U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 or 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of December, 2003
Commission File Number 1-31722
DRC RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
595 Howe Street, Suite #601, Vancouver, British Columbia, Canada V6C 2T5
(604) 687-1629
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F __X__ Form 40-F ___
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)(1): ___
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ___
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ___ No __X__
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ___.
BC FORM 53-901F
(Formerly Form 27)
SECURITIES ACT
MATERIAL CHANGE REPORT UNDER SECTION 85(1) OF THE ACT
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Item 1: Reporting Issuer: |
DRC Resources Corporation. |
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595 Howe Street, Suite #601 |
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Vancouver, B.C. V6C 2T5 |
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Phone: (604) 687-1629 - Fax (604) 687-2845 |
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Email address: drcresources@uniserve.com |
Item 2: Date of Material Change: December 18, 2003
Item 3: Press Release: Dated December 18, 2003 issued in Vancouver, British Columbia
Item 4: Summary of Material Change:
Update on Afton Copper-Gold Project
Item 5: Full Description of Material Change:
DRC Resources has commissioned Behre Dolbear & Company Ltd. to prepare a Pre-Feasibility Study based on a December, 2003 upgrade of the May, 2003 Mineral Resource Study by Giroux Consultants. Ltd., a member of the Behre Dolbear consulting group. The updated resource study has upgraded sufficient of the inferred to the indicated category of mineral resources in the Afton Main Zone, to permit exclusion of inferred resource material in the preparation of a new reserves-based Pre-Feasibility Study. Accordingly, the reserves announced in Press Release dated October 8, 2003 are retracted, but should be re-established in the mine plan of the newly commissioned Pre-Feasibility Study. An updated mine plan is now being completed by Metalica S.A. of Chile, the mine planning member of the Behre Dolbear group, with the full Behre Dolbear Pre-Feasibility Study to follow.
Afton Main Zone
Mineral Resource Estimate
1 - *0.70% Copper Equivalent Cutoff 2(December, 2003)
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Resource Category |
Tonnes>Cutoff (tonnes)3 |
Grade>Cutoff 3 |
Contained Product In-situ4 |
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CuEQ% |
AuEQ(g/t) |
Copper (lb) |
Gold (oz) |
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Measured |
9,540,000 |
1.956 |
3.039 |
271,000,000 |
290,000 |
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Indicated |
59,160,000 |
1.635 |
2.541 |
1,368,000,000 |
1,577,000 |
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Measured and Indicated |
68,700,000 |
1.679 |
2.609 |
1,639,000,000 |
1,866,000 |
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Inferred |
7,450,000 |
1.480 |
2.300 |
151,790,000 |
188,000 |
NOTES
1
Metal Prices Used: Copper $US 0.85/lb, Gold $US 375/oz, Silver $US 5.25/oz and Palladium $US 200/oz.1
Assumed Metal Recovery: Copper 90%, Gold 90%, Palladium 74%, and Silver 75%.2
Cutoff selected for application in the mine plan of the current scoping study and expected to be applied in thenewly commissioned pre-feasibility study.
3
Blocks greater than cut-off for tonnes and grade are included in the calculation for the specified grade cut-off.4
Not all tonnage will be recovered in mining, nor will all metal be recovered in milling and processing.5
The tables above included only blocks above the reported cutoff. There are also a considerable number of blockspresent below this cutoff, some of which will probably be included with the material mined using the proposed
mining method.
Table 1: Afton Main Zone Measured Resource
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Cutoff CuEQ % |
Tonnes> Cutoff (tonnes) |
Grade > Cutoff |
Contained Product In-situ |
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Cu % |
Au (g/t) |
Ag (g/t) |
Pd (g/t) |
CuEQ % |
AuEQ (g/t) |
Cu (Mlbs) |
Au (Mozs) |
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0.40 |
11,180,000 |
1.151 |
0.844 |
3.057 |
0.110 |
1.748 |
2.716 |
283.74 |
0.303 |
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0.50 |
10,600,000 |
1.198 |
0.878 |
3.187 |
0.113 |
1.819 |
2.827 |
280.01 |
0.299 |
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0.60 |
10,030,000 |
1.246 |
0.913 |
3.320 |
0.116 |
1.891 |
2.938 |
275.57 |
0.294 |
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*0.70 |
9,540,000 |
1.289 |
0.945 |
3.438 |
0.117 |
1.956 |
3.039 |
271.15 |
0.290 |
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0.80 |
9,050,000 |
1.333 |
0.976 |
3.559 |
0.118 |
2.021 |
3.140 |
266.00 |
0.284 |
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0.90 |
