Newmac Resources Inc. (TSX-V: NER) has completed a diamond drilling program on the Chilanko property located 170 kilometres west of the city of Williams Lake, B.C. A drill is now being moved to the company's Crazy Fox tungsten-molybdenum project, which is located 20 kilometres north-northwest of the village of Little Fort in Southern British Columbia, near Kamloops.
On the Chilanko property a number of strong induced polarization targets where tested by 8 diamond drill holes. These targets were found by the completion of 37 line kilometres of IP survey in February of this year. The survey resulted in the discovery of a very strong induced polarization response over an area varying from 500 metres to 1,000 metres in width and extending for 3,500 metres along the long axis. Two of the holes completed in this program have intersected mineralization over a length of 200 m that is being described as consistent with that of a red bed copper style of mineralization. Native Copper, Chalcocite, and Bornite have all been identified in these two diamond drill holes. Assay results for these two holes will be available by around the end of November. These initial visual results have led to the Company staking additional claims to the east, which now brings the size of the property to 62,850 acres (25,435 hectares) or 254 square Km. The company is very encouraged about these early developments, as the property is relatively unexplored. These new-staked claims follow the controlling fault structure for 25 km.
A volcanogenic-sedimentary red bed can be described as occurring where the overlying clastic sediments are “oxidized” and have caused copper sulphides to precipitate from fluids which have been derived from an adjacent “reduced” sequence. The most common ore horizons are fragmentary and porous amygdular layers, flow- top breccias, and faults in the basalts and overlying carbonates containing deposits formed in the Proterozoic, Triassic, Jurassic or Tertiary ages along a continental rift. Copper distribution is regulated by the host rock permeability. Copper sulphide minerals -- including chalcocite, digenite, djurleite, covellite, bornite and chalcopyritecan be disseminated through the host rock, or can fill vesicles in volcanic rocks.
The drill program on the Crazy Fox property will consist of 12 diamond drill holes (2,000 metres) targeting molybdenum and tungsten mineralization. These holes will explore potential new areas and also expand areas of know mineralization. To date mineralization from surface to depths of 300 m have been encountered over an area of 450m x 750m . This mineralized area to date has been tested by a total of 38 diamond drill holes totalling approximately 8,000m (28000 ft) . within these limits there is potential for a deposit size in the order of 275,000,000 tonnes to 300,000,000 tonnes. Limits of the mineralization have not been reached and the deposit is considered 'open' to the North, West and South. As the limits of mineralization are probed and better understood, this potential may increase substantially. This potential quantity and grade are conceptual in nature because there has been insufficient exploration to define a mineral resource, it is uncertain if further exploration will result in the discovery of a mineral resource.
The first diamond drill hole in this program will be a deepening of hole 07-34, which was collard to test data suggesting proximity to mineralization underlying the thrust, the mineralization in this hole is getting better to depth and the drill hole will need to be deepened with a different drill. This hole demonstrates the extent and potential for more mineralization to the southwest and shows that mineralization is strong in this area and that our modelling of the lower thrust sheet is consistent so far with what we see in the upper thrust sheet..
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
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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For Further Information Contact David Hjerpe, President at: (604) 461-7211