Welcome!

News Feed Item

Kazax Announces Upgrade in Mineral Resources Classification at Lomonosovskoye Project

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/17/14 -- Kazax Minerals Inc. ("Kazax" or the "Company") (TSX VENTURE: KZX) is pleased to announce that its independent Qualified Person (the "QP"), Mr Andrew Vigar of Mining Associates ("MA"), has completed a revised resource estimate on the Lomonosovskoye Iron Project, located in the Republic of Kazakhstan.

The revised estimate for the Lomonosovskoye Project is based on the same drill database as used in the report prepared in compliance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), which was dated December 18, 2012 (and resubmitted on SEDAR on May 9, 2013) (the "December 2012 report"), but with a re-interpretation of the geological and geophysical data, the addition of further assays from some un-sampled intervals and an estimation method that includes an allowance for bulk open-pit or underground mining. This better understanding of the geology and mineralization controls and additional definition provided by the down-hole geophysics has allowed an increase in the confidence levels of the estimates.

The new mineral resource estimate is outlined below, above a cut-off grade of 20% Fe:


----------------------------------------------------------------------------
           Mineral Resource Estimate for Combined Lomonosovskoye,
              Effective Date of April 15, 2014, cut-off 20% Fe
----------------------------------------------------------------------------
Class                             Mt      Fe %       P %       S %     FeM %
----------------------------------------------------------------------------
Measured                        63.9      30.5      0.29      3.01      21.3
----------------------------------------------------------------------------
Indicated                      414.2      30.6      0.22       3.3     21.04
----------------------------------------------------------------------------
Measured & Indicated           478.1      30.5       3.6       3.3      21.1
----------------------------------------------------------------------------
Inferred                        28.4      28.0      0.28      3.04     16.71
----------------------------------------------------------------------------

The current resource estimate is based on holes drilled and assays received up to 23 November 2012. The magnetic anomaly contours and historical geological cross sections were used to constrain and extend the resource estimation domains up to 50m beyond last drillhole, where reasonable. Three dimensional wireframes were constructed for each domain guided by 5m bench composites, downhole magnetic susceptibility data, newly translated lithology logs and magnetic and gravity maps. Interpretations at a 10% Fe cut-off grade were made for the Northwest Central deposits.

Assay results were composited to 5 meter intervals down-hole within domains. Fe assay results were capped at the 99.5 percentile for the Northwest deposit and 99.9 percentile for the Central deposit while no capping was required for the magnetite content. The Block Model extents cover the combined Northwest and Central deposits, with a block size of 15mN x 15mE x 10mRL, without sub-blocking to reflect block open-pit or underground. An indicator approach was used to select blocks with a greater than 40% probability of being above a cut-off grades of 20% Fe within domains. Grade was interpolated into a constrained block model using all 5m sample composites within above or below 20% Fe blocks, including samples with a value below or above 20% Fe respectively. This is considered to represent the true "mining block" grade, including both internal and edge dilution. Ordinary Kriging estimation technique with anisotropy was applied.

Maximum search was varied by domain, from 150 to 300m with three to 24 informing samples. Density was calculated using the following formula: density = 0.0213 x Fe content + 2.74 taken from the linear regression plot for density against Fe content for over 3,000 samples. Resources are reported above 20% Fe for both deposits.

Where reference is made in the table above to "Inferred", this refers to within domain wireframes and with at least three informing samples. Where reference is made in the table above to "Indicated", this refers to within domain wireframes and the maximum of 24 informing samples and Krig Slope greater than 0.1. Where reference is made in the table above to "Measured", this refers to within domain wireframes and the maximum of 24 informing samples and a Krig Slope greater than 0.5.

The new estimate represents an increase in tonnage of 45% and an increase in contained iron of 25% in the measured and indicated mineral resource categories over the estimates included in the December 2012 report. The changes from the estimates in the December 2012 report relate to increased confidence levels, as well as changes in the estimation methodology. As a result of new assay information from old drill hole samples, which filled some unsampled intervals in the database, and the use of the down-hole geophysical data to better define low-grade areas, the inclusion of mining dilution within the mining blocks has increased tonnage without a corresponding loss of contained metal at an unchanged cut-off grade of 20% Fe; nevertheless, the overall effect has been to lower the average grade of estimated mineral resources.

The Lomonosovskoye Iron Project is located in the northwest corner of the Republic of Kazakhstan in the Kostanay Region, 618km northwest of the country's capital of Astana and 50km west-southwest of the regional capital of Kostanay. The Project is located close to the town of Rudniy and existing significant iron mining-processing operations. The area has considerable industrial infrastructure.

