North American Tungsten Corporation Ltd.

TSX VENTURE : NTC


North American Tungsten Corporation Ltd.

March 01, 2013 18:42 ET

North America Tungsten Continues to Intersect High Grades Throughout the "Amber Zone" Including 15 Ft. Averaging 4.27% WO3 (DDH-U2082)

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 1, 2013) - North American Tungsten Corporation Ltd. (TSX VENTURE:NTC) ("NTC" or "the Company") is pleased to provide an update on its continuing underground diamond drill exploration program in the Amber Zone on its 100% owned Cantung tungsten mine in the Northwest Territories. Drifting toward this zone has commenced.

Stephen Leahy, CEO, stated: "We believe that this new Amber Zone will become an important integral component of our underground Life of Mine Plan at Cantung. We are very proud of the hard work and dedication of our Tungsten Team in the discovery and the definition drilling in the new Amber Zone."

Diamond Drilling was implemented to fill 450 ft. gap between high grade intercepts in drill holes U1943, U1936, and U1937, discussed in the NTC February 6th, 2012 news release, and holes U1978 to U1985, discussed in the NTC June 6th, 2012 news release. A total of 87 Diamond Drill Holes amounting to 25,000 ft. of drilling were completed. Many of the holes intersected one to three zones of mineralization. This recent phase of drilling verifies the continuity of the mineralization within the Amber Zone and the Central Flats over an area with an approximate strike length of 600 ft. and an approximate down dip length of 650 ft. In addition it opens up 800 ft. of strike length of potential mineralization to the east. Drilling is now commencing in the area of "Amber Zone East" to test the continuity of two areas. Drifting toward the Amber Zone West has commenced from 4 headings within the current mine workings.

Significant results from the drill program include 15 ft. averaging 4.27% WO3 (DDH - U2082), 22.7 ft. averaging 4.30% WO3 (DDH - US2083), 10.3 ft. averaging 3.60% WO3 (DDH - U2114) and 15.4 ft. averaging 2.44% WO3 (DDH - U2081). The table shown below provides the tungsten containing intervals and the estimated true widths for those intersections.

All drilling was completed from underground drill stations. All drill core was BQ and core recovery in the assay intervals was close to 100%. Sampling was based on lithology with a maximum individual sampled interval of 5 feet. The averaged assays shown in the table have a minimum bounding grade of 0.25% WO3.

Results from the 87 holes are summarized in the table below:

Summary of Results:

