Selwyn Resources Ltd.
TSX VENTURE : SWN

Selwyn Resources Ltd.

January 10, 2008 10:58 ET

Selwyn's Infill Drilling Confirms Higher-Grade XY Open Pit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 10, 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.

Highlights

- XYC-163 intersected 22.20 metres true thickness in the open-pit target grading 3.06% zinc and 1.44% lead, including 3.70 metres grading 7.60% zinc and 2.84% lead in the southeast margin area of the XY Central Open Pit area.

- Infill drill hole XYC-156 intersected 31.10 metres true thickness the open-pit target grading 7.61% zinc and 2.51% lead, including 4.80 metres grading 14.69% zinc and 4.81% lead

Infill Drilling of XY Open-Pit Target

The 2007 drilling in the XY deposit focused on the XY Central zone, initially completing infill definition drilling within the open-pit environment. A total of 18 diamond drill holes were completed in both the open-pit and underground target areas for a total of 7,699.3 metres around the XY Central deposit. Twelve of these drill holes totaling 2,592.1 metres successfully completed infill definition drilling in the open-pit target, whereas, the remaining six diamond drill holes totalling 5,097.2 metres specifically were targeted at expanding the higher-grade underground target area down dip of the high-grade underground Inferred mineral resource (see April 2, 2007 news release). Assay results from the 2007 drilling program are presented in Table 1.

The 2007 drilling program at the XY deposit was very successful in confirming the detailed 3D geological model previously used in the NI 43-101 compliant, April 2007 mineral resource estimate by Independent Qualified Person Mr. Cliff Pearson, P.Geo. and Non-independent Qualified Person, Mr. John O'Donnell. Mineral inventories of the XY deposit were previously reported as 36.27 million tonnes of Indicated mineral resources grading 5.77% zinc and 2.35% lead and 46.64 million tonnes of Inferred mineral resources grading 5.38% zinc and 2.08% lead (see April 2, 2007 news release).

The recent drilling at the XY deposit continues to demonstrate the overall contiguous nature of the zinc-lead mineralization in the Active Member and to define high-grade zinc-lead mineralization in the near surface environment. These higher grade intercepts are similar to the deeper mineralization encountered in the underground mineral resource; meaning that the higher-grade zinc-lead mineralization is not limited to the deeper depths being targeted for underground mining. The 2007 drilling defined a NI 43-101 compliant, Indicated mineral resource of 7,394,860 tonnes grading 9.88% zinc and 4.32% lead and an Inferred mineral resource of 1,856,500 tonnes grading 10.41% zinc and 3.71% lead (see April 2, 2007 news release).

Drill holes XYC-161, XYC-162, XYC-163, XYC-166, and XYC-167 are located along the southeastern margin of the XY deposit; noting all drill holes except XYC-167 intersected well mineralized Active Member typical of the XY deposit. Drill hole XYC-167 pierced a large fault structure. An interesting result from southeastern area of the XY deposit is that in some locations, lead mineralization is higher grade than the zinc mineralization. XYC-162 has a 3.80 metre interval from 162.0 to 165.8 metres grading 6.33% zinc and 8.55% lead, which is atypical of zinc-lead mineralization in the Active Member. Further study is required to determine the nature of the grade reversal; however, it is not uncommon in the higher-grade sections of the XY deposit to have very high-grade lead mineralization, locally with up to a 1:1 ratio with zinc.

Infill drill holes XYC-154, XYC-155, XYC-156, XYC-158, XYC-159 and XYC-169 were focused on the core of the XY deposit and intersected well mineralized Active Member; which compares very favourably with assay results from the previously released 2006 drilling program (see Table 2) and the April 2007 NI 43-101 mineral resource estimation.



