SASKATOON, SASKATCHEWAN--(Marketwire - Nov. 20, 2009) - Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX VENTURE:GWG) (PINK SHEETS:GWMGF) is pleased to announce the results of the Company's new NI 43-101 Technical Report for its Hoidas Lake project prepared by Barr Engineering Company ("Barr").
The Company reports that the overall resource estimate increased by 123% to 2,560,835 tonnes from the previous value of 1,150,000 tonnes. This includes an increase of over 1200% in the Measured category to 963,808 tonnes from the previous estimate of 80,000 tonnes, and an increase of 49% in the Indicated category to 1,597, 027 tonnes from the previous estimate of 1,070,000 tonnes.
This new Technical Report incorporates the results of 32 drill holes completed in the spring of 2008 and includes drilling results from four separate drilling programs conducted from 2001 through to 2008 for a total of 120 core holes located along a strike length of 1150 metres. These core holes, some of which extend to a depth of 398 metres, total 15,222.8 metres of drilling. The rare earth mineralization is open along strike and at depth.
The resource estimate used ordinary kriging, and inverse distance interpolation methods, with the ordinary kriging values used for reporting. Based on preliminary economics generated by the Company, a cut-off grade of 1.5% Total Rare Earth Elements ("TREE") was applied for summary reporting purposes. The resource model uses the assay data provided by the Company.
Eighty seven percent of the average value of TREE is made up of lanthanum, cerium and neodymium with neodymium grades averaging 0.42% of the measured and indicated resource. This high proportion of Nd (used in permanent magnet electric motors) supports the economics of the Hoidas Lake project and moving forward with a preliminary economic assessment report.
John Pearson, MSc., P.Geo., Vice-President Exploration for GWMG, is the qualified person responsible for reviewing the contents of this news release (the "Qualified Person").
Jim Engdahl, President and CEO of Great Western Minerals Group said "We are certainly pleased to report these results to our shareholders. Our belief always was that we could at least double the resource estimate for this project and this report certainly confirmed that. This reinforces our belief that this could be a much larger deposit since we have drilled a relatively small portion of the property. Once we receive the results of our ongoing metallurgy we will be able to complete the remaining items for a preliminary economic assessment report."
About Great Western Minerals Group Ltd.
Great Western Minerals Group Ltd. is a Canadian-based company with six rare earth exploration and development properties in North America with an option on a sizable additional property in South Africa. In addition, as part of the Company's strategy to pursue a vertically-integrated business model, the Company's wholly-owned subsidiaries of Less Common Metals Limited located in Birkenhead UK, and Great Western Technologies Inc., located in Troy, Michigan, produce a variety of specialty alloys for use in the battery, magnet and aerospace industries. These "designer" alloys include those containing copper, nickel, cobalt and the rare earth elements.
Certain information set out in this News Release constitutes forward-looking information. Forward-looking statements (often, but not always, identified by the use of words such as "expect", "may", "could", "anticipate" or "will" and similar expressions) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties. Forward-looking statements are based upon the opinions, expectations and estimates of management of the Company as at the date the statements are made and are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Those factors include risks, uncertainties and other factors that are beyond the control of the Company, risks associated with the industry in general, commodity prices and exchange rate changes, operational risks associated with exploration, development and production operations, delays or changes in plans, risks associated with the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. In light of the risks and uncertainties associated with forward-looking statements, readers are cautioned not to place undue reliance upon forward-looking information. Although the Company believes that the expectations reflected in the forward-looking statements set out in this press release or incorporated herein by reference are reasonable, it can give no assurance that such expectations will prove to have been correct. The forward-looking statements of the Company contained in this press release, or incorporated herein by reference, are expressly qualified, in their entirety, by this cautionary statement.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
