Newmac Resources Inc. (TSX-V: NER) has purchased a 100% interest in the Chilanko Copper project located 170 kilometers west of Williams Lake, BC for $20,000 from an unrelated individual. Newmac Resources Inc. was made aware of Chilanko Copper while it was conducting exploration on its Newmac copper-gold project located approximately 40 kilometers south of the acquisition. Known mineralization at Chilanko Copper occurs in copper stained diotite to monzonite associated in fresher rock with pyrite and weak chalcopyrite. The mineralized intrusive is believed to be Jurassic aged and is exposed through a window in the Miocene age basalts which cover much of the Chilcotin plateau.
Available records indicate that the mineralization exposed at Chilanko Copper was first recognized by American based Pickands Mather and Company in 1973 who completed soil vapor surveys in that year followed by an airborne magnetometer survey in 1974. Pickands Mather closed their British Columbia office in 1974 as a consequence of proposed initiatives then tabled by the ruling New Democratic Party and the claims lapsed. The project area was again staked by an individual in the late 1980’s but has never had systematic porphyry copper style exploration completed on it and has had no induced polarization surveying completed on it to date nor any drilling.
Management of Newmac Resources Inc. believes that under explored copper targets currently represent a tremendous opportunity in light of the current price for copper and the renewed interest in British Columbia by global mining companies. Recent logging has recently dramatically improved access into this area which can be described a very flat and semiarid pine forest. Although the company is still compiling data it believes that completing a first pass induced polarization survey will be an effective way to initiate exploration on this target.
J.W. (Bill) Morton P.Geo is the qualified person as defined by National Policy 43-101 who has reviewed the contents of this news release.
ON BEHALF OF THE BOARD
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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