Revett announces discovery of new mineralization at Troy
Discovery may keep mine open longer than expected
An ore body found below the existing Troy Mine could extend the current 6-year life of the mining operations.
Preliminary results from the 2006/2007 Revett drilling program confirm four mineralized horizons, including a previously unknown higher grade zone in the Lower Revett Formation. Revett expects to complete a new resource estimate for these horizons prior to year end.
Revett Minerals Inc. announced that it has obtained encouraging preliminary results from its underground diamond drill program at its Troy Mine. This program was designed to explore the area below the currently defined mineral reserve.
'd2We are very excited about the results so far in our exploration efforts at Troy,'d3 said William Orchow, president and CEO of Revett. 'd2Of particular importance is the fact that three new zones of mineralization, with sufficient thickness and grade to potentially warrant development, have been discovered below the present mine workings. The discovery of these mineralized beds offers us the opportunity to phase our mine development to depth below the current mining areas rather than undertaking a larger development project to access the 'd4I-Beds'd5 in the future. These results, coupled with the potential of the 2007 surface program on the extensive 'd4I-Bed'd5 target, bode well for our future at Troy.'d3
The prior operator of the Troy Mine, ASARCO Inc., had drilled several holes into the 'd2I-Beds'd3 beneath and adjacent to the mine that returned copper and silver mineralization over a broad area. In 2006, the Company began testing the Lower Revett to follow up on these findings with encouraging results to date as well as positive results in the 'd2A, B, and C Beds.'d3
The drilling program has also intercepted strata-bound copper/silver mineralization in the 'd2Lower Quartzite'd3 of the Upper Revett Formation, 25 to 30 feet stratigraphically below the Troy ore body. ASARCO had drilled and mined the 'd2Lower Quartzite'd3 at the Troy Mine. In 2006 and 2007, the Company tested the Lower Quartzite to expand the known reserve/resource.
Core samples were collected under the direct supervision of Revett personnel and stored at a secure storage facility at the Troy Mine. Detailed geologic logging identified the mineralized intervals sampled. All the samples were taken from NC cores that were sawed in half. In general two foot intervals were sampled. All samples were analyzed for copper, silver and lead using atomic absorption spectrometry. Any samples with silver values greater than 0.40 ounces per ton were fire assayed. A total of 998 samples were taken from intercepts in drill holes SL-150 through SL-156.
Revett, through its subsidiaries, owns and operates the Troy Mine, and the development stage Rock Creek Project, both of which are located in northwestern Montana. These projects host significant copper and silver mineral reserves and resources and will form the basis of our plan to become a solid mid-tier base and precious metals producer in the future. The Company plans on expanding its production through exploration in and around its current properties, as well as through targeted business combinations of advanced staged projects.