Bullman Minerals Inc.
TSX VENTURE : BUL

Bullman Minerals Inc.

April 02, 2014 09:00 ET

Bullman Minerals Reports Inferred Resource of 39.8 Mt Grading 0.94 g/t Gold (1.21 Moz) on the Balandougouba Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 2, 2014) - Bullman Minerals Inc. (TSX VENTURE:BUL) is pleased to announce the results of the first independent NI43-101 resource estimate for the Balandougouba project (Sidikila deposit), located in northeast Guinea, West Africa. The inferred resource estimate for the Sidikila deposit is 39.8 Mt grading 0.94 g/t gold (1.21 Moz) at a 0.3 g/t cut-off. No economic studies have been completed for the Balandougouba project and therefore a cut-off grade of 0.3 g/t gold was chosen as a possible open pit cut-off; the resource at various cut-off is shown in Table 1. The Sidikila deposit is one of several targets the Company is actively exploring on the Balandougouba project, which comprises three contiguous exploration concessions for a total area of 265 km2.

Highlights

  • Maiden NI43-101 resource estimate outlines an inferred resource of 39.8 Mt grading 0.94 g/t gold (1.21 Moz) at a 0.3 g/t cut-off.
  • Increasing the cut-off grade to 0.6 g/t gold, the resource grade increases to 1.17 g/t gold and the total ounces and tonnage decreases to 1.02 Moz and 27.1 Mt, respectively.
  • Significant potential to increase the resource by drilling down dip of existing shallow drilling, which mostly intersected the mineralization zone between surface and 100 m depth, and along strike to the north and southeast.
  • Structure hosting the Sidikila deposit can be traced over 15 km to the north and 6 km to the southeast by geophysics.
  • Several targets (Niani, Gberekole, Mandiantri, Jade and Fouani) have seen limited exploration to date, but will be the focus of exploration programs with the aim to outline satellite deposits that are within a short distance of Sidikila.
  • Near surface gold mineralization may be amenable to open pit extraction and heap leach processing, which Bullman plans to investigate in future mining and metallurgical studies.

The Sidikila deposit is over 600 m long, up to 100 m wide and has been intersected in reverse circulation (RC) holes to approximately 100 m below surface, except for four holes that were drilled between 200 to 250 m below surface. The deposit strikes north and dips steeply; the deposit is open at depth and along strike to the southeast and to the north. Gold mineralization is hosted in felsic intrusive rocks and adjacent Birimian-age sedimentary rocks. Gold mineralization occurs in quartz stockworks and disseminations and is associated with silica, sericite, biotite and sulphide alteration; sulphide minerals include pyrite and arsenopyrite with trace pyrrhotite, sphalerite and galena.

Table 1: Balandougouba Project - Inferred Mineral Resource estimate for the Sidikila deposit.

Grade > Cut-off
Au Cut-off
(g/t)
Tonnes
>
Cut-off
(tonnes)
Au
(g/t)
Contained
Ozs Au
0.10 43,980,000 0.87 1,236,000
0.20 42,200,000 0.91 1,228,000
0.30 39,800,000 0.94 1,208,000
0.40 36,180,000 1.00 1,167,000
0.50 31,850,000 1.08 1,104,000
0.60 27,050,000 1.17 1,019,000
0.70 22,690,000 1.27 928,000
0.80 19,090,000 1.37 841,000
1.00 13,690,000 1.56 686,000

Inferred Mineral Resource

"An 'Inferred Mineral Resource' is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, workings and drill holes.

"Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Confidence in the estimate is insufficient to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability worthy of public disclosure. Inferred Mineral Resources must be excluded from estimates forming the basis of feasibility or other economic studies."

The Sidikila resource estimate is based on 42 RC holes (5,763 m) containing 5,163 assays. The drill holes have been drilled on east-west fences spaced 100 m apart; the holes were mostly drilled towards the west at -50°. The samples (1.0 m lengths) were composited to 2.5 m in length and interpolated into blocks measuring 10 m by 10 m by 5 m using ordinary kriging. The kriging exercise was completed in a series of 4 passes using an expanding search ellipse oriented and dimensioned from the semivariograms. Solid wireframes of the oxide and sulphide mineralization were used to constrain the estimate. The first pass used a search ellipse with dimensions equal to 1/4 of the semivariogram range. A minimum of 4 composites were required to estimate a block with a maximum of 3 allowed from a given drill hole. In this manner, a minimum of two drill holes were required to estimate a block. For blocks not estimated in Pass 1, a second pass using a search dimension equal to 1/2 the semivariogram range. A third pass using the full range and a fourth pass using twice the range completed the exercise. In all cases a maximum of 12 composites were allowed and if more than 12 were found the closest 12 were used. For all estimated blocks containing some percentage of external waste, a second kriging exercise was completed using only composites outside the mineralized solids; the kriging was completed in a similar manner as described for the mineralized blocks.

