| ||Thu Dec 8, 2011|
Asia Now Reports First NI43-101 Resource Estimate for its Beiya Gold-Silver-Polymetallic Project
Asia Now Resources Corp. (TSXV: NOW) announced today that the Company has received an initial independent National Instrumental 43-101 compliant resource estimate for the Qinghe block of Beiya North concession, part of its Beiya gold-silver-polymetallic project in Yunnan Province of China.
The Qinghe block contains an indicated resource of 12.0 million tonnes at 1.11 g/t gold, 45.0 g/t silver and 2.98% lead, with an additional inferred resource of 10.6 million tonnes, at 0.76 g/t Au, 44.8 g/t Ag and 2.85% Pb,at a net smelter return (NSR) cut-off of US$50 per tonne. The main zone at Qinghe remains open to the north, and is adjacent to, and north of the open-pit Beiya Gold Mine that produces 200,000 ounces of gold annually.
The drilling program was carried out within an area of 2.8 square kilometres, approximately 2.5% of the mineralized and anomalous area (108 square kilometres) identified from soil sampling and ground magnetic survey over the initial exploration area of 586 square kilometres. The Company believes the area has potential to host significant gold, silver and base metal resource, and is drilling tests on other targeted blocks of the Beiya project.
Dr. Noel White, the Chief Technical Advisor and the Qualified Person of the Company, said, "This historic initial resource estimate is robust and abundantly suggests the larger opportunity at Beiya since it is based on only a fraction of the total mineralized area. There is significant potential of large skarn and porphyry systems for gold, silver and base metals over the whole area. We are continuing our aggressive exploration program and will be commencing a pre-economic assessment study in 2012."
The initial resource estimate for the Qinghe Block of Beiya North as of December 8, 2011 is summarized below at different NSR cut-offs. The mineral resource is reported at an NSR cut-off of US$50 per tonne.
The independent mineral resource estimate was prepared by Roscoe Postle Associates Inc. (RPA) based on Toronto. The resource estimates were prepared in conformance with the requirements set out in Canada's National Instrument 43-101. A NI 43-101 technical report is expected to be filed within 45 days.
- Drill hole cut-off date of August 8, 2011
- Resource classification follows CIM Definition Standards
- NSR cut-off of US$50 is used
- NSR metal price assumptions: Au US$1,400/oz; Ag US$26.00/oz; Pb US1.15/lb
- Numbers may not add due to rounding
The mineral resource estimate is based on 83 vertical diamond drill holes and one steeply inclined hole totalling 30,109 metres completed mostly from November 2010 to July 2011 with an assay cut-off date of August 8, 2011. Further drilling is continuing on the Qinghe block of Beiya North. Four relatively flat-lying mineralized zones were interpreted in conjunction with Asia Now geologists and wireframes were constructed to constrain the interpolation of Au, Ag and Pb grades into a block model. The two larger zones (F1 and F2) were interpolated by kriging and two smaller zones by inverse distance squared. Tonnage was estimated from block volumes using an estimated density for each zone derived from measurements made on mineralized drill core. Density for the F1 zone was 3.1 tonnes per cubic metre and for the other zones was 2.6 tonnes per cubic metre.
NSR values were estimated for each block based on recoveries into a lead sulphide concentrate of 65% for Pb, 85% for Au and 70% for Ag estimated by Asia Now, and metal prices in the footnotes to the mineral resource table. The lead recovery estimate allows for variable oxidation of lead sulphide.
The mineral resources of the F1 and F2 zones were classified into indicated and inferred categories and the two smaller zones into the inferred category based on the drill hole spacing and interpreted continuity.. Average drill hole spacing for indicated mineral resources is 80 m by 80 m and for inferred is 80 m by 160 m and 160 m by 160 m.
Asia Now has earned 72% with the option of increasing to 90% its interest in the Beiya North property where the Company is currently drilling. Beiya North is part of the Beiya project that involves two joint venture companies. Beiya North is part of the joint venture with Yunnan Non-Ferrous Geology and Mineral Resources Company Limited. The Company is earning 70% with the possibility of earning up to 88% interest in another joint venture with Yunnan Geology and Mineral Resources Company Limited. The Beiya project is 60 km by highway north of the city of Dali, which is a 35 minute flight from Kunming, the capital city of Yunnan. There are several daily flights, a railway and a paved highway between the two cities. The Beiya property is one of two key projects the Company is exploring in China.
DATA VERIFICATION AND QUALIFIED PERSONS
All geological and sampling data were entered and maintained by Asia Now geological staff in an electronic database which was reviewed and validated by RPA, which also carried out checks of the assay certificates against the database. RPA considers the sampling and assaying procedures carried out by Asia Now to be in keeping with industry standards and the data are acceptable for mineral resource estimation.
The Qualified Persons for the Beiya North mineral resource estimate are William E. Roscoe, Ph.D., P.Eng., RPA Chairman and Principal Geologist and Katharine M. Masun, P.Geo., RPA Geologist. Both are Qualified Persons as defined in Canadian National Instrument 43-101.
About Asia Now Resources:
Asia Now Resources Corp. is a mineral exploration company active in China since 2002. The Company has established offices, joint ventures and a significant network with Chinese partners. Current projects include copper, gold and silver at two major projects, Beiya and Habo, both in China. The Company is currently drilling for the NI43-101 resource at Beiya. Under the leadership of an experienced management team, the Company is taking exploration into the next phase of success.
For further information contact:
Kaihui Yang, President
+1 (416) 364-7281
Andreas Curkovic, Investor Relations
+1 (416) 577-9927
Asia Now Resources Corp.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This Press Release contains certain forward-looking statements. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates", "believes", "estimates", "expects", "plans", "intends", "potential" and similar expressions. These statements reflect our current belief and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Corporation's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. We undertake no obligation to update or advise in the event of any change, addition or alteration to the information contained in this Press Release including such forward-looking statements, unless otherwise required under applicable law.
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