NWM Files Updated NI 43-101 Technical Report for Lluvia de Oro Project
posted on
Mar 15, 2014 11:45AM
NWM Mining Corporation is a Canadian mineral exploration company focused on the development of the Lluvia de Oro / La Jojoba gold mine located in Sonora in North West Mexico
TSX Venture Exchange Symbol: NWM
TORONTO, March 14, 2014 /CNW/ - NWM Mining Corporation ("NWM" or the "Company") (TSX-V: NWM) is pleased to announce today that subsequent to its news release dated November 7, 2013, it has filed an updated National Instrument 43-101 Technical Report on SEDAR (www.sedar.com) for its Lluvia de Oro Project in Sonora, Mexico.
Total reserves for the project, which encompasses the Creston and Gold Ridge mines and the Jojoba deposit, are now estimated at 577,000 ounces (40.8 million tonnes at a combined grade of 0.44 g/t gold). The new reserve estimate represents a 50% increase from the previous estimate completed in 2010. The report contains revisions to the original resource and reserve estimates contained in the previous press release. The changes are due to minor errors in some of the original resource block classifications that were discovered during the preparation of the final NI 43-101 compliant Technical Report. The total changes in measured and indicated resources and proven and probable reserves amount to less than 5% of the numbers quoted previously. Updated estimates for the project are shown in summary Tables 1 and 2 below.
Table 1. Mineral Reserve Estimates for the Lluvia de Oro Project | ||||
Classification | Tonnes (millions) | Grade (g/t gold) | Gold Ounces | |
Proven | ||||
Creston mine | 20.7 | 0.38 | 253,000 | |
Gold Ridge mine | 1.8 | 0.34 | 21,000 | |
Jojoba deposit | 6.4 | 0.71 | 146,000 | |
Probable | ||||
Creston mine | 7.7 | 0.37 | 91,000 | |
Gold Ridge mine | 1.0 | 0.36 | 10,000 | |
Jojoba deposit | 3.2 | 0.54 | 56,000 | |
Project Totals (Proven + Probable) | 40.8 | 0.44 | 577,000 | |
Notes (for Table 1)
Table 2. Mineral Resource Estimates for the Lluvia de Oro Project | ||||
Resource Category | Tonnes (millions) | Grade (g/t gold) | Gold Ounces | |
Measured | ||||
Creston mine | 21.1 | 0.38 | 258,000 | |
Gold Ridge mine | 1.9 | 0.34 | 21,000 | |
Jojoba deposit | 6.5 | 0.71 | 149,000 | |
Indicated | ||||
Creston mine | 7.9 | 0.37 | 93,000 | |
Gold Ridge mine | 1.0 | 0.36 | 11,000 | |
Jojoba deposit | 3.3 | 0.54 | 57,000 | |
Project Totals (Measured + Indicated) | 41.7 | 0.44 | 589,000 | |
Inferred | ||||
Creston mine | 14.3 | 0.25 | 114,000 | |
Gold Ridge mine | 0.8 | 0.28 | 7,000 | |
Jojoba deposit | 0.7 | 0.44 | 10,000 | |
Total Inferred Resources | 15.8 | 0.26 | 131,000 | |
Notes (for Table 2)
Qualified Persons
The preparation of the new mineral resource and mineral reserve estimates have been supervised by Messrs. Neil Gow, P.Geo., and Darren Koningen, P.Eng. both Qualified Persons under N 43-101. This press release has also been reviewed by Mr. Darren Koningen, P. Eng., NWM Mining's CEO and President.
About NWM Mining Corporation
NWM is in commercial gold production at its wholly owned Lluvia gold project. The mine is an open pit heap leach operation in Sonora State, Mexico. Management believes the property is significantly under-explored and hosts potential to provide further gold discoveries and resource and reserve upgrades. While management has focused in the past on developing the mine and supporting cash flows, the focus in 2014 will shift to increasing mining rates and drilling to expand geological resources and reserves.
Additional information about NWM can be found on the NWM website at www.nwmcorp.ca or on SEDAR at www.sedar.com.