Selwyn Resources Ltd.
TSX VENTURE : SWN

Selwyn Resources Ltd.

January 24, 2008 13:00 ET

Selwyn Resources Expands Underground High-Grade Mineralization in the Don Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 24, 2008) - Selwyn Resources Ltd. (TSX VENTURE:SWN) is pleased to provide an update on 2007 drilling activities in the XY area of the Selwyn Project. In 2007, 106 drill holes were completed on Selwyn Project totalling 37,208.6 metres. The location of the drill holes can be found on drill plan maps available at www.selwynresources.com. These results complete the drill results for the 2007 program and allow the completion of the re-estimation of mineral resources and the next stage of mine planning.

Highlights

- DON-136 intersecting 15.60 metres true thickness of the Active Member grading 7.59% zinc and 3.00% lead including 2.80 metres grading 21.07% zinc and 9.85% lead

- DON-128 intersecting 21.80 metres true thickness of the Active Member grading 4.43% zinc and 1.74% lead including 3.81 metres grading 7.79% zinc and 4.26% lead

Don Deposit

The deep drilling on the Don East deposit continues to demonstrate significant higher-grade zinc-lead mineralization beneath the expected extent of any conceptualized open pit mining. During the 2007 program, a total of 20 diamond drill holes were completed in the underground target area for a total of 9,217.1 metres.



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True
From To Thickness Pb Zn Pb+Zn Thickness
Drill Hole (m) (m) (m) (%) (%) (%) (m)
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DON-128 427.70 455.80 28.10 1.74 4.43 6.17 21.80
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Including 435.80 455.10 19.30 2.24 5.49 7.73 15.00
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Including 450.20 455.10 4.90 4.26 7.79 12.05 3.81
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DON-132 648.90 697.00 48.10 1.60 4.47 6.08 32.20
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Including 649.70 659.30 9.60 2.12 7.60 9.72 6.40
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Including 676.90 697.00 20.10 2.23 5.30 7.52 13.50
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Including 682.40 692.40 10.00 2.07 5.88 7.95 6.70
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Including 710.00 711.90 1.90 5.47 6.78 12.25 1.30
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DON-136 319.30 345.20 25.90 3.00 7.59 10.59 15.60
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Including 336.10 343.60 7.50 7.46 16.39 23.85 4.51
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Including 338.90 343.60 4.70 9.85 21.07 30.92 2.80
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Following up on the successful intersection of well mineralized, zinc-lead Active Member in DON-124 (see November 6, 2007 news release), DON-128 intersected the Active Member 110 metres down-dip of DON-124 confirming the continuity of zinc-lead mineralization along the southeastern margin of the Don deposit. DON-132 was drilled to test the down-dip mineral potential and intersected well mineralized zinc-lead Active Member 230 metres down-dip of DON-128. The Don deposit remains open for expansion both down-dip and towards the Don East deposit in a southeasterly direction. DON-128 and DON-132 are located 650 metres to the southeast of DON-074 (see July 9, 2007 news release); which intersected a true thickness of 31.63 metres of well mineralized, zinc-lead Active Member grading 10.20% zinc and 3.91% lead including 4.30 metres grading 35.97% zinc and 16.01% lead.

DON-136 is a 252 metre step-out to the southeast of DON-074 and drilled down-dip of both DON-109 (see September 4, 2007 news release) and DON-113 (see November 6, 2007 news release). This drill hole is currently the deepest intersection in the deposit area at a vertical depth from surface of 650 metres and correlates well with DON-051 (see May 28, 2007 news release) and DON-097 (see September 4, 2007 news release); which are located 170 metres to the southeast and 220 metres to the northwest respectfully. DON-109 is located 370 metres up-dip and also intersected, high-grade zinc-lead mineralized Active Member with a true thickness of 20.30 metres grading 6.60% zinc and 2.69% lead including 4.50 metres grading 16.31% zinc and 8.15% lead.

The higher-grade target area is modeled to potentially contain 10 to 12 million tonnes of higher-grade mineralization with a range of grades varying from 7.0% to more than 40.0% combined lead and zinc. The potential mineral resources of the area of the recent drilling is outside of the known NI 43-101 compliant, Indicated mineral resource of 2,360,000 tonnes grading 5.15% zinc and 1.15% lead and Inferred mineral resource of 14,680,000 grading 4.17% zinc and 1.70% lead (see April 2, 2007 news release). This target is conceptual in nature and it is not known whether there has been sufficient drilling to define a mineral resource or whether additional drilling will define a mineral resource. Additional definition drilling may be required prior to defining mineral potential as an accepted NI 43-101 mineral resource classification.

A selected list of previously released intercepts from the 2006 and 2007 deep drilling program are presented in Table 2 and include DON-044 (see January 24, 2007 news release); DON-051 (see May 28, 2007 news release); DON-056 and DON-058 (see June 14, 2007 news release); DON-074 (see July 9, 2007 news release); and DON-124 (see November 6, 2007 news release).



