Cannivan Gulch has indicated resource containing 225 million pounds and inferred resource containing 167 million pounds of molybdenum
VANCOUVER, Feb. 13 /CNW Telbec/ - Bolero Resources Corp. (the "Company"
or "Bolero"), (TSX-V: BRU), (FRANKFURT: U7N) is pleased to announce it has
received and will post on Sedar, a NI 43-101 compliant report on its Cannivan
Gulch property in Montana. This report is authored by Broad Oak Associates.
The report states that there is an indicated resource of 177,945,700 million
tons at a grade of 0.06% Molybdenum (225 million pounds of Molybdenum)
calculated using a block model with standard kriging. The report also states
that there is an additional inferred resource of 146,363,500 tons at a grade
of 0.06% Molybdenum (166.9 million pounds of Molybdenum). These resources were
calculated using a 0.04% Molybdenum cut-off grade for both categories. The
above contained Molybdenum is the total material contained and does not take
into account metallurgical recoveries.
Based on historic drilling and on the results of two holes completed by
Bolero in 2007 (see press release January 7, 2008), the resource has not been
closed off to the north or to the south. In addition, portions of the resource
are open to depth as well. Drilling planned for 2008 will be designed to both
in-fill the resource and to test those areas where the resource is still open.
The Cannivan Gulch property is a molybdenum porphyry system that was
discovered in 1968 and explored by Cyprus Exploration Company and Amoco
Minerals Company in the 1970's and early 1980's. Work by Cyprus included
55 core holes totaling 88,450 feet, 2,514 feet of drift, cross cut and two
test raises. Based on the results of these earlier exploration programs, a non
NI 43-101 compliant resource was estimated by Amoco Minerals Company, in June
1982, at 300 million tons grading 0.06% Molybdenum ("Mo"). This historical
resource was calculated at a 0.03% Mo cut-off.
<<
Summary of the Mineral Resources at Cannivan Gulch
--------------------------------------------------
Indicated Mineral Resource
--------------------------------------------------
Grade Grade
Tons Greater Greater Greater
than Cutoff than Cutoff than Cutoff Million
Cutoff %Mo (000's) % Mo % MoS2 lbs. Mo
--------------------------------------------------
--------------------------------------------------
0.04 177,945.7 0.063 0.106 225.4
0.05 117,156.1 0.073 0.122 171.4
0.06 75,444.4 0.083 0.139 125.6
0.08 29,201.5 0.106 0.178 62.2
--------------------------------------------------
--------------------------------------------------
Inferred Mineral Resource
--------------------------------------------------
Grade Grade
Tons Greater Greater Greater
than Cutoff than Cutoff than Cutoff Million
Cutoff %Mo (000's) % Mo % MoS2 lbs. Mo
--------------------------------------------------
--------------------------------------------------
0.04 149,363.5 0.056 0.093 166.9
0.05 82,072.3 0.065 0.109 106.9
0.06 39,814.9 0.076 0.127 60.8
0.08 10,929.9 0.100 0.167 21.9
--------------------------------------------------
>>
Mr. R. Bruce Duncan, President and C.E.O of Bolero noted that at a cutoff
of 0.04% Mo, the total resources at the property are now about 10% greater
than the historic resource. He stated that "this confirms Bolero's faith in
this property and its firm belief that it has the ability to host a very
significant large tonnage Molybdenum deposit. It was very gratifying that the
2007 program enabled the Company to enlarge the deposit and report that a
substantial portion of the resource is now in the indicated category".
Bolero has digitized the extensive database on the Cannivan Gulch
property which includes the 55 diamond drill holes completed by Amoco and
Cyprus in the 1970's and 1980's, and the two holes drilled in 2007. Broad Oak
check assayed four samples of quartered core from the 2007 drill program and
noted that they confirmed the Bolero data.
Preliminary metallurgical test work conducted by Amoco Minerals Company
in 1981 showed that the molybdenite could be readily recoverable from the
quartz monzonite material by standard floatation methods. Recovery from the
sedimentary material was less satisfactory by standard flotation. However,
testing using the Cyprus-Pima process, which had been used successfully at the
Pima Mine, seemed to be viable although further test work would be required to
confirm this method.
The Cannivan Gulch project is located about 30 air miles southwest of
Butte which serves as the nearest business and population center. The area can
be reached from Butte over 35 miles of paved highway and about 10 miles of
graded dirt road from Dewey, Montana.
The report recommends a two phase program which includes a total of
approximately 18,000 feet of diamond drilling. Some of the core recovered will
be used for further metallurgical testing. It is anticipated that the two
phases would cost in the range of US$1.2-1.4 million. Bolero has started the
permitting process.
John Childs, Ph.D., Registered Geo (AZ) is the "qualified person" (as
such term is defined by NI 43-101) responsible for the preparation of the
technical information in this release.
Bolero Resources Corp. is a Canada-based molybdenum mineral development
and exploration company. Our primary assets are 100% interests in two
significant molybdenum properties located in Montana, USA, which are the Bald
Butte and Cannivan Gulch properties. The Company is listed on the TSX-Venture
Exchange under the symbol BRU, as well as the Frankfurt Exchange under U7N.
For more information, please visit www.boleroresources.ca or call toll-free
888-945-4770.
On behalf of the Board of Directors
"R. Bruce Duncan"
President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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