The Lomonosovskoye Project has been subject to various geophysical and drilling surveys from 1951 through to 1984, during which time several mineral resource estimates were conducted. Some 412 diamond drill holes for a total meterage drilled of 131,441m were recorded in the database for the contract area prior to the 2012 drilling, of which 190 drill holes were angled holes. A further 22 drill holes were completed in 2012 for a total of 9,049m, selected and supervised by MA and assayed by an independent, certified lab (ALS Global) to validate the historical drilling and for this mineral resource estimate. This estimate is based on the data set used in the December 2012 report, with additional assaying of stored samples and interpretation of down-hole geophysical logs. It is expected that drilling completed in 2013 and 2014 will be included in the next update.

It is MA's opinion that the mineral resource estimates included in the December 2012 report have been largely verified by the new estimates, with the changes in tonnage and grade reflecting increased confidence and the use of an estimation methodology better suited to bulk surface and underground mining. The new estimates are fully diluted for internal and edge mining dilution.

The mineralization domains were redefined by 3D wireframes using drill assay data, detailed geology logs and down-hole magnetic susceptibility logs. The deposit was divided into blocks above and below 20% Fe using an indicator approach. Grades and mineralization percentages were then estimated by Ordinary Kriging into blocks 15x15x10m in size within each domain.

The Lomonosovskoye Project contains significant magnetite iron mineralization in two deposits comprised of seven adjacent domains which have similar geological settings to the nearby operating magnetite iron ore open pit and underground mines in the Rudniy region.

Historical work to date has outlined skarn iron mineralization at the NW Deposit and the Central Deposit beneath 100m of overburden and extending to 1600m depth in the NW Deposit, and some 900m at Central.

MA notes that the Lomonosovskoye Project has a favourable location due to its proximity to transportation routes, and sources of water, gas, and power supply, which have been established with the regional mining complex based in Rudniy. This may allow a reduction in capital expenditure and may reduce the cost of production if the project proceeds to development through the use of shared infrastructure.

As discussed in the December 2012 report (which was refiled on SEDAR on May 9, 2013), there is a possible risk relating to the prior transfer to the Company of certain subsoil use contract rights.

The QP makes the following observations and conclusions regarding the Lomonosovskoye Project in the Report:


--  Significant skarn type iron mineralization exists at the Lomonosovskoye
    Project.

--  The mineralization occurs in 3 main types - disseminated, veins and
    massive.

--  The deposit remains open at depth and along the lateral extents in
    certain areas as well as being under-drilled in the mid portion between
    the NW and Central deposits. This area is currently being tested with
    diamond drilling.

--  The resource estimates will be updated based on the results of the
    drilling program currently underway.

--  Following a more rigorous and reliable testing of density, a calculated
    density has been applied to iron bearing blocks within the block model
    rather than fixed values as in the past.

Mr. Andrew Vigar, BCppSc, FAusIMM, MSEG, of Mining Associates Limited is a Qualified Person as defined by NI 43-101 and has supervised and approved of the scientific and technical information in this news release.

For further information on Kazax, readers are invited to review additional corporate and property information available on the Company's website (www.kazaxmineralsinc.com) and to Canadian regulatory filings on SEDAR at www.sedar.com.

ON BEHALF OF THE BOARD

Trevor Campbell Smith, President & CEO

Neither the 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.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward looking information" within the meaning of the British Columbia Securities Act and the Alberta Securities Act. Generally, the words "expect", "intend", "estimate", "will" and similar expressions identify forward-looking information. By their very nature, forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements, or that of our industry, to differ materially from those expressed or implied in any of our forward looking information. Statements in this press release regarding Kazax's business or proposed business, which are not historical facts, are forward-looking information that involve risks and uncertainties, such as estimates and statements that describe Kazax's future plans, objectives or goals, including words to the effect that Kazax or management expects a stated condition or result to occur. Since forward-looking statements address events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties. The foregoing commentary is based on the beliefs, expectations and opinions of management on the date the statements are made. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing be...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to o...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Everyone wants to use containers, but monitoring containers is hard. New ephemeral architecture introduces new challenges in how monitoring tools need to monitor and visualize containers, so your team can make sense of everything. In his session at @DevOpsSummit, David Gildeh, co-founder and CEO of Outlyer, will go through the challenges and show there is light at the end of the tunnel if you use the right tools and understand what you need to be monitoring to successfully use containers in your...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...