Selwyn Resources Ltd.
TSX VENTURE : SWN

Selwyn Resources Ltd.

February 09, 2012 08:59 ET

Selwyn Resources Ltd.: Drilling at ScoZinc Mine Confirms Mineralization in Southwest Extension, Gays River Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2012) - Selwyn Resources Ltd. ("Selwyn") (TSX VENTURE:SWN) is pleased to announce drill results from the drilling of the Southwest Extension of the Main zone at the Gays River deposit, Nova Scotia, where Selwyn is currently working towards the restart of the ScoZinc Project (formerly the Scotia mine). The drill results are part of the exploration and definition drilling program of the Gays River deposit conducted by ScoZinc Limited ("ScoZinc"), a wholly-owned subsidiary of Selwyn. The location of the new drill holes and lenses can be found on drill plan maps available at www.selwynresources.com.

Highlights

  • MNZ-009 intersected 7.60 metres grading 8.22% lead and 0.79% zinc, including 2.60 metres grading 20.32% lead and 1.94% zinc
  • MNZ-018 intersected 9.00 metres true thickness grading 2.51% lead and 3.82% zinc, including 2.00 metres grading 11.06% lead and 4.50% zinc
  • MNZ-029 intersected 16.10 metres grading 2.20% lead and 3.90% zinc, including 1.00 metres grading 0.10% lead and 14.08% zinc

Southwest Extension of Main zone

During 2011, drilling at the ScoZinc Project focused on better defining the limits of the Southwest Extension of the Main zone within the favourable trend of lead-zinc mineralization outlined by prior operators. The recent drilling has confirmed the nature and occurrence of lead-zinc mineralization in the Southwest Extension of the Main zone at the Gays River deposit and supports ongoing engineering work and mine planning activities.

The intercept in drill hole MNZ-009 intersected lead-zinc sulphide mineralization over 7.60 metres from 155.60 to 163.20 metres grading 8.22% lead and 0.79% zinc, including a high-grade lead-rich section over 2.60 metres grading 20.32% lead and 1.94% zinc.

Drill Hole From
(m)
To
(m)
Thickness
(m)
Pb
(%)
Zn
(%)
Pb+Zn
(%)
MNZ-009 155.60 163.20 7.60 8.22 0.79 9.00
Including 155.60 158.20 2.60 20.32 1.94 22.25

Drill hole MNZ-018 intersected 9.00 metres of lead-zinc mineralization from 74.60 to 83.60 metres grading 2.51% lead and 3.82% lead, including a high-grade lead-rich section over 2.00 metres grading 11.06% lead and 4.50% zinc.

Drill Hole From
(m)
To
(m)
Thickness
(m)
Pb
(%)
Zn
(%)
Pb+Zn
(%)
MNZ-018 74.60 83.60 9.00 2.51 3.82 6.34
Including 74.60 76.60 2.00 11.06 4.50 15.56
85.60 88.60 3.00 0.01 1.81 1.82

Drill hole MNZ-029 intersected 16.10 metres of lead-zinc sulphide mineralization from 72.90 to 89.00 metres grading 2.20% lead and 3.90% zinc, including a zinc-rich section over 1.00 metres grading 0.01% lead and 14.08% zinc.

Drill Hole From
(m)
To
(m)
Thickness
(m)
Pb
(%)
Zn
(%)
Pb+Zn
(%)
MNZ-029 72.90 89.00 16.10 2.20 3.90 6.09
Including 72.90 73.90 1.00 0.10 14.08 14.18

Connecting Main and Northeast zones of Gays River Deposit
Three drill holes were completed in an area between the Main zone and Northeast zone of the Gays River deposit in order to better define the inherent linkage between the two areas of lead-zinc mineralization. Historic work had focused on separating the Main and Northeast zones; however, the favourable strata hosting lead-zinc sulphide mineralization is continuous and there are historic mineralized intercepts between the two zones that could provide opportunities for integrated development.

Of the three drill holes, the intercept in drill hole MNZ-038 is of particular interest due to the very high grade of zinc mineralization. This drill hole intersected 2.90 metres from 126.70 to 129.60 metres grading 0.05% lead and 16.47% zinc, including a very high-grade interval over 1.40 metres grading 0.08% lead and 27.32% zinc.

Drill Hole From
(m)
To
(m)
Thickness
(m)
Pb
(%)
Zn
(%)
Pb+Zn
(%)
MNZ-037 184.00 184.90 0.90 0.25 0.72 0.97
MNZ-038 126.70 129.60 2.90 0.05 16.47 16.52
Including 126.70 128.10 1.40 0.08 27.32 27.41
MNZ-039 38.70 44.70 6.00 0.01 2.10 2.11

Additional Drill Results from the Southwest Extension Area
The following Table includes all remaining drill hole assay results from the Southwest Extension of the Main zone, which is an extension to the existing open pit. All of the listed drill holes contain lead-zinc mineralization.

