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2010 Mining Explorers: Teck Resources Ltd.

 

Last updated 10/31/2010 at Noon



TSX: TCK.A, TCK.B and NYSE: TCK

Chairman: Norman Keevil

President and CEO: Donald Lindsay

Vice President, Exploration: Fred Daley

Teck Resources Ltd. is looking forward to 20 more years of high-grade zinc-lead-silver production at its Red Dog Mine in Northwest Alaska.

Early in 2010, it was unclear whether the company would continue operations at Red Dog or shutter the mine until issues surrounding its water discharge permits were resolved.

After lengthy discussions with the U.S. Environmental Protection Agency and a comprehensive review of its operating plans for the zinc-lead mine, Teck decided to move ahead with development of the Aqqaluk deposit, which lies adjacent to the north side of the Main Pit that has been mined over the past two decades.

Aqqaluk contains 51.6 million metric tons of reserves with an average zinc content of 16.7 percent along with 4.4 percent lead, enough ore for Red Dog to continue to be a global zinc supplier until 2031.

Teck's 2010 exploration in the Red Dog region focused on Anarraaq, a deep deposit that lies about seven miles, or 11 kilometers, northwest of the current operation.

According to a 2004 report, Anarraaq hosts a 1-million-metric-ton or so barite body and a zinc-lead-silver massive sulfide zone with an estimated resource of about 18 million tons at 18 percent zinc, 5.4 percent lead, and 85 grams per metric ton silver.

Teck discovered the massive deposit while drilling a large gravity anomaly in 1999, subsequently establishing an inferred resource.

Further exploration turned up Antiguruk, another promising zinc target adjacent to Anarraaq.

Previous drilling in hole 1109 intersected 4 meters averaging 29 percent zinc at this prospect about 3 miles, or 5 kilometers, north of Anarraaq.

Hole 1114 cut 14 meters grading 17 percent zinc and 5 meters at 46 percent zinc.

Following up on airborne geophysical surveys conducted in 2009, Teck geologists conducted field-mapping and geochemical surveys to identify new drill targets in this area north of the Red Dog Mine.

The company completed a 17-hole drill program at the Anarraaq-Antiguruk prospect in 2010.

Teck plans to resume its exploration of the deep deposit area upon the delivery of new drill rigs in 2011.

In addition to drilling in around Red Dog, Teck invested C$600,000 in junior explorer Millrock Resources Ltd. - funds that company used to further exploration of the 32,511-acre Estelle gold property about 100 miles, or 160 kilometers, northwest of Anchorage.

SH-2010-042, a chip sample traverse at the Shoeshine prospect in the southern portion of the Estelle claim block, averaged 9.1 g/t gold over a width of 27 meters.

Four other samples from Shoeshine returned assays between 1.1 and 5.9 g/t gold.

At Oxide Ridge - a prospect about 12 miles, or 20 kilometers, north Shoeshine - two samples returned 1.6 and 1.8 g/t gold, each over a traverse of three meters.

Millrock said a new mineralized zone, Oxide North, about 1.6 miles, or 2.5 kilometers, north of Oxide Ridge was identified during the 2010 exploration program.

In addition to the private placement, Teck funded geophysical surveys to test for disseminated sulfides in the valley separating the two gold occurrences.

If Teck likes what it sees during this year's investigation, it will have the option to earn a 55 percent interest in Estelle by spending US$3.6 million in expenditures over two years.

The major can earn an additional 10 percent interest in the Kahiltna Terrane property by funding another US$5 million and making optional cash payments to Millrock totaling US$400,000 by the end of 2014.

Due to higher copper and gold prices, new parts of the Galore Creek Deposit in northwestern British Columbia are becoming ore grade.

Teck and joint venture partner Novagold Resources Inc. completed infill drilling in 2010 on these areas in order to incorporate them into the resource-base at the massive copper-gold project.

Cash and short-term deposits: C$758 million (at June 30, 2010)

Market capitalization: US$23.98 billion (at Oct. 4, 2010)

Suite 3300, Bentall 5 • 550 Burrard St. Vancouver, BC V6C 0B3

Tel: 604-699-4000 • Fax: 604-699-4750

http://www.teck.com

 

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