Crazy Horse Resources has updated the April 2012 mineral resource estimate for the Taysan Copper-Gold Project in the Philippines. A conceptual pit design was used to constrain reported resources as no additional drilling has been undertaken since 2011.
The company commissioned Mining Associates to prepare the related Independent Technical Report for Taysan to comply with Canada's NI 43-101 Standards of Disclosure for Mineral Projects.
The updated mineral resource estimate has defined a measured category resource of 156 million tonnes at an average grade of 0.31% copper, 0.12 g/t gold, 1.2 g/t silver and 3.3% magnetite for 1.077 million pounds of contained copper, 610,000 ounces of gold, 5.8 million ounces of silver and 5.2 million tonnes of magnetite.
The estimate also defined an indicated category resource of 301 million tonnes at an average grade of 0.23% copper, 0.09 g/t gold, 0.7 g/t silver and 3.2% magnetite for 1.494 million pounds of copper, 840,000 ounces of gold, 6.5 million ounces of silver and 9.62 million tonnes of magnetite.
In addition, the estimate defined an inferred category resource of 300 million tonnes at an average grade of 0.19% copper, 0.08 g/t gold, 0.5 g/t silver and 2.8% magnetite for 1.239 million pounds of copper, 720,000 ounces of gold, 4.85 million ounces of silver and 8.44 million tonnes of magnetite.
Taysan is approximately 120km south of Manila in Batangas Province on Luzon Island. The project comprises a single exploration permit which is currently under renewal and conversion to a Financial and Technical Assistance Agreement (FTAA). The Taysan copper-gold porphyry deposit is wholly contained within the permit, which covers an area of approximately 4,086 hectares.
Mining Associates based the updated estimate using all data at Taysan to December 2011. The January 2012 mineral resource is carried forward with minor modifications to reporting, additional information on the current tenement status, confirmation of assumptions used to determine reasonable prospects for economic extraction for the estimate and that the mineral resource classifications meet the updated 2014 CIM Definition Standards, culminating in an effective date of November 30, 2016 for the resource.