News Release
Selwyn Resources Receives Regulatory Approval of Vinata Property Acquisition
Vancouver, BC, August 13, 2009 – Selwyn Resources Ltd. (SWN.TSX-V) (“Selwyn”) is pleased to
announce that it has received final regulatory approval of the
previously-announced (July 22, 2009) option to acquire an interest in the
Vinata zinc-silver property in the state of
Chihuahua, Mexico. The acquisition agreement grants Selwyn an option to
acquire an initial 50% interest in the Vinata
Property from Savant Explorations Ltd. (“Savant”), and upon exercising of
that option, a second option for Selwyn to increase its interest to 55%
by making additional expenditures. The documentation for the transaction
has been completed.
Selwyn and
Savant are planning a ground geophysical IP survey to refine drill
targets, followed by an initial 1,800 metre
drilling program budgeted at USD$450,000. Line cutting for the IP survey
has commenced and the drilling is scheduled to commence in late
September. Drilling will test targets for high grade silver-zinc-lead
mineralization.
Vinata Property
Vinata consists of 89
square kilometres of mineral lands in the prolific Santa Eulalia-Naica mineral trend. The Santa Eulalia and Naica mining
districts have collectively produced several hundred million ounces of
silver. At Vinata, previous artisanal surface
mining of silver bearing manganese mineralization in the cover volcanics is thought to have occurred in the upper
part of a silver-zinc-lead “Santa Eulalia-type”
deposit that is postulated at depth. Vinata
represents a rare opportunity to acquire a large property position
associated with the surface expression of a potential new district-scale
discovery.
The local
geology and interpreted high level alteration at Vinata
show many similarities to the Santa Eulalia
District, 55
kilometres to the north, which hosts numerous
silver-zinc-lead deposits within Upper Cretaceous limestone beneath
altered cover volcanics. Mining at Santa Eulalia has occurred in a number of structural trends
over a strike length of approximately 3,000 metres and
up to 800 metres
of vertical extent. Alteration extends into the overlying Tertiary
volcanic rocks and is characterized by extensive clay alteration and
manganese with geochemically anomalous of silver, zinc and lead.
Historic mining
on the Vinata Property was focused on mining
silver-bearing manganese oxide veins within a number of structurally
controlled vein and breccia replacement bodies
within Tertiary volcanic rocks believed to immediately overlie the Upper
Cretaceous limestones, similar to that at Santa
Eulalia. The previous surface mining of argentiferous manganese oxide mineralization at Vinata has occurred intermittently over a north-northwesterly trend of approximately 3,000 metres.
Mapping at Vinata has identified well-defined vein-breccia structures flanked by extensive clay-altered
volcanic rocks hosting highly anomalous silver, zinc and lead in micro-veinlets of carbonate. This alteration and
mineralization is interpreted to be the uppermost part of a mineralizing
system. The planned drilling will test the continuity of the mineralized
structures to depth and the possible occurrence of manto
and chimney type mineralization.
Selwyn is
focused on the development of the Selwyn Project in the Yukon as a major
new zinc-lead mine. The Selwyn Project is advancing towards feasibility
and development as a large scale mine providing a secure supply of zinc
and lead to meet the future needs in Asia and beyond. The Vinata Project provides another growth opportunity
for Selwyn shareholders.
This news
release contains forward-looking statements concerning the Vinata Property and the development of the Selwyn
Project. These statements are based on assumptions and judgments of
management regarding future events or results that may prove to be
inaccurate as a result of exploration results and other risk factors that
are beyond Selwyn’s control. There can be no assurance that such
forward-looking 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 in this news release.
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For more information
contact:
Dr. Harlan Meade, President and CEO
Jasmin TamDoo, Manager of Investor Communications
Telephone: (604) 801-7240
Toll-free: 1-888-989-9188
Facsimile: (604) 689-8355
info@selwynresources.com
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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