MONTREAL, QUEBEC--(Marketwire - Nov. 19, 2012) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle Resources" or the "Company") is pleased to announce an updated NI 43-101 compliant mineral resource estimate for the Authier Lithium Property. The updated mineral resource outlined is using a base case cut-off grade of 0.5% Li2O totals 7,387,000 tonnes grading 0.97% Li2O in the measured and indicated resources category with an additional 572,000 tonnes grading 0.98% Li2O in the inferred resource category. The updated mineral resource estimate has been constrained within an optimized pit shell and will form the base of the on-going preliminary economic assessment study ("PEA") conducted by SGS Canada Inc. (Geostat).
The new resource estimate represents a 77% increase in the Measured and Indicated category from the previous resources estimate presented in February 2011. It also demonstrates the progress made by the Company on its Authier Lithium Project strategically located near Val d'Or and Canada Lithium. With this latest update on its resources, the company remains very confident that the preliminary economic assessment ("PEA") soon to be released will increase significantly the economic value of the project based on a stand alone spodumene production.
UPDATED 2012 AUTHIER PROPERTY IN-PIT MINERAL RESOURCE ESTIMATE
||Grade (% Li2O)
|Total M + I
Effective date October 26, 2012. Mineral resources which are not mineral reserves do not have demonstrated economic viability. In-pit cut-off grade of 0.5% Li2O. Bulk density of 2.71 t/m3 used. *Rounded to the nearest thousand.
The mineral resources have been estimated using the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definitions Standards for mineral resources in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The mineral resources were evaluated using analytical results from the diamond drill holes completed by the company in 2010, 2011 and 2012, and historical drill holes completed since the 1960's by different operators on the project. A total of 100 drill holes were used to estimate the mineral resource which were independently verified and validated by SGS Geostat. The mineral resource was constrained within a 3D wireframe envelop of the mineralized pegmatite lithologies interpreted from 35 transverse sections and 25 level plans. The block model was defined by block size of 5 m long by 5 m wide by 5 m thick and cover a strike length of 825 m to a maximal vertical depth of 225 m below surface. The interpretation process was conducted using Ordinary Kriging methodology with 3 m assay composites. The mineral resource estimate has been constrained within an optimized pit shell with Whittle pit optimization software version 4.4 using all categories of resources. A bulk density of 2.71 t/m3 was used to calculate tonnages from the volumetric estimates of the mineral resources block model. No capping was applied to the assays. The mineral resources were modeled and estimated using the software GENESIS 1.0.20 proprietary to SGS Geostat.
The updated mineral resource estimate was completed by Maxime Dupéré, P.Geo., Senior Geologist from SGS Canada Inc. (Geostat), independent Qualified Person under NI43-101 guidelines using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council on December 11, 2005. The effective date of the mineral resources estimates stated in this document is October 26, 2012. Maxime Dupéré, P.Geo. and Gilles Laverdiere, P.Geo., both Qualified Persons according to the NI 43-101 disclosing standards, have reviewed and approved the technical content presented herein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release