September 20, 2016
September 20 2016, Vancouver, BC - Taseko Mines Limited (TSX: TKO; NYSE MKT: TGB) (“Taseko” or the “Company”) is pleased to announce the discovery of a new high grade copper zone northwest of the perimeter of the Extension Pit at Gibraltar. Diamond Drill Hole (DDH) 2015-001 was drilled to a depth of 2,500 feet and intersected varying copper grades over 1,120 feet including selected intervals totaling 240 feet averaging 0.68% copper equivalent inside an interval of 510 feet averaging 0.42% copper equivalent (see table for intersection details).
DDH 2015-001 was drilled to test the total thickness of mineralization presented by three drill holes drilled in 1992. There is evidence which indicates that Gibraltar has a large, high-grade core that remains to be discovered, to the northwest and at reasonable depth. The three holes illustrated in the table below all terminated in mineralization at a depth of between 800 and 900 feet. None of the core was assayed for gold at that time.
Historical Intersections
DDH 92-26 contains 305 feet of 0.50% Cu, last 45 feet returned 0.90% Cu DDH 92-70 contains 220 feet of 0.61% Cu, last 73 feet returned 0.68% Cu DDH 92-71 contains 240 feet of 0.41% Cu, last 250 feet returned 0.40% Cu |
Russell Hallbauer, President and CEO of Taseko, stated, “We are extremely excited about the grades and intersection widths we have encountered in this most recent drill hole. The new geological information gained was an important consideration for our recently announced purchase of adjacent mineral claims.”
“Not only do copper grades appear to be dramatically increasing towards the northwest, and at depth, the historical drill holes were never assayed for gold. With gold and silver replacing molybdenum in the mineralized zones, the copper equivalent grade will increase, compared to that of our current resources and reserves.”
Mr. Hallbauer continued, “Based on historical and 2015 drill results, we have initiated an exploration work program and will commence drilling with an initial six holes, totaling approximately 15,000 feet, to better define and expand this new discovery. We do not believe the core of the new zone has been found, as world class porphyries like Gibraltar usually exhibit links between the deeper magmatic source ores upwards through transitional porphyry systems. Our present ore deposits on the Gibraltar property show indications of this vertical evolutionary relationship. Up until this time, however, we have not completely evaluated the overall potential for deeper mineralization with increased grades beyond those we are presently mining.”
Assay summaries for DDH 2015-001; 1992-26; 1992-70; 1992-71
DH ID | From (feet) | To (feet) | Interval (feet) | Cu (%) | Au (gpt) | Ag (gpt) | Mo (%) | |
---|---|---|---|---|---|---|---|---|
DDH 2015-001 | 577 | 1,087 | 510 | 0.38 | 0.04 | 1.5 | 0.0006 | |
DDH 2015-001 | Including | 577 | 627 | 50 | 0.71 | 0.07 | 3.2 | 0.0009 |
DDH 2015-001 | Including | 687 | 747 | 60 | 0.53 | 0.06 | 3.1 | 0.0003 |
DDH 2015-001 | Including | 787 | 827 | 40 | 0.55 | 0.08 | 2.2 | 0.0005 |
DDH 2015-001 | Including | 957 | 1007 | 50 | 0.52 | 0.04 | 1.0 | 0.0002 |
DDH 2015-001 | Including | 1,047 | 1,087 | 40 | 0.72 | 0.09 | 2.9 | 0.0002 |
DDH 1992-26 | 600 | 905 | 305 | 0.49 | Not Assayed | 2.9 | 0.0017 | |
DDH 1992-26 | Including | 860 | 905 | 45 | 0.86 | Not Assayed | 4.3 | 0.0007 |
DDH 1992-70 | 720 | 983 | 263 | 0.55 | Not Assayed | 3.8 | 0.0010 | |
DDH 1992-70 | Including | 900 | 983 | 83 | 0.68 | Not Assayed | 2.9 | 0.0010 |
DDH 1992-70 | Including | 910 | 960 | 50 | 0.93 | Not Assayed | 1.3 | 0.0010 |
DDH 1992-71 | 740 | 980 | 240 | 0.41 | Not Assayed | 2.34 | 0.0008 | |
DDH 1992-71 | Including | 740 | 860 | 120 | 0.54 | Not Assayed | 2.7 | 0.0010 |
Note: Copper equivalent grade is defined as (cu grade x cu recovery x 2204 x cu price + au grade x au recovery / 31.1 x au price + ag grade x ag recovery / 31.1 x ag price)/(cu recovery x 2204 x cu price). Values used to calculate copper equivalent are: 87% cu recovery, US$2.50/lb cu price, 80% au recovery, US$1,300/oz au price, 80% ag recovery and US$18/oz ag price. True widths cannot be determined from the information available.
Technical information contained in this Press Release has been reviewed and approved by Scott Jones, P.Eng., Vice President, Engineering and a Qualified Person under National Instrument 43-101.
For further information on Taseko and the Gibraltar project, please visit the Taseko website at www.tasekomines.com or contact:
Brian Bergot, Vice President, Investor Relations - 778-373-4533 or toll free 1-877-441-4533
Russell Hallbauer
President and CEO
No regulatory authority has approved or disapproved of the information contained in this news release.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This document contains “forward-looking statements” that were based on Taseko’s expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “outlook”, “anticipate”, “project”, “target”, “believe”, “estimate”, “expect”, “intend”, “should” and similar expressions.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These included but are not limited to:
For further information on Taseko, investors should review the Company’s annual Form 40-F filing with the United States Securities and Exchange Commission www.sec.gov and home jurisdiction filings that are available at www.sedar.com.