openPR Logo
Press release

Mosquito Completes NI 43-101 Resource on CUMO Deposit of 2.89 Billion Pounds of Molybdenum Oxide

3.41 Billion Pounds of Copper and 149.8 Million Ounces of Silver

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 10, 2008) - Mosquito Consolidated Gold Mines Limited (TSX VENTURE: MSQ) -

Mr. Shaun M. Dykes, M.Sc. (Eng), P.Geo., Exploration Manager and Director of Mosquito and Mosquito´s qualified person under National Instrument 43-101 is pleased to report the results of a new 43-101 compliant independent mineral resource estimate for the CUMO porphyry molybdenum-copper deposit located in Idaho. Giroux Consulting, an independent, internationally recognized mineral industry consultant, calculated the estimate. Results are a significant improvement on the historic resource originally calculated in 1981 by AMAX and covers only a portion of the mineralizing system identified to date.

The NI 43-101 calculation confirms that the CUMO deposit contains:

2.89 billion pounds of molybdenum oxide(MoO3),

3.41 billion lbs of Copper (Cu),

149.8 million ounces of silver (Ag) and

185.3 million lbs of tungsten(W)

within an inferred Mineral Resource of 2.01 billion tons (1.83 billion metric tons).

The 2.01 billion ton mineral resource is divided into two components based on cutoff grades:

See annex

It should be noted, Mosquito´s assay results also indicate the presence of significant quantities of Rhenium and Gallium, which due to the lack of historical assays could not be estimated at this time.
Importantly, the Giroux estimate also shows the presence of higher grade resources in the main Cu-Mo and Mo zones:

See annex

These higher-grade resources will potentially facilitate rapid recovery of capital costs during the early years of a possible large-scale mining operation.
Giroux Consultants were chosen to complete the 43-101 compliant resource estimate at CUMO, because of their extensive work on large tonnage open pit and underground accessible primary molybdenum projects throughout the world. A technical report detailing the resource estimate will be filed on SEDAR within the next 45 days. The specific breakdown of Inferred Mineral Resources for the CUMO deposit above varying cut-off grades is tabulated in Table 1.

Giroux´s estimate is based on drill core assay results from 4,959.2 meters (16,270.2 feet) of drilling in 8 holes completed by Mosquito in 2006 and 2007 and 10,980.7 meters (36,025.8 feet) in 22 diamond drill holes completed by AMAX between 1971 and 1981. Due to mineral zonation the deposit was split into three mineral zones: a Cu-Ag zone near surface grading downward into a Cu-Mo zone and finally into a Mo zone. Cu and silver were highest within the Cu-Ag and Cu-Mo Domains while MoS2 and W were highest in the Cu-Mo and Mo domains. The grade distribution for each variable was examined in each zone with erratic high grades capped. Uniform 20 ft. composites were formed that honored the boundaries of the 3 grade zones. Semi variograms were run for each variable and isotropic models were fit to the data. Grades for each variable were interpolated into 50 x 50 x 50 ft. blocks by ordinary kriging. Specific gravities were obtained from drill core and average values were applied to each domain.

Mosquito has substantiated that the CUMO resource consists of about 20% of a much larger mineralized system covered by the property (also confirmed by AMAX in 1981). This is also confirmed by Giroux´s resource calculation in that the current geological block model comprising approximately 50% of the mineralizing system has a total of 264,510 blocks in the Cu-Ag zone, 255,668 in the Cu-Mo and 189,914 in the Mo zone. Giroux calculated 71,218 blocks (27%) in Cu-Ag, 106,344 blocks (42%) in Cu-Mo and 98,532 blocks (52%) in the MO zone for a total of 39% of the blocks in the geologic model or 19.5% of mineralized system. A large portion of the 2008 drill program will be focused on drilling in the areas of the uncalculated blocks (see attached figure).

To view Figure 1 "2008 43-101 Resource Calculation Area (20% of the Total Defined Mineralized Zone" please click on: http://media3.marketwire.com/docs/msq0310.jpg

CUMO is favorably located in southwestern Idaho in an extensively logged, historic gold placer and lode mining area, readily accessible from nearby major centers of Idaho City and Boise.

Mineralization consists of copper, molybdenum, silver, tungsten, rhenium and gallium. As a result of the multi-element nature of the mineralization, Mosquito decided to include both a copper and molybdenum equivalent for the resource table. Both equivalents are required as the deposit is zoned as described in previous press releases and in the resource tables. See notes below table for explanation of the calculation of copper equivalent (Cu Equiv.), MoS2 equivalent (MoS2 Equiv.). The presence of the by-product elements copper, silver, tungsten, rhenium, and gallium are very significant in terms of the development of the property.

CUMO has an excellent configuration for very low cost open-pit mining. The thick mineralization is very continuous with almost no internal waste and is persistent over a broad area measuring 2 km by 3 km. Mineralization begins right at the bedrock surface which is covered only by a thin layer of overburden and broken rock ranging from 4 to 20 meters thick, indicating the deposit will have an unusually low strip ratio. The deposit is currently 500-600 meters thick and open to the south, east and west.

