Aug 7 2015
Discovery Ventures Inc. ("Discovery") provides an update on the progress of its amended preliminary economic assessment (the "New PEA") that Discovery announced on July 3, 2015. Discovery is preparing the New PEA as a result of a review by the British Columbia Securities Commission (the "BCSC").
On June 30, 2014, Discovery filed an amended and restated Preliminary Economic Assessment and Technical Report for the WillaMAX Project (the "Amended PEA"). Discovery has engaged the Amended PEA's author, Wayne Ash, P. Eng. to update the Amended PEA as a result of the review of the BCSC. Discovery and Mr. Ash have concluded that since a New PEA needs to be filed, it should also update the data that was the basis of the Amended PEA. The Amended PEA relied on the Technical Report on the Willa Deposit, Slocan Mining District, British Columbia prepared for Discovery by Mr. Ash and David Makepeace and dated November 23, 2013 (the "Technical Report"). Discovery anticipates updating the Technical Report with the following:
- Data from Aerial LiDAR photography conducted in September 2014 will update the several surface diamond drill hole collar elevations.
- Update the specific gravity of the current mineral resources.
- Alterations of the basic strike and dip of the West Zone for comparison with the results of the current north-striking, vertical-dipping assumptions used in the current zone configuration.
- Possible evaluation of the tonnage and grade by Kriging process regression.
- Incorporate updated geology information in the mineral resource estimate.
- Alter the grade cut-off from a gold-grade to a combined three-metal value of Cdn$115.
Until Discovery files the New PEA, investors are cautioned that the previously disclosed Willa Property estimates and the economic analysis in the Amended PEA are not supported by a compliant technical report, contrary to NI 43-101, and should not be relied on until they are supported by a New PEA.
Wayne M. Ash, P. Eng., a Qualified Person under NI 43-101 who has an arm's length relationship with the Discovery, has read and approved the scientific and technical disclosure in this news release, and consents to the public filing of this news release.
On behalf of the Board of Directors,
Akash Patel, President and Director, Discovery Ventures Inc.
Source: http://www.discoveryventuresinc.com/