Drilling Confirms Near Surface High-Grade
Mineralization at XY Central Deposit
Vancouver, BC, January 17, 2011 � Selwyn Resources Ltd. (�Selwyn�)
is pleased to update investors with the release of assay results from the
drilling of the 98/99-lenses of the XY Central deposit at Selwyn Project,
Yukon Territory that is being done by Selwyn Chihong
Mining Ltd., the joint venture company equally owned by Selwyn and Chihong Canada Ltd. These new results continue to
confirm the continuity of high-grade zinc-lead mineralization and will
provide the necessary data to upgrade Inferred resources within the XY
Central deposit deposit.
Highlights: 98/99-lenses of the XY Central
deposit
- XYC-230 intersected 16.17 metres true thickness grading 9.51% zinc and
3.25% lead, including 3.42 metres grading
18.48% zinc and 8.29% lead; and
- XYC-239 intersected 15.38 metres true thickness grading 10.79% zinc and
3.35% lead, including 4.87 metres grading
22.86% zinc and 7.19% lead.
The
XY Central deposit is composed of three high-grade, main lenses in the
underground environment that are structurally bound by faults. The three
main lenses are the 93-lens, 98-lens, and the 99-lens. Drill holes
XYC-211, XYC-230, XYC-234, XYC-235, XYC-236, XYC-239, XYC-240, XYC-243,
and XYC-244 are infill holes within the near-surface extension of the
existing 98/99-lenses that comprise the majority of the high-grade,
zinc-lead mineralization at the XY Central deposit. A map of the location
of the lenses is available at www.selwynresources.com.
The
continuing success in intersecting high-grade mineralization in these
near-surface infill drill holes confirms the continuity of high-grade
mineralization in the 98/99-lenses (see news releases December 17 &
22, 2010). Drill hole XYC-230 is another excellent example of the
high-grade mineralization at XY Central deposit that is hosted within a
much broader envelope of lower-grade mineralization. Mineralization in
XYC-230 is two, structurally repeated intercepts from 69.50 to 87.90 metres and from 122.50 to 157.80 metres.
The high-grade mineralization was intercepted from 124.00 to 141.50 metres for a true thickness of 16..17
metres grading 9.51% zinc and 3.25% lead,
including 3.42 metres grading 18.48% zinc and
8.29% lead. This compares very favourably with
previously released, nearby intercepts from the 98/99-lenses in XYC-125
(see September 21, 2006 news release) and XYC-140 (see October 30, 2006
news release).
Drill
hole XYC-235 intersected a very wide intersection of mineralization from
67.6 to 148.0 metres that also appears to be
structurally thickened due to faulting. As a result, there are two main
intervals of mineralization, one from 69.20 to 98.30 metres
for a true thickness of 29.10 metres grading
5.43% zinc and 1.67% lead including 6.10 metres
true thickness grading 10.89% zinc and 3.26% lead. The second intercept
is from 121.60 to 139.80 metres for a true
thickness of 18.20 metres grading 5.54% zinc
and 1.12% lead including 3.40 metres grading
14.07% zinc and 2.55% lead. Results in XYC-135 are comparable in grade
and thickness to previously released assay results in nearby drill holes
such as XYC-125 (see September 21, 2006 news release), XYC-126 (see
October 10, 2006 news release).
Drill
hole XYC-239 intersected a thick section of high-grade mineralization
from 125.30 to 141.00 metres for a true
thickness of 15.38 metres grading 10.79% zinc
and 3.35% lead including 4.87 metres true
thickness grading 22.86% zinc and 7.19% lead. These results are
comparable in grade and thickness to previously released assay results in
nearby drill holes such as XYC-216 (see December 22, 2010 news release),
XYC-126 (see October 10, 2006 news release).
Other
intercepts from 2010 include drill holes XYC-211, XYC-234, XYC-236,
XYC-240, XYC-243 and XYC-244; which also host high grade mineralization.
Results
from the definition drilling program continue to confirm the 3D
geological and structural models for the XY Central deposit. The
definition drilling includes 47 diamond drill holes totalling
13,994.80 metres in the three main lenses in XY
Central deposit. The NI 43-101 compliant Indicated mineral resource for
the XY Central deposit is 10,738,000 tonnes
grading 10.38% zinc and 4.41% lead and an Inferred mineral resource of
2,849,000 tonnes grading 10.86% zinc and 4.41%
lead. This study was done by Independent Qualified Person, Cliff Pearson,
P.Geo.., and Non-Independent Qualified Person,
John J. O�Donnell, P.Geo. (see
January 29, 2008 news release).
Work
resumed at Selwyn Project on January 5, 2011 with drill crews being
mobilized over the next two to three weeks in order to continue the
upgrading of mineral resources at the Don deposit using five drill rigs.
In addition, one drill rig will continue work on the XY West deposit
where exploration drilling is further defining distribution of the
mineralized strata and further identifying exploration potential.
The
Selwyn Project exploration program is being reviewed by Vice President
Exploration, Mr. Jason Dunning, M.Sc..., P.Geo, who is also responsible for the onsite
activities for the Selwyn Project. Mr. Dunning is a Qualified Person
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 ACME Analytical Laboratories
Ltd. (�ACME�) that includes blanks, duplicates and standards. At ACME,
silver and base metal analyses are conducted by a 23-element, four-acid
digestion, ore-grade ICP-AES technique.
Selwyn�s
focus is the exploration and development 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 large scale
production, and the potential to provide a secure supply of zinc and lead
to meet the future needs of the zinc and lead markets 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 geological variability 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 such additional
drilling will expand mineral resources or 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.
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For
more information contact:
Dr. Harlan Meade, President and CEO
Catalin Chiloflischi,
Manager of Investor Communications
Telephone: +1 (604) 801-7240
Toll-free: +1 (888) 989-9188
Facsimile: +1 (604) 689-8355
Email: info@selwynresources.com
Website: www.selwynresources.com
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.
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