Cogitore Resources Inc.

Cogitore Resources Inc.

July 29, 2011 12:31 ET

Cogitore Resources Inc. Files Technical Report on Updated Resource Estimate For Scott Lake Deposit

TORONTO, ONTARIO--(Marketwire - July 29, 2011) - COGITORE Resources Inc. (the "Company") (TSX VENTURE:WOO) announces that it has filed on SEDAR a NI 43-101 compliant Technical Report on a mineral resource estimate at the Company's 100% owned Scott Lake Project near Chibougamau, Quebec. The resources estimate was prepared by Bernard Salmon, Eng., consulting engineer with Roscoe Postle Associates Inc. ("RPA").

All technical parameters related to the resource estimate are fully disclosed in the technical report. The estimate was done by block modeling techniques, using a minimum horizontal width of 2.0 metres and a Net Smelter Return cut-off of $80 per tonne. Results were disclosed in a June 15, 2011 press release but resource estimates have since been slightly modified by RPA in the final report following adjustments in geological interpretation, yielding an overall increase in tonnage of 145,000 tonnes and in copper grade from 1.1% to 1.2% Cu. Highlights are as follows:

  • Inferred resources of 5.4 million tonnes grading 1.2% copper, 4.6% zinc, 0.2g/t gold and 34g/t silver using a $80 NSR cut-off; assumptions made by RPA for the determination of the $80 NSR cut-off include an exchange rate of US$1.00 = CDN$1.00 and the following metal prices: copper - US$3.25/lb, zinc - US$1.00/lb, gold - US $1000/oz, and silver - US $20/oz.

  • contained metal in the resources is as follows:

    • copper: 144 million pounds

    • zinc: 552 million pounds

    • silver: 6 million ounces

  • nearly 50% of the mineralization is stringer-type, of which several large portions may be amenable to less expensive bulk mining underground methods;

  • both massive and stringer-type copper/zinc sulphide mineralization are related to several lenses, some of which remain open along strike and at depth;

  • mineralization from the historic Selco-Scott deposit (lens) is not included as most of the drill core from Selco's 1976 drilling is no longer available for independent verification. Thundermin's non-compliant published estimate to a depth of 375 metres is 700,000 tonnes grading 0.4% copper, 6.9 % zinc and 12 grams silver per tonne.

The technical report also provides mineral resource estimates based on different NSR cut-off scenarios, as summarized in the table below:

NSR cut-off sensitivity Scott Lake Project
NSR cut-off Tonnes %Cu %Zn g/t Au g/t Ag
($C/tonne) (inferred)
$80 5,447,000 1.2 4.6 0.2 34
$100 3,860,000 1.3 5.5 0.3 38
$120 2,786,000 1.5 6.4 0.3 42

Among the several recommendations made by RPA in the report, Company management noted the following:

  • Carry out a Preliminary Economic Assessment prior to major drilling programs as the mineral resources are sensitive to the cut-off grade used (re: above table);
  • Additional drilling to increase mineral resources in new and existing zones, and more specifically to allow a NI 43-101 compliant resource estimate on the sub-cropping Selco- Scott lens;
  • Additional drilling to upgrade mineral resources to the indicated category and to confirm interpretation of the Central Lens sector; and
  • Metallurgical testing on diamond drill core.

The Company has already initiated a metallurgical test on a representative composite sample and results are expected by the end of the third quarter of 2011. A drilling program is also planned for the fourth quarter of 2011. Finally, the Company is currently evaluating the merits of initiating a Preliminary Economic Assessment in light of the increased resources and of currently sustained metal prices.

The report is available at, and will be posted shortly on the Company's website at

Work is carried out by the Company's personnel, under the supervision of Gérald Riverin, PhD, P.Geo. He is a qualified person (as defined by National Instrument 43-101) and has more than 30 years of experience in VMS exploration.

The Company has developed a strategic focus on base metal exploration in prospective areas that also feature infrastructure favourable for mining development. Accordingly, it will focus its work in the Abitibi Belt of Quebec and Ontario, and in the Central Belt of Newfoundland.

Forward-Looking Statements

Certain statements contained in this news release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to our future outlook and anticipated events or results. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue", "does not expect", "budget", "scheduled", "forecast" or other similar expressions concerning matters that are not historical facts. These statements are based on certain factors and assumptions regarding expected developments. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.

Forward looking-information involves known and unknown risks, uncertainties and other important factors that could cause actual results, performance or achievements of the Company to differ materially from the future results, performance or achievements expressed or implied by such forward looking information. Such risks, uncertainties and other important factors include, without limitation: general economic conditions; access to skilled consultants; the possibility that future exploration results will not be consistent with the Company's expectations; uncertainties involved in interpreting drilling results; unanticipated costs and expenses; timing and availability of external financing on acceptable terms; dependence on key personnel; future prices of precious and base metals; failure of equipment or processes to operate as anticipated; and risks inherent in mining exploration and development including, but not limited to, unusual or unexpected geological formations. Such factors are also described or referred to under the headings "Property and Financial Risk Factors Affecting Financial Instruments" and "Other Risk and Uncertainties" of the Company's Management's Discussion and Analysis for the quarter ending September 30, 2009, all of which are incorporated by reference herein and are available at SEDAR at We caution that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail.

You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events except where required by applicable laws.

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

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