August, 2009 browsing by month


North American Tungsten reports a net loss of $0.8 million for the third quarter 2009

Wednesday, August 26th, 2009


– * CanTung Mine production up 13% to 83,430 metric tonne units (mtu’s) over Q3 2008 (73,893 mtu’s). * – * Updated Cantung Probable Mineral Reserve as of July 1, 2009 is estimated at 1.02 million tons grading 1.08% WO3. * – * Gross operating margin of $0.91 million in Q3 2009 compared to $0.96 million in Q3 2008. * – * Net loss (after gain on disposal of mineral property interest) of $0.8 million in Q3 2009 compared to a net loss of $1.3 million in Q3 2008. *

*VANCOUVER, BRITISH COLUMBIA: North American Tungsten Corporation Ltd. (or “the Company”)* (NTC: TSX-V) today announced its results for the three and nine months ended June 30, 2009, (the “Third Quarter” or “Q3” — refer to the three month period ended June 30, 2009) including the results of operations at its Cantung tungsten mine in the Northwest Territories.

For the Third Quarter, the Company reports a net loss of $0.8 million after a gain on disposal of a mineral property interest of $1.0 million; by way of comparison, in Q3 of Fiscal 2008, the Company registered a net loss of $1.3 million. Sales revenues in Q3 were $15.0 million from 64,623 mtu’s of concentrates and 9,026 mtu’s of tungsten blue oxide (“TBO”) and ammonium paratungstate (“APT”) compared to $15.4 million in Q3 of Fiscal 2008 from sales of 65,140 mtu’s of concentrates and 7,330 mtu’s of TBO and APT. The gross operating margin remained stable at $0.91 million in Q3 2009 compared to $0.96 million in Q3 2008.

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Hazelwoods 100% owned Cookes Creek Tungsten Project shows positive to start producing 2-3% of the world’s primary tungsten.

Sunday, August 23rd, 2009

Final Assays Show Size and Grade – Updated Resource Model Imminent

All assays have been received from the recent in-fill drilling program at the Big Hill Tungsten Deposit. Data have been integrated into a revised geological model and handed over to an external consultant for an independent Mineral Resource update, which is expected to increase the category (that is, confidence) of the Mineral Resource significantly. The in-fill drilling within the known resource at Big Hill has intersected both large widths of scheelite mineralisation that is considered amenable to bulk-mining and processing and narrower zones of high grade material. Amongst the new results (refer Table 1);

92 metres @ 0.12% WO3 from 125 to 217 metres in hole 08BHRD055

20 metres @ 1.62% WO3 from 62 to 82 metres in hole 09BHD010

13 metres @ 0.25 WO3 from 115 to 128 metres in hole 09BHD005

17 metres @ 0.33% WO3 from 84 to 101 metres in hole 09BHD009

Includes 1m @ 2.66% WO3 from 91 to 92 metres

2 metres @ 1.30% WO3 from 16 to 18 metres in hole 09BHD006

1 metre @ 1.61% WO3 from 90 to 91 metres also in hole 09BHD006

1 metre @ 1.46% WO3 from 244 to 245 metres in hole 08BHRD056

10 metres @ 0.21% WO3 from 114 to 124 metres in hole 09BHD003

The current project concept is a bulk mining and processing operation that exploits the entire width of the mineralised sequence, however there is evidence of higher grade tungsten zones within the Big Hill Tungsten Deposit. Most of the existing Mineral Resource is within 100 metres of surface and many of these higher grade zones can readily be accessed via open pit mining. The Big Hill Tungsten Deposit has progressively been de-risked through intensive evaluation. The area that comprises the Resource has been tested by more than 160 drillholes in a close-spaced pattern. Only one third of the strike extent of the mineralised sequence has been resource drilled, and there are also high grade tungsten exploration drilling results at the nearby McLeods Shear Zone. Hazelwood looks forward to putting its 100% owned Cookes Creek Tungsten Project back into production, producing 2-3% of the world?s primary tungsten.

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Hazelwood Resources Ltd-Logo.gif

28 feet of 0.18% WO3 – “Tungsten” intercepted by Sultan Minerals

Thursday, August 20th, 2009

*Sultan Minerals Inc. (SUL-TSX-Venture)* (“Sultan”) is pleased to announce results from the first 6 diamond drill holes on its Jersey-Emerald Property in the Salmo area of British Columbia. Results of this drilling include significant tungsten mineralization, including *28 feet of 0.18% WO3 and 6 feet of 0.39% WO3*. Drilling was initiated in June with a surface drill to investigate several new tungsten, zinc and molybdenum targets discovered in 2008 (see NR of June 23, 2009).

Two new target areas of the property were investigated by drilling. Two drill holes were completed approximately 1 kilometre east of the historic Jersey-Emerald mine, where preliminary results of regional airborne surveys indicate strong magnetic and conductive rocks are present. Four drill holes were completed approximately 1.5 kilometres south of the historic mine area (near Lost Creek) to test for the extension of tungsten mineralization discovered during a surface sampling program in 2008.

