Haib Copper project summary
 
The Haib copper deposit is develop in a joint venture with Teck Resources Ltd.
Teck's involvment is based on the following approach: “Due too several factors, including its remote location and general low grade, the Richtersveld Subprovince is relatively underexplored and has the potential to host a major ore deposit.  The objective of Teck Haib Project exploration programme is the discovery of a large tonnage, open-pittable, Cordilleran-style, porphyry-hosted copper +/- molybdenum, gold and silver deposit.”
November 2010
 
The Concession:
The Haib Copper deposit is an EPL covers 74,563 hectares and is located in the Karas region, 8 km from the Orange River in the south of Namibia. The deposit is a classic porphyry copper-molybdenum dating from the Archean age. The principal mineralised hosts at Haib are a quartz feldspar porphyry (QFP) and a feldspar porphyry (FP) rock. Sulfide minerals (dominantly chalcopyrite) are disseminated within the rockmass and found concentrated in blebs and along veinlets and fractures. Near-surface oxidation has led to the formation of malachite, azurite, chrysocolla, minor cuprite and chalcocite, generally along fracture zones but rarely to depths in excess of 30 meters.
 
Behre Dolbear (1996), on behalf of NCJV, produced an Indicated Resource Estimate for the Haib deposit.  Using the Nearest Neighbour method, Behre Dolbear estimates a resource of 630 million Tonnes @ 0.34% Cu at a cut off grade of 0.2% Cu equivalent to 4 billion lbs of Cu in situ., With a cut off grade 0.3% Cu the Haib deposit hosts a resource of 292 million Tonnes @ 0.46% Cu, equivalent to 2.7 billion lbs of Cu in situ.
 
Haib offers many advantages:
  •  
    Location of the project, situated at short distance from major infrastructure and 8 km from the Orange River giving the project easy access to a clean water supply.
  •  
    Low altitude, 650 meters above sea level, resulting in good atmospheric pressure.  High ambient temperature with daily averages over 30o C. These two factors are very important to bio-heap leaching as they help increase recovery rates and reduce recovery times.
  •  
    The ore contains an average of 3% to 4% pyrite, which is ideal for bio-heap leaching. The pyrite, being a good heat generator, helps to increase recovery rate.
  •  
    Very low strip ratio of 0.77 to 1, combined with a well expose oxide section, easy to mine.
  •  
    Namibia's energy costs are below average for similar size project in South-America.
    The deposit was discovered by German prospectors at the end of the 1800's and Small tonnages of high grade copper carbonate ore were mined at this time. After World War II, the prospect owner George Swanson carried out small scale mining and tank leaching operations. Since the early 1960's Haib has seen many development phases conducted by different companies of which the most important exploration work have been carried out mainly by Falconbridge of Africa (Pty) Ltd, Rio Tinto Zinc Corporation and the Namibian Copper Joint Venture Pty Ltd (NCJV). NCJV has completed the last detailed evaluation of the Haib deposit between 1995 and 1999.

    Behre Dolbear (1996), on behalf of NCJV, produced an Indicated Resource Estimate for the Haib deposit.  Using the Nearest Neighbour method, Behre Dolbear estimates a resource of 630 million Tonnes @ 0.34% Cu at a cut off grade of 0.2% Cu equivalent to 4 billion lbs of Cu in situ., With a cut off grade 0.3% Cu the Haib deposit hosts a resource of 292 million Tonnes @ 0.46% Cu, equivalent to 2.7 billion lbs of Cu in situ.
     
    The historical resource estimation was prepared prior to publication of National Instrument 43-101 (2001), therefore, the resource shall be considered has historical. The resource estimation prepared by Behre Dolbear (1996) for the Haib deposit have been reviewed by Mr. Vivian Stuart-Williams, a Qualified Person under National Instrument 43-101. The resource estimation is compliant with CIM Standards, with the National Instrument  43- 101 and are endorsed by the Qualified Person.
     
     
    In 2010, Teck has completed a nine-hole drilling programme totalling  5,000 metres.

    Five of the nine drill holes from the current program (holes 5 to 9) were designed to test the extent of porphyry mineralization at depth.  The other four holes (holes 1 to 4) tested newly identified targets that had not previously been drill tested. One goal of the drilling program was to identify higher grades and / or or high tonnage zones that could increase the overall average grade and tonnage of the deposit. The holes drilled within the known deposit intersected mineralization trough all the length of the cores down to 842 metres at an average grade of 0.285% Cu and the drill intersected some sections such as 64 metres at a grade of 0.543% Cu, 234 metres at a grade of 0.37% Cu and 84 metres at a grade 0.364% Cu.

    Teck is committed to further its exploration programme on the Haib Copper project and new programmes for 2011 are under preparation

    Qualified Person

    Mr. Vivian Stuart-Williams (“SACNASP”) is the Qualified Person under National Instrument 43-101 who has reviewed the scientific and technical information of this document.
     
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