|June 18, 2008|
Risby Tungsten Deposit Drilling Underway
|Playfair Mining is pleased to announce resumption of drilling of the advanced-stage Risby Tungsten deposit, located near Ross River, Yukon. The diamond drill program is planned to be a minimum of 7,000 metres of core drilling, in at least twenty holes. |
Playfair's primary focus will be to drill the untested on-strike and down dip extensions of the known Tungsten deposit, particularly to the east and north of the historical drilling area. Playfair will also drill untested surface gossan zones located as much as one kilometre north on-strike of the main deposit area. The drill campaign will take approximately four months to complete.
Results from the 2008 drill program will greatly enhance Playfair's understanding of the Risby Tungsten deposit. Playfair's ultimate goal is to provide a significant increase in the deposit's overall Tungsten resource and also create a generous data set sufficient to complete a quality preliminary economic assessment (or scoping study) of the deposit.
In August of last year, Playfair announced that Wardrop Engineering Inc, using both the historical Hudson Bay Exploration and Development Company Ltd. (HBED) and 2006 Playfair drill data, had completed a NI 43-101 compliant Mineral Resource Estimate for Risby. That study reported an Inferred Resource of 65.0 million pounds of tungsten trioxide (6,385,000 tonnes at an average grade of 0.462% WO3 at a 0.20% WO3 cutoff), which is an increase of 38.0% over the earlier historic estimate* of 47.1 million pounds (2,651,975 tonnes at an average grade of 0.808% WO3 at a 0.40% WO3 cutoff) prepared by the HBED in 1982.
Playfair's wholly-owned Risby Tungsten deposit is a scheelite-bearing skarn occurrence. The deposit is located approximately 55 kilometres west of Ross River, Yukon, Canada and is underlain by lower Paleozoic sedimentary rocks that have been intruded by Cretaceous age biotite-quartz monzonite. The intrusive activity has produced skarn mineralization, principally tungsten skarn with lesser copper and molybdenite metal enrichment. The principle tungsten target is two tungsten skarn horizons, the upper and lower skarn horizons, both of which occur close to and paralleling the quartz monzonite contact.
Donald Moore, Playfair's Chairman and CEO, states, "We continue to be very bullish on the long term price of tungsten and are steadfastly determined to increase the size of our already substantial high grade tungsten assets. Our commitment to this goal is reflected in the company's extensive 2008 drill programs, where over 10,000 metres of combined drilling will be completed at Grey River and Risby."
Playfair's Canadian Tungsten Deposits
Playfair owns four high-grade tungsten deposits, all in Canada. Two of the four high-grade deposits (Lened and Clea) have significant historical resource estimates that pre-date NI 43-101 but that have been delineated by well established mining companies. The Grey River and Risby deposits have NI 43-101 Compliant Resource Estimates. In addition, to these four deposits, Playfair has the early stage but highly-prospective Granite Lake Molybdenum exploration property. Playfair is very well positioned to benefit from the expanding global demand for tungsten having four high-grade deposits, all located within Canada.
NI 43-101 Compliant Resource Estimates
Historic Resource Estimates*
*Estimates of tungsten resources are historical in nature, predate and are noncompliant with NI 43-101. Playfair is not treating the historical estimates as current mineral resources or reserves. Playfair has not undertaken any independent investigation of the resource estimates nor has it independently analyzed the results of the previous exploration work in order to verify the resources, and therefore the historical estimates should not be relied upon. However, Playfair believes that these historical estimates provide a conceptual indication of the potential of the occurrences and are relevant to ongoing exploration.
Michael Moore P.Geo is the Qualified Person who has reviewed the technical information contained in this News Release on behalf of Playfair.
Visit our website at www.playfairmining.com for more information.
ON BEHALF OF THE BOARD
"D. Neil Briggs"
D. Neil Briggs
President and Director