First Bauxite Corporation Reports a Discovery of Bauxite at Surface and a Mineral Resource Estimate on the Waratilla-Cartwright Prospecting Licence
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/10/10 -- FIRST BAUXITE CORP. ('First Bauxite' or the 'Company') (TSX VENTURE: FBX)(FRANKFURT: FBI)(BERLIN: FBI)
In December 2009 the company had announced the start of sonic drilling of the bauxite deposits on the Waratilla-Cartwright Prospecting Licence (the 'Warcart PL') to explore their extent, quality and continuity of a mineralized zone in the north of the PL, now referred to as the Upper Waratilla Cartwright deposit ('UWC'). Since this date, a NI 43-101 compliant mineral resource estimate has been prepared based on 150 sonic drill holes and 1907 analyses for major oxides and LOI. The mineralized zone extends over an area of some 1600m x 700m remains open to the north, where additional drilling is merited.
The UWC deposit was drilled initially on a grid of 120 x 120m over an area of broad mineralization; subsequently, the area of highest resource potential was in-filled by holes centered within the 120m squares to provide an effective drill spacing of 85m. The Company's SDC550-18 sonic drill rig was used and as a result of the success of this drilling program, a NI 43 101 Technical Report will be issued within the next thirty days in support of the mineral resource estimate. Representative, composite mineralogical and metallurgical composite core samples are currently being treated at SGS Lakefield, Ontario.
Upper Waratilla Cartwright Mineral Resources of Raw Bauxite
(greater than 48% Al2O3 and less than 20% SiO2)
July 2010
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Mineral Tonnage LOI SiO2 TiO2 Fe2O3 Al2O3 Total Oxides
Resources '000s % % % % % %
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Indicated 4,596 29.30 7.91 2.27 1.02 58.94 99.44
Inferred 269 28.43 9.58 2.11 0.97 58.50 99.59
First Bauxite is also pleased to announce that on May 18, 2010, Company geologists discovered outcrops of high quality bauxite exposed in a creek bed in the South-West sector of the Waratilla Cartwright Prospecting Licence. On June 3 the Company mobilized its sonic drill rig to test this exciting discovery and to date 83 holes at a spacing of 120 x 120 m have been drilled totaling 3133m. This zone is now referred to as the Lower Waratilla Cartwright ('LWC') deposit. Analyses are available for 53 holes and the Company presents the results for the 42 holes that encountered significant bauxite intercepts in the table below:
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Hole No. From To Intercept SiO2 TiO2 Al2O3 Fe2O3 LOI
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WCL m m m % % % % %
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1 25.5 29.18 3.68 7.47 2.94 57.95 0.70 29.79
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2 14.79 20.61 5.82 3.31 3.02 61.02 0.57 31.07
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3 8.98 13.03 4.05 5.57 2.39 59.44 0.54 30.97
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4 8.95 13.58 4.63 14.74 2.26 54.17 0.89 27.07
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9 6.05 8.37 2.32 15.13 2.69 54.16 0.72 26.56
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12 9.02 15.01 5.99 1.99 3.32 61.80 0.50 31.86
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13 3.00 7.29 4.29 4.77 2.44 60.75 0.44 30.83
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14 2.62 5.51 2.89 5.66 2.71 59.79 0.48 30.46
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15 19.70 27.26 7.56 3.23 3.00 61.73 0.68 30.78
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16 12.58 18.29 5.71 4.48 2.73 61.05 0.55 30.63
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17 4.60 7.39 2.79 6.09 2.58 59.62 0.40 30.24
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18 3.96 5.86 1.90 10.97 2.47 57.40 0.37 28.49
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20 26.60 32.30 5.70 8.44 2.28 57.57 0.85 30.13
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21 30.39 33.51 3.12 9.04 2.69 56.65 1.31 29.40
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22 15.46 20.73 5.27 4.67 2.93 59.69 0.62 30.61
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23 26.75 32.35 5.60 5.95 2.36 60.00 0.48 30.55
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26 11.58 15.24 3.66 4.92 2.53 59.54 0.47 31.06
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27 17.99 23.61 5.62 4.52 2.68 60.00 0.60 31.14
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28 22.54 26.22 3.68 3.69 2.80 59.88 0.86 31.52
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29 30.81 34.96 4.15 6.29 2.42 59.08 0.76 30.41
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30 39.57 44.17 4.60 7.95 2.48 57.63 0.88 29.92
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31 37.00 40.55 3.55 11.58 2.45 55.52 1.36 27.95
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32 49.53 54.14 4.61 10.53 2.24 56.58 0.92 28.56
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34 9.89 15.73 5.84 12.21 2.29 55.50 1.70 27.10
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35 9.15 13.74 4.59 14.30 2.40 54.72 0.48 26.95
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36 18.02 20.76 2.74 8.86 2.28 58.65 0.94 28.09
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37 21.43 26.47 5.04 11.22 2.35 56.47 1.12 27.66
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38 32.67 37.11 4.44 4.59 2.57 59.80 1.12 30.78
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39 34.69 39.90 5.21 5.03 2.58 59.31 1.12 30.89
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40 35.66 41.78 6.12 5.99 2.61 58.85 0.98 30.25
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48 39.21 43.63 4.42 6.87 2.15 58.98 0.65 30.16
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49 39.40 45.64 6.24 7.76 2.48 58.25 0.75 29.69
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50 40.75 44.69 3.94 11.48 1.75 56.26 1.17 27.98
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52 36.47 41.70 5.23 9.31 2.24 56.94 1.20 29.22
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53 38.45 45.50 7.05 8.01 2.24 57.93 1.45 28.93
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54 36.31 41.45 5.14 10.69 2.21 56.29 1.08 28.52
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55 36.30 42.05 5.75 7.87 2.74 57.43 1.01 29.85
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56 35.47 40.22 4.75 8.00 2.64 57.78 0.97 29.36
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58 23.16 27.17 4.01 10.32 2.29 56.83 1.10 28.18
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75 45.61 50.51 4.90 13.76 2.19 54.18 0.96 27.33
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76 41.54 47.99 6.45 5.85 2.49 59.20 0.63 30.60
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77 44.73 48.75 4.02 14.16 2.40 54.31 1.14 26.95
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NB Some holes in the sequence have not yet been drilled or analyzed.
