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Rosita Mining Corp
Symbol RST
Shares Issued 36,783,982
Close 2016-02-08 C$ 0.025
Market Cap C$ 919,600
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Rosita increases NI 43-101 stockpile resource at Rosita

2016-02-08 09:56 ET - News Release

Mr. John Cook reports

ROSITA MINING INCREASES STOCKPILE RESOURCES AT SANTA RITA PROJECT IN NICARAGUA

Rosita Mining Corp. has released the results of an updated National Instrument 43-101 indicated and inferred resource estimate for its 65-per-cent-owned Rosita gold-copper project in northeastern Nicaragua.

Highlights

  • Stockpile resources upgraded to indicated category;
  • Total gold and copper resources increased from the 2012 estimate by 24 per cent and 8 per cent, respectively;
  • Maiden tailings resources estimated which provide additional resources to the project;
  • Metallurgical optimization and permitting process commencing in first quarter of 2016.

The resource estimate in stockpiles totals 70.9 million pounds of copper and 96,660 ounces of gold and 46.2 million pounds of copper and 50,330 ounces of gold in the indicated and inferred categories, respectively. Indicated resources total 6.46 million tonnes grading 0.47 gram gold per tonne and 0.5 per cent copper per tonne while inferred resources total 3.44 million tonnes grading 0.46 gram gold per tonne and 0.61 per cent copper per tonne in a series of stockpiles located near the former producing Santa Rita gold-copper open-pit mine. These estimates have been based on a $10 (U.S.) net smelter return cut-off. In addition, the company is also reporting maiden inferred resources of 1.96 million tonnes grading 0.56 gram gold per tonne at cut-off of 0.3 g/t gold in tailings located proximal to the Santa Rita stockpiles.

"We are pleased with the results of the updated 43-101 study and plan to focus on advancing the project toward a production decision stage later this year," John Cook, president and chief executive officer said. "The Santa Rita stockpiles represent a significant gold and copper resource that Rosita intends to advance over the ensuing year," Mr. Cook added.

The results of these resource estimates, which are summarized in the associated table, were prepared by Yungang Wu, PGeo, an independent qualified person as defined by NI 43-101.

 
                  INDICATED AND INFERRED MINERAL RESOURCE ESTIMATE, SANTA RITA STOCKPILES

Stockpiles            Class  Tonnes       Au Contained Au     Cu   Contained Cu        Ag Contained Ag
                               (kt)    (g/t)        (koz)      %           (kt)     (g/t)        (koz)

North             Indicated   2,007     0.66         42.4   0.89           17.8     10.94        706.0
                   Inferred     907     0.65         19.0   0.95            8.6     12.28        358.0
East              Indicated   1,049     0.30         10.1   0.43            4.5      8.77        295.8
                   Inferred     520     0.31          5.1   0.81            4.2     12.84        214.5
South             Indicated     800     0.52         13.5   0.46            3.7      5.88        151.1
                   Inferred     634     0.43          8.9   0.29            1.9      3.90         79.5
Southwest         Indicated   2,603     0.37         30.7   0.24            6.2      4.39        367.6
                   Inferred     796     0.41         10.5   0.27            2.2      4.21        107.7
Northeast          Inferred     431     0.26          3.5   0.71            3.1     12.39        171.7
North 2            Inferred     150     0.68          3.3   0.71            1.1      5.42         26.1
Stockpile total   Indicated   6,460     0.47         96.7   0.50           32.2      7.32      1,520.5
                   Inferred   3,437     0.46         50.3   0.61           21.0      8.66        957.5
Tailings           Inferred   1,956     0.56         35.2   0.21            4.0      9.65        607.0

Santa Rita stockpile resources -- resource drilling

The updated NI 43-101 resource estimates incorporated the results of a reverse circulation drilling campaign completed by Rosita in the fourth quarter of 2015. This work included 1,040 m of drilling in 55 vertical infill holes on five stockpiles located near the former Santa Rita open pit and 87 auger holes totalling 460 metres in a portion of the tailings piles, drilled in 2012 and 2013. Drilling to test the tailings only tested a small portion of the overall tailing piles which remain open for possible resource expansion.

Santa Rita mining history and exploration

The stockpiles at the project were generated over a 17-year operating life from 1959 to 1975 at the Santa Rita open-pit mine. A total of 5.4 million tonnes averaging 2.06 per cent copper, 0.93 gram gold and 15.08 grams silver per tonne were mined. Mill recoveries reportedly varied from 60 per cent to 80 per cent, depending on the type of material processed. In addition to the stockpile resources, the concessions also include 15 exploration targets for gold-copper skarn and porphyry mineralization.

2016 operating plan

Rosita's strategic focus in 2016 is to advance the Santa Rita stockpiles toward a production decision by the fourth quarter of this year. Metallurgical testing will focus on additional gold leaching testwork and SART recovery of copper. SART (sulphidization, acidification, recycling and thickening) is an industry-standard process for the recovery and recycling of cyanide in gold-copper ores and has been adapted for the treatment of gold-bearing mineralization with high copper content.

Rosita plans to complete this additional testwork on both stockpile and tailings samples leading to an optimized process flow design for the project.

Quality assurance/quality control

All samples were collected and transported by Rosita employees to the Bureau Veritus Mineral Laboratories in Managua, Nicaragua, for preparation. Samples were assayed in Vancouver using standard fire assay methods with AAS finish for Au and aqua regia digestion ICP-ES analysis for Cu and Ag. Certified standards, blanks and duplicates were inserted by Rosita in the sample stream at a rate of one per 30 samples.

Qualified person

Yungang Wu, PGeo, an independent qualified person, as defined by NI 43-101, has prepared and authorized the release of the mineral resource estimate presented in this press release.

An NI 43-101 report providing details of this mineral resource estimate will be filed on SEDAR under the profile of Rosita Mining within 45 days of the issuance of this press release.

We seek Safe Harbor.

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