June 8, 2006
TRIBUTE ANNOUNCES THE FIRST STAGE ARROW ZONE INDEPENDENT RESOURCE ESTIMATION FOR THE GARNET LAKE PROPERTY , CONFEDERATION LAKE BELT , RED LAKE MINING DISTRICT , ONTARIO, CANADA
TBM-TSXV
Tribute Minerals Inc. (the “Company' or “Tribute”) (TSXV: TBM) is pleased to announced that it has obtained an independent resource estimate for its Garnet Lake Property, Confederation Lake Belt, Red Lake Mining District, Ontario, Canada.
At a cut-off grade of 5% per cent zinc equivalent, the Broad Oak Associates estimation has resulted in an indicated resource of 1.278 million tonnes plus an inferred resource of 574,000 tonnes as presented in the following table:
| Category | Tonnes | Zn (%) |
Cu (%) |
Au (g/t) |
Ag (g/t) |
| Indicated | 1,278,000 | 8.12 |
0.81 |
0.64 |
22.9 |
| Inferred | 574,000 | 4.34 |
0.87 |
0.76 |
22.3 |
At a 10% per cent zinc equivalent |
|||||
| Indicated | 507,000 | 16.3 |
1.25 |
0.82 |
28.9 |
Resource estimations were based on two chosen cut-off grades of 10% and 5% Zn equivalent, which is equal to the Zn (wt.%) plus 2.4 Cu (wt.%). Gold and silver values were not incorporated into the cut-off grades.
Until an economic evaluation is completed, the economic cut off for this deposit is unknown, Mineral resources that are not mineral reserves do not have demonstrated economic viability. In consultation with the Broad Oak Associates, the Company has determined that 5% Zinc is the minimum acceptable cut off grade to report. Until an economic evaluation is completed, the economic cut off for this deposit is unknown.
Details of key assumptions, parameters and methods used to estimate the mineral resource.
A minimum true mining width of three metres was required in order to include an intersection into the resource estimate. The polygon method was used to estimate the size of the Arrow Zone. The grade and true width of each intersection was assigned to a polygon volume of mineralized material comprising of that sample. The polygon boundaries were drawn at half the distance to the nearest adjacent holes. If no drill-holes were in the vicinity then the boundary was drawn 50 metres from the sample. The volumes were then summed up and converted to tonnage.
The rock density was reported for Hole GL97-7 for which measurements of specific gravity were made of the core samples intersecting the Arrow Zone. The average value of 3.151 for a grade of 7.78% Zn, 0.52% Cu, 0.25 g/t Au and 8.73 g/t Ag over 10.45 metres was used for calculating the 5% equivalent cut-off resource. The average value of 3.275 for a grade of 11.7% Zn, 0.64% Cu, 0.33 g/t Au and 11.25 g/t Ag over 6.15 metres was used for calculating the 10% equivalent cut-off resource. Indium and gallium were not included as these elements were not assayed for in the early stages of the project.
The resource estimation of the Arrow Zone is divided into two categories based on the CIM Definition Standards on Mineral Resources and Mineral Reserves prepared by the CIM Standing Committee on Reserve Definitions, November 2004.
Broad Oak Associates carried out data verification on drill logs and assay values. The database verification found no discrepancies with the geological information and conforms to industry standards. A site visit was carried out in March 2006.
The total indicated metric tonnage of the Arrow zone for the 5% Zn equivalent cut-off is 1,278,000 tonnes at 8.12% Zn, 0.81% Cu, 0.64g/t Au and 22.9 g/t Ag. Additional to the indicated resource; the inferred resource is estimated to be 574,000 tonnes at 4.34% Zn, 0.87% Cu, 0.76 g/t Au and 22.3 g/t Ag. Indium and gallium grades recovered in this zone assayed between 14.2 g/t to 69.1 g/t and 50.9 to 86.6 g/t, respectively.
The Arrow Zone, using the 10% Zn equivalent cut-off, has a high-grade centre of indicated resource of 507,000 tonnes at 16.3% Zn, 1.25% Cu, 0.82 g/t Au and 28.9 g/t Ag, separated to date into three pods based on the high-grade intersections. Indium and gallium grades ranged from 31.2 g/t to 81 g/t and 60 g/t to 105 g/t, respectively.
Extent to which estimate of mineral resource may be materially effected by any known relevant issues.
Neither the Company's consulting geologist, Geoff Carter, nor Management of the Company is aware of any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues that may materially affect the estimate of the mineral resource.
Independent Consulting Mining Engineer, Geoff Carter, PEng, of Broad Oak Associates supervised the resource estimation and is the qualified person under National Instrument 43-101 who has reviewed this press release and is writing a full technical report on the Garnet Lake property which Tribute Minerals Inc. will file on SEDAR within 45 days.
The Company currently has 54,581,910 common shares issued and outstanding.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tribute Minerals Inc.
Ian Brodie-Brown
President and C.E.O.
(416) 368-2929
(416) 601-1450 (FAX)
info@tributeminerals.com
www.tributeminerals.com
The TSX Venture Exchange has neither approved nor disapproved of the contents of this
release.