Table 1

--------------------------------------------------------------------------
True
Drill From To Thickness Pb Zn Pb+Zn Thickness
Hole (m) (m) (m) (%) (%) (%) (m)
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XYC-154 39.80 73.40 33.60 1.02 2.96 3.98 30.70
--------------------------------------------------------------------------
Including 39.80 43.20 3.40 2.64 6.83 9.47 3.10
--------------------------------------------------------------------------
Including 58.40 63.10 4.70 2.95 7.80 10.75 4.30
--------------------------------------------------------------------------
Including 69.00 72.90 3.90 1.33 5.24 6.57 3.60
--------------------------------------------------------------------------
XYC-155 70.5 111.8 41.30 0.74 2.56 3.30 41.30
--------------------------------------------------------------------------
Including 70.5 72.7 1.80 1.93 4.40 6.33 2.20
--------------------------------------------------------------------------
Including 94.7 97.1 2.40 1.74 7.26 9.00 2.40
--------------------------------------------------------------------------
Including 101.9 110.8 8.90 1.93 7.31 9.24 8.90
--------------------------------------------------------------------------
Including 106.4 108.3 1.90 5.48 20.43 25.91 1.90
--------------------------------------------------------------------------
XYC-156 115.00 146.70 31.70 2.51 7.61 10.12 31.10
--------------------------------------------------------------------------
Including 115.00 121.20 6.20 2.63 9.15 11.78 6.10
--------------------------------------------------------------------------
Including 128.20 136.90 8.70 3.52 12.26 15.78 8.50
--------------------------------------------------------------------------
Including 132.00 136.90 4.90 4.81 14.69 19.50 4.80
--------------------------------------------------------------------------
Including 141.10 146.70 5.60 3.91 9.32 13.23 5.50
--------------------------------------------------------------------------
XYC-158 157.10 178.30 21.20 1.93 4.63 6.56 19.20
--------------------------------------------------------------------------
Including 164.30 167.00 2.70 2.13 8.46 10.59 2.40
--------------------------------------------------------------------------
Including 168.90 171.80 2.90 2.28 6.04 8.32 2.60
--------------------------------------------------------------------------
Including 175.50 178.30 2.80 5.08 8.77 13.85 2.50
--------------------------------------------------------------------------
XYC-159 129.90 143.00 13.10 1.59 5.90 7.49 12.90
--------------------------------------------------------------------------
Including 131.20 133.80 2.60 2.15 9.06 11.21 2.60
--------------------------------------------------------------------------
Including 139.50 143.00 3.50 2.51 10.21 12.72 3.40
--------------------------------------------------------------------------
XYC-160 2.70 19.40 16.70 0.74 2.88 3.62 16.6
--------------------------------------------------------------------------
Including 2.70 5.60 2.90 1.53 7.85 9.38 2.9
--------------------------------------------------------------------------
Including 11.20 12.80 1.60 1.72 5.40 7.12 1.6
--------------------------------------------------------------------------
XYC-161 39.60 50.10 10.50 2.10 3.12 5.22 10.30
--------------------------------------------------------------------------
XYC-162 151.80 165.80 14.00 2.83 3.33 6.16 9.90
--------------------------------------------------------------------------
Including 152.10 153.00 0.90 0.83 6.36 7.19 0.60
--------------------------------------------------------------------------
Including 162.00 165.80 3.80 8.55 6.33 14.88 2.70
--------------------------------------------------------------------------
XYC-163 93.40 115.70 22.30 1.44 3.06 4.50 22.20
--------------------------------------------------------------------------
Including 93.40 97.10 3.70 2.84 7.60 10.44 3.70
--------------------------------------------------------------------------
Including 114.40 115.70 1.30 9.14 8.33 17.47 1.30
--------------------------------------------------------------------------
XYC-166 40.20 46.60 6.40 2.76 4.47 7.23 6.30
--------------------------------------------------------------------------
Including 44.80 45.70 0.90 12.85 15.38 28.23 0.90
--------------------------------------------------------------------------
XYC-169 232.90 248.60 15.70 1.44 3.99 5.43 13.90
--------------------------------------------------------------------------
Including 232.90 235.60 2.70 1.55 5.63 7.18 2.40
--------------------------------------------------------------------------
Including 240.10 244.40 4.30 1.15 5.52 6.67 3.80
--------------------------------------------------------------------------
Including 247.20 248.60 1.40 6.01 9.76 15.77 1.20
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A selected list of previously released intercepts from the 2006 drilling program within the near surface, open-pit target include XYC-122 (see October 10, 2006 news release); XYC-125 (see September 21, 2006 news release); XYC-126 (see October 10, 2006 news release); XYC-127, XYC-129, XYC-130 and XYC-132 (see September 21, 2006 news release); XYC-134 (see October 10, 2006 news release); and XYC-140 and XYC-142 (see October 30, 2006 news release).



