Houston, TX - TriStar Gold Inc. (the Company) is pleased to announce that a resource estimate has been generated at its Castelo de Sonhos (“CDS”) project in the Tapajós region of Pará state in Brazil. The resource estimate prepared by RBM Consultoria Mineral Ltda. of Saquarema, Brazil (“RBM”) calculated a contained resource of 182,000 indicated and 98,000 inferred ounces of gold in the Esperança South and Esperança Center zones as set out in the table below.
|Castelo de Sonhos Mineral Resource Statement at 0.40 g/t cut-off grade|
|Target||K tonnes||Au (g/t)||Au (KOz)||K tonnes||Au (g/t)||Au (KOz)|
|Castelo de Sonhos Resources at Various Gold cut-off grades|
|Cut-off grade (Au g/t)||K tonnes||Au (g/t)||Au (KOz)||K tonnes||Au (g/t)||Au (KOz)|
Mark E. Jones III, President and CEO of TriStar stated “We are pleased that the results of the recently completed drilling program has enabled us to generate an initial resource estimate at CDS and we thank our shareholders for their participation in a recent financing which has funded this activity. We are very encouraged by this estimate which covers only a small portion of the anomalous area at CDS and includes results only to an average depth of 70 meters.”
The Company recently completed a total of 4,110 meters of infill drilling as part of a campaign designed to demonstrate sufficient economic potential for converting one of its exploration licenses to an exploitation license. Due to the success of the drill program, the Company has filed a positive report with the Departamento Nacional da Produção Mineral ("DNPM") in Brazil on 31/07/2014.
The area covering the resource estimate represents only approximately 4.0 linear kilometers of the 16 linear kilometers of the gold anomaly area which is currently under exploration.
Figure 1: Map showing the gold anomaly in soil, overlaid by the resources block models
The Company is in the process of designing a follow up program to further drill test the extensive anomaly, stepping out the mineralization both down-dip and along strike.
The resource is hosted in conglomerate horizons along the shallow dipping (30°) east flank of a 10 km basin with a maximum width of 7km. The same conglomerate horizon varying in width from 100 to 200m surfaces along the East, North and West flanks of this basin and are in all instances associated with strong gold in soil anomalies along the 16km strike length.
As previously announced, preliminary metallurgical testing indicates promising high recovery rates. The testing shows gravity recoveries of 73% and 88.6% for size fractions of respectively 80% passing 150 microns (100 mesh) and 80% passing 53 microns (270 mesh). Through cyanidation of the gravity rejects, the recovery was increased to 95.9% and 99.6% respectively for the two size fractions. Another test was performed on column cyanide leaching on 2 mm crushed samples with an average recovery of 78.7% which could indicate the possibility of recovery by heap leaching or vat leaching.
Notes to the Mineral Resource Estimate:
- CIM definitions were followed for Mineral Resources.
- The Qualified Person for this Mineral Resource estimate is Rodrigo Mello, FAusIMM, from RBM Consultoria Mineral.
- Mineral Resources are estimated by conventional 3D block modelling based on geological interpretation, wireframing and ordinary kriging interpolation.
- Conceptual open pit shells were defined to determine the portions of the deposit with reasonable prospect of economic extraction. The following assumptions were used:
- Gold price of US$ 1,400 per troy Oz.
- Selling cost of US$ 25 per troy Oz.
- Pit slope of 55°.
- Metallurgical gold recovery of 92.7%.
- Mining Costs: US$ 2.00 per tonne moved.
- Process Cost: US$ 11.94 per tonne milled.
- A fixed bulk density of 2.50 t/m3 was used.
- Resource estimate based on 16,656.50 meters of diamond drilling, distributed in 146 holes
- Mineral Resources base case is reported above the operational cut-off of 0.40 g/t Au.
- Mineral Resources are classified as Indicated if the drill density is 50 m x 50 m apart or less. Inferred Resources are the remaining blocks within wireframe, that represents roughly a drill density of 100 m x 100 m or less.
- Average strip ratio is estimated as 7.8 tonnes of waste per tonne of ore.
Castelo de Sonhos is a property where gold mineralization is hosted in proterozoic conglomerates and quartzites similar to those encountered at comparable gold deposits such as Jacobina in Northeastern Brazil and Tarkwa in Ghana (West Africa).
The Company is in the process of preparing a NI 43-101 report which will be filed as soon as it is completed.
Mr. Rodrigo Mello, FAusIMM, a qualified person as defined in NI 43-101, has read and approved the technical portions of this release.
In addition to the laboratory quality control, TriStar has added its own certified standard check samples each 12 samples. They consist of blank standards, for checking of contamination, duplicate samples and Certified Reference Materials in two different gold grades. The results of this checking demonstrated, in RBM´s opinion, an acceptable quality on sampling preparation and analysis, without any contamination episode and with adequate precision accuracy.
TriStar Gold is a gold exploration company focused on high-potential properties in Brazil. In addition to Castelo de Sonhos, TriStar holds another exploration project in the Tapajós district known as the Bom Jardim Property. The Company’s shares are listed on the TSX Venture Exchange under the symbol TSG-V. Further information is available at www.tristarau.com
For further information, please contact:
TriStar Gold Inc.
Mark Jones III
Chairman and CEO
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 accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation which are not historical facts and are made pursuant to the "safe harbour" provisions under the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon the Company's reasonable expectations and business plan at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause the Company's plans to change include changes in demand for and price of gold and other commodities (such as fuel and electricity) and currencies; changes or disruptions in the securities markets; legislative, political or economic developments in Brazil; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of the company’s projects; risks of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining or development activities; the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.