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Norsemont reports 1.23 billion pounds of copper as inferred resources plus 749 million pounds as indicated resources with significant molybdenum and silver at the Constancia Project
Norsemont reports 1.23 billion pounds of copper as inferred resources plus 749 million pounds as indicated resources with significant molybdenum and silver at the Constancia Project.
About this update from Norsemont Mining Inc.
[{"type":"text","content":"\n\n\n\n\nCONFERENCE CALL AT 11.00AM (PT), OCTOBER 4, 2006\n\nTSX-V: NOM\n\nVANCOUVER, Oct. 3 /CNW/ - Norsemont Mining Inc. (\"Norsemont\" or \"the\nCompany\") (TSX-V: NOM; Frankfurt: N8S; WKN: A0DQKK; OTC-BB: NOMFF; ISIN:\nCA6565291045) is pleased to announce results of an Initial Resource Estimate\non the Constancia Copper-Molybdenum-Silver Porphyry Project in southern Peru.\nAn independent mineral resource estimate has been completed on the\nConstancia and San Jose Zones of the Constancia Project in Southern Peru. The\nreport estimates an Inferred Resource of 103.9 million tonnes grading\n0.537% copper, 0.014% molybdenum and 3.9 g/t silver (0.67% Cu-Equivalent) at a\ncutoff grade of 0.2% copper, as well as an Indicated Resource of 57.7 million\ntonnes grading 0.589% copper, 0.015% molybdenum and 4.1 g/t silver (0.73%\nCu-Equivalent) at a cutoff grade of 0.2% copper (Table 1). The resource\nestimate for the Constancia Property also contains small amounts of gold\n(~0.06 g/t), which has not been reported in the resource table.\nCopper equivalent values are estimated using long-term metal prices\nincluding: Copper US$1.20 per lb, Molybdenum US$8.00 per lb, and Silver\nUS$7.50 per oz. Adjustment factors to account for differences in relative\nmetallurgical recoveries will depend upon the completion of definitive\nmetallurgical testing. Cu-Equivalent equals Cu per cent plus Mo percent times\n(8.00/1.20) plus Ag grams per tonne times 0.24/(1.20(x)22.05).\nThe Inferred Resources at a 0.2% copper cutoff contains 1.23 billion\npounds of copper, 32 million pounds of molybdenum and 13.0 million ounces of\nsilver. The Indicated Resources at a 0.2% copper cutoff totals 749 million\npounds of copper, 19 million pounds of molybdenum and 7.6 million ounces of\nsilver (Table 2).\nCopper composites were capped at 4.5% Cu, molybdenum composites were\ncapped at 0.20% Mo, and silver composites were capped at 65 g/t during\ninterpolation. Composites were capped during interpolation because composites\nare approximately equal to assays.\nThe resource estimate for the Constancia Property was tabulated under the\ncurrent topography surface with copper as the primary element. Copper,\nmolybdenum and silver grades were interpolated using a grade-block model\nutilizing an inverse distance squared method. Table 1 includes resources from\nthe San Jose and...