🕐12.08.09 - 10:42 Uhr
12 August 2009 - Sentinel Resource & Scoping Study
SUMMARY
.
Initial insitu Inferred Resource for the Church Deposit, the first
area drill tested within the Sentinel Project in North Dakota USA,
representing only 1/5 of the total prospective project area on PacMags 100%
owned leases:
Cut-off Grade
Wet Tonnes
Dry
Tonnes
U3O8
(%)
MoO3
(%)
50 ppm U3O8
3,439,000
2,353,000
0.0165
0.0221
200ppm U3O8
841,000
580,000
0.035
0.039
.
The Company believes that there is considerable upside in both
grade and tonnes reported as the initial Resource estimate involved a
conservative approach of inserting half below detection grades (0.0005%
U3O8) for all un-assayed portions of the host lignite unit (601 of 1279
composite samples), resulting in a significant reduction in average resource
composite grades (by 46% for uranium).
.
Broader Exploration Target for the Companys current regional
landholdings of between 3 to 6 million dry tonnes at grades of 0.05% to 0.1%
U3O8 and 0.05% to 0.1% MoO3 (5 - 10 million pounds U3O8).
.
Within the Church resource area only and based on the same
drilling and modelling techniques as used for the uranium and molybdenum
resource reported above, there is a germanium Exploration Target of:
Cut off Grade
Wet Tonnes
Dry Tonnes
GeO2 (g/t)
Tonnes GeO2 (median values)
25ppm GeO2
5.9Mt - 10.9Mt
4.0Mt - 7.5Mt
40 - 70
287
50ppm GeO2
2.4Mt - 4.3Mt
1.6Mt - 3Mt
50 - 100
171
.
Broader Exploration Target for the Companys total regional
landholdings of 6 to 18 million tonnes of germanium rich lignite at grades
of 65 to 100 g/t GeO2 (450 - 1350 tonnes GeO2).
.
The uranium and molybdenum resources and the Exploration Targets
are reported in accordance with the JORC code.
Upon further analytical
check assay work, the germanium Exploration Target may be upgraded to
resource status, but until that time the Exploration Targets remain
conceptual in nature.
.
Further drilling of regional targets is planned to expand the
resource base, along with re-drilling of selected Church resource holes to
test unassayed lignite sections to better establish grades.
.
Development of initial process flow-sheets based on recent
metallurgical testwork has allowed initial scoping level financial modelling
that indicates a conceptual project that is operating cash flow positive
under a range of scenarios:
o Capex Range US$63 million (125k tpa uranium plant only) to US$105
million (250k tpa plant, uranium, molybdenum, germanium)
o Results for a high-grade case* 250k tpa throughput, recovering uranium
only providing net revenue of US$117/tonne, equal to US$30 million per annum
free cash, cash cost of $24/lb U3O8 or ~ 3.5 years payback on capital.
Please find attached a copy of an announcement made today by PacMag Metals
Limited (ASX-PMH).
Kind regards
Vivien Collins
PA & Office Administrator
PacMag Metals Limited
PO Box 1569
West Perth WA 6872
Lvl 2, 33 Ord Street
West Perth WA 6005
p: (08) 9481 2997
f: (08) 9321 0070
e:
w: www.pacmag.com.au
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