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Ivernia Inc. (“Ivernia” or “the Company”) (TSX: IVW) announced that an exploration program in the vicinity of the Magellan Mine in Western Australia is planned to commence in April 2010.
The Magellan Mine produces lead carbonate concentrates and restarted lead processing operations in February 2010. The exploration drilling program targets to discover new lead deposits near the existing mine ore-bodies and increase the confidence of resource definition to expand the mines reserves and extend the mine life. A budget of AUS$1.4 million has been approved for the first stage of these programs which are expected to be completed by August 2010 followed by re-optimization of life of mine plans with a reserve and mine-life update expected by year-end. Rig mobilization is planned for mid-April for the commencement of the approximate 300 drill-hole program. The drilling program will target high priority geochemical targets in the vicinity of the known deposits which were generated utilizing Niton XRF handheld devices for soil sampling. New areas to test include the geochemical targets at Balboa to the north of the main Magellan pit and at Columbus to the north-west of the Pizarro deposit [see figure 1]. The drilling program is also focused on known areas of inferred resources that require further definition and understanding before they can be included in the Life of Mine planning and Reserves to extend the life of the operation. Projects include detailed drilling at Pinzon, Gama, Pizarro and Drake where previous work has defined significant accumulations of lead in a similar setting to the main deposits of Magellan, Pinzon and Cano but are currently classified as Inferred due to the wider-spaced drilling density. The drilling will predominantly be shallow reverse circulation holes on a grid pattern to define the mineralization and understand its distribution and variability for resource modeling. Diamond drilling will provide detailed data on the geology, density, geotechnical, mineralogical and metallurgical properties of the new deposits planned for mining. Bruce Hooper, Vice President of Exploration and Corporate Development commented, “The re-commencement of exploration programs is another milestone for the Magellan operation as it moves back into full production. The program is the first phase in unlocking the full potential of the Magellan Mine as a significant long term producer of lead carbonate concentrate.” |