The results indicate a zone of 1200m by 500m however, the limits to the deposit remain open and drilling is ongoing. Representative, composite mineralogical and metallurgical core samples have been collected at LWC for test work at SGS Lakefield.
The drill program continues to be supervised by Mr. Bryan S. Osborne, P.Geo of Aluminpro Inc., who is the designated Qualified Person as defined by NI 43-101 and has reviewed the above exploration information for accuracy.
The CEO of the company Hilbert N Shields commented that 'the discovery of bauxite at surface on the Warcart PL is exciting. While it was known from the historical Alcan drilling that bauxite resources existed on the PL, the average depth of overburden was close to 50 meters; this is why FBX focused the Feasibility Study on the Bonasika deposits which have shallower overburden. Higher quality Warcart bauxite, under a relatively thin overburden cover offers the potential to significantly optimize the Bonasika Project and add to the resource base and project life. The company has embarked on an aggressive program to delineate a NI 43-101 compliant mineral resource at LWC and will initiate a Preliminary Economic Assessment (PEA) aimed at integrating the LWC deposit into the Bonasika Development Plan and so enhance the project economics.'
About First Bauxite Corporation
First Bauxite Corporation (TSX VENTURE: FBX) is a Canadian natural resources company engaged in the exploration and development of bauxite deposits, through resource discovery and mining within a niche industrial market. The company has its head-office in Vancouver and its current assets in Guyana, South America and is managed by experienced geoscientists and business development professionals with worldwide experience in the exploration and mining business across a number of mineral commodities. The mission of First Bauxite is to become a near term, medium size producer and supplier of high quality refractory grade sintered (calcined) bauxite. First Bauxite controls a large land package in Guyana's historical coastal bauxite belt, including the Bonasika Mining License and the Waratilla-Cartwright Prospecting License, covering deposits which were drilled in 1940's-60's by ALCAN and which host near surface deposits of refractory grade bauxite. The Company has recently completed a Feasibility Study over the Bonasika Project and announced its results on July 29, 2010. The Feasibility Study defines and confirms the viability of an operation based on sequential mining of the three (3) bauxite deposits located on the Bonasika Mining License by open-pit, truck and excavator mining, with the mined ore trucked for processing at a central wash plant facility located less than 2 km from the Bonasika 1 & 2 pits. The wash plant concentrate will be transported 23 km to the sintering plant and load out facilities at Sand Hills. The Mine will operate at a production rate of 298,500 metric tons ('tonnes') of raw, dry bauxite per year or 1,148 tonnes per day, the wash plant will produce 162,232 tonnes of washed bauxite concentrate and the two vertical pressurised shaft kilns will produce 100,000 tonnes per year of sintered bauxite final product. The Company is currently drilling the Waratilla bauxite deposits to outline the resources and to upgrade the historical reserves to NI 43-101 compliance. First Bauxite has additional upside potential to the metallurgical bauxite business, through an option agreement with Rio Tinto Mining and Exploration Ltd, whereby Rio can earn up to 75% interest in the Company's exploration ground by expending up to US$58 million in stages. Finally, the Company has entered into an agreement to acquire all of the issued and outstanding shares of Bauxite Corporation of Guyana Inc. ('BCGI') and accordingly, 100% of its interest in the contiguous Tarakuli and Tarakuli North-West Prospecting Licenses in Northeast Guyana, which host an historical inferred bauxite resource of significant size and quality. For further information on First Bauxite Corporation, please visit our corporate website at www.firstbauxite.com.
On behalf of The Board of Directors of First Bauxite Corporation
Ioannis (Yannis) Tsitos, President & Director
Hilbert N. Shields, CEO & Director
This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking statements.
Neither 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.
Contacts:
First Bauxite Corporation
Ioannis (Yannis) Tsitos
President & Director
604-806-0916
604-806-0956 (FAX)
www.firstbauxite.com