Newmac Resources Inc.: Drilling Program to Commence Raft Property
November 04 2010 - 11:42AM
Marketwired
Newmac Resources Inc. (TSX VENTURE: NER)(FRANKFURT: N3M) plans to
commence diamond drilling on November 12, 2010. The decision to
drill this year comes after further reviewing results from its
trenching program 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.
The Company plans to diamond drill the VLF-EM conductor that was
tested with Trench E. The drill program will consist of up to 1,500
m of drilling, which is currently the permitted amount of drilling
allowed.
As reported on November 2, 2010 Trench E 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 Raft property has now been expanded to 13,881.21 hectares or
138.81 square kilometers
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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