VVC Exploration Corp. Reports "Large Expansion" of Estimated Copper Resource
TSX VENTURE: VVC
TORONTO, March 21, 2019 (GLOBE NEWSWIRE) -- VVC Exploration Corporation (“VVC” or the “Company”) (TSX-V:VVC) is pleased to announce that it has received an updated Resource Estimate (the “2019 Resource Estimate”) for its Samalayuca property in northern Chihuahua state, Mexico.
Samalayuca Updated Mineral Resources
VVC’s Samalayuca Copper Project’s Updated Mineral Resources are: 59.4 million pounds of Copper Indicated and 89.33 million pounds Inferred (see Table 1 below). This compares with a previous estimate of 42.49 million pounds of Copper Inferred.
Comments from VVC Chairman, Terrence Martell
"I am particularly pleased for VVC to be able to share this Resource Estimate with investors. The 2019 Resource Estimate highlights the continued progress of the Company toward the stated goal of ‘Pilot Mining’. There are numerous additional steps necessary before pilot mining can occur to be covered in future news release, but this Resource Estimate, more than any other communication by the Company, will provide shareholders with an understanding of the significant potential of the Samalayuca Copper Property.
"Over the last two years of drilling results from VVC’s Samalayuca project, it was difficult to convey to shareholders the significance of the results of the drilling campaign and the ongoing exploration program in Samalayuca. The 2019 Resource Estimate was generated using all exploration data up to December 2018. Whereas, the previous resource estimate in 2013 showed only an Inferred Resource, now both Indicated and Inferred Resources are being reported. With a base case resource of 59.40 million pounds of copper indicated and 89.33 pounds of copper inferred, VVC has solid basis for treating Samalayuca as an attractive, viable project."
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
The 2019 Resource Estimate is summarized in Table 1 below. The base case is outlined in gray and various cut-off grades from 0% to 0.30% Copper are included as alternate cases for economic sensitivity analysis.
|Lower Cut Off (%)||Ore (million tons)||Copper (%)||Copper (000 tons)||Ore (million tons)||Copper (%)||Copper (000 tons)||Copper (million lbs)||Copper (million lbs)|
Table 1 – Samalayuca Updated Resource Estimate (base case is outlined in gray)
Notes to table:
- The mineral resources are not mineral reserves, as they do not have demonstrated economic viability.
- The resource evaluation results are considered to have reasonable prospects for economic extraction.
- The resource estimation encompasses eight zones: Gloria, Gloria Extension, Concha, Gloria North, Juliana, Zorra, Trinidad and Suerta.
- The author of the report is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issue not reported in the Technical Report that could materially affect the mineral resource estimate.
The 2019 Resource Estimate was submitted via a draft NI 43-101 technical report received on March 20, 2019. The final report (the “Report”) will be delivered and filed on SEDAR in the next 45 days. The Resource Estimate includes data gathered from the 2017/2018 drilling (see news release of January 30th, 2019) and was prepared by Jacques Marchand P. Eng. Geology, a qualified, and independent person as defined under National Instrument (NI) 43-101. A previous resource was prepared by Michel Boily, Ph.D., P., Geo. in 2013 and was included in a NI 43-101 technical report dated April 20, 2013.
The technical and scientific content of this press release has been reviewed and approved by Jacques Marchand P. Eng. Geology, as the independent qualified person responsible for the resource calculations and associated NI 43-101 report, and Peter M. Dimmell, BSc., P.Geo. (NL ON), VVC Director and Qualified Person as defined by NI 43-101.
The 2019 mineral resource estimate was prepared using MapInfo and Discover software. Discover was used for 3D modelling of the eight mineralized zones, for grade estimation and for block modelling. Statistical studies were done using Microsoft Excel software. The estimate was performed using 3D block modelling with the Inverse distance weighting interpolation method.
About VVC Exploration Corporation
VVC is a Canadian exploration and mining company focused on the exploration and development of copper and gold deposits in Northern Mexico, mainly the Samalayuca copper property in northern Chihuahua State. VVC has other projects in Mexico and Canada, including gold and silver prospects, Cumeral and La Tuna, in Sonora and Sinaloa States, Mexico and a grassroots gold/VMS prospect in the Timmins area of northern Ontario.
On behalf of the Board of Directors
Michel J. Lafrance, Secretary-Treasurer
|For further information, please contact:|
|Patrick Fernet - (514) 631-2727
|or||Eugene Braigen - (646) 245-3409
|Or visit our website at: http://vvcexpl.com.|
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