Preliminary results returned from sampling of drill core indicate significant tungsten mineralization existing in zones well away from the historic Jersey-Emerald mine area. In particular, the Lost Creek drilling (LC0901 through LC0903) returned elevated tungsten values from all 3 drill holes. Hole LC0902 returned the highest value for WO3, with 0.18% over 28 ft including 0.39% over 6 feet.

Drill site preparation is currently underway for the recently acquired Victory Tungsten deposit, approximately 3 kilometres north of the historic Jersey-Emerald mine area. This drilling will verify the presence of tungsten mineralization reported by previous operators during exploration in the 1960’s and 1970’s. A zone of high grade tungsten mineralization, including 84,000 tons of 0.54% WO3, was outlined by the historic drilling.

A study of the potential for lead-zinc-silver remnant mineralization within and adjacent to the historic Jersey mine has been undertaken. It is expected that a preliminary resource estimate can be obtained from information provided by the large database accumulated by Sultan that summarizes historic and recent drilling. Several zones of remnant lead-zinc mineralization were observed in preliminary viewing of the 3-Diminsional models created by Sultan. As well, drill testing completed by Sultan in 2007 intersected widespread zinc mineralization marginal to the historic workings, suggesting that important zinc mineralization may extend to the east, west and south of the former mine. The Jersey Emerald was British Columbia’s second largest lead-zinc mine. Giroux Consultants Ltd. has been contracted to provide the preliminary resource estimate.

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Map of the Area Click to Enlarge

North American Tungsten Announces Updated 43-101 Reserves For Significant Extended Life Of Mine Plan At Cantung

Tuesday, August 18th, 2009

North American Tungsten Corporation Ltd. (“NATCL”, “the Company”) is pleased to announce the updating of the Cantung Mine’s mineral reserves as of July 1, 2009.

*The Mine* The Cantung Mine is a primary producer of tungsten concentrate from underground mining operations.

Currently, the major features and facilities associated with Cantung are as follows:

– The Cantung deposits, consisting of the Open Pit resource near surface, and the E Zone reserve, underground. – The physical plant site including an underground mine, a small open pit, process plant, diesel power plant, workshops, warehouses, administration buildings, a town site and single status accommodation, and an airstrip. – Waste rock dumps and a tailings storage facility.

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New Crest hopes to start mining 170,000 tonnes of Tungsten in next few years = 6% of worlds known Tungsten resources

Monday, August 17th, 2009

*GOLDMINER Newcrest has delivered a better than expected full-year profit as a $30 million insurance payment cut damages costs from the Varanus Island gas explosion off the West Australian coast last year.*

The Melbourne-based company, which is the third-biggest Australian miner after BHP Billiton and Rio Tinto, said underlying full-year profit came in at $483.1 million.

That was a 2 per cent drop from the previous year, due to increased costs, but was $10m to $20m higher than expectations.

Newcrest said costs from the explosion at Varanus Island, which supplies gas to its Telfer goldmine, would only be $8.6m after an insurance payout eased the $38.6m cost of paying for replacement gas and diesel power. Reportable profit hit a record $248m, up 85 per cent following Newcrest’s close-out of its gold hedge, which limited accounting losses.

The company also surprised with a 15c a share dividend, which most analysts had not expected.

Managing director Ian Smith said the company’s gearing fell from 8 per cent to 2 per cent, largely due to equity raisings earlier this year, and the miner was in a position to make acquisitions if they arose.

The company had looked at a number of acquisitions and signed a number of confidentiality agreements, he said, but nothing was in the pipeline.

Newcrest has two teams working on potential acquisitions — one that looks at early stage projects in which Newcrest could take control of exploration, and another to look at more mature projects.

The company’s strategy with more mature projects is to get involved if it can see opportunities that had not previously been understood.

“We haven’t found anything that stacks up,” Mr Smith said yesterday. At the same time, Newcrest released the maiden resource for its O’Callaghans tungsten deposit, about 10km from the big Telfer gold mine in Western Australia’s Pilbara.

The deposit, where Newcrest hopes to start mining in two to three years, contains inferred resources of 170,000 tonnes of tungsten, 160,000 tonnes of copper, 460,000 tonnes of zinc and 230,000 tonnes of lead.

Mr Smith said there had been a lot of interest in the deposit, which contained up to 6 per cent of the world’s known tungsten resources. The company is looking at selling the deposit and will work out a mine plan, and whether to sell, over the next 12 months. Even if the deposit is sold, it is likely the ore will be processed at the Telfer mill, which could result in a fall in gold production.

Newcrest restated 2010 production guidance of 1.81 to 1.91 million ounces of gold and 83,000 to 87,000 tonnes of copper.

Revenue increased from $2.36billion to $2.53bn, boosted by an increase in the gold price.

The company sliced labour costs by 8.8 per cent to $85.4m in the second half.

Total gold reserves rose 7 per cent year on year to 42.8 million ounces and copper reserves increased 13 per cent to 4.67 million tons. Newcrest shares rose 50c to $29.65 yesterday.

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