Selkirk Metals Corp.: 43-101 Mineral Resource Estimate for Catface Copper Project
Vancouver, British Columbia (Sept. 2, 2009) – Selkirk Metals Corp. (“Selkirk” or the “Company”) (TSX VENTURE:SLK) is pleased to provide this 43-101 compliant resource for the Cliff Zone on the Catface Project, British Columbia. The report, dated August 31, 2009, entitled “Mineral Resource Estimate Catface Copper Project – Nanaimo Mining Division, Vancouver Island, British Columbia”, was prepared by Ronald G. Simpson, P.Geo. of GeoSim Services Inc. and Jim Chapman, P. Geo., “qualified persons” for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.The mineral resource estimate for the Cliff Zone is presented in the table below. The base-case cut-off grades for the sulfide and mixed material are 0.2% Cu and 0.3% Cu respectively. Based on the metallurgical work to date the oxide material (greater than 66% CuO/Cu) is not considered recoverable at this time and there is not sufficient tonnage to consider a separate plant to recover oxide Cu. The resource blocks were constrained by a Lerchs-Grossmann pit shell envelope assuming a Cu price of $2.00/lb, 87% recovery, mining and processing costs of $8.00/tonne and a constant pit slope angle of 45.
The mineral resource for the Catface Deposit was estimated by ordinary kriging constrained by a 3D solid model based on a 0.2% Cu grade shell. Block dimensions were 15x15x15 metres. The deposit has been tested by 76 core holes drilled between 1962 and September, 2008. Cutting of high-grade assays for Cu was not implemented as statistical analysis of the constrained grade distribution showed no significant outliers or high-grade populations.
This resource estimate is based on the portion of the Cliff Zone that has been drilled or tested in sufficient detail. The Cliff Zone remains open and is one of three zones of mineralization (Cliff, Irishman Creek and Hecate Bay Zones) that have been discovered on the Property to date. Previous exploration of the Catface deposit was conducted by Falconbridge Limited from discovery in 1960 through 1989, and included extensive surface exploration and several phases of surface diamond drilling, and underground diamond drilling from an 825 metre adit through the centre of the deposit.
In 2008, Selkirk entered into a Memorandum of Understanding with the Ahousaht First Nation and subsequently completed a diamond drilling program, the first exploration program on Catface in over 30 years. The Company has recently received approval for the proposed next phase of operations, including gaining road access to the work area by rehabilitating existing access roads. Exploration plans include continued definition and delineation drilling of the Cliff Zone for engineering purposes, expanding the initial high grade mineralization at the Irishman Creek zone, where Falconbridge drill hole #68-39 intersected 155.4m of 0.63% copper, and drill testing of the Hecate Bay Zone. Future exploration plans include rehabilitation of the 825 meter adit to allow for underground bulk sampling and diamond drilling. The Company will also continue with baseline environmental sampling.
The Catface Copper Property is owned 100% by Catface Copper Mines Limited, which is a subsidiary of Selkirk Metals Corp. The Property is located on Catface Mountain, on the West Coast of central Vancouver Island, BC. Selkirk announced on July 27, 2009 a Letter of Intent to merge with Imperial Metals Corporation by way of the Plan of Arrangement, subject to shareholder and regulatory approval. One of the goals of this proposed merger is to facilitate ongoing exploration and development of the Catface Porphyry Copper Prospect.
The contents of this news release has been reviewed by the Company’s Qualified Person (as defined by NI 43-101), Jim Chapman, P.Geo.. A full text version of the Catface Copper Project mineral resource estimate will be filed on SEDAR and will be available at www.sedar.com under the Company’s profile and can also be found by visiting the Company’s website at www.selkirkmetals.com.
At its Meeting of Shareholders held on July 22, 2009, the Company received shareholder approval of its rolling stock option plan which sets the number of common shares which may be issued pursuant to options previously granted, and those granted under the Plan, to a maximum of 10% of the issued and outstanding common shares at the time of the grant, in accordance with the policies of the TSX Venture Exchange (the “Exchange”). The number of shares which may be reserved for issuance to any one individual, may not exceed 5% of the issued shares on a yearly basis, or 2% if the optionee is engaged in investor relations activities or is a consultant. The Stock Option Plan was approved by the Exchange on August 28, 2009.
On Behalf of the Board of Directors:
Gordon Keevil, President
For further information on Selkirk Metals Corp. please visit our website at www.selkirkmetals.com.
This release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of content of this press release.
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Selkirk Metals Corp.
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