Iron Mask Property Litigation Update
TYMBAL RESOURCES LTD.
Suite 600-850 West Hastings Street
Vancouver, British Columbia
V6C 1E1
Tel: (604) 662-8130
Email: [email protected]
NEWS RELEASE
Iron Mask Property Litigation Update
VANCOUVER, BRITISH COLUMBIA, April 18, 2022 – Tymbal Resources Ltd.
(TSXV – TYMB) (“Tymbal” or the Company).
“Tymbal” reports KGHM Ajax Mining Inc. (KAM) is a Joint Venture between KGHM
Polska Mied ź SA and Abacus Mining and Exploration Corporation (“Abacus”). KAM is
also the proponent of the “Ajax Mine Project”. Tymbal holds the Iron Mas k Property
which is adjacent to and overlaps a significant portion of the Ajax Mine Project. Tymbal
is pursuing litigation to enforce its mineral tenure interests in the project area. This
litigation remains in the discovery stage.
KAM and Abacus provided an update of the Ajax Project Feasibility S tudy*. The
following has been taken from an Abacus News Release dated February 3, 2022:
- The Ajax Project contains significant remaining quantities of copper and gold,
within a NI 43- 101 Proven and Probable Mineral Reserve of 426 Mt at 0.29%
Cu, 0.19 g/t Au and 0.39 g/t Ag. Contained metal is in the order of 2.7 billion lbs
Cu, 2.6 million oz Au and 5.3 million oz Ag*
- Ajax was mined in the late 1980’s by Teck as part of their Afton operati on.
Abacus acquired the Ajax project from Teck and advanced it until 2010, when
KGHM was brought onboard. The old Afton Mine just west of Ajax was put bac k
into production in 2012 by New Gold as the New Afton Mine.
- Ajax last underwent a Feasibility Study in 2016, where the project at that time
was designed to mine 65,000 tonnes per day over an 18-year mine life. The mine
would provide significant employment during both construction and operation
and substantial tax revenues would accrue to all levels of government. It s hould
be noted that the 2016 Feasibility Study used metal prices of US$3.21/lb Cu,
US$1200/oz. Au, and US$17/oz. Ag, which are significantly lower than current
prices.
- The Ajax Project underwent a joint provincial and federal environmental r eview
starting in 2011, which culminated in the decision by the B.C. Minister of
Environment and Climate Change Strategy and the Minister of Energy, Mines and
Petroleum Resources to decline to issue an environmental assessment certificate
for the Project in December of 2017. Since then, KGHM in consultation wi th
Abacus has worked to re-evaluate the project, taking into account relations w ith
all project stakeholders, especially First Nations. KGHM opened a new Kamloops
office for the Ajax project late in 2020 following the appointment of a new Ajax
Superintendent.
- KGHM (Group) plans to devote more attention to the project, including continued
engagement with First Nations.
*M3 Engineering and Technology Corp., February 19, 2016. Ajax Project NI 43-
101 Technical Report Feasibility Study Update.
The technical information in this news release has been reviewed a nd approved by
Richard T. Walker, P.Geo., a Qualified Person within the meaning of National Instrument
43-101.
Tymbal Resources Ltd.
Per: “Sammy Cheng”
Sammy Cheng
Director
(604) 662-8130
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