Press release from Marketwire
Burnstone to Begin Drilling on the Tomichi Project
Monday, September 17, 2012
Burnstone to Begin Drilling on the Tomichi Project07:00 EDT Monday, September 17, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 17, 2012) - Burnstone Ventures Inc. (TSX VENTURE:BVE) ("Burnstone" or the "Company") is pleased to announce the commencement of the 2012 drill program on its Tomichi copper-molybdenum (Cu-Mo) porphyry project in Gunnison County, south-central Colorado (the "Tomichi Project"). The 2012 drill program will further define and expand the near surface high grade area of the known mineralization. In addition, samples will be collected for metallurgical testing. The results from the 2012 drilling program and the metallurgical testing are both critical steps towards the completion of a 43-101 compliant economic evaluation.Doug Fulcher, President and CEO of the Company, stated, "We are extremely pleased to be mobilizing the drill rig to the Property at this time. This is the Company's first drill campaign on the Tomichi Project and we look forward to the results of this program increasing not only the resource calculation but to enhancing the overall economics of the deposit. The Company will be engaging ALS Labs (formally G & T Labs) this winter to conduct the metallurgical work, and will be talking to engineering firms to complete a preliminary development study and related economic model."This will be the first drilling conducted on the Tomichi Project since the early 1980's. The Company recently re-logged and re-assayed 22 of the 26 historic holes. The new assays, along with historic assays were used to estimate the first published NI-43-101 mineral resource for the Tomichi Project.The resource estimate was completed by Ronald Simpson of Geosim Services Inc. (Reported June 26, 2012). The following table shows the tonnages and grades for the Tomichi Project at a range of Copper Equivalent cut-off grades (COG%). The resource contains 2.5 Billion lbs Copper (Cu), 552 Million lbs Molybdenum (Mo), 30 Million oz Silver (Ag), 320,000 oz Gold (Au), 124,362 kg Rhenium (Re), or 5.6 Billion lbs Copper Equivalence (CuEq) in the Base Case scenario at a 0.20 Cu Equivalent (CuEq) cut-off grade.TOMICHI INFERRED MINERAL RESOURCE - TONNES & GRADECOG% CuEQTonnes 000'sCu (%)Mo (%)Au (g/t)Ag (g/t)Re (g/t)CuEq (%) **0.10698,5030.1710.0370.0151.380.1850.380.20622,4290.1820.0400.0161.500.2000.410.30506,5130.1970.0440.0181.690.2210.450.40334,3200.2160.0480.0191.930.2490.500.50132,2790.2370.0580.0202.300.2940.57**CuEQ = %Cu + %Mo x 5 + g/tAu x 0.681 + g/tAg * 0.012Rhenium values have not been used in the cut-off grade or Cu Equivalent calculations.HIGHLIGHTS OF THE RESOURCE:Near surface higher grade resource of 132,279 million tonnes grading 0.237% Cu, 0.058% Mo, 2.30 g/t Ag, 0.02 g/t Au, 0.294 g/t Re (0.57% CuEq**) based on a 0.50% CuEq cut-off. Near surface Contained Metal at a 0.50% CuEq cut-off - 691 Million lbs Cu, 169 Million lbs Mo, 10 Million oz Ag, 90,000 oz Au, 38,890 kg Re, or 1.7 Billion lbs CuEq.An Inferred Mineral Resource of 622 million tonnes grading 0.182% Cu, 0.040% Mo, 1.50 g/t Ag, 0.016 g/t Au, 0.200 g/t Re (0.41% CuEq**) based on a 0.20% CuEq cut-off. Contained Metal at a 0.20% CuEq cut-off - 2.5 Billion lbs Cu, 552 Million lbs Mo, 30 Million oz Ag, 320,000 oz Au, 124,362 kg Re, or 5.6 Billion lbs CuEq.Rhenium values have been estimated but were not used in the pit optimization or the CuEq calculations, although the grades are very encouraging and should add to the overall economics. Rhenium metal has been trading at around US$4,000/kg over the past year. ABOUT BURNSTONEThe Company has an option to earn a 100% interest in the Tomichi copper-molybdenum (Cu-Mo) porphyry Project in Gunnison County, south-central Colorado. The Tomichi Project is located within the Colorado Mineral Belt and was initially worked on in the 1950's by Climax Molybdenum Co. and more recently, in the 1980's by Molycorp Inc. No work has been carried out since the 1982 drill program primarily as a result of fractured land ownership.Mineralization at Tomichi is a typical porphyry deposit characterized by disseminated and fracture controlled molybdenite and chalcopyrite hosted by a mid-Tertiary, potassic altered, intrusive system dominated by a porphyritic quartz monzonite. The mineralized porphyry is exposed at surface on top of Copper Hill. Diamond drilling completed by Molycorp Inc. in the 1980s intersected copper-molybdenum mineralization over a surface area in excess of 1500 metres by 800 metres, to a depth of at least 550 metres and remains open to the north, east and at depth.The re-analyzed samples from holes TM-01 to TM-26 were shipped from Gunnison to the ALS Group - Reno Mineral Lab, where the samples were prepped and fire assayed for gold. Prepped pulps were then forwarded on by ALS Reno to their North Vancouver Laboratory where samples were analyzed for copper, molybdenum, silver and rhenium along with 44 other elements by a four-acid digestion ICP-MS and ICP-AES.Burnstone maintains a quality control program involving the use of standards, blanks and duplicate samples randomly inserted within the sample group at a 5% ratio to provide a check on assay lab data quality. Copper, molybdenum, silver and gold standards were prepared by CDN Resource Laboratory Ltd., Langley, B.C., Canada, or WCM Minerals Ltd., Burnaby, B.C., Canada. The blank sample(s) used to date have been from a local source, i.e., commonly available hardware store silica sand. For the 2012 drill program a commercial blank will be obtained from an accredited source.Mr. James Chapman, P.Geo., is the Qualified Person responsible for the design of the program, and all exploration work on the Tomichi Project will be done under his supervision. Mr. Chapman has read and approved the technical content of this news release.On Behalf of the Board of Directors:Douglas Fulcher, President & CEOThis 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 PLEASE CONTACT: 604-681-7733Burnstone Ventures Inc.www.burnstoneventures.comNeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.