Newmac Resources Inc. (TSX-V: NER; Frankfurt: N3M) has received encouraging results from two more drill holes on it's Crazy Fox Tungsten-Molybdenum property, 23 km west north west of Little Fort, BC. Little Fort is located adjacent to BC Highway 5 and the CN Railway about 100 km north of the city of Kamloops, or, about 450 km northwest of Vancouver.
To date, significant tungsten and molybdenum values have been encountered in intersections up to 300m (984 ft) long from widely spaced drill holes. The mineralization is contained within an imprecisely defined granitic host approximately 1.0 x 1.5 km in extent (0.6 x1.0 miles). Within the granite, the mineralization is 'open' for several hundred metres to the north, west and south from the area of present drilling. It is somewhat more constrained to the east, but much prospective ground remains untested. The mineralization appears to be located to the top of a thrust fault located at about 300m (1000ft) depth.
Selected Intervals from diamond drill holes 06-29 and 06-31 are presented below.
|
Hole |
From (m) |
To
(m) |
Width (m) |
Width (ft) |
W
(%) |
WO3
(%) |
Mo
(%) |
MoS2
(%) |
|
06-29 |
7.9 |
73.9 |
66.0 |
216.5 |
|
|
0.013 |
0.021 |
|
|
100.9 |
166.9 |
66.0 |
216.5 |
|
|
0.015 |
0.025 |
|
|
238.9 |
331.9 |
93.0 |
305.0 |
|
|
0.014 |
0.022 |
|
|
349.0 |
378.6 |
29.6 |
97.1 |
|
|
0.026 |
0.043 |
|
|
7.9 |
166.9 |
159.5 |
521.5 |
0.032 |
0.040 |
|
|
|
includes |
7.9 |
79.9 |
72.0 |
236.2 |
0.034 |
0.042 |
|
|
|
and |
100.9 |
166.9 |
66.0 |
216.5 |
0.037 |
0.047 |
|
|
|
|
217.9 |
229.9 |
12.0 |
39.4 |
0.021 |
0.027 |
|
|
|
|
352.0 |
378.6 |
26.6 |
88.0 |
0.054 |
0.068 |
|
|
|
06-31 |
217.5 |
319.1 |
101.6 |
334.0 |
|
|
0.036 |
0.060 |
|
includes |
265.5 |
319.1 |
53.6 |
175.8 |
|
|
0.059 |
0.098 |
|
and |
273.7 |
319.1 |
45.4 |
149.0 |
|
|
0.067 |
0.112 |
|
|
34.6 |
43.6 |
9.0 |
29.5 |
0.026 |
0.032 |
|
|
|
|
100.5 |
154.5 |
54.0 |
177.1 |
0.015 |
0.019 |
|
|
|
|
273.7 |
319.1 |
45.4 |
149.0 |
0.040 |
0.050 |
|
|
|
|
|
|
|
|
|
|
|
|
Holes 06-29 and 06-31 are drilled on the same north-south section. (The section is 100m west of, and parallel to, the common collar of, and section through, holes 06-19, 06-25, and 06-27, all reported previously). Hole 06-29 is a vertical hole. Hole 06-31 is collared 290 m (951 ft) to the south and is drilled northwards at a dip of -60˚. The bottom of hole 06-31 is 120m (394 ft) south of the bottom of hole 29.
The current price for tungsten has surged in the past two years from about US$60 to the current level of US$260 per metric ton unit or "MTU". The price is generally quoted for Ammonium Paratungstate, ("WO3"). One MTU contains 10 kg (22 lbs) of WO3 . The current price for molybdenum has also surged and molybdenum is currently trading at a price around US$55 per Kg (US$25 per pound) of Mo. The grade is often quoted as % MoS2 (molybdenite). Both tungstate (WO3 ) and molybdenite are "end use " products in the steel industry and generally do not require further refining unless for specialized use.
Large scale bulk tonnage deposits are key acquisition targets for most of the world's largest mining companies. Economies of scale allow these deposits to be mined at an extremely low cost per ton. With the dimensions and grades exhibited to date at the Crazy Fox Property, the prospect of a large open pit or bulk mineable deposit is plausible and the Company has developed an exploration model that incorporates this concept.
Assays were performed by ACME analytical Laboratories Ltd. of Vancouver, BC using ICP-mass spectrometry methods.
Technical content of this news release has been reviewed by W.A.Howell, P. Geo., a qualified person within the definitions of National Instrument 43-101.
Respectfully submitted
ON BEHALF OF THE BOARD
"David Hjerpe"
David Hjerpe
president
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.
THE TSX VENTURE EXCHANGE DOES NOT TAKE RESPOSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
For Further Information contact David Hjerpe, President, at: (604) 461-7211 |
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