Newmac Resources Inc.: High Grade Epithermal Gold Discovery Raft Property
November 02 2010 - 8:00AM
Marketwired
Newmac Resources Inc. (TSX VENTURE: NER)(FRANKFURT: N3M) has
received results from its trenching program and a second VLF-EM and
magnetic survey recently completed on the Company's Raft Property
(previously referred to as the Ready Mix property) located
approximately 35 km northeast of Clearwater, British Columbia.
Trench E has located the high grade bedrock source of gold on
the Raft property for the first time in history. Representative
grab samples of mineralization in two meter intervals from the
central part of Trench E assayed 46.9 g/t Au, 59.9 g/t Ag and 1.56
g/t Au, 3.9 g/t Ag respectively. The actual total width of
mineralization remains unknown as deeper than expected overburden
only allowed for a portion of the VLF-EM target to be tested. Soil
samples taken continuously beside the mineralized bedrock to the
northeast of the high grade samples for 30 meters assayed between 3
and 50 ppb gold indicating that the zone could be wider than the 4
meters sampled. The mineralization is epithermal in character from
an intrusive gold deposit as shown by the gold to silver ratio with
associated base metals, arsenic, trace bismuth and antimony. The
mineralized samples are on a 500 meter long VLF-EM conductor which
has only been tested by Trench E. Numerous other VLF-EM conductors
in a similar orientation remain untested on the property.
A total of 5 trenches (numbered A - E) were completed to test 5
different VLF-EM and magnetic structures located near anomalous
gold soil samples. The first three trenches (A-C) did not locate
mineralization. Trench D encountered anomalous levels of gold (165
ppb in one representative grab of soil). All 5 trenches were
sampled by taking representative grab samples every 2 meters of
either rock or soil. Grab samples are selective by nature and are
unlikely to represent average grades on the property.
The Company has also completed a second VLF-EM and magnetic
survey on an area not covered by the initial survey. A number of
the new structures have been outlined in this survey, and the
company plans to follow up on them in the future.
The Raft property has now been expanded to 13,881.21 hectares or
138.81 square kilometers.
David Schmidt, President and CFO of Newmac Resources Ltd. Stated
"Making a brand new discovery in British Columbia is an exciting
way to finish off our Phase One program at Raft. 2011 will be an
exciting year as we will further test this VLF-EM structure and
several other similar ones located on the property."
The Company is currently planning a second phase program to
follow up on this very successful first phase program.
Historically a stream sediment of 87 ppb gold was obtained from
Martin Creek by the property vendor during his initial prospecting
of the property. He also in 1999, uncovered a highly oxidized
bolder of intrusive breccias which assayed 29.3 g/tonne gold and
202 g/tonne silver.
The Company views the Raft project as an excellent target for
intrusion related gold mineralization because of several tungsten
skarns in the area, anomalous gold, tungsten, molybdenum, arsenic
in stream sediments, and Shuswap metamorphic terrain intruded by
Cretaceous granites which have been recognized as causing the
mineralization.
The Company has the right to earn a 100% interest in the Ready
Mix claims (part of the Raft Property) 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 anytime.
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.
Respectfully submitted ON BEHALF OF THE BOARD
David Schmidt, 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 RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts: Newmac Resources Inc. David Schmidt President (604)
688-3113 www.newmacresources.com
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