Drill Hole From
(m)
To
(m)
Thickness
(m)
Pb
(%)
Zn
(%)
Pb+Zn
(%)
MNZ-001 158.80 159.00 0.20 2.08 0.33 2.41
MNZ-002 182.60 185.70 3.10 1.00 0.26 1.26
182.60 183.80 1.20 0.16 0.61 0.77
183.80 185.70 1.90 1.53 0.04 1.57
190.40 192.80 2.40 4.75 0.29 5.04
MNZ-003 150.00 150.35 0.35 0.50 1.44 1.94
MNZ-004 146.80 149.30 2.50 1.30 2.41 3.71
MNZ-006 168.10 169.00 0.90 2.10 0.01 2.11
MNZ-007 33.10 42.70 9.60 0.11 1.17 1.27
46.20 46.80 0.60 0.01 2.85 2.86
52.00 54.00 2.00 0.01 1.30 1.31
MNZ-008 183.10 183.40 0.30 3.63 0.29 3.92
MNZ-010 41.50 55.30 13.80 0.42 1.44 1.86
41.50 45.50 4.00 1.38 2.89 4.27
60.30 70.10 9.80 0.03 3.05 3.08
MNZ-011 167.70 168.40 0.70 1.29 0.01 1.30
MNZ-012 162.50 162.80 0.30 2.37 0.17 2.54
MNZ-013 45.50 52.60 7.10 0.15 0.90 1.05
51.00 52.60 1.60 0.62 0.54 1.16
65.10 68.40 3.30 0.01 1.46 1.47
MNZ-014 136.90 140.20 3.30 2.03 1.74 3.77
141.10 142.40 1.30 2.16 1.03 3.18
MNZ-015 135.50 136.90 1.40 2.62 0.24 2.86
MNZ-016 156.50 159.00 2.50 1.82 0.02 1.84
MNZ-017 179.90 180.70 0.80 1.12 0.48 1.60
MNZ-020 55.70 60.40 4.70 1.89 1.58 3.46
MNZ-022 126.40 127.90 1.50 1.71 0.01 1.72
MNZ-023 37.20 45.00 7.80 0.01 0.34 0.35
54.00 58.00 4.00 0.38 0.03 0.41
MNZ-024 40.00 47.00 7.00 0.01 0.68 0.69
62.00 62.80 0.80 3.66 0.79 4.45
MNZ-025 25.70 29.70 4.00 0.01 1.02 1.03
MNZ-026 125.00 127.90 2.90 5.48 2.84 8.32
125.50 125.90 0.40 16.01 4.91 20.92
MNZ-027 42.00 47.00 5.00 1.54 3.96 5.51
59.00 63.00 4.00 0.03 1.01 1.04
73.00 78.20 5.20 0.03 1.04 1.07
80.20 80.70 0.50 0.01 2.15 2.16
MNZ-030 30.70 33.70 3.00 0.02 0.88 0.90
38.70 44.00 5.30 0.32 1.19 1.51
60.30 67.20 6.90 1.18 2.10 3.28
MNZ-033 136.10 136.90 0.80 0.85 2.08 2.93
MNZ-034 97.40 99.10 1.70 4.72 2.50 7.21
MNZ-035 112.60 115.50 2.90 1.47 1.90 3.37

The exploration and definition drilling of the ScoZinc Project is being reviewed by Vice President Exploration, Mr. Jason Dunning, M.Sc., P.Geo., and Mr. Wolfgang Schleiss, P.Geo., Manager of Exploration, who is responsible for on-site activities. Mr. Dunning and Mr. Schleiss are both Qualified Persons within the meaning of National Instrument 43-101. All assay data have undergone 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. A quality control and quality assurance program is in place at ACME Analytical Laboratories Ltd. ("ACME") and includes blanks, standards, and duplicates. At ACME, silver and base metal analyses are conducted by a 23-element, four-acid digestion, ore-grade ICP-AES technique.

Selwyn's primary focus remains the exploration and development of the properties that make up the Selwyn Project in the Yukon by the joint venture comprised of Selwyn and Chihong Canada Mining Ltd. The Selwyn Project hosts large tonnages of lead-zinc mineralization which have the potential for large scale production, and could provide a secure supply of zinc and lead to meet the future needs of these markets in Asia and beyond. The recently announced acquisition of ScoZinc Limited, which owns the ScoZinc Mine, provides Selwyn with a second opportunity for growth and the potential for production revenues in 2012.

This press release contains forward-looking statements concerning Selwyn's exploration activities in Nova Scotia related to the ScoZinc Mine and the re-start of the ScoZinc Mine. 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 factors beyond Selwyn's control, including the results and interpretation of exploration activities, economic evaluations and engineering studies and the availability of funds in the financial markets on terms acceptable to Selwyn. There is no assurance that Selwyn's exploration activities will result in the definition of new mineral resources or that if they are defined, they can be developed economically. Although Selwyn has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that could cause results not to be as anticipated or intended. Readers should not place undue reliance on forward-looking statements.

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

Contact Information

  • Selwyn Resources Ltd.
    Dr. Harlan Meade
    President and CEO
    +1 (604) 801-7240 or Toll-free: +1 (888) 989-9188

    Selwyn Resources Ltd.
    Catalin Chiloflischi
    Manager of Investor Communications
    +1 (604) 801-7240 or Toll-free: +1 (888) 989-9188
    +1 (604) 689-8355 (FAX)
    info@selwynresources.com
    www.selwynresources.com