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Copper-gold and gold-silver mining projects to production in the Philippines.
Message: Announces Corporate Appointment and Releases Project Updates
| February 26, 2009 |
| Cadan Announces Corporate Appointment and Releases Project Updates |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 26, 2009) - CADAN RESOURCES CORPORATION (TSX VENTURE:CNF) ("Cadan" or the "Company") is pleased to announce the appointment of director Mr. John Anderson, as Director, Corporate Development, as well as to provide an update on its projects. As Director, Corporate Development, Mr. Anderson will be responsible for presenting and promoting the Company, including ongoing investment relations strategies, programs and activities. Mr. Anderson is the co-founder of Aquastone Capital Advisors LP, a US based gold investment fund. With over 15 years experience in the capital markets, Mr. Anderson's specialty is identifying undervalued opportunities in the resource industry and investing capital into these situations. He is a director of US publicly listed Wescorp Energy Inc. and was President & CEO from 2003-2004. He is also a board member of J-Pacific Gold Inc. and Eternal Energy Corp. This appointment continues the progress of Cadan as it advances its Batoto-Tarale gold deposit and Comval porphyry copper-gold projects and implements the progressive development and production of its T'Boli gold-silver project. PROJECTS UPDATE Cadan's Technical Director, William D Goode, is completing an "internal resources analysis" for the Board on its major T'Boli epithermal gold-silver and Comval porphyry copper-gold projects. At this stage, it is expected that this internal analysis will be finalized in Q2, 2009. An independent qualified person will then be commissioned to prepare a National Instrument 43-101 ("NI 43-101") compliant resource statement. Mr. Goode is a graduate of the West Australian School of Mines in Mining Geology and Mine Surveying and holds a current Underground Supervisor's Certificate of Competency. He has more than 45 years' experience in geology, mining and mineral exploration and has acted as a resource consultant to major Australian and international companies. His experience covers gold, silver, base metals and uranium exploration and mining in Australia and Asia (see News Release dated Monday, November 27, 2007). TBOLI GOLD-SILVER PROJECT To view photo please click on the following link: http://media3.marketwire.com/docs/CN... Cadan announced the historic initial advance of its planned production-exploration decline to access mineralized material from its T'Boli epithermal gold-silver deposit with a NI 43-101 Inferred Mineral Resource (2.4Mt @ 5.5 g/t gold and 21 g/t silver) of some 420,000 ounces of gold and 1,600,000 ounces of silver (see News Release dated Thursday, December 18, 2008). This development decline, which is on a mineralized zone highlighted by some 40m @ 23 g/t gold (uncut), commences the lateral development program designed to test actual widths and gold-silver grades in the mineralized system. Simultaneous with the decline work, a ventilation and alternative egress shaft is being advanced some 100m ahead of the decline face. This shaft is being sunk on a gold lode, with two working faces currently developed and up to four more planned to provide early trial production when the advancing decline is connected. To view photos please click on the following link: http://media3.marketwire.com/docs/CN... The Company announced the results of its first trial mining that consisted of 13.5 tonnes of vein style material from the western zone of the North Vein B system at an elevation of some 635m. The head grade was 14.60 g/t gold and 38 g/t silver. Using an old style coarse grind processing plant, the recovered grade was 9.06 g/t gold and 26 g/t silver. Further upgrading of the crushing and grinding circuits is expected to improve recovery to up to 90% with a concurrent improvement in input and processing costs. In this zone, the NI 43-101 Inferred Mineral Resource was reported at 10.10 g/t gold and 20.30 g/t silver (see News Release dated Tuesday, November 4, 2008). The above results provided further support of the recent technical review of the geological database that indicated the possibility that actual grade and size of the target may be higher and larger than previously determined. Technical difficulties with, and the limited extent of, the drilling program may have limited the inferred resource delineated. At the time of sampling, access to known high grade underground workings for sampling was limited (see News Release dated Tuesday, September 23, 2008). However, additional exploration is required to be able to define additional resources and it is uncertain if further exploration will result in the delineation of any additional resources. The Company has acquired an Eimco underground bogger as part of the continuous mechanization of the development program. To view photos please click on the following link: http://media3.marketwire.com/docs/CN... COMVAL