Category: Uncategorized
- Published: 29 November -0001
News Release: Cuts 64 Metres Grading 7.49% Copper at Lonshi Copper Mine
G. Clive Newall, on Behalf of the Board of Directors of First Quantum Minerals Ltd. (LSE Symbol 'FQM') is pleased to report results from the 2002 drilling campaign at the Company's 100% owned Lonshi copper mine. The drill program was designed to convert resources from the indicated category to the measured category and test both the strike and down dip extension of the Lonshi orebody. The program consisted of 49 drill holes (43 reverse circulation, 6 diamond core holes) totaling 3,440 metres. Drilling Highlights
Significant drill intersections are shown below. A drill plan map, geology map, cross section and long section can be reviewed at www.first-quantum.com.
Review Of Results
Key: BMCL = reverse circulation drill holes,
LDD = diamond core drill holes
Total AsCu
From To Intersection Copper Copper
Hole (metres) (metres) (metres) (%) (%)
BMCL200 58 94 36 7.72 7.19
BMCL201 48 65 17 4.30 3.86
BMCL202 39 73 34 7.62 7.15
BMCL203 33 51 18 3.33 3.14
BMCL204 45 61 16 6.03 5.61
BMCL209 53 84 31 3.89 3.65
BMCL215 13 42 29 5.24 4.72
BMCL231 19 50 31 4.87 4.33
BMCL233 8 37 29 3.95 3.37
BMCL234 16 80 64 7.49 6.61
BMCL235 11 40 29 7.31 6.44
BMCL236 21 57 36 3.40 2.90
BMCL237 20 111 91 3.91 3.09
BMCL238 33 45 12 6.45 6.08
BMCL238 58 95 37 3.94 3.32
LDD1 32 46 14 6.30 5.11
LDD1 72 84 12 9.21 7.30
LDD2 104 108 4 11.92 0.67
LDD3 91 93 2 7.77 0.60
LDD4 83 94 11 6.26 4.86
LDD5 80 102 22 6.45 5.16
LDD6 93 98 5 6.95 0.25
The drill program was successful in meeting all of its planned objectives. Infill drilling within the existing resource continued to show the exceptional continuity of the Lonshi ore body. Results from the infill drilling will lead to an upgrade in the existing resource with a majority of indicated category strike of the existing resource, was successful in extending the Lonshi ore body by 300 metres and confirmed that copper mineralization is closely associated with synformal geological structures within the prospective Lonshi host formations. This information will play an important role in the further
exploration of the Lonshi horizon to the north and south of the existing ore body in 2003. Furthermore, core drilling identified high grade sulphide mineralization (LDD2: 4 metres @ 11.92% Cu, LDD3: 2 metres @ 7.77% Cu, LDD6: 5 metres @ 6.95% Cu) at a depth of approximately 100 metres. An evaluation of the sulphide mineralization will be carried out next year to determine the potential for its future development.
Assay Procedures
Assays were carried out at Antech in Zimbabwe (accredited
laboratory) and at AH Knight Zambia (accredited laboratory) with appropriate quality control procedures. Mike Parker, BSc Project Manager at the Lonshi Project, with more than 16 years experience in the mining industry, is the Qualified Person responsible for the design and conduct of the work performed.
Further updates on the Lonshi copper deposit including an updated resource estimate will be announced in the near term.
Certain of the information contained in this news release constitute 'forward-looking statements'within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to those with respect to the prices of gold, copper and sulphuric acid, estimated future production, estimated costs of future production, the Company's hedging policy and permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual prices of copper, gold and sulphuric acid, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities and Exchange Commission.
2002 Drilling Summary
A drill plan map, geology map, cross section and long section can be reviewed at www.first-quantum.com.
Key: BMCL = reverse circulation drill holes,
LDD = diamond core drill holes
Acid
Total Total Soluble
Depth Angle From To Intersection Copper Copper
Hole (metres) (degrees) (metres) (metres) (metres) (%) (%)
BMCL200 94 -90 58 94 36 7.72 7.19
BMCL201 100 -90 48 65 17 4.30 3.86
BMCL201 100 -90 95 100 5 2.25 2.03
BMCL202 80 -90 39 73 34 7.62 7.15
BMCL203 60 -90 33 51 18 3.33 3.14
BMCL204 70 -90 45 61 16 6.03 5.61
BMCL205 84 -90 26 41 15 2.55 2.42
BMCL206 58 -90 26 50 24 3.07 2.78
BMCL207 29 -90 no significant values
BMCL208 95 -90 no significant values
BMCL209 90 -90 53 84 31 3.89 3.65
BMCL210 70 -90 38 62 24 2.88 2.74
BMCL211 57 -90 47 52 5 1.45 1.37
BMCL212 29 -90 NS
BMCL213 79 -90 50 58 8 1.36 1.27
BMCL214 87 -90 54 75 21 2.52 2.41
BMCL215 50 -90 13 42 29 5.24 4.72
BMCL216 51 -90 37 41 4 1.88 1.81
BMCL217 70 -90 54 58 4 1.91 1.77
BMCL218 60 -90 no significant values
BMCL219 74 -90 66 70 4 1.64 1.59
BMCL220 59 -90 51 57 6 1.07 0.94
BMCL221 40 -90 no significant values
BMCL222 13 -90 no significant values
BMCL223 35 -90 no significant values
BMCL224 59 -90 46 54 8 1.71 1.63
BMCL225 50 -90 34 36 2 1.27 1.09
BMCL226 26 -90 no significant values
BMCL227 50 -90 32 33 1 1.01 1.01
BMCL228 45 -90 no significant values
BMCL229 60 -90 35 43 8 1.40 1.21
BMCL230 70 -90 50 51 1 1.03 0.97
BMCL231 60 -90 19 50 31 4.87 4.33
BMCL232 56 -90 25 29 4 1.83 1.60
BMCL232 56 -90 47 56 9 3.17 2.88
BMCL233 50 -90 8 37 29 3.95 3.37
BMCL234 80 -90 16 80 64 7.49 6.61
BMCL235 50 -90 11 40 29 7.31 6.44
BMCL236 60 -90 21 57 36 3.40 2.90
BMCL237 111 -90 20 111 91 3.91 3.09
BMCL238 95 -90 33 45 12 6.45 6.08
BMCL238 95 -90 58 95 37 3.94 3.32
BMCL239 90 -90 77