Immediate plans for the CUMO deposit are, to develop the drill parameters for definition of measured and indicated resources, complete the ongoing metallurgical test work, complete the environmental assessment for the drilling permit, continue drilling to define the full extent of the deposit and expand the higher grade zone encountered in the 2007 southernmost drilling, complete a preliminary sizing/scoping study that will facilitate the start of environmental base line measurements for the mine permitting process and collect engineering data for specific mine, mill and infrastructure design.

Dr. Matt Ball, Ph.D., P.Geo., a qualified Person (NI 43-101), a Director and Senior Geologist of Mosquito is supervising the exploration program at CUMO, including the quality control and assurance program. Logging and sampling is completed at Mosquito´s secure facility at Garden Valley, Idaho. The entire HQ diameter core was sampled and cut in half using a diamond saw. Half the core is sent for analysis, the other half has been kept and stored at the core facility. Following cutting the samples are delivered directly by Mosquito personnel to ALS Chemex in Elko, Nevada, a fully accredited analytical laboratory. They are first analyzed for 47 elements using a four (4) acid digestion with analysis by Inductively Coupled Argon Plasma Optical Mass Spectrometer (ICP-MS). Copper and Molybdenum bearing samples are then checked by using a larger 5 gram sample and analyzed using pressed powder pellet X-Ray Fluorescence Spectroscopy (XRF). In addition duplicates, blanks, and standards are analyzed to ensure analytical accuracy and reproducibility. All rejects are being kept for further analysis and for use in metallurgical testing.

Drill hole location maps, an outline of the CUMO deposit and mineralized zone, and a complete tabulation of significant intersections from the CUMO drill programs to date may be found on Mosquito´s web site at www.mosquitogold.com.

Mr. Shaun M. Dykes, M.Sc. (Eng), P.Geo., Exploration Manager and Director of Mosquito is the designated qualified person for the CUMO Project, and prepared the technical information contained in this news release.

On Behalf of the Board

MOSQUITO CONSOLIDATED GOLD MINES LTD.

Brian McClay, President

This news release was prepared by management who takes full responsibility for its contents.

Annex: http://www.directnewsroom.de/servlets/LoadBinaryServlet/2290225/Mosquito.pdf

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contacts:
Mosquito Consolidated Gold Mines Limited
Brian McClay
President
(604) 689-7902
(604) 689-7816 (FAX)
Website: www.mosquitogold.com

The announcement was distributed by Hugin.
The issuer is solely responsible for the content of this announcement.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Mosquito Completes NI 43-101 Resource on CUMO Deposit of 2.89 Billion Pounds of Molybdenum Oxide here

News-ID: 39401 • Views:

More Releases for CUMO

Molybdenum Market Emerging Technology, Investor Analysis and Worldwide Forecast …
Molybdenum Market Research Report By DataM Intelligence: A comprehensive analysis of current and emerging trends provides clarity on the dynamics of the Molybdenum market. The report employs Porter's Five Forces model to assess key factors such as the influence of suppliers and customers, risks posed by different entities, competitive intensity, and the potential of emerging entrepreneurs, offering valuable insights. Additionally, the report presents research data from various companies, including their
Molybdenum Market Booming Worldwide( Forecast Period 2023-2029) With Top Player: …
The global Molybdenum market is carefully researched in the report while largely concentrating on top players and their business tactics, geographical expansion, market segments, competitive landscape, manufacturing, and pricing and cost structures. Each section of the research study is specially prepared to explore key aspects of the global Molybdenum market. For instance, the market dynamics section digs deep into the drivers, restraints, trends, and opportunities of the global Molybdenum Market.
Comprehensive Report on Molybdenum Market | Trends, Growth Demand, Opportunities …
Future Market Insights in its report titled “Molybdenum Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2026)” offers detailed insights and in-depth research on the global molybdenum market over a 10-year forecast period 2017 – 2026. The report covers the important factors driving the growth of the global molybdenum market, untapped opportunities for manufacturers, trends and developments shaping the dynamics of the global molybdenum market and other insights across various
Molybdenum Market Future On Recent Innovation 2026 Key Players | Thompson Creek …
The Molybdenum Market analysis report contains a skilful and deep analysis of the present situation and challenges. This business report focuses on the key drivers, restraints, market opportunities, threats and risks for market major players. It also makes available analysis of market size, shares, growth, segmentation, revenue projection (USD Mn), and regional study till 2026. The market research document offers a wide-ranging overview of the global Molybdenum Market and contains
Molybdenum Market Reviewed for 2020 with Industry Outlook to 2026 | BHP Billiton …
Reports and Data has designed its latest report on the Molybdenum market by adopting a multi-disciplinary approach to study the industry for the historical period from 2016 to 2018 and to examine the current market scenario. The research also undertakes an in-depth assessment of the current market dynamics pertaining to the leading regions in the global sector to draw an accurate forecast and key prospects during the forecast years
Molybdenum Market Outlook Till 2025 -Top Key Players BHP, Compañía Minera Doñ …
Molybdenum Market 2018 Global Industry Research report provides in depth study of using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The Molybdenum Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organization. The