's functional currency) and other risks inherent in the mining and exploration industry.
While Company's management has attempted to determine the factors that could cause actual results to differ materially from estimated results contained in forward-looking statements, there may be other factors that cause results not to be as anticipated. The Company provides no assurance that such forward-looking statements will prove accurate or not materially different than projected. Therefore readers of this and other press releases issued by the Company should not place unreasonable reliance on stated forward-looking statements.
This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act') or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Energizer Resources Inc.
Brent Nykoliation
Vice President of Business Development
Toll Free: 800.818.5442 or 416.364.4911
bnykoliation@energizerresources.com
Energizer Resources Inc.
Julie Lee Harrs
President and COO
Toll Free: 800.818.5442 or 416.364.4911
www.energizerresources.com