Business
Virgin Metals Provides Update on Mexico Projects
TSX Symbol: VGM Shares Outstanding: 78,951,885
About this update from Minera Alamos Inc.
[{"type":"text","content":"\n\n\n\nTSX\n\n\nSymbol: VGM\n\n\nShares Outstanding: 78,951,885\n\n\nTORONTO, Nov. 7 /CNW Telbec/ - Virgin Metals Inc. (TSX: VGM) ("Virgin\nMetals" or the "Company") provides the following update on its molybdenum and\ncopper projects in Sonora, northern Mexico.\n\n\nAt Los Verdes, engineering work for the feasibility study is approaching\ncompletion with conceptual plant and associated earth works design essentially\ncomplete. Capital and operating cost estimates are currently being prepared.\nThe Company is presently working on an interim resource model, based on\nreverse circulation drilling only and including mineralization located on the\nBacanora claim, which was excluded from the previous resource estimate and on\nwhich drilling has now been completed. A total of 75 reverse circulation holes\nand 25 diamond drill holes have now been drilled on the property. However, the\nmodel will not be NI 43-101 compliant until diamond drill data and historical\ndata from 1970's is incorporated into the model. Assays from diamond drill\ndata are still awaited and a final resource model is not expected until\nJanuary 2008, after which a mining schedule will be prepared for inclusion in\nthe final feasibility study report.\n\n\nIt should be noted that the coarse nature of the molybdenite\nmineralization and the rubbly nature of much of the drill core dictated that\nwhole core sampling be employed. Exhaustive geologic logging, geotechnical\nanalysis and density data were obtained from the core before submittal for\nanalysis. Core from three holes has been retained for visual and geologic\nreference.\n\n\nAt Cuatro Hermanos, assay results for the current reverse circulation\ndrill program are starting to trickle in, but the Company faces the same\nproblem as all exploration firms, of massive delays at commercial assay\nlaboratories. It is currently taking up to nine weeks from submittal of\nsamples until assay certificates are received. The company hopes to release\nassays from holes CHRC05-07 to CHRC11-07 within the next few weeks.\n\n\nDrilling is currently in progress on hole CHRC16-07, after major delays\ndue to stuck rods in CHRC15-07. A total of 22 drill holes are planned for the\nSulfate and Main zones, which lie on the northeast and east side of the\nporphyry system, respectively. One of the goals of the presen...