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News Release
Update on Drilling Activities at Selwyn Project
Vancouver,
BC, October 25, 2010 � Selwyn
Resources Ltd. is pleased to update investors on the status of the
exploration program at Selwyn Project being undertaken in support of the
bankable feasibility study set for completion in mid-2011.. To date, 48 drill
holes have been completed with 5 in progress for a total of 13,685.54
metres. The majority of the drilling is designed to upgrade the
confidence of the NI 43-101 compliant, Inferred mineral resources in the
XY Central, XY West and Don deposits into the Indicated category for use
in the ongoing bankable feasibility study. A minor portion of the
drilling was allocated to condemnation drilling in the vicinity of
infrastructure to determine mineral potential, prior to the commencement
of engineering assessment. The location of the new drill holes can be
found on drill plan maps available at www.selwynresources.com.
XY Central Drilling
The 2010 definition drilling of the high-grade
mineral resource of the XY Central deposit began in early June with one
drill rig and has been the focus of exploration work to this point with
up to five drill rigs working in August. Work on the XY Central deposit
is nearly complete with three drill rigs still active; noting that work
should be complete by end of October. A total of 14,500 metres are
planned for the conversion of Inferred mineral resources, as stated in
the February 2009 NI 43-101 compliant underground high-grade mineral
resource estimate. The February 2009 mineral resource estimate was
supervised by Non-Independent Qualified Person, John J. O�Donnell, P.Geo.
and yielded an Indicated mineral resource in the high-grade underground
XY Central deposit of 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 (see February 26, 2009 news release).
To date, 37 diamond drill holes have been completed
in the high-grade underground mineral resource of the XY Central deposit
for a total of 11,495.2 metres, with three drill holes in progress for an
additional 252.0 metres. This drilling has confirmed Selwyn�s 3D
geological and mineral resource models. The drill holes have been marked
up for sampling and the collection of samples bound for the laboratories;
however, it should be noted that the drill holes were being held pending
completion of a detailed geotechnical data collection process for rock
mechanics at a commercial laboratory. This portion of the rock mechanics
work program is now completed and mineralized intervals are being
prepared for submittal to the laboratory for assaying. Results of this
drilling will be reported when assays have been received and reviewed
under Selwyn�s internal QAQC procedures and protocols.
XY West Drilling
The XY West deposit was discovered in 2008 (see September 9, 2008 news release).. Following drill
testing of the newly discovered mineralization, a NI 43-101 compliant
mineral resource estimated to contain an Inferred mineral resource of 1,910,000
tonnes grading 7.70% zinc and 2.45% (see February 26, 2009 news release) was determined.
The NI-43-101 compliant Inferred mineral resource was reported by
Non-Independent Qualified Person John. J. O�Donnell, P.Geo, for the
Selwyn Project.
In recent drilling, 4 diamond drill holes have been
completed in the high-grade underground mineral resource of the XY West
deposit for a total of 1,609.3 metres with two drill holes in progress
for an additional 866.8 metres. A third drill rig will be added next week
to advance definition drilling. The detailed, 3D model is being updated
as drill holes are being completed. Although drilling is providing very
positive results, it has indicated some minor changes to the deposit and
its orientation that may require additional drilling to firm up the
geological and structural framework and the possible structural
repetition of mineralized lenses. This stacking of mineralized lenses can
be extremely beneficial as it can increase the potential for more
available tonnes of mineralization per vertical foot in any future mine
plan.
There still remains a largely untested gap of 650
metres between the high-grade underground NI 43-101 compliant mineral
resource of XY West and the adjacent, and much larger, XY Central deposit
to the southeast. This project opportunity is not part of the current
definition drilling program; however, can be easily assessed when Selwyn
Project expands drilling in the future.
Other
Condemnation drilling was done in the vicinity of
the proposed options for tailings impoundment facilities and mill sites
to ensure that their positioning would not sterilize any exploration
opportunities for future discoveries. In advance of the drilling, both
resistivity and seismic geophysical techniques were employed to gain a
better understanding of the glacial overburden depths and interface with
the bedrock. This information was extremely useful in targeting drill
holes. Geotechnical work at these locations resulted in 9 drill holes
totalling 900.0 metres at three sites. In all cases, drilling results
identified footwall rocks of the known deposits at Selwyn Project that
are deemed to be unfavourable to host zinc-lead mineralization.
The Selwyn Project exploration program is being
reviewed by Vice President Exploration, Mr. Jason Dunning, M.Sc..,
P.Geo., who is also managing the onsite activities for the Selwyn
Project. Mr. Dunning is a Qualified Person within the meaning of National
Instrument 43-101. Selwyn has established a sampling and assay quality
control and quality assurance program with blind insertion of assay
blanks, standards and duplicates. ACME Analytical Laboratories Ltd.
(�ACME�) also has a quality control and assurance program that includes
blanks, duplicates and standards. At ACME, base metal analyzes 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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