The kriging parameters and number of blocks estimated in each pass are tabulated below (Table 2).

Domain Pass Number
of Blocks
Estimated
Az /
Dip
Dist.
(m)
Az /
Dip
Dist.
(m)
Az /
Dip
Dist.
(m)
Mineralized Solids

(9,284 blocks not estimated)
1 7 353 / 0 35.0 263 / -30 11.25 83/ -60 15.0
2 4,782 353 / 0 70.0 263 / -30 22.5 83/ -60 30.0
3 27,215 353 / 0 140.0 263 / -30 45.0 83/ -60 60.0
4 18,520 353 / 0 280.0 263 / -30 90.0 83/ -60 120.0

Note - The 9,284 blocks within the geologic 3D solid model not estimated were at depth where the minimum of 4 composites, with a maximum of 3 from a single hole, were not found.

This maiden resource estimate is based on 42 RC holes with an average length of 137 m. Considerable potential exists to expand the existing resource by additional drilling down dip as well as along strike to the north and southeast. The structure hosting the Sidikila mineralization can be traced for 6 km to the southeast and over 15 km to the north as a strong electromagnetic (EM) high. In addition to the Sidikila deposit, several (5) other targets including Niani, Gberekole, Mandiantri, Jade and Fouani have seen limited exploration to date (soil geochemistry, geophysics and shallow drilling), however several of these targets have extensive, shallow artisanal workings, which will be the focus of future sampling and drilling programs.

Laboratory Procedures

Reverse circulation drill samples were submitted to ALS Chemex in Bamako, Mali and the OMAC Stewart laboratory in Ireland. Except for 243 samples from hole GN1, the remainder of samples from this hole and all the samples for the other 43 holes were prepared and analyzed at ALS Chemex. Both ALS Chemex and OMAC Stewart are internationally recognized independent commercial laboratories. The samples were analyzed by fire assay with an atomic absorption spectrometry (AAS) finish after digestion in aqua regia. Quality Control - Quality Insurance samples (standards and duplicates) were inserted to monitor the analytical results of the laboratory. The standards and duplicates from the historical drill programs were within acceptable limits, however the Qualified Persons recommends future programs include use of appropriate blank control standards and increase the number of standard and duplicate control samples.

Qualified Persons

Gary Giroux of Giroux Consultants Ltd. completed the resource estimate and Micheal Gareau of M. Gareau & Associates Geological Services Inc. and Gary Giroux jointly prepared the NI43-101 Technical Report titled Mineral Resources of the Sidikila deposit, Balandougouba Property, Republic of Guinea with an effective date of Dec. 1 2013. Mr. Gareau and Mr. Giroux have extensive relevant experience and are Qualified Persons in their respective fields as defined by NI43-101. Mr. Gareau completed a site visit to the project on November 28, 2012. The authors are not aware of any known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources or mineral reserves. The NI43-101 Technical Report will be filed on SEDAR and Bullman Mineral's website within 45 days of this news release.

André C. Lambert, B.Sc. (Hons), EurGeol, MIMM is the Exploration Manager for the Company and a qualified person as defined by National Instrument 43-101. Mr. Lambert has reviewed and approved the technical disclosure contained in this News Release.

About Bullman Minerals Inc.

Bullman Minerals Inc. is a Canadian based public company with a focus on the acquisition, exploration and development of gold properties in Guinea and neighboring countries of West Africa. The Company owns two gold projects in the under-explored Siguiri Basin of northeast Guinea, which is underlain by Birimian age rocks, the host rock to most of the large gold deposits in West Africa. For details on the projects, the reader is referred to NI43-101 Technical Report on the Siguiri and Balandougouba Projects, Guinea, prepared by independent qualified person Michael B. Gareau with an effective date of April 10, 2013 and available on SEDAR or the company's website.

Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.

Neither 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 the accuracy of this news release.

Contact Information

  • Bullman Minerals Inc.
    Peter Yue
    CEO and Director
    +1 604 336-8618