8,590,000 |
1.374 |
1.008 |
3.679 |
0.120 |
2.084 |
3.238 |
260.25 |
0.278 |
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1.00 |
8,110,000 |
1.418 |
1.041 |
3.815 |
0.121 |
2.151 |
3.342 |
253.57 |
0.271 |
Table 2: Afton Main Zone Indicated Resource
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Cutoff CuEQ % |
Tonnes> Cutoff (tonnes) |
Grade > Cutoff |
Contained Product In-situ |
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Cu % |
Au (g/t) |
Ag (g/t) |
Pd (g/t) |
CuEQ % |
AuEQ (g/t) |
Cu (Mlbs) |
Au (Mozs) |
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0.40 |
73,610,000 |
0.911 |
0.719 |
2.164 |
0.110 |
1.421 |
2.208 |
1478.64 |
1.702 |
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0.50 |
68,350,000 |
0.959 |
0.757 |
2.277 |
0.114 |
1.496 |
2.325 |
1445.33 |
1.664 |
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0.60 |
63,840,000 |
1.003 |
0.792 |
2.379 |
0.116 |
1.562 |
2.427 |
1411.90 |
1.626 |
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*0.70 |
59,160,000 |
1.049 |
0.829 |
2.487 |
0.119 |
1.635 |
2.541 |
1368.40 |
1.577 |
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0.80 |
54,350,000 |
1.100 |
0.870 |
2.604 |
0.121 |
1.713 |
2.662 |
1318.26 |
1.520 |
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0.90 |
50,080,000 |
1.148 |
0.908 |
2.719 |
0.123 |
1.787 |
2.777 |
1267.70 |
1.462 |
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1.00 |
46,120,000 |
1.194 |
0.946 |
2.833 |
0.125 |
1.859 |
2.889 |
1214.23 |
1.403 |
Table 3: Afton Main Zone Inferred Resource
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Cutoff CuEQ % |
Tonnes> Cutoff (tonnes) |
Grade > Cutoff |
Contained Product In-situ |
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Cu % |
Au (g/t) |
Ag (g/t) |
Pd (g/t) |
CuEQ % |
AuEQ (g/t) |
Cu (Mlbs) |
Au (Mozs) |
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0.40 |
10,350,000 |
0.761 |
0.643 |
1.974 |
0.109 |
1.220 |
1.896 |
173.67 |
0.214 |
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0.50 |
9,390,000 |
0.811 |
0.683 |
2.093 |
0.113 |
1.299 |
2.019 |
167.92 |
0.206 |
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0.60 |
8,430,000 |
0.864 |
0.731 |
2.211 |
0.116 |
1.384 |
2.151 |
160.60 |
0.198 |
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*0.70 |
7,450,000 |
0.924 |
0.784 |
2.341 |
0.120 |
1.480 |
2.300 |
151.79 |
0.188 |
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0.80 |
6,420,000 |
0.996 |
0.851 |
2.473 |
0.126 |
1.598 |
2.483 |
140.99 |
0.176 |
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0.90 |
5,680,000 |
1.056 |
0.907 |
2.578 |
0.129 |
1.695 |
2.634 |
132.26 |
0.166 |
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1.00 |
5,090,000 |
1.109 |
0.955 |
2.665 |
0.133 |
1.781 |
2.767 |
124.47 |
0.156 |
*Selected Example of Copper Equivalent Cutoff Grade
Note: Mlbs = Million Pounds, Mozs = Million Ounces
Giroux Consultants report that their work entailed estimating the mineral resources of the Afton Main Zone in conformance with the CIM Mineral Resource and Mineral Reserve definitions referred to in National Instrument (NI) 43-101, Standards of Disclosure for Mineral Projects..
Mr. Gary Giroux, P.Eng., of Giroux Consultants Ltd., has reviewed and approved the contents of this press release. In accordance with National Instrument 43-101, this report will be an update of the May 2003 Mineral Resource Study, a technical report. The updated resource estimate in conjunction with the Pre-Feasibility report will be filed on SEDAR within 30 days.
Afton Underground Exploration
The Company is very pleased with the results of the Afton underground exploration (5m X 5m) portal decline, under the direction of Mining Engineer, Michael G. Stoner, P.Eng., Competent rock conditions have been encountered in the early stages of excavation and Mr. Stoner states "the ground was reported fractured but well in filled and proved to be competent". These favorable rock conditions are encouraging geotechnically for the continuation of the underground program in 2004.
The Surface Diamond Drilling is continuing for both the Afton and the Pothook Mineral Zones.
Item 6: Reliance on section 85 (2) of the Act: Filed on a confidential basis: Not Applicable.
Item 7: Omitted Information: Not Applicable
Item 8: Senior Officer: John H. Kruzick 604-687-1629
Item 9: Statement of Senior Officer: "The foregoing accurately discloses the material change referred to herein."
Dated at Vancouver, British Columbia on the 18th day of December, 2003
"signed"
John H. Kruzick, President/Director
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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DRC RESOURCES CORPORATION |
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(Registrant) |
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Date: December 18, 2003 |
By: |
/s/ John Kruzick |
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John Kruzick, President/Director |
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