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Newmac finds gold in Crazy Fox molybdenum results
2011-03-17 11:27 ET - News Release
Mr. David Hjerpe reports
REVIEW OF GOLD DATA CRAZY FOX PROPERTY
Newmac Resources Inc. has commenced a review of past drill logs on the Crazy Fox project for gold potential. The Crazy Fox molybdenum-tungsten-gold property is located about 100 kilometres north of Kamloops, B.C., on the eastern edge of the Cariboo Plateau about 20 km northwest of Little Fort, B.C.
Twenty-seven drill holes in the upper plate of the Crazy Fox intrusion were incidentally assayed for gold while primarily assaying for molybdenum. The significance of gold in the mineralized system was not realized until recently reviewed by David Bridge, PGeo, a geologist working on the project. Mr. Bridge reviewed the old drill logs and corresponding assays and noted that three drill holes have gold mineralization greater than 0.1 gram gold per tonne, the detection limit with the assay package used. The better of these holes, hole CF-06-19, intersected 299.8 metres averaging 0.508 gram per tonne gold (from 5.2 metres to 305 metres). The second hole, CF-06-05, located approximately 600 metres to the southeast, intersected 2.0 metres assaying 0.50 g/t gold (from 71.4 to 73.4 metres). The third hole, CF-06-32, located approximately 100 metres to the west, intersected 0.8 metre assaying 0.50 g/t gold (from 63.1 to 63.9 metres). Assays from diamond drill logs describe low-angle fractures down the core in hole CF-06-19, which may explain why mineralization was encountered in this hole and not others in the vicinity (hole CF-06-19 is flanked by drill holes to the east and west which did not return gold determinations above the 0.100 g/t detection limit used in the analytical procedure. It is noted that additional pathfinder minerals including arsenic and bismuth are present in hole CF-06-19.
A summary of the significant results obtained in hole CF-06-19 is shown in the table.
Hole Intercept (m) From (m) To (m) Mo (%) W (%) Ag (g/t) CF-06-19 5.2 305.0 299.8 0.021 0.073 0.508 including 18.0 50.0 68.0 0.015 0.126 1.100 including 72.0 174.0 246.0 0.034 0.058 0.750
The company has not yet determined the full significance of this gold mineralization, as diamond drill holes in the vicinity of hole CF-06-19 did not encounter any gold mineralization greater than 0.1 g/t, which was the detection limit of the assay procedure used. As soon as weather permits further investigation into the gold potential of the upper and lower plate, and other areas of the Crazy Fox property will commence. Most drill pulps are available for reassay but are currently inaccessible in storage at the project lodge facilities which are presently snowed in. Gold assays were never determined in diamond drill holes CF07-41 to CF-08-57, which were predominantly drilled in the lower plate of the Crazy Fox structure
David Hjerpe, chief executive officer, said, "Having found gold mineralization that goes with the molybdenum mineralization was a great surprise to all of us at Newmac, this shows the great potential in the lower half of the intrusion where molybdenum mineralization was greater, and gold has never been assayed for."
Assays were performed by Acme analytical Laboratories Ltd. of Vancouver, B.C., in 2006 using ICP-mass spectrometry methods. Technical content of drill logs and the original drill program was conducted by W.A. Howell, PGeo, a qualified person within the definitions of National Instrument 43-101.
The information presented in this press release has been reviewed and approved by David J. Bridge, PGeo, qualified persons (as defined by National Instrument 43-101).