GOLD TARGET Batoto-Tarale Gold Target A review of historic and current exploration information and data continues, as does targeted exploration to re-evaluate and validate the Batoto gold target historical resource of 38 million tonnes, containing 1.8gpt of gold, for some two million ounces of gold (Sabena Mining Corporation report, June 1981) (see News Release dated Monday, June 23, 2008). It should be noted that the foregoing historic resource was not prepared in accordance with CIM standards. Further, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, the Company is not treating the historical estimate as current mineral resources or mineral reserves as defined in sections 1.2 and 1.3 of NI 43-101, and the historical estimate should not be relied upon. Until drilling and other detailed exploration is conducted over the target, the foregoing historical resource is highly speculative and should only be considered as indicative of mineralization potential. A stockwork system of gold bearing quartz veins has been mapped in five locations over a total width of some three kilometers and extends westward from the Batoto gold target to the northeastern edge of the large Cadan porphyry copper geophysical anomaly. Mapping and sampling results show some ten kilometers of strike length for this stockwork zone. At one location within the quartz vein stockwork system, quartz veining over a width of some 50m, and with a minimum strike length of 200m, is exposed. Channel sample assay values are of the order of 0.5 g/t gold. However, a 50 tonne bulk sample treated from this location returned 3.2 g/t of gold and 47.3 g/t of silver. This indicates a nugget effect and suggests a different assay technique is required to provide more authentic results from the channel samples. At another location, quartz vein stockwork is exposed over a width of some 120m: strike length is yet to be fully established. While channel sample assay values are of the order of 0.5 g/t gold, a 20m section returned some 4 g/t gold. This confirms that nugget zones do exist and additional nugget zones could be expected with a more appropriate assaying technique. Quartz vein gold bearing stockworks, 100m, 120m and 100m wide respectively, are exposed in three other locations within the overall system. A drill program designed to test the system will be planned and implemented in 2009. COMVAL PORPHYRY COPPER-GOLD DEPOSITS TAGPURA PORPHYRY COPPER-GOLD At its Comval porphyry copper-gold prospects, the Tagpura porphyry copper-gold deposit has a conceptual or order of magnitude potential tonnage of some 1 billion tonnes to 1.7 billion tonnes, with a potential grade range from 0.30% copper and 0.17 gpt gold to 0.7% copper and 0.31 gpt gold. The deposit outlined above remains strictly an exploration target in accordance with guidelines set out in NI 43-101, and the potential quantity and grade is strictly conceptual in nature. There has been insufficient exploration to date to define a mineral resource at this stage, and it is uncertain if future exploration will result in the delineation of a mineral resource. Cadan announced that continuous drilling at bench two, of the Tagpura porphyry copper-gold deposit, and scout drilling towards the known Maangob target, represented a corridor of continuous mineralization of some 1500m long by 500m wide and projected to a depth of 500m indicating a potential tonnage of some 1 billion tonnes. The deposit, at the western end of the corridor, is open to the northeast and southwest, while at the eastern end (bench two), it is open to the northeast and southwest. A conservative extension of the corridor is 1,500m long by 700m wide and, projected to a depth of 500m, indicates a potential tonnage of some 1.7 billion tonnes. At the west end of the corridor is the Maangob historical resource (39.6 M tonnes @ 0.36% copper, 0.5 g/t gold and 4 g/t silver, Sabena Mining Corporation "table of ore reserves" Annual Report of 1980). At the east end of the corridor is the Tagpura historical resource (17.3 M tonnes @ 0.68% copper, 0.5 g/t gold and 4 g/t silver, Sabena Mining Corporation "table of ore reserves" Annual Report of 1980). It should be noted that the foregoing historic resources were not prepared in accordance with CIM standards. Further, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, the Company is not treating the historical estimate as current mineral resources or mineral reserves as defined in sections 1.2 and 1.3 of NI 43-101, and the historical estimate should not be relied upon. Until drilling and other detailed exploration is conducted over the target, the foregoing historical resources, are highly speculative and should only be considered as indicative of mineralization potential. In addition, current drilling on bench five had the following results: TGD 1, 208.6m @ 0.45% copper and 0.17 g/t gold and TGD 15, 162.6m @ 0.8% copper and 0.31 g/t gold from 1.50 to 164.1m (EOH). These figures infer a potential grade range from 0.30% copper and .17 g/t gold to 0.70% copper and 0.31 g/t gold over the deposit as