Hole ID From (ft.) To (ft.) Interval (ft.) Est. True Thickness (ft.) WO3%
U1997 166.8 188.9 22.1 11.4 0.80
U1997 196.0 213.9 17.9 7.0 0.33
U1997 260.6 302.3 41.7 22.7 0.32
U1998 111.9 137.8 25.9 17.0 1.36
U1998 156.4 159.0 2.6 1.9 0.43
U1998 206.1 231.6 25.5 19.0 0.87
U1999 106.1 113.2 7.1 5.2 2.37
U1999 172.7 183.7 11.0 7.8 0.31
U2000 103.5 106.0 2.5 2.3 0.72
U2000 127.0 142.0 15.0 14.1 0.42
U2001 69.5 84.5 15.0 14.8 1.06
U2011 228.7 235.5 6.8 4.2 2.24
U2011 289.5 352.5 63.0 39.2 0.30
U2012 145.0 164.3 19.3 12.0 1.06
U2012 218.5 233.5 15.0 9.8 0.72
U2013 71.0 94.2 23.2 19.7 1.00
U2013 118.2 126.5 8.3 7.3 0.76
U2013 136.5 151.5 15.0 13.8 0.41
U2014 51.3 73.4 22.1 22.0 1.41
U2014 80.2 94.0 13.8 13.8 0.81
U2014 119.5 134.9 15.4 15.3 0.66
U2015 57.0 72.1 15.1 15.0 0.38
U2015 84.5 89.5 5.0 5.0 2.79
U2015 123.4 136.5 13.1 12.8 1.26
U2016 93.2 98.2 5.0 4.6 0.44
U2016 126.9 138.1 11.2 10.3 0.77
U2016 170.8 197.0 26.2 24.9 0.52
U2017 98.1 133.4 35.3 34.3 0.81
U2017 172.5 175.4 2.9 2.9 2.15
U2017 234.5 259.0 24.5 24.4 0.52
U2022 259.5 298.5 39.0 26.3 0.52
U2023 248.8 262.8 14.0 9.5 0.52
U2024 150.9 165.4 14.5 7.7 1.15
U2024 289.6 299.6 10.0 5.6 0.68
U2025 78.3 92.7 14.4 14.0 0.72
U2025 97.2 114.0 16.8 16.2 1.04
U2025 164.2 173.2 9.0 7.0 1.02
U2026 76.4 81.6 5.3 5.2 0.33
U2026 97.0 134.8 37.8 36.8 0.81
U2027 84.2 90.9 6.7 6.3 0.69
U2027 101.0 132.0 31.0 28.7 0.93
U2028 110.7 211.0 100.3 100.1 0.42
U2029 192.3 200.0 7.7 5.3 0.97
U2029 215.8 217.5 1.7 0.9 1.06
U2029 244.0 259.6 15.6 12.6 1.43
U2030 190.1 197.0 6.9 5.3 0.55
U2031 88.1 95.2 7.1 5.6 0.76
U2031 118.8 125.3 6.5 5.5 1.54
U2031 135.0 172.5 37.5 35.5 0.40
U2032 99.3 103.3 4.0 4.0 3.07
U2032 128.3 167.8 39.5 39.4 0.47
U2033 71.5 80.3 8.8 8.6 2.42
U2033 90.5 148.9 58.4 56.4 0.40
U2034 162.8 165.9 3.1 1.9 1.51
U2034 179.8 201.8 22.0 15.5 0.91
U2034 265.3 286.3 21.0 14.8 0.63
U2035 107.4 115.5 8.1 5.0 1.95
U2035 175.6 178.0 2.4 1.6 0.37
U2035 195.9 216.0 20.1 13.7 0.42
U2036 72.2 76.8 4.6 4.3 0.93
U2036 103.5 107.1 3.6 3.0 1.10
U2036 142.4 159.9 17.5 16.7 0.41
U2036 187.2 188.5 1.3 1.2 2.31
U2074 253.0 269.0 16.0 11.7 0.30
U2074 297.8 302.0 4.2 3.3 2.48
U2075 244.0 247.9 3.9 3.0 0.37
U2076 Intersected Granite
U2077 Intersected Granite
U2078 192.4 206.6 14.2 13.7 0.50
U2078 214.5 224.7 10.2 9.9 1.66
U2079 219.3 231.0 11.7 10.8 0.04
U2080 221.4 236.4 15.0 14.8 2.58
U2081 221.7 237.1 15.4 15.3 2.44
U2082 238.0 253.0 15.0 10.8 4.27
U2082A Intersected Granite
U2083 273.0 303.0 30.0 23.0 0.41
U2083 316.2 338.9 22.7 14.3 4.30
U2083 344.4 348.7 4.3 2.9 0.70
U2084 233.2 239.3 6.1 5.4 0.85
U2084 242.9 247.9 5.0 4.5 0.70
U2085 Intersected Granite
U2086 219.0 222.4 3.4 3.4 2.28
U2087 Intersected Granite
U2088 184.0 189.0 5.0 5.0 0.56
U2088 210.2 228.7 18.5 18.4 1.81
U2089 215.4 234.8 19.4 16.5 0.64
U2090 189.6 198.0 8.4 5.8 0.42
U2090 218.0 248.0 30.0 20.7 2.15
U2091 232.2 270.4 38.2 21.1 2.09
U2092 208.0 248.0 40.0 21.8 0.70
U2092 324.0 328.1 4.1 2.3 0.61
U2093 199.0 204.0 5.0 4.6 0.38
U2094 164.0 179.0 15.0 14.6 0.38
U2094 209.0 214.0 5.0 5.0 0.65
U2094 227.7 234.1 6.4 6.4 1.04
U2095 159.0 169.0 10.0 9.6 0.40
U2095 198.1 207.3 9.2 9.2 0.54
U2096 169.0 174.0 5.0 5.0 1.08
U2096 214.6 225.6 11.0 10.9 0.72
U2097 258.7 279.0 20.3 20.3 2.21
U2098 178.0 188.0 10.0 9.0 0.35
U2098 211.7 213.6 1.9 1.7 0.65
U2098 250.8 253.7 2.9 2.5 1.72
U2099 158.5 178.0 19.5 19.0 0.48
U2099 206.3 215.1 8.8 8.2 1.54
U2100 159.7 174.2 14.5 14.1 0.96
U2101 174.4 188.4 14.0 13.5 0.49
U2101 229.5 251.3 21.8 21.0 1.52
U2102 Intersected Granite
U2103 Intersected Granite
U2105 197.0 212.0 15.0 13.1 0.47
U2105 227.0 232.0 5.0 4.4 3.34
U2105 240.5 270.0 29.5 23.6 1.33
U2106 182.5 197.0 14.5 13.9 0.72
U2107 183.3 187.0 3.7 3.4 0.63
U2108 170.5 182.0 11.5 11.2 0.35
U2109 Intersected Granite
U2110 Intersected Granite
U2111 230.6 255.4 24.8 24.8 0.57
U2112 193.0 208.0 15.0 14.0 0.39
U2112 218.0 222.0 4.0 3.7 0.43
U2112 228.8 234.5 5.7 5.3 0.37
U2113 173.0 182.0 9.0 7.9 0.52
U2114 197.3 202.3 5.0 5.0 0.50
U2114 228.3 238.6 10.3 10.3 3.60
U2115 198.0 213.0 15.0 14.4 0.40
U2116 193.0 213.0 20.0 18.8 0.32
U2116 225.6 232.6 7.0 6.6 0.48
U2117 182.0 207.0 25.0 24.6 0.31
U2117 227.0 247.0 20.0 19.8 0.47
U2118 272.0 273.0 1.0 1.0 0.16
U2119 187.5 217.0 29.5 29.3 0.37
U2120 Intersected Granite
U2121 255.0 267.6 12.6 12.3 0.66
U2122 259.5 269.2 9.7 9.6 1.47
U2123 Intersected Granite
U2124 Intersected Granite
U2125 Intersected Granite
U2134 221.3 223.9 2.6 0.9 2.60
U2134 296.3 413.7 117.4 30.4 0.58
U2134 422.2 425.4 3.2 0.8 3.01
U2134 435.5 491.0 55.5 14.4 1.98
U2135 Intersected Granite
U2135A Intersected Granite
U2136 289.4 330.2 40.8 22.2 0.90
U2136 340.2 341.9 1.7 0.9 2.52
U2137 Intersected Granite
U2138 265.3 270.8 5.5 5.4 0.29
U2139 Intersected Granite
U2140 249.1 255.1 6.0 6.0 1.07
U2140 263.3 266.8 3.5 3.5 1.00

