BVT Re-Filed NI 43-101 Report on New Pass Property, Nevada
09.09.2010 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/08/10 -- Bonaventure Enterprises Inc. (TSX VENTURE: BVT)(FRANKFURT: YQG) -Further to our news releases of May 14th, May 17th and June 17, 2010, we have now SEDAR filed a further amended NI 43-101 compliant technical report prepared on the New Pass Property, located in Central Nevada, approximately 27 miles west of Austin (herein called the Amended Report).
The Company retracts the use of 'Indicated Resource' and now is reporting the resource as an 'Inferred Resource'. The Company also retracts the 'Inferred Resource' stated previously and has substituted a significantly smaller 'Potential Exploration Target'. Bonaventure contracted Paul D. Noland (B.Sc., P. Geo) to prepare the Amended Report. The Amended Report contains an Inferred Resource of 15,515,488 short tons (14,075,414 metric tons) at 0.022 ounce per ton (0.75 grams/metric ton) gold equivalent or 341,750 ounces of gold equivalent. This resource is comprised of 282,986 ounces of gold and 3,134,129 ounces of silver. The details of the Inferred Resource are shown in the table below.
The Amended Report contains an additional Potential Exploration Target of 12 to 17 million short tons at potential grades of gold equivalent 0.015 to 0.025 oz/ton. The Potential Exploration Target does not extend beyond the limits of the existing drill holes and ignores possible strike extensions of the Inferred Resource. Using these figures, the Potential Exploration Target could contain 180,000 to 425,000 ounces Au-equivalent ounces. The Potential Exploration Target is not a resource category. Investors are cautioned that the potential quantity and grade described as 'Potential Exploration Target' is conceptual. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
These resources were determined at a cut-off grade of 0.01 oz/ton gold equivalent, and a gold to silver ratio of 60/1. For this ratio, metallurgical recoveries and net smelter returns are assumed to be 100%. A breakdown of the gold and silver credits is shown below. The 'Total of Indicated and Inferred Resources', as was quoted in a previous version of this press release, has been omitted here in order to comply with BCSC and NI-43-101 directives.
Inferred Resource
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Avg Grade Contained Avg Grade, Contained Avg Grade, Contained
Total Au EQ Ounces Ag Only Ounces, Au Only Ounces,
Short Tons (oz/ton) (Au EQ) (oz/ton) Ag Only (oz/ton) Au Only
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15,515,488 0.022 341,750 0.202 3,134,129 0.018 282,986
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The Inferred Resource was done using 137 drill holes over a strike length of 3,800 feet. Vulcan software was utilized to create a 'Block Model' of the resource volumes and weighted average grade.
The Potential Exploration Target consists of the area between the two main inferred resource outlines plus down dip extensions to the most westerly drill holes and up dip extensions to the surface. Even though the Inferred Resource is open ended, the Potential Exploration Target was not extended beyond the limits of drilling along strike.
Qualified Person
The information of a scientific or technical nature relating to the New Pass Property contained in this news release has been prepared and verified under the guidance of, and approved by, geologist Paul D. Noland (B.Sc., P. Geo), being the Company's Qualified Person under NI 43-101.
About Bonaventure Enterprises Inc.
Bonaventure Enterprises Inc. is a Canadian based resource and exploration company traded publicly under the symbol BVT on the TSX Venture Exchange and YQG on the Frankfurt Stock Exchange. In Nevada, the Company holds 100% of the mineral exploration properties including Cottonwood, and Northern Lights. The Company also has an option agreement with U.S. Gold Corporation (TSX: UXG) whereby it has earned a 50% interest in the New Pass (Eureka) and Squaw Creek (Carlin Trend) Properties. Bonaventure also has uranium, poly-metallic and diamond assets in the Athabasca Basin. Bonaventure is focused on the creation of shareholder value and building a first-tier company through the acquisition and development of large projects demonstrating the ability to host large mineral deposits.
Our website remains shut down for a complete update to properly reflect our projects, properties and corporate information. However, we anticipate our updated website to be re-opened by October 2010.
On behalf of the Board of Directors
Richard Kern
President
For further information on the Company, please visit our website at www.bonaventure.us.
The Company's public documents may be accessed at www.sedar.com.
Neither the 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.
Contacts:
Bonaventure Enterprises Inc.
Richard Kern, President
(604) 718-2800
(604) 718-2808 (FAX)
www.bonaventure.us