| | February 05, 2008
Quinto receives updated NI 43-101 report increasing tonnage by 20% at Peppler Lake Lamelee deposit expected to exceed Peppler Lake in size and grade
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| | Vancouver, BC, February 5, 2008 --Quinto Mining has received the National Instrument 43-101 (NI 43-101) technical report on its Peppler Lake deposit. In addition to the increased tonnage to 302 million tonnes, 12 remaining holes are expected shortly which we anticipate will increase the tonnage further. In addition Quinto has received results on six diamond drill holes which were completed on the Lamelee deposit in the fall of 2007.
Quinto's President, Tyrone Docherty states, "We are thrilled with the results of this technical report. The additional tonnage at Peppler Lake and the upcoming Mineral Resource estimate on the Lamelee Deposit should demonstrate a world class iron resource that together with the metallurgical testwork will support the preparation of a scoping study this summer for the Peppler Lake Deposit. We expect to complete the definition drilling of Lamelee in 2008 and are targeting completion of the Pre-Feasibility Study on the combined project in 2009. Exploration drilling will also be carried out in 2008 on the additional satellite properties close to Peppler."
Lamelee is located about 10 km from the Peppler deposit, and is the most interesting of the Peppler Lake satellite properties. 16 holes were drilled in 2007 on the Lamelee property for a total of 4053 meters, 7 of which have been publicly disseminated on October 2/2007. Quinto will release the results for the three remaining holes totalling 849 metres once they are available. Quinto anticipates receiving a NI 43-101 report with an inferred resource estimate for Lamelee in April 2008. Infill and definition drilling will commence in the spring of 2008. The anticipated resource will facilitate our ability to proceed with mine planning and a feasibility study.
As is typical of most of the holes drilled in Lamelee, the iron formation is nearly continuous from surface to considerable depth. It should be noted the Lamelee deposit is essentially a low mountain, so the deposit is ideally situated for open pit mining and the strip ratio should be extremely low.
The current results in the table below and the previously released results from 7 holes indicate that almost all of the Lamelee drill holes are indicating exceptionally long intersections and the grades are all above the norm for the mines in the area. The tonnage potential for the Lamelee property is now expected to exceed the tonnage and grade of the Peppler Lake property. The Lamelee drill hole plan will be published on the Quinto website at www.quintomining.com.
Hole number |
from (m) |
to (m) |
length (m) |
Fe% |
L-4-07 |
3 |
342 |
339 |
30.68 |
L-7-07* |
3 |
222 |
219 |
33.17 |
L-16-0 |
3 |
255 |
252 |
30.76 |
L-18-07 |
3 |
315 |
312 |
29.68 |
L-24-07 |
3 |
345 |
342 |
30.16 |
L-25-07 ** |
3 |
250 |
247 |
31.51 |
* 3 sample intervals unavailable
** 1 sample interval unavailable
43-101 received and shows increased tonnage with further potential tonnage expected
Quinto Mining has received the NI 43-101 technical report on its Peppler Lake deposit from the well known and internationally recognized geological and engineering firm Watts, Griffis and McOuat (WGM) of Toronto, Canada.
WGM prepared a Mineral Resource estimate showing a total of 302 million tonnes classified as indicated and grading 28.47% Fe, for Quinto's 100% owned, main Peppler Lake iron ore deposit. This report is based on infill drilling and confirmatory twin drill holes, conducted by Quinto in 2006 and continuing through to early 2007, together with historical drill results from work performed by Quebec Cartier Mining Company in 1955-56.
Quinto continues to receive assay results from its fall 2007 drill program and anticipates providing an updated Peppler Lake Mineral Resource estimate in the first half of 2008. This program included extensive infill drilling and drilling of extensions on the Peppler Lake Deposit and is expected to show a substantial increase in the resource. Quinto drilled a total of 2045 metres at Peppler Lake. The company is waiting to receive the results of 12 more holes totalling 1245 metres. More infill drilling and definition drilling is planned to start in the spring of 2008 for the Peppler deposit extensions. Finally, a full metallurgical test program is currently under way on Peppler Lake composites and drill core at Midland Research Center in Minnesota.
The Peppler Lake deposit and its satellite properties Lamelee, Lac Jean, and Hobdad Lake are located on the southern end of the Quebec-Labrador trough iron formation. These deposits are adjacent to the north-south highway from Baie Comeau to Wabush and a main Quebec Hydro powerline. The Fire Lake Deposit located approximately 15 km from Peppler Lake, is currently being mined and iron ore is being shipped to the Mont-Wright mill by railroad.
R. J. Nethery P. Eng. is the qualified person for the Peppler Lake project.
About the Company
Quinto Mining Corporation (QU) is a junior mining exploration development company with two advanced projects in the Province of Quebec. The Peppler Lake Iron Ore project is located in the Mont-Wright region of North Central, Quebec, approximately half way between the mining towns of Gagnon and Fermont. The Lac Gueret graphite project is located 300km North Northwest of Baie Comeau along the Southwest shore of Reservoir Manicouagan. Further information is available at www.quintomining.com
Forward Looking Information
Certain information regarding the Company set forth in this press release, including the use of proceeds, and management's assessment of the Company's future plans and operations contain forward looking information that involve substantial known and unknown risks and uncertainties. The forward looking information is subject to numerous risks and uncertainties, some of which are beyond the Company's and management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, imperfection of reserve estimates, environmental risks, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The Company's actual results, performance or achievement could differ materially from those expressed in or implied by, the forward looking information and accordingly, no assurance can be given that any of the events anticipated to occur or transpire form the forward looking information will provide any benefits to the Company.
For further information please contact:
Frank Chaid:
Quinto Mining
(604) 952-0900
quinto@dccnet.com
www.quintomining.com
Elric Martinez
Lippert/Heilshorn & Associates, Inc.
(212) 838-3777
emartinez@lhai.com
ON BEHALF OF THE BOARD OF DIRECTORS OF
QUINTO MINING CORPORATION
_____________________________
Tyrone Docherty
President |
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