February 17, 2009
On behalf of Prospector Consolidated, Al Doherty, P.Geo. reviewed the historic drilling and the recent drilling by Prospector Consolidated and proposed several estimates of the known tungsten mineralization. The estimates are not considered to be current reserves or resources since various economic factors are still unknown however these “back of the envelope” assessments help to assess whether there is a reasonable chance to develop a mine. The estimate serves to clarify Kalzas as an exploration target, which warrants further drilling.
Mr. Doherty, P.Geo., reviewed the historic data developed by Union Carbide in the 1980’s under the direction of the renowned geologist Charlie Forester (now technical advisor to Prospector on the Kalzas deposit) ; Doherty further reviewed the drilling done by Copper Ridge in 2002 as well as the follow up drilling by Prospector Consolidated. The total of eleven drill holes is located in a zone of 360 m by 300 m. It is estimated that the zone is 100 m thick and the grade is estimated at 0.20% to 0.30% WO3 (based on Prospector’s drilling and trench sampling). This estimate results in a zone containing 5.6 to 8.4 million MTU’s. Using lower and higher average grades – as was estimated by Union Carbide and Copper Ridge – provides a range of 4.8 to 16 million MTU’s.
(A MTU, or metric ton unit, is the conventional way of reporting tungsten mineralization and consists of 10 kg of WO3.)
The potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in discovery of a mineral resource.
Prospector Consolidated expects to raise $1.5 million via private placement of flow through financing, to carry out the 2009 drill program.
Henry Neugebauer, P. Eng.
President
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