TORONTO--(BUSINESS WIRE)--Almonty Industries Inc. (“Almonty” or the “Company”) (TSX-V: AII) today announced the filing of an updated National Instrument 43-101 Technical Report for the Panasqueira Mine, Portugal.
The Technical Report was filed on SEDAR (www.sedar.com) under Almonty’s company profile and will also be available on the Company's website at www.almonty.com.
The original and updated reserve and resource estimates are as follows:
| Panasqueira June 30, 2015 | ||||||||
| Tonnes | Avg Grade | Contained WO3 | ||||||
| Reserves | WO3 | Tonnes | MTU | |||||
| Proven | 691,000 | 0.22% | 1,544 | 154,439 | ||||
| Probable | 970,000 | 0.19% | 1,887 | 188,665 | ||||
| Total Reserves | 1,661,000 | 0.21% | 3,431 | 343,104 | ||||
|
Resources ( inclusive of |
||||||||
| Measured | 1,661,000 | 0.21% | 3,431 | 343,104 | ||||
| Indicated | 7,877,000 | 0.24% | 18,692 | 1,869,212 | ||||
| Total Resources | 9,538,000 | 0.23% | 22,123 | 2,212,316 | ||||
| Inferred Mineral resources | ||||||||
| Inferred | 4,910,000 | 0.22% | 10,802 | 1,080,200 | ||||
| Cut-off | ||||||||
| Reserves | 0.12% WO3 | |||||||
| Measured Resources | 0.12% WO3 | |||||||
| Indicated Resources | 0.13% WO3 | |||||||
| Inferred Resources | 0.13% WO3 | |||||||
| Panasqueira December 31, 2016 | ||||||||||||
| Tonnes | Avg Grade | Contained WO3 | % Increase | |||||||||
| Reserves | WO3 | Tonnes | MTU | |||||||||
| Proven | 775,000 | 0.22% | 1,694 | 169,400 | 9.69% | |||||||
| Probable | 1,176,000 | 0.19% | 2,234 | 223,400 | 18.41% | |||||||
| Total Reserves | 1,951,000 | 0.20% | 3,928 | 392,800 | 14.48% | |||||||
|
Resources ( inclusive of |
||||||||||||
| Measured | 1,951,000 | 0.20% | 3,928 | 392,800 | 14.48% | |||||||
| Indicated | 8,076,000 | 0.24% | 19,199 | 1,919,900 | 2.71% | |||||||
| Total Resources | 10,027,000 | 0.23% | 23,127 | 2,312,700 | 4.54% | |||||||
| Inferred Mineral resources | ||||||||||||
| Inferred mine material | 5,158,000 | 0.22% | 11,100 | 1,110,000 | 2.76% | |||||||
| Inferred tailings | 5,164,000 | 0.26% | 13,230 | 1,323,000 | ||||||||
| Total Infered | 10,322,000 | 0.24% | 24,330 | 2,433,000 | 125.24% | |||||||
| Cut-off | ||||||||||||
| Reserves | 0.12% WO3 | |||||||||||
| Measured Resources | 0.12% WO3 | |||||||||||
| Indicated Resources | 0.13% WO3 | |||||||||||
| Inferred Resources | 0.13% WO3 | |||||||||||
| Minimum Thickness = 2.2 m | ||||||||||||
| Mining Recovery = 84% | ||||||||||||
Numbers may not add absolutely due to rounding.
Lewis Black, President & CEO of Almonty commented, “The significant increase in mineral reserves has enabled Almonty to extend the life of mine at Panasqueira and validates our belief in the longevity of the mine. In addition, we are continuing our testing work on the tailings stock piles at the mine. X-ray sorting test work carried out to date has been very promising and has the potential to significantly enhance the long-term viability of the mine. We anticipate further evaluation and pilot plant testing on the tailings will enable us to expand the tailings resources and finalize the milling circuit design that will allow us to recovery the contained tungsten in the tailings.”
Qualified Persons
The updated reserve and resource estimate of the Sangdong Mine Project included in this release was prepared by Adam Wheeler. Mr. Wheeler is an independent Qualified Person for the purposes of National Instrument 43-101 and has prepared and approved the scientific and technical disclosure contained in this news release.
About Almonty Industries Inc.
The principal business of Toronto, Canada-based Almonty Industries Inc. is the mining, processing and shipping of tungsten concentrate from its Los Santos Mine in western Spain, its Wolfram Camp Mine in north Queensland, Australia and its Panasqueira mine in Portugal as well as the development of the Sangdong tungsten mine in Gangwon Province, Korea and the Valtreixal tin/tungsten project in north western Spain. The Los Santos Mine was acquired by Almonty in September 2011 and is located approximately 50 kilometres from Salamanca in western Spain and produces tungsten concentrate. The Wolfram Camp Mine was acquired by Almonty in September 2014 and is located approximately 130 kilometres west of Cairns in northern Queensland, Australia and has produced tungsten and molybdenum concentrate, although the Wolfram Camp Mine is not currently producing due to ongoing refurbishment of the processing plant. The Panasqueira mine, which has been in production since 1896, is located approximately 260 kilometres northeast of Lisbon, Portugal, was acquired in January 2016 and produces tungsten concentrate. The Sangdong mine, which was historically one of the largest tungsten mines in the world and one of the few long-life, high-grade tungsten deposits outside of China, was acquired in September 2015 through the acquisition of a 100% interest in Woulfe Mining Corp. Almonty also owns 100% of the Valtreixal tin-tungsten project in north-western Spain. Further information about Almonty’s activities may be found at www.almonty.com and under Almonty’s profile at www.sedar.com.