Table 2

--------------------------------------------------------------------------
True
Drill From To Thickness Pb Zn Pb+Zn Thickness
Hole (m) (m) (m) (%) (%) (%) (m)
--------------------------------------------------------------------------
XYC-122 14.1 51.8 37.7 1.54 5.05 6.59 36.2
--------------------------------------------------------------------------
Including 14.1 19.6 5.5 1.91 10.74 12.65 5.3
--------------------------------------------------------------------------
Including 50.6 51.8 1.2 11.27 13.97 25.24 1.2
--------------------------------------------------------------------------
XYC-126 93.7 98.3 4.6 4.55 9.07 13.62 4.2
--------------------------------------------------------------------------
Including 145.5 162.7 17.8 1.50 5.51 7.01 16.3
--------------------------------------------------------------------------
Including 146.8 151.4 4.6 1.58 6.70 8.29 4.2
--------------------------------------------------------------------------
Including 159.0 162.7 3.7 2.31 10.53 12.84 3.38
--------------------------------------------------------------------------
XYC-125 88.9 105.2 16.3 1.94 7.06 9.00 16.20
--------------------------------------------------------------------------
Including 88.9 95.1 6.2 2.05 7.69 9.73 6.20
--------------------------------------------------------------------------
Including 98.9 105.2 6.3 2.61 9.76 12.37 6.30
--------------------------------------------------------------------------
Including 102.4 104.7 2.3 2.80 11.59 14.38 2.30
--------------------------------------------------------------------------
XYC-127 101.65 126.50 24.85 1.93 5.05 6.98 24.85
--------------------------------------------------------------------------
Including 122.30 126.50 4.20 6.41 11.53 17.94 4.20
--------------------------------------------------------------------------
XYC-129 101.70 123.80 22.10 1.79 6.53 8.32 21.30
--------------------------------------------------------------------------
Including 103.40 105.80 2.40 4.49 18.91 23.40 2.30
--------------------------------------------------------------------------
Including 162.70 174.70 12.00 2.32 6.99 9.31 11.60
--------------------------------------------------------------------------
Including 172.50 174.70 2.20 7.96 22.66 30.62 2.10
--------------------------------------------------------------------------
XYC-130 118.50 137.30 18.80 2.14 6.85 8.99 17.20
--------------------------------------------------------------------------
Including 127.00 133.90 6.90 3.41 11.65 15.05 6.30
--------------------------------------------------------------------------
XYC-132 76.56 147.63 71.07 1.38 4.42 5.79 39.50
--------------------------------------------------------------------------
Including 122.74 147.63 24.89 1.91 6.90 8.81 13.90
--------------------------------------------------------------------------
Including 81.30 87.79 6.49 2.70 9.46 12.17 3.60
--------------------------------------------------------------------------
Including 100.80 104.96 4.16 1.84 6.22 8.06 2.30
--------------------------------------------------------------------------
Including 128.46 138.84 10.38 3.12 11.22 14.34 5.80
--------------------------------------------------------------------------
XYC-134 45.04 101.62 56.58 2.13 5.53 7.65 39.3
--------------------------------------------------------------------------
Including 45.04 57.53 12.49 4.32 12.96 17.28 8.7
--------------------------------------------------------------------------
Including 47.20 51.55 4.35 8.18 22.62 30.80 3.0
--------------------------------------------------------------------------
Including 91.25 101.27 10.02 4.96 12.32 17.28 7.0
--------------------------------------------------------------------------
XYC-142 68.00 82.30 14.30 2.75 10.03 12.78 14.25
--------------------------------------------------------------------------
Including 70.80 76.20 5.40 4.91 20.21 25.12 5.38
--------------------------------------------------------------------------
Including 70.80 73.55 2.75 8.39 33.76 42.25 2.74
--------------------------------------------------------------------------
Including 70.80 72.30 1.50 10.42 44.90 55.32 1.49
--------------------------------------------------------------------------


Other Exploration

The company will be reporting on the remaining drill results in the XY Central deep drilling, and Don and Don East deposits shortly. Furthermore, it has commenced re-estimation of mineral resources in order to provide an updated NI 43-101 compliant mineral resource estimate for dissemination in first quarter 2008.

The Selwyn Project exploration program is being reviewed by Vice President of Exploration, 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 may contain forward-looking statements 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 its control and 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. Furthermore, 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