mentioned above (see News Release dated Monday, June 2, 2008). TAGPURA PORPHYRY SKARN COPPER-GOLD Cadan announced that drilling to date at the Tagpura porphyry skarn copper-gold zone had indicated a "conceptual or order of magnitude" potential tonnage range of some 10 million tonnes to 15 million tonnes, with a potential grade range from 0.50% copper and 0.20 g/t gold to 0.70% copper and 0.31 g/t gold (see News Release dated Tuesday, August 5, 2008). The target outlined above remains strictly an exploration target in accordance with guidelines set out in NI 43-101, and the potential quantity and grade is strictly conceptual in nature. There has been insufficient exploration to date to define a mineral resource at this stage, and it is uncertain if future exploration will result in the discovery of a mineral resource. Cadan also stated that it was pleased with these results at the Tagpura porphyry skarn as it demonstrated an additional style of mineralization that may be particularly suitable for "bacterial heap leaching" and early positive cash flow. A metallurgical test work study has commenced to determine heap leach amenability. The Company is reviewing a possible bacterial heap leach operation for the prospect with a start up capacity of two million tonnes per annum. A mine life of five to seven or more years is envisaged although additional exploration is required to delineate a resource. The porphyry skarn high grade target is located within an existing open pit. This enables the "box cut" mining method to be considered the most appropriate approach, particularly as there is no overburden to remove, and thus, mining costs are optimized (see News Release dated August 5, 2008). KALAMATAN PORPHYRY COPPER-GOLD Cadan announced that first pass drilling at Kalamatan has indicated a "conceptual or order of magnitude" potential tonnage range of some 100 million tonnes to 525 million tonnes, with a potential grade range from 0.31% copper equivalent (0.27% copper and 0.11 g/t gold) to 0.72% copper equivalent (0.55% copper and 0.46 g/t gold) (see News Release dated, Wednesday July 2, 2008). The target outlined above remains strictly an exploration target in accordance with guidelines set out in NI 43-101, and the potential quantity and grade is strictly conceptual in nature. There has been insufficient exploration to date to define a mineral resource at this stage, and it is uncertain if future exploration will result in the discovery of a mineral resource. This first phase drilling at Kalamatan now represents a corridor of continuous mineralization some 500m long by 150m wide, to a drill depth of 300m, indicating a potential tonnage of some 100 million tonnes. The mineralized zone is open in all directions: a conservative extension of the corridor is 1,000m long by 350m wide and, projected to a depth of 500m, indicating potential tonnage of some 525 million tonnes. Historical sample results on the target were 0.39% copper, 0.5 g/t gold and 4.0 g/t silver. Recently, adit sampling by the Company supported these historical results including adit 6 drift east 2 of 102m @ 0.35% copper and 0.18 g/t gold (0.42% copper equivalent) and adit 6 drift east 1 of 94m @ 0.35% copper and 0.13 g/t gold (0.40% copper equivalent). These figures infer a potential grade range from 0.31% copper equivalent (0.27% copper and 0.11 g/t gold) to 0.72% copper equivalent (0.55% copper and 0.46 g/t gold), as mentioned above. Qualified Person and Quality Control and Assurance Technical aspects of this news release were prepared and verified by William Donald Goode, a member of the AusIMM and Technical Director of Cadan Resources. He is the qualified person as required by NI 43-101, and is the technical person responsible for this news release. The qualified person has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information and opinions contained in this news release. The Inferred Mineral Resource Estimate conforms with CIM Standards and is a NI 43-101 compliant Inferred Mineral Resource as defined in the Technical Report filed on SEDAR, February 12, 2003. For further information relating to the historical resource and the geological setting, readers are referred to SUR technical report, specifically "TBoli Group of Properties" pages 33 - 49, that is published and available on www.sedar.com - news release dated February 12, 2003. It is the opinion of the qualified person that all geological information in the report, as it relates to the T'Boli gold-silver project, is current. For further information relating to the historical resource and the geological setting of the Comval Project, readers are referred to SUR technical report, specifically "Deposit Types Comprising the Sabena Project page 9, that is published and available on www.sedar.com - news release dated February 12, 2003. It is the opinion of the qualified person that all information in the report, as it relates to the Tagpura Kalamatan Maangob belt, is current. On behalf of the board of directors, Brett Taylor, President & CEO |
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