Newmac Resources Inc. (TSX-V: NER) has started prospecting, soil sampling, ground magnetometer and VLF-EM surveys on the Company’s Ready Mix property located approximately 35 kilometers northeast of Clearwater, British Columbia.
A 2.2 square kilometer area will be sampled by 943 soil samples and 46 line km within this area will be read with magnetometer and VLF-EM instruments. The Readymix Property is at the headwaters of Martin Creek which returned a stream sediment sample of 87 ppb gold. Prospecting in an area above Martin Creek in 1999 uncovered a highly oxidized boulder of intrusive breccias that assayed 29.3 g/tonne gold and 202 g/tonne silver.
The Company views the Ready Mix project as an excellent target for intrusion related gold mineralization because of several tungsten skarns in the area, anomalous gold, tungsten, molybdenum, and arsenic in stream sediments, and the Shuswap metamorphic terrain intruded by Cretaceous granites.
The Company has the right to earn a 100% interest in the Ready Mix claims by making an initial payment of $5,000 and issuing 150,000 common shares. Within two years the company will need to pay an additional $25,000 and issue 500,000 common shares, in two stages. The property will also be subject to a 2% Net Smelter royalty, where the full 2% may be purchased by the company for $1 million at any time.
Technical content of this news has been reviewed by David J. Bridge, P.Geo, a qualified person within the definitions of National Instrument 43-101.
ON BEHALF OF THE BOARD
Telephone (604) 688-3113
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Newmac Resources Inc.’s results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof.
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