2012 achievements and 2013 plans
The Company completed a Preliminary Economic Assessment ("PEA") only on the Johnny Lee deposit Indicated and Inferred Resource during 2012 (see news release dated September 4, 2012) and has since upgraded the Johnny Lee deposit to a Measured and Indicated resource containing 910 million pounds of copper at a 3.57% copper grade, with an additional Inferred resource of 94 million pounds of copper at a 2.91% copper grade (see news release dated November 13, 2012). The Company has also completed an infill drilling program on the Lowry deposit, which currently has an Inferred Resource of 294 million pounds of copper at a grade of 2.6% (see news release dated November 1, 2012). The Company expects the recently completed drilling will allow an upgrade of the Lowry deposit to an Indicated resource. The Company continues engineering, geotechnical, hydrological, metallurgical and baseline environmental studies in preparation for a revised PEA incorporating a higher throughput scenario, which may include the Lowry deposit. The revised PEA is expected in Q2, 2013. Finally, the Company plans to commission a pre-Feasibility Study ("PFS") or Feasibility Study ("FS") after completion of the revised PEA. The Company expects to complete the PFS or FS by Q3, 2014.
About the Black Butte Copper Project
Geologists with Cominco American Inc. and joint venture partners Utah International and BHP discovered the deposits contained in the Black Butte Copper project during exploration programs in the 1980's. In 1993, after completing 60,775 meters drilled in the district, Cominco turned the property back over to the ranch owners and the copper deposits lay dormant until 2010 when members of the original discovery team now with Tintina re-established contact with the property owners. In May of 2010 Tintina entered into mining leases on over 5,000 acres (2,023.4 hectares) of private ranch lands which contain all currently identified resources at Black Butte Copper. Present land holdings consist of 7,684.3 acres (3,109.7 hectares) of private ranch lands and 239 Federal mining claims totaling 4,541 acres (1,837.7 hectares). Tintina has completed 54,447 meters of drilling since September of 2010. At least five additional copper mineralized zones have been identified in the resource area and may contain additional resource. Tintina has completed a positive Preliminary Economic Assessment (PEA) (see news release dated September 4, 2012). The Company expects the completion of an expanded PEA in Q2 2013 and expects approval of their amendment for an exploration decline in Q2 2013. The Company is targeting the granting of a Mine Operating Permit in 2015 and copper production in 2016.
The Johnny Lee Deposit lies 3.2 km (2 miles) west of U.S. Highway 89, and is comprised of the Johnny Lee Deposit Upper Zone (JL-UZ) and the Johnny Lee Deposit Lower Zone (JL-LZ). Both zones consist of tabular layers of copper-cobalt-silver mineralization as bands of massive chalcopyrite within fine-grained massive pyritic sulfide layers hosted by shale and conglomerate. The JL-UZ deposit lies at depths ranging from 30 to 210 meters below the surface and is up to 29.17 meters thick. The JL-LZ lies at depths ranging from 340 to 500 meters below surface and is up to 22.30 meters thick. Portions of both the Upper and Lower Zones are faulted away and have yet to be located. Additional sulfide zones lie above the JL-UZ and contain variable concentrations of zinc and copper. The Johnny Lee deposit contains an undiluted Measured and Indicated resource of 910 million pounds of copper at a copper grade of 3.57%. This includes the Johnny Lee Lower Zone, which contains an undiluted Indicated Resource of 337 million pounds of copper at a grade of 6.4% copper. The Johnny Lee deposit also contains an undiluted Inferred Resource of 94 million pounds of copper at a copper grade of 2.91% copper.
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