Planned Update of the PEA
Encouraged by the results of the previously-released PEA for an underground mine built around the Indicated and Inferred Johnny Lee Deposit, the Company is progressing toward the Updated PEA using the more recent Measured, Indicated, and Inferred Johnny Lee Deposit resource estimates publicly announced in November 2012. The firms working on the Updated PEA include Tetra Tech (Wardrop), who is responsible for the site infrastructure, mill design, operating and capital costs and overall report; Amec, who is responsible for all aspects of the underground design and costing; and Knight Piesold, who is responsible for the design of the Tailings Management Facility. The Company plans to include the new Lowry Deposit resource estimate announced in this release in the Updated PEA, and expects the results of the Updated PEA by end of Q2 2013.
2013 Development Plans
The Company is continuing engineering, geotechnical, hydrological, and metallurgical studies, and is continuing baseline environmental studies. As previously reported (see news release dated January 8, 2013), Tintina has submitted an application for an Exploration Decline to the Montana Department of Environmental Quality in Q4, 2012 with the approval expected in Q2, 2013. The Company also plans to commission a Pre-Feasibility Study (PFS) or final Feasibility Study (FS), assuming completion of the Updated PEA.
About the Black Butte Copper Project
Geologists with Cominco American Inc. and joint venture partners Utah International and BHP discovered the copper deposits during exploration programs in the 1980's. In 1993, Cominco turned the property back over to the ranch owners and the 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 completed mining leases on over 5,000 acres of private ranch lands which contain all currently identified resources at Black Butte Copper. Present land holdings consist of 3,109.7 hectares (7,684.28 acres) of private ranch lands and 1,837.7 hectares (4,541 acres) of Federal mining claims. Tintina has completed over 54,500 metres (178,805 feet) of drilling since September of 2010, and from this work, as well as approximately 37,500 metres (123,030 feet) of previous historic drilling, has achieved resource estimates on the Johnny Lee and Lowry Deposits (described below). At least five additional copper mineralized zones have been identified in the resource area.
The Johnny Lee Deposit (Fig. 2) lies 3.2 km (2 miles) west of U.S. Highway 89, and is comprised of the Johnny Lee Deposit Upper Zone and the Johnny Lee Deposit Lower Zone. Both zones consist of tabular layers of copper-cobalt-silver mineralization as bands of massive chalcopyrite concentrated within fine-grained massive pyritic sulfide layers hosted by shale and conglomerate. The Johnny Lee Deposit Upper Zone deposit lies at depths ranging from 30 to 210 metres (100 to 690 feet) below the surface and is up to 29.17 metres (95 feet) thick. The Johnny Lee Deposit Lower Zone lies at depths ranging from 340 to 500 metres (1,115 to 1,640 feet) below surface and is up to 13.05 metres (43 feet) thick. Portions of both the Upper and Lower Zones are faulted away and have yet to be located. Additional sulfide zones lie above the Johnny Lee Deposit Upper Zone and contain variable concentrations of zinc and copper. The deposit has an undiluted Measured and Indicated resource of 910 million lbs. of copper (Cu) at an average grade of 3.57% and an undiluted Inferred resource of 94 million lbs. of copper (Cu) at an average grade of 2.91% Cu.
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