Drilling Continues to Confirm High-Grade
Mineralization at XY Central Deposit
Vancouver,
BC, December 22, 2010 � Selwyn Resources Ltd. (�Selwyn�) is pleased to
update investors with the first 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 of the XY Central deposit. The location of the
new drill holes can be found on drill plan maps available at
www.selwynresources.com.
Highlights:
98/99-lenses of the XY Central deposit
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XYC-206 intersected 39.20 metres true thickness grading 6.63% zinc and
3.81% lead, including 20.29 metres grading 9.57% zinc and 6.14% lead; and
�
XYC-216 intersected 10.79 metres true thickness grading 7.91% zinc and
2.84% lead, including 2.63 metres grading 15.30% zinc and 3.62% 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
lenses are the 93-lens, 98-lens, and the 99-lens. Drill holes XYC-194,
XYC-199, XYC-201, XYC-202, XYC-203, XYC-206, and XYC-216 are infill holes
within the 98/99-lenses that comprise the majority of the high-grade,
zinc-lead mineralization at the XY Central deposit. These two lenses are
directly southeast and adjacent to the 93-lens; which was described in
the December 17, 2010 news release.
Unlike
the steeply dipping 93-lens, the 98/99-lenses are composed of two stacked
layers of high-grade, zinc-lead mineralization that dip at a shallow to
moderate angle (35 to 45�) to the northeast. Due to the shallow to
moderate dip of the mineralization, the 98/99-lenses are potentially
amenable to cut-and-fill mining methods. A map of the location of the
lenses is available at www.selwynresources.com.
The
continuing success in intersecting high-grade mineralization in these
infill drill holes confirms the continuity of high-grade mineralization
in 98/99-lenses. Drill hole XYC-206 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. XYC-206 intersected
mineralization from 324.10 to 427.20 metres for a true thickness of 95.00
metres that hosted high-grade mineralization such as 20.29 metres true
thickness grading 9.57% zinc and 6.14% lead, as well as 6.18 metres
grading 16.64% zinc and 12.27% lead. This compares very favourably with
previously released, nearby intercepts from the 98/99-lenses in XYC-111
and XYC-116 (see August 31, 2006 news release).
Drill
hole XYC-216 intersected 10.79 metres true thickness grading 7.91% zinc
and 2.84% lead; also within a broader intercept of mineralization. These
results 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). Other
intercepts from 2010 include drill holes XYC-194, XYC-199, XYC-201,
XYC-202, XYC-203 and XYC-216; which also host high grade mineralization.
Results
from the definition drilling program continue to confirm the 3D
geological and structural models for 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).
As
noted in the December 17, 2010 news release, drilling activities have
been temporarily halted for the Christmas break. Work will resume in
early January 2011 and focus on the upgrading of mineral resources at the
Don deposit; which in 2010 has included 24 diamond drill holes totalling
7,034.50 metres. There will also be exploration drill holes at Don
deposit designed to potentially expand known mineral resources.
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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