VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/19/13 -- Tintina Resources Inc. ("Tintina" or the "Company") (TSX VENTURE: TAU)(OTCQX: TINTF) is pleased to announce a new resource estimate for its Lowry Deposit, a part of the Black Butte Copper Project, Montana, USA (see Table 1). With the addition of the Lowry resources to those previously announced for the Johnny Lee Deposit, the Black Butte Copper Project (Fig. 2) now contains in excess of one billion pounds of copper in the Measured and Indicated resource categories. In addition, the Company is also progressing toward completion of an updated Preliminary Economic Assessment ("Updated PEA") which includes the new Johnny Lee Deposit Measured, Indicated, and Inferred resource estimates (see news release dated November 13, 2012). The planned Updated PEA will supersede the current SEDAR filed Preliminary Economic Assessment(i) ("PEA") dated August 30, 2012 (see news release dated September 4, 2012), which was based only on the Indicated and Inferred resource estimates for the Johnny Lee Deposit. The Company plans to include the new Lowry Deposit resource estimate announced in this news release in the Updated PEA, and expects the results of the Updated PEA by end of Q2 of 2013.
(i) Please see the Cautionary Note Regarding the PEA
Updated Resource Highlights
-- New Lowry Deposit Middle Zone Indicated and Inferred resources are as follows: -- Indicated: 4.099 MMt @ 2.94% Cu,0.10% Co, 15.1 g/tonne Ag, and 0.006 g/tonne Au -- Inferred: 0.801 MMt @ 2.58% Cu, 0.10% Co, 14.1 g/tonne Ag, and 0.008 g/tonne Au
Jerry Zieg, Vice President of exploration for Tintina, stated, "In-fill drilling on the Lowry Deposit Middle Zone upgraded most of the resource to Indicated status, resulting in a modest increase in average copper grade and total contained pounds of copper. Infill drilling has helped us confirm the continuity of high grade copper concentrations over zones up to 79 metres (260 feet) thick and averaging 29 metres (95 feet). Thicker mining zones generally result in lower cost mining methods and lower dilution. The addition of the Indicated resources on the Lowry Deposit achieves our goal of over one billion pounds of high grade copper resources. The additional M&I resources justify examining the opportunity for a significant expansion in mill throughput and/or a longer mine life for a future Black Butte Copper operation. These results will be incorporated into the Updated PEA now being worked on by the Company's engineering consultants."
Lowry Deposit Mineral Resource Estimate
The Lowry Deposit (Fig. 2) consists of multiple copper mineralized zones, of which the Middle Zone shows the highest and most continuous copper concentrations. To date the Lowry Deposit has been tested by 51 drill holes totaling about 29,500 metres (96,785 feet). Twenty-nine (29) drill holes totaling about 16,650 metres (54,625 feet) intersected copper-bearing horizons and were used to estimate and update resources for the Lowry Deposit. Mineralization reaches up to 79 metres (260 feet) thick and occurs as bands, veins, and masses of chalcopyrite with pyrite concentrated within a modestly dipping silicified breccia and shale layer. Mike Lechner, president of Resource Modeling Inc., provided the resource estimate.