🕐09.11.11 - 02:27 Uhr
GREAT QUEST NEWS RELEASE
Tilemsi Phosphate Project receives 32.6 Mt Initial
NI 43-101 Mineral Resource Estimate
VANCOUVER, BRITISH COLUMBIA (November 8, 2011) -- Victor J.E.
Jones,
President and CFO of Great Quest Metals Ltd.
("Great Quest" or the
"Company") (TSX VENTURE:GQ) (FRANKFURT:GQM), is pleased to announce that the
Company has received an NI 43-101 compliant mineral resource estimate based
on the first phase drill results within small portions of the companys 737
km2 Tilemsi Phosphate Project located in Eastern Mali, West Africa.
The
report from Jed Diner, (M.Sc., P.Geol.) provides an Inferred Mineral
Resource estimate of 32 million tonnes at a grade of 23.4% P2O5 (at a cutoff
of 5% P2O5) using a specific gravity of 2.1.
Inferred Resources:
Summary of the resources at various cutoff grades
Tin Hina
Alfatchafa
Total
Cutoff
Grade
%
Tonnes
1000s
Average
Grade
P2O5 %
Tonnes
1000s
Average
Grade
P2O5 %
Tonnes
1000s
Average
Grade
P2O5 %
15
19,280
24.66
11,639
22.8
30,919
23.96
12
19,995
24.25
12,497
22.19
32,492
23.46
10
20,000
24.24
12,550
22.14
32,550
23.43
5
20,000
24.24
12,664
22.01
32,664
23.38
The Tilemsi resource model is based on 176 drill holes completed in the
Phase 1 drilling program carried out in the second quarter 2011 on the two
initial target areas within the 737 km2 large project area.
The phosphate
bodies are stratabound, located near surface in gently rolling plateaus, and
outcropping where the plateaus are cut by wide dry river beds.
This should
allow for a low strip ratio and minimal pre-stripping requirements.
The
overburden and phosphate material is soft unconsolidated silts and sand,
which should be amenable to free digging, minimizing mining costs.
The report acknowledged that there is considerable additional untested
exploration potential on the Tilemsi concessions, especially adjacent to the
drilled areas, east of Tin Hina and SW of Alfatchafa.
The report concludes
that other areas within the concessions exhibit phosphate outcrops which
have not been drill tested at all and which could increase the potential
considerably.
Continued exploration and drilling is recommended.
The map
given in Figure 4 of the report is presented below indicating the location
of the drilling to date.
Mr.
Ehud Levy, a Director of Great Quest Metal and international consultant
on commercial phosphate deposit development stated, "The Company is pleased
with the initial resource estimate for Tilemsi as it confirms the quality of
the deposit and the potential for Mali as a source of high grade phosphate.
We believe that the current inferred resource is conservative and that
drilling of the target areas and other hills within the Tilemsi concessions
will show greater reserves and increase the project potential."
The Company has mobilized geologists to the project site for continued
sampling and geological reconnaissance.
Eleven pits have been completed for
a bulk sample for metallurgical test work and field work is in progress in
preparation for drilling programs scheduled over the coming months.
Resource Estimation Methodology
The majority of the drill holes used were on the 320km2 Tin Hina
Concession, with the area of the polygons used for the calculation of
resource set at 6.75km2 for Tin Hina and 6.7 km2 for Alfatchafa,
representing just over 13.4km2 of the expansive 320 km2 Tin Hina area in a
total project area of 737 km2.
Based on the average thicknesses of the phosphate seams, weighted average
grade of the intersections, and using a specific gravity of 2.1, the
preliminary estimate of tonnage represented by the Phase 1 drilling is
approximately 32.6 million tonnes of phosphate rock at a weighted average
grade 23.4% P2O5 of high quality.
Geochemical analysis of the phosphate
samples indicates that the deposit is free of deleterious elements (Cd<1
ppm, U<10 ppm) but rich in Fe2O3 and Al2O3 (about 11% combined).
Based on the drill hole spacing and sample quality issues, the report
classifies the resources as inferred.
The Phosphate field was divided into
two different areas: Tin Hina and Alfatchafa, each of which was modelled
independently by seam modeling.
An Inverse Distance Squared (IDS) algorithm
was used to obtain resource estimates.
A detailed statistical analysis was
completed according to the geological model.
Each element assayed was
included in the analysis.
A two dimensional (2D) estimate as defined by the
ore layer surfaces was undertaken.
The block model size was based on
drill-hole spacing and thickness of the mineralised unit.
The estimation of
P2O5 for the main phosphate layer was undertaken using the IDS method.
On
Alfatchafa, presence of good variograms allowed calculation of resources
using Kriging, while in Tin Hina, only IDS estimation was possible.
The statistical analysis comprised comparing the block average grades from
the Inverse Distance Squared (IDS) to that of the raw drill hole data.
The
Kriged Alfatchafa model grades compare very well to the IDS model grades
with less than 1% variation between the two models.
The area is not
structurally complex and so no geological losses were applied.
dh and polygons
Figure 4: Overview of the Tilemsi project, with drill holes in red, ore
polygons in yellow and the outline of license areas (black lines).
See
website for Report.
Qualified Person
Jed Diner (M.Sc., P.Geol.) is the Qualified Person responsible in accordance
with NI 43-101 for the content, review and approval of this News Release.
Mr.
Diner completed his MSc in Applied Earth Science at Stanford University
in 1983 and works internationally on mineral exploration and resource
development projects.
He has consulted on other Phosphate projects in
Uzbekistan, Peru and Angola.
ON BEHALF OF THE BOARD OF DIRECTORS
OF GREAT QUEST METALS LTD.
"Victor J.E.
Jones"
Victor J.E.
Jones
President
Great Quest Metals Ltd.
is a Canadian mineral exploration company with
assets in Mali, West Africa.
The Company is focused on developing the
Tilemsi Phosphate Project, encompassing 737 km2 in eastern Mali.
The Company
also holds several gold concessions in the productive Birimian gold belt in
western Mali.
Great Quest is listed on TSX Venture Exchange (GQ), and the
Frankfurt Stock Exchange (GQM).
Reception - Great Quest Metals Ltd.
Vancouver Office
1.604.689.2882
Fax: 604-684-5854
Email -