Cogitore Resources Inc. (the "Company") (TSX VENTURE:WOO) is pleased to report a material increase in the NI43-101 compliant resource estimate for its copper, zinc, gold and silver project in Scott Township, Chibougamau, PQ. The mineral resource estimate was prepared by Bernard Salmon, ing., of Roscoe Postle Associates Inc. ("RPA"). A Technical Report in compliance with National Instrument NI-43-101 will be filed on SEDAR within 45 days of this release.
Mineral resources have been classified as Inferred. Highlights include:
5.3 million tonnes of 1.1% copper, 4.7% zinc, 0.3 g/t gold and 35 g/t silver using a $80 NSR cut-off grade *.
- 47% tonnage increase over initial 2010 resource estimate
- 53% increase in contained pounds of copper metal of 46 million pounds for a total of 133 million pounds of copper
- 34% increase in contained pounds of zinc metal of 142 million pounds for a total of 554 million pounds
- 43% increase in contained ounces of silver of 1.7 million ounces for a total of 5.9 million ounces
* Assumptions made by RPA for the determination of the $80 NSR cut-off include a US$1.00 Canadian dollar and the following metal prices: copper - US$3.25/lb, zinc - US$1.00/lb, gold - US $1000/oz, and silver - US $20/oz.
The recently updated resource includes mineralization in eight volcanogenic massive sulphide (VMS) lenses and two stringer mineralized zones located over a 1.4 kilometre strike length. All lenses range in depth from about 250 metres to 900 metres below surface. Increases in resources attributable to higher value massive sulphide-type (MS) mineralization are offset by lower tonnage (66% of total tonnage in 2010 versus 49% in 2011) of lower value footwall stringer and disseminated sulphides. Stringer-type mineralization is particularly sensitive to a high Canadian dollar, smelter terms and commodity prices, especially for zinc.
An historic non-compliant resource of 0.7M tonnes of 0.4% copper and 6.9% zinc from bedrock surface to a depth of 400 metres for the Selco-Scott Lens is NOT included in the updated NI43-101 compliant resource. Further exploration is required to upgrade or verify this historic resource estimate as a current mineral resource.
The current mineral resource estimate was done by block modeling techniques, using a minimum horizontal width of 2.0 metres and a Net Smelter Return cut-off of $80 per tonne. All technical parameters will be fully disclosed in the RPA report, which will also be posted on Cogitore's web site when received.
Potential for Additional Resources
There is potential to increase the resource base at Scott Lake. Target areas include:
- A new copper zone discovered in hole SC-61 (2.8% copper over 3.1m of massive sulphide (MS) within a broader interval of MS and stringer-type sulphides averaging 0.9% copper over 21.0m – press release of May 18, 2011)
- Underexplored sections also remain associated with the Selco Rhyolite. A 300+ metre 'gap' occurs between the still open Central Lens and still open '34' Zinc Lens at relatively shallow depth (less than 400 metres below surface).
- A modest diamond drill program consisting of duplicate and infill drill holes would also allow mineralization in the Selco-Scott Lens to become NI43-101 compliant.
The potential to add significantly more tonnes to the current mineral resource base is best exemplified by the dramatic increase in tonnes and grade in the Central Lens in 2011, which is indicative of the remaining potential to add material quantities of mineralization within 'gaps' of relatively short trend lengths within longer stretches of sparsely drilled or undrilled favourable trends.
Dr. Gérald Riverin, Company President and CEO, commented: "This new mineral resource estimate is yet another key milestone for the Company and we are keen now to get back to our interpretation work and design drilling programs that will continue to increase mineral resources."
Work is carried out by technical personnel of Cogitore Resources Inc., under the supervision of Gérald Riverin, PhD, P.Geo, who prepared this release. He is a qualified person (as defined by National Instrument 43-101) and has more than 31 years of experience in mineral exploration.
Cogitore explores for VMS-type deposits in areas where mineralization has been found and mined before. Exploring in such areas is preferred because of existing infrastructure, knowledgeable local workforces and broad public support for mining. Collectively, these are major competitive advantages for logistics and economics.
For more information please contact:
President & CEO
Telephone: 819-764-6666 or
Telephone: 416-924-9893, ext. #1