To view the maps associated with this press release, please visit the following link: http://media3.marketwire.com/docs/ntc-0301-maps.pdf

Quality Assurance

Sample analysis was completed at the laboratory located at the Cantung Mine site utilizing both XRF and colorimetric methods. Results for both methods were comparable. Check assays were done by ALS Canada Ltd. in Vancouver. Comparisons were acceptable and reliable.

Qualified Person

The technical information contained in this release has been reviewed and approved by Finley Bakker, P. Geo, Superintendent of Technical Services for the Cantung Mine for the Company, who is a qualified person as defined in National Instrument 43-101 of the Canadian Securities Administrators.

ABOUT NORTH AMERICAN TUNGSTEN CORPORATION LTD.

The Company is a publicly listed Tier 1 Junior Resource Company engaged primarily in the operation, development, and acquisition of tungsten and other related mineral properties in Canada. The Company's 100% owned Cantung mine and Mactung development project make it one of the few tungsten producers with a strategic asset in the western world. Mactung is one of the world's largest known undeveloped high grade tungsten-skarn deposits.

ON BEHALF OF THE BOARD OF DIRECTORS

Stephen M. Leahy, Chairman & CEO

Cautionary Note: The Company relies upon litigation protection for "forward-looking" statements.

Safe Harbour Statement under the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation: Except for the statements of historical fact contained herein, the information presented contains "Forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and similar Canadian legislation. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," "believes," or variation of such words and phrases that refer to certain actions, events or results to be taken, and other factors which may cause the actual results, performance or achievements of North American Tungsten Corporation Ltd. To be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual results of reclamation activities, the estimation or realization of mineral reserves and resources, the timing and amount of estimated future production, costs of production, capital expenditures, future prices of commodities, possible variations in ore grade or recovery rates, efficacy and efficiency of milling process, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes and other risks in the mining industry. Although North American Tungsten Corporation Ltd. has attempted to identify important factors that could cause actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained herein and in North American Tungsten Corporation Ltd.'s other filing incorporated by reference.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: This press release may use the terms "Measured," "indicated" and "inferred" Resources. United States investors are advised that while such terms are recognized and required by Canadian regulators, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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