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SEYMOUR EXPLORATION CORP.
8th floor, 700 West Georgia St.
Vancouver, British Columbia V7Y 1H4
(the "Company")
NEWS RELEASE
September 19, 2005
| TSX Trading Symbol: SEZ |
Telephone: (604) 688-5866 |
| Email: 3mcc@telus.net |
Facsimile: (604) 488-0787 |
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Seymour Exploration Announces 6.4 Million Ton Resource Grading 0.85%
Nickel at the Lynn Lake Mine Property
Sudbury, Ontario – September 19, 2005 – Seymour Exploration Corp. (TSX-V:
SEZ) announced today that it has received the executive summary of a
resource calculation for its Lynn Lake Nickel Mine Property produced by
Wardrop Engineering Inc. of Toronto.
The highlights of the resource are as follows:
- 6.4 million tons grading 0.85% nickel and 0.39% copper in the
measured and indicated resource category.
In addition to establishing the resource, the engineering study
identified:
- Fifteen high priority target areas located adjacent to the mine
workings, and
- Additional areas within the mine environment that remain
completely untested
Commenting on the resource calculation, Richard Murphy President and
CEO of Seymour Exploration stated “the fact that the majority of our
resource is categorized as measured and indicated will allow us to
initiate exploration specifically designed to define entirely new areas
of mineralization. We have identified fifteen first priority target
areas adjacent to mine workings; all fifteen of these targets have been
identified by widely spaced drilling by the original mine operators. In
addition, there are areas within the host intrusion that have seen no
previous work and remain completely untested.”
“The grades of the resource that we have defined so far are
comparable to the grades at which the ores in the host intrusion were
profitably mined for over two decades. The Lynn Lake Nickel Mine was
operated for 24 years continuously from 1953 to 1976.”
“Our efforts will now shift to economic evaluation and exploration.
The Company will initiate a scoping study to determine the economic
potential of re-opening the mine. This study will identify the
approximate costs and establish the resource thresholds required to
advance to the feasibility stage. In addition to the scoping study, the
Company will initiate the first phase of its planned exploration program
designed to test the first of the highest priority exploration targets.”
The Lynn Lake resource is located in three discrete zones within the
host intrusion as detailed in the following table:
|
Zone |
Resource Category |
Tons |
Ni% |
Cu% |
|
N |
Measured |
256,868 |
1.08 |
0.46 |
|
O |
Measured |
218,305 |
0.93 |
0.40 |
|
Subtotal |
|
475,173 |
1.01 |
0.44 |
|
|
|
|
|
|
|
N |
Indicated |
1,766,683 |
1.00 |
0.45 |
|
O |
Indicated |
1,590,353 |
0.91 |
0.40 |
|
Subtotal |
|
3,357,036 |
0.96 |
0.42 |
|
|
|
|
|
|
|
Total
(Measured + Indicated) |
3,832,209 |
0.96 |
0.43 |
|
|
|
|
|
|
|
N |
Inferred |
385,330 |
0.94 |
0.42 |
|
O |
Inferred |
53,315 |
0.83 |
0.42 |
|
G |
Inferred |
211,570 |
0.91 |
0.38 |
|
Total
(Inferred) |
650,214 |
0.92 |
0.40 |
The resource figures tabulated above were determined using a cutoff
of 0.8% nickel equivalent cutoff, where nickel equivalent = nickel % +
(copper % divided by 5).
The resources tabulated above are contained within a broader zone of
mineralization summarized in the following table:
|
Zone |
Resource Category |
Tons |
Ni% |
Cu% |
|
N |
Measured |
321,469 |
1.00 |
0.44 |
|
O |
Measured |
317,953 |
0.85 |
0.38 |
|
Subtotal |
|
639,422 |
0.93 |
0.41 |
|
|
|
|
|
|
|
N |
Indicated |
3,061,905 |
0.85 |
0.42 |
|
O |
Indicated |
2,650,899 |
0.82 |
0.36 |
|
Subtotal |
|
5,712,803 |
0.84 |
0.39 |
|
|
|
|
|
|
|
Total
(Measured + Indicated) |
6,352,225 |
0.85 |
0.39 |
|
|
|
|
|
|
|
N |
Inferred |
781,035 |
0.80 |
0.39 |
|
O |
Inferred |
109,496 |
0.75 |
0.38 |
|
G |
Inferred |
296,083 |
0.84 |
0.37 |
|
Subtotal |
|
1,186,614 |
0.80 |
0.38 |
The resource figures tabulated above were determined using a cutoff
of 0.7% nickel equivalent cutoff, where nickel equivalent = nickel % +
(copper % divided by 5).
In estimating the mineral resource to confirm historical reserve and
resource calculations, a mineralization envelope of greater than 0.3%
nickel equivalent (NIEQ, where NIEQ=Ni% + Cu%/5) was interpreted. This
was based on the average nickel price during the past three years of
$5.00 US per lb. and copper price of $1.00 US per lb.
Resource block models were generated from the mineralized envelope
using the following calculation methods:
- nearest neighbour (NN), inverse distance squared (ID2) and
ordinary kriging (OK) for the N and O Zones
- NN and ID2 calculated for G Zone.
Search parameters and block dimensions used in the resource block
model are reported in Table 1. Results from the OK estimation for the N
and O Zones and ID2 for the G Zone are used for the resource tabulation.
Table 1: Block model search parameter distances
and block size dimensions.
Resource category classifications were determined for the N and O
Zones as follows:
- Measured resources are one block distance from mined out areas,
- Indicated resources are blocks less than 37.5 ft from a drill
hole composite
- Inferred resources are blocks greater than 37.5 ft from a drill
hole composite.
The G Zone is classified as an Inferred resource. These resource
categories have been determined in accordance with CIM guidelines.
The resource calculation which is effective as of today, was
performed by Wardrop Engineering Inc., an independent consulting firm.
The qualified persons (as described under National Instrument 43-101)
responsible for the resource calculation and the technical content of
this press release are Tim Maunula, P.Geo and Rob Carter, P.Eng.
Seymour Exploration Corp.’s objective is to determine the economics of
reopening the Lynn Lake nickel mine while adding to the existing mineral
resource through exploration.
FOR FURTHER INFORMATION PLEASE CONTACT:
Seymour Exploration Corp.
Richard Murphy, President and CEO
Tel: (705) 698-1962
Email: info@seymourexploration.com
The Company is not aware of any environmental, permitting, legal,
title, taxation, sociopolitical or marketing issues that would
materially affect the resource. Mineral resources are not mineral
reserves and, therefore do not have demonstrated economic viability.
This document may contain forward-looking statements relating to
Seymour Exploration Corporation’s operations or to the environment in
which it operates. Such statements are based on operations, estimates,
forecasts and projections. They are not guarantees of future performance
and involve risks and uncertainties that are difficult to predict and
may be beyond Seymour’s control. A number of important factors could
cause actual outcomes and results to differ materially from those
expressed in forward-looking statements, including those set forth in
other public filings. In addition, such statements relate to the date on
which they are made. Consequently, undue reliance should not be placed
on such forward-looking statements. Seymour disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, save and
except as may be required by applicable securities laws.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES
NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF
THIS NEWS RELEASE.
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