Mar 3 2011
Richfield Ventures Corp. (TSXV: RVC) has announced the first National Instrument 43-101 compliant resource estimate for its Blackwater Gold Project, located 100 km south of Vanderhoof in central British Columbia, Canada.
Geosim Services Inc. of Vancouver, Canada ("Geosim"), independent resource estimation consultant for Richfield, has prepared and authorized the release of these estimates. At a base case cut-off grade of 0.40 g/t Au, the estimated global Indicated resource is 53.46 million tonnes at an average grade of 1.06 g/t Au containing 1.83 million ounces gold, with an additional 75.45 million tonnes at an average grade of 0.96 g/t Au containing 2.34 million ounces gold in the Inferred category.
The land tenures covering the Blackwater gold deposit are divided by a property boundary. The Dave and Jarrit properties comprising the southern portion of the Blackwater Gold Project, are owned 100% by Richfield. The Davidson property covering the northern portion of the Blackwater Gold Project is subject to a 75/25 joint venture between Richfield (75% and operator) and Silver Quest Resources Ltd. (25%) (TSXV: SQI)("Silver Quest").
The recent more closely spaced drilling has been focused on the southern 100% owned Dave and Jarrit properties and consequently a much higher portion of resources are in the indicated category, as compared to the Davidson property to the North.
Peter Bernier, President of Richfield, commented; "We are thrilled with this initial resource estimate for our Blackwater Gold Project. We believe this establishes Blackwater as one of the most important new gold discoveries in Canada. As the gold mineralization remains essentially open in all directions, we look forward in 2011 to continuing to explore the extent of the mineralization laterally and to depth with aggressive drilling campaigns on both the 100% owned southern portion of the property and with our joint venture partner Silver Quest on the northern portion." Richfield has commenced and plans to complete a 30,000 metre diamond drill program at Blackwater in 2011.
Gold mineralization at Blackwater could be considered as a bulk tonnage low sulphidation epithermal type of deposit. It is hosted within a series of near surface altered, fractured and silicified volcaniclastic rocks and gold appears to be associated with fine-grained disseminated and fracture-filling pyrite and sphalerite.
The resource estimates have been made utilizing analytical and lithologic data from 77 core holes (25,263 m) to develop a resource model. Only assays received since 2005 were used for grade interpolation. Resource estimation was constrained by 3-dimensional solid models developed from geological and analytical data. Grade estimation was carried out by ordinary kriging using 5 metre downhole drill composites. Gold grades were capped at 15 g/t and Silver grades at 50 g/t prior to compositing. The mineral resource was also constrained by an optimized pit shell using a gold price of $1,000 per ounce. Block dimensions were 10 by 10 by 10 metres. The density values assigned to the main lithologies were based on 5,748 bulk density measurements of drill core.
Initial metallurgical test work has indicated an average of 92% gold recovery using conventional whole ore direct cyanidation (see NR Nov 22, 2010). The Company has contracted a series of consultants to prepare a preliminary economic assessment (PEA), planned for completion in Q4 of 2011. This study will consider the potential for a large-scale open pit mine and ore processing facility. With a current cash balance of $17.2 million the company is well funded to undertake the planned 2011 drilling and the PEA study.
The resource estimate and other scientific and technical information contained in this news release were prepared by or under the supervision of Mr. Ronald Simpson, P. Geo, President of Geosim Services Inc., an independent "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The NI 43-101 technical report in respect of the resource estimate disclosed herein will be filed on SEDAR within 45 days of the date of this news release.