New NI 43-101 report published/continued exploration with Glencore
Heidelberg. Devonian Metals, based in New Westminster, Canada, reports an update of the resource estimate for its Zinc/Lead/Silver Wrigley project in the North-West Territories of Canada, based on the latest exploration campaigns.
According to the independent estimate, Wrigley hosts an Indicated resource of 728K tonnes grading 8.26% Zn, 2.11% Pb and 12.86/t Ag, plus an Inferred resource of 3,978K tonnes grading 7.34% Zn, 2.02% Pb, and 12.71g/t Ag at a 4% combined zinc plus lead cutoff.
At a lower cutoff of 1% combined zinc plus lead, the Indicated resources are 1,365K tonnes grading 5.20% Zn, 1.38% Pb, and 8.64g/t Ag, and an Inferred resource of 8145K tonnes grading 4.51% Zn, 1.27% Pb, and 8.11g/t Ag.
The 4% cutoff could represent a reasonable grade for underground mining, while the 1% cutoff could be a reasonable grade for open pit mining.
Thomas Gutschlag, CFO of Deutsche Rohstoff AG, noted: “Following the drilling programs of 2010 and 2011, the latest resource estimate doubles the tonnage of our Zinc/lead project. We are quite content with this result and are looking forward to further advance the project together with our partners from Glencore.”
Devonian entered into a farm-in agreement with Glencore in 2010. Over the last two years, Glencore had financed approximately 8.300 meter of drilling.
The independent expert recommends to carry out geochemical, geophysical and metallurgical work as a next step. In addition, he advises that a preliminary economic assessment should be undertaken, given the advanced nature of the project.
Field work has already been initiated and will be completed by summer 2012. The budget for this years program will be roughly CAD 1.5 million, still to be paid from the farm-in funds.
Heidelberg, 21 June 2012