Table 2

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True
From To Thickness Pb Zn Pb+Zn Thickness
Drill Hole (m) (m) (m) (%) (%) (%) (m)
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DON-044 295.00 297.50 2.50 1.24 6.56 7.81 2.05
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Including 303.40 325.70 22.30 3.10 8.94 12.04 18.27
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Including 318.70 322.00 3.30 10.61 24.21 34.82 2.70
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DON-051 643.20 675.20 32.00 1.90 5.95 7.85 16.50
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Including 661.20 664.90 3.70 2.78 13.84 16.62 1.91
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Including 661.20 675.20 14.00 2.93 3.66 6.58 7.20
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Including 664.40 675.20 10.80 2.95 6.83 9.78 5.60
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Including 670.30 675.20 4.90 4.64 9.07 13.70 2.50
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Including 673.10 675.20 2.10 7.28 11.23 18.51 1.10
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DON-056 404.20 426.60 22.40 1.37 4.51 5.88 15.00
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Including 404.20 424.20 20.00 1.43 4.74 6.17 13.40
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Including 416.00 424.20 8.20 2.39 7.39 9.78 5.50
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Including 416.00 423.20 7.20 2.56 7.70 10.26 4.80
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DON-058 321.80 344.40 22.60 1.55 4.75 6.31 11.30
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378.00 383.70 5.70 2.87 6.26 9.12 2.80
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411.60 416.50 4.90 2.36 6.69 9.05 2.40
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420.00 446.90 26.90 2.88 8.55 11.42 13.50
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Including 420.00 431.00 11.00 3.18 10.77 13.96 5.50
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Including 436.70 446.90 10.20 3.63 9.14 12.76 5.10
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DON-074 241.70 281.30 39.60 3.91 10.20 14.10 31.63
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Including 253.80 281.30 27.50 4.96 12.72 17.67 22.00
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Including 268.10 275.50 7.40 12.55 29.24 41.78 5.90
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Including 270.10 275.50 5.40 16.01 35.97 51.98 4.30
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DON-071 397.40 424.30 26.90 1.26 4.46 5.72 19.70
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Including 397.40 415.80 18.40 1.53 5.60 7.14 13.50
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Including 397.50 400.30 2.80 1.47 9.97 11.44 2.10
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Including 410.00 415.80 5.80 3.15 9.12 12.26 4.20
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DON-124 291.60 344.30 52.70 1.45 4.11 5.56 19.74
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Including 291.60 295.10 3.50 1.37 6.12 7.49 1.31
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Including 317.40 342.20 24.80 2.10 6.04 8.14 9.29
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Including 338.70 342.20 3.50 4.70 8.22 12.92 1.31
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The steep dip of the mineralization in the Don deposit is very attractive for underground mining. Conceptual mine planning will get underway shortly to define a mineral resource for open pit mining and a higher-grade mineral resource for underground extraction that will be included in a new development plan. The last conceptual mine planning was based upon historical drilling and the 2005 drilling that were part of the February 2006 NI 43-101 compliant mineral resource prepared by Independent Qualified Person, John Nilsson, P.Eng., and Non-Independent Qualified Person, John J. O'Donnell, P.Geo. The new development plan will include the results from the more than 78,000 metres of drilling in 2006 and 2007 and update the information contained in the January 2007 preliminary economic assessment (see January 18, 2007 news release).

The Selwyn Project exploration program is being reviewed by Vice President Exploration, Mr. Jason Dunning, M.Sc., P.Geo. The onsite activities for the Selwyn Project are directed by Exploration Manager, John J. O'Donnell, P.Geo. Both Mr. Dunning and Mr. O'Donnell are Qualified Persons within the meaning of National Instrument 43-101. All assay data has been through internal validation of quality assurance and quality control. Selwyn has established a sampling and assay control program with blind insertion of assay blanks, standards and duplicates for the Selwyn Project; however, it should be noted that there is also a quality control and quality assurance program in place at International Plasma Laboratories ("iPL") and ACME Analytical Laboratories Ltd. ("ACME") that includes blanks, duplicates and standards. At iPL, base metal analyses are conducted by wet fire assay and at ACME, silver and base metal analyses are conducted by a 17-element, four-acid digestion, ore-grade ICP-AES technique.

Selwyn's focus is the exploration of its properties that make up the Selwyn Project in the Yukon, which hosts large tonnages of zinc-lead mineralization. The known deposits have the potential for the large scale production, and provide a secure supply of zinc and lead to meet the future needs of the zinc market in Asia and beyond.

This press release contains forward-looking statements concerning mineralization at the Selwyn Project. These forward-looking statements are based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond Selwyn's control. As a result, actual results may differ materially from the expected results. Additional drilling is required to confirm the potential of the new discovery areas and expansions of the current resource areas and the extension of the higher grade deep mineralization to depth. There is no assurance that the resources being defined can be developed as an economically attractive mine, and there are many uncertainties associated with permitting and other factors that could delay such development.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release.

Contact Information

  • Selwyn Resources Ltd.
    Dr. Harlan Meade, President and CEO
    (604) 682-5474 or Toll Free: 1-877-682-5474
    International Toll Free: 1-800-8682-5474
    or
    Selwyn Resources Ltd.
    Jasmin TamDoo, Manager of Investor Communications
    (604) 682-5474 or Toll Free: 1-877-682-5474
    International Toll Free: 1-800-8682-5474
    (604) 682-5404 (FAX)
    Email: info@selwynresources.com
    Website: www.selwynresources.com