2009-03-02 06:03 EST - News Release
Mr. Crichy Clarke reports
TTM CHU MOLYBDENUM PROJECT UPDATED RESOURCE ESTIMATE AND DRILL RESULTS
TTM Resources Inc. has received an updated resource estimate from GH Giroux, PEng, MASc, of Giroux Consultants Inc., of Vancouver, B.C., for its 100-per-cent-owned Chu molybdenum project 75 kilometres southwest of Vanderhoof, B.C. The resource estimates will be included in a revised National Instrument 43-101 report to be filed within 45 days.
At a cut-off grade of 0.04 per cent Mo there are an estimated 139.9 million tonnes grading 0.061 per cent Mo (188.2 million pounds Mo), 173.3 million tonnes grading 0.06 per cent Mo (229.3 million pounds Mo) and 84.4 million tonnes grading 0.058 per cent (107.9 million pounds Mo) in the measured, indicated and inferred categories respectively.
MEASURED RESOURCE
Tonnes greater
Mo cut-off than cut-off Grade greater than cut-off
Mo Cu
(%) (tonnes) % (%) Million lb Mo Million lb Cu
0.02 237,200,000 0.048 0.034 251.1 177.8
0.04 139,920,000 0.061 0.036 188.2 111.1
0.05 90,240,000 0.070 0.036 139.3 71.6
0.08 19,710,000 0.100 0.039 43.5 16.9
0.09 12,160,000 0.110 0.042 29.5 11.3
INDICATED RESOURCE
Tonnes greater
Mo cut-off than cut-off Grade greater than cut-off
Mo Cu
(%) (tonnes) % (%) Million lb Mo Million lb Cu
0.02 410,160,000 0.042 0.034 379.8 307.5
0.04 173,340,000 0.060 0.037 229.3 141.4
0.05 102,710,000 0.070 0.037 158.5 83.8
0.08 26,130,000 0.097 0.039 55.9 22.5
0.09 14,840,000 0.106 0.041 34.7 13.4
INFERRED RESOURCE
Tonnes greater
Mo cut-off than cut-off Grade greater than cut-off
Mo Cu
(%) (tonnes) % (%) Million lb Mo Million lb Cu
0.02 220,200,000 0.040 0.036 194.2 174.8
0.04 84,400,000 0.058 0.043 107.9 80.0
0.05 50,040,000 0.068 0.046 75.0 50.8
0.08 12,420,000 0.093 0.051 25.5 14.0
0.09 4,580,000 0.103 0.051 10.4 5.2
MEASURED-PLUS-INDICATED RESOURCE
Tonnes greater
Mo cut-off than cut-off Grade greater than cut-off
Mo Cu
(%) (tonnes) % (%) Million lb Mo Million lb Cu
0.02 647,330,000 0.044 0.034 628.0 485.3
0.04 313,250,000 0.060 0.037 414.4 255.6
0.05 192,950,000 0.070 0.036 297.8 153.2
0.08 45,840,000 0.098 0.039 99.1 39.4
0.09 26,990,000 0.108 0.041 64.3 24.4
Resource criteria
The mineral resources mentioned above are defined in terms of the National Instrument 43-101 regulations and their estimation was carried out using industry standard practices using ordinary kriging of blocks 20 by 20 by 10 metres high. The mineral resources are undiluted and a total of 10 assays were capped at 0.54 per cent Mo. Measured mineral resources were produced using a search ellipse with dimensions equal to one-fourth the semi-variogram range, indicated mineral resource estimates were produced using a search ellipse with dimensions equal to one-half the semi-variogram range. A specific gravity based on 328 measurements of 2.69 was used for tonnage calculations. Assay results from 121 diamond drill holes totalling 64,610 metres were used. A total of 22,170 Mo assay and 20,917 Cu assay intersections made up the resource database.
The company is very pleased with the result of these independent estimates, and subject to the conclusions and recommendations in the upcoming National Instrument 43-101 report, it will use these resource estimates as a guide for the 2009 drill program and to enhance future economic development studies.
Warren Robb states: "Our current drilling will now focus on defining our highest-grade molybdenum areas. This drilling will help us properly identify and define the best areas for starter pits, and enhance our overall resource model. Our dedicated geological staff remains motivated and focused on outlining British Columbia's second-largest primary molybdenum deposit."
Drill results
The company is also pleased to release the results from CHE-08-38 to CHE-08-52 and CHW-08-20 to CHW-08-23, completed in 2008.
Analyses of samples from the current program are completed at Stewart Group in Kamloops, B.C. The company has in place a comprehensive quality-assurance/quality-control program including standards, blanks and duplicate samples that form part of the sampling protocol. In addition the laboratory has its own quality-assurance program.
HIGHLIGHTS
Length
Hole No. Azimuth Dip (m) From To Length Mo (%)
2008-CHU-
E038 389.21 419.00 29.79 0.098
507.12 517.22 10.10 0.130
2008-CHU-
E040 306.92 323.27 16.35 0.100
2008-CHU-
E042 210 -69 742.76 32.61 55.01 22.40 0.103
151.49 175.86 24.37 0.122
2008-CHU-
E044 210 -50 833.42 428.83 456.26 27.43 0.101
495.89 514.17 18.28 0.107
2008-CHU-
E046 208 -49 481.26 339.84 356.80 16.96 0.188
2008-CHU-
E047 210 -69 980.49 419.69 444.07 24.38 0.129
569.03 714.23 145.20 0.100
2008-CHU-
E050 210 -69 932.03 561.95 858.88 296.93 0.088
including 561.95 709.54 147.59 0.104
and including 601.20 694.30 93.10 0.127
and including 676.01 694.30 18.29 0.215
2008-CHU-
W021 346.54 400.49 53.95 0.100
2008-CHU-
W022 32.61 66.14 33.53 0.110
120.00 192.00 72.00 0.100
581.00 599.51 18.51 0.210
2008-CHU-
W023 159.36 182.00 22.64 0.106
210.18 242.91 32.73 0.115
663.47 706.19 42.72 0.120
Mr. Clarke says: "Our goal throughout the 2008 drill program was to improve the resource classification by establishing a measured resource and to move most of the inferred resource into the indicated resource category. The preliminary economic assessment report (PEA) written by Moose Mountain guided these efforts. We are excited with our success. We continue to see areas of high-grade Mo throughout the potential mining area and are pleased to note that our exploration efforts have identified resources below the 650-metre pit bottom identified in Moose Mountains' PEA report. Our resource continues to grow stronger at depth. This bodes well for a long profitable mining scenario for the company, the city of Vanderhoof and its surrounding communities. Our 2009 program, with the guidance of Moose Mountain and Giroux Consultants, will be to establish suitable near-surface, high-grade zones that will allow the company to maximize early returns in a future mining scenario. We will concentrate in the west pit area, where indications are good for the early recovery of high-grade Mo. We will keep our shareholders informed."
Normal-course issuer bid
The company has completed the purchase of 2.5 million shares (5 per cent of its issued and outstanding) currently leaving 48,136,489 shares issued and outstanding. The company has applied for a continuation of this bid and has asked for approval to purchase up to an additional 1.6 million shares. "While we are surprised at the price shareholders are prepared to sell their shares at, we continue to believe purchase and cancellation is in the best interest of all shareholders," says Mr. Clarke.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. The technical information provided in this press release was reviewed by Warren Robb, PGeo, and Wes Raven, PGeo, who are both qualified persons for the purposes of National Instrument 43-101.
