Sydney, Oct 14, 2008 AEST (ABN Newswire) - Tamaya Resources Limited (ASX:TMR)(PINK:TMAYF) announce that Iberian Resources (IBR or "Iberian") is pleased to report a maiden JORC compliant mineral resource estimate for its Regua tungsten project in northern Portugal.
Highlights:
- JORC compliant resources of 3.42 million tonnes grading 0.37% tungsten trioxide (WO3) in the JORC Indicated and Inferred category have been defined at a cut-off grade of 0.10% WO3
- The new resource is equivalent to 1.26 million metric tonne units (mtu), or 12,654 tonnes of contained WO3
- The stated resource is based on the results of the diamond drilling of 31 holes for a total of 4630.70m, all of which intersected scheelite mineralization
There is excellent potential to significantly extend the resource, as shallow mineralisation beneath previously trenched areas was not targeted during the recent drill campaign. The mineralisation is also still open laterally and at depth. This maiden resource has established a strong and viable tungsten project with considerable potential to add additional resources through further drilling
It is particularly encouraging that a significant tungsten resource is established at a time of increasing concerns within Europe over Tungsten supply with the Chinese market no longer a significant exporter of tungsten.
Location and Tenement Information
The Regua tungsten project (16km2) is located on the southern bank of the Douro River Valley, 400km north of Lisbon and 95km east of Porto.
Iberian's 100% Portuguese subsidiary, Iberian Resources Portugal Recursos Minerais Unipessoal LDA is the sole owner of the mineral concession through an exploration contract with the Government of Portugal.
There are no operations on site, and the property has not been previously mined. Rio Tinto in the 1980's produced a conceptual mining and processing scenario, with the delineation of resource estimates which predated the development of the JORC code.
Mineral Resource Statement
The Mineral Resource Estimate has been prepared by Geoff Reed of Reed Leyton Consulting Ltd, Associate of Maptek Limited, and is reported according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code 2004 Edition).
Reed Leyton Consulting have classified the Mineral Resource in the Indicated and Inferred categories, applying a series of cut-off grades.
Cut-off 0.05% WO3 within the 0.05% WO3 domain:-----------------------------------------Category Grade (WO3) SG Tonnes (t)-----------------------------------------Indicated 0.36 2.92 1,402,257Inferred 0.34 2.92 2,320,128Total 0.35 2.92 3,722,385-----------------------------------------Cut-off 0.10% WO3 within the 0.05% WO3 domain:-----------------------------------------Category Grade (WO3) SG Tonnes (t)-----------------------------------------Indicated 0.39 2.93 1,263,840Inferred 0.36 2.93 2,158,778Total 0.37 2.93 3,422,617-----------------------------------------Cut-off 0.15% WO3 within the 0.05% WO3 domain:-----------------------------------------Category Grade (WO3) SG Tonnes (t)-----------------------------------------Indicated 0.41 2.93 1,159,610Inferred 0.38 2.93 1,970,409Total 0.39 2.93 3,130,019-----------------------------------------Cut-off 0.20% WO3 within the 0.05% WO3 domain:-----------------------------------------Category Grade (WO3) SG Tonnes (t)-----------------------------------------Indicated 0.45 2.93 1,005,374Inferred 0.41 2.93 1,716,009Total 0.43 2.93 2,721,384-----------------------------------------
JORC Compliance
Following an audit of historical Riofinex data and of the Iberian Resources drilling database, and the subsequent calculation of Mineral Resources, the quoted Mineral Resources at Regua are subdivided into JORC-compliant Indicated and Inferred categories on the basis of the close density of drilling, checked grades, and inter-hole continuity.
It is the opinion of Reed Leyton Consultants that the Mineral Resource Estimate for Regua satisfies the definitions Indicated and Inferred Mineral Resources as per AusIMM Definition Standards of JORC 2004.
The classification of the resource at Indicated and Inferred levels of confidence is considered appropriate on the basis of drillhole spacing, sample interval, geological interpretation and all currently available assay data.
Iberian will consider a further drilling campaign and feasibility study if and when further funding sources can be clarified.
Contact
Hugh Callaghan
Executive Chairman
Tamaya Resources Limited
Shareholder Information Line:
TEL: 1800 688 798
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