MONTEZUMA MINING kassiert ab

Sie erhalten 4M A$ , die Marktkapitalsierung liegt nur bei 12M A$.


MT PADBURY MAIDEN MINERAL RESOURCE
ESTIMATE EXCEEDS 10Mt THRESHOLD
• Sinosteel Midwest Corporation Limited have defined a maiden
Mineral Resource Estimate at Mt Padbury of 13.3Mt @ 56% Fe.
• The Mineral Resource Estimate exceeds the threshold to
trigger the third cash payment of $4M to Montezuma.
• Under the terms of the Sale Agreement, the third payment is
payable on or before 30 April 2010.
Montezuma is pleased to advise that the Company has received
notification from Sinosteel Midwest Corporation Limited (“Sinosteel
Midwest”) that they have defined (Resource Statement attached) a
Maiden JORC compliant Inferred Mineral Resource Estimate for the
Jabiru Prospect at the Mt Padbury Project of 13.3 Mt of iron
mineralisation grading 56% Fe.
The key significance of this milestone is that the Mineral Resource
Estimate exceeds the threshold required to trigger a third cash payment
of $4M to the Company. Under the terms of the sale agreement, the
payment is due on or before 30 April 2010.
On commencement of production from the project, Montezuma will also
receive a 0.5% royalty on the gross proceeds of the sale of all iron ore
grading between 30-50% Fe and a 1% royalty on the gross proceeds of
the sale of all iron ore grading over 50%.
The additional funding will further underpin aggressive exploration at the
Company’s Projects. Target generation activities have identified a
number of high priority targets at all projects and an extensive campaign
of RAB and RC drilling is planned targeting gold, high-grade DSO
manganese ore and copper massive sulphide mineralisation.
More Information
Justin Brown
Managing Director
Phone: +61 (8) 9228 4833
Mobile: 0438 745 675
Resource Statement Robinson Range – Jabiru Deposit March 2010
The March 2010, Jabiru mineral resources have been classified in accordance with the
Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves
(“2004 JORC Code”), and is shown in Table 1 below.
Notes:
• Iron mineralisation at Jabiru is located on tenure held by Montezuma Mining
Company Ltd (MZM), which Sinosteel Midwest Corporation Ltd (SMC) has acquired
the Iron Ore Rights and is conducting exploration;
• Available data for Jabiru consists of 76 RC drill holes, for a total of 6,960m of
drilling. Drilling was on 80 to 100m section spacing, and approximately 25m apart
across section;
• As shown in Figure 1, iron mineralisation at Jabiru is located in a re-folded synformal
structure, which has been defined along approximately 750m strike length.
Horizontal widths at surface range from 10 to 190m horizontally, but narrows with
depth, with the fold keel approximately 70m below surface;
• 5,909 samples were submitted for chemical analysis which other than loss on ignition,
was performed by XRD at contract laboratories in Perth;
• Loss on ignition analysis was performed for all samples at a 1,000°C using a thermogravimetric
method;
• Samples submitted for analysis included routine standards, blanks, field and
laboratory duplicate samples which did not identify any sample or laboratory
discrepancies;
• Interpretation of the mineralisation was constrained by stratigraphy and prepared
using a total iron cut-off of greater than 46% iron and less than 25% silica;
• Grade interpolation was by Ordinary Kriging within mineralised boundaries for iron,
silica, alumina, loss on ignition, phosphorus and sulphur;
• Dry bulk density was derived from 1,440 geophysical bulk density determinations
which were applied on the basis of elevation. Bulk density has been assumed to be
dry, based on drilling conditions and the regional water table; and
• Consideration was given to the mineralisation style, current geological understanding,
available analytical data, available bulk density data (including the absence of any
available core), and geostatistical criteria when assigning the resource classification.
The classification was undertaken by Kahan Cervoj, a full-time employee of Sinosteel
Midwest Corporation Ltd, and a member of The Australian Institute of Mining and
Metallurgy (AusIMM) with sufficient experience relevant to the style of mineralisation
and type of deposit described to qualify as a Competent Person, as defined by the 2004
edition of the “Australasian Code of Reporting of Exploration Results, Mineral
Resources and Ore Reserves”. Mr Cervoj consents to the inclusion in this report, of the
matters based on his information, in the form and context in which it appears.