WOW! Has anybody seen so much gold in so many chip samples ! This is amazing, isn't?
Nu-Lite Industries Ltd
NLE VSE
March 4, 1997
China Gold Results Underground Sampling Returns "Bonanza Grades"
BROADWATER DEVELOPMENTS INC ("BDW-V")
NU-LITE INDUSTRIES LTD ("NLE-V")
- China Gold Results - Underground Sampling Returns "Bonanza Grades"
Kenneth W. Trociuk, President of Nu-Lite Industries Ltd. is pleased to
announce positive and exciting results from a geological evaluation
conducted by I. Rocky Borovic, P. Eng. on Nu-Lite's Sanmenxia (Yangzhaiyu)
Gold Property in Henan Province, Peoples Republic of China. (see Nu-Lite
Industries Ltd.'s News Releases December 19, 1996, January 29, 1997,
february 4, 1997, and February 26, 1997).
The Sanmenxia Property is joint ventured by Prima Mining Inc., (40% Nu-Lite
Industries Ltd. (operator), 40% Broadwater Developments Inc, and 20% China
Hua Yuan (Canada Inc). Prima Mining will earn 87.5% of the net profits
before payback to the operation and 65% of net profits after payback. The
agreements are subject to the approval of the Vancouver Stock Exchange. The
property consists of a mining concession and has an explored strike length
of 4200 metres. An exploration adit at the 1749m level was driven to access
the #60 vein and approximately 335 metres of drifting was done along the
strike of the vein. This adit was mapped by Nu-Lite geologists and the
exposed sections of the vein was chip sampled under their supervision during
the property examination conducted from January 15th to the 31st 1997.
Chip sampling the exposed 335 metres of vein showed bonanza gold grades
consistent within the #60 vein. Assays from 41 chip samples collected under
the supervision of Nu-Lite geologists and assayed by ACME Analytical Ltd. in
Vancouver ranged from a low of 2.366 oz/t gold across 50 cm true-width to a
high of 32.350 oz/t gold across 100 cm true-width. (see appended tables)
A 1.3 tonne bulk sample was also collected from the #60 vein and is
currently undergoing metallurgical testing by Process Research Associates in
Vancouver. These results will be released mid-March 1997.
The #60 vein has been extensively explored by the Sanmenxia Gold Bureau by
surface trenching, underground drifting and surface diamond drilling. Prima
Mining Inc. with Nu-Lite as operator, is planning to conduct a $3,000,000
USD underground and surface exploration program to establish grade and
tonnage within the #60 vein.
Nu-Lite is very pleased and encouraged by the results to date and is
anticipating the formation of a successful and profitable mining venture in
the Peoples Republic of China.
Table 1 - Fire Asssay results from 1997 sampling by I. Borovic, H.
Sigurgeirson, and R. Verzosa
Sample # Type True Width Gold oz/t Silver oz/t
(metres) (fire assay) (fire assay)
1 chip 1.40 6.941 4.26
2 chip 0.72 6.646 5.91
3 chip 1.30 7.103 5.22
4 chip 0.30 6.628 3.84
5 chip 0.30 8.577 4.02
6 chip 0.90 8.631 4.22
7 chip 0.60 8.463 5.77
8 chip 1.05 8.170 3.98
9 chip 0.50 7.366 4.05
10 chip 0.20 7.379 4.28
11 chip 0.45 9.136 4.18
12 chip 0.65 6.814 4.35
13 chip 0.80 6.903 4.25
14 chip 1.00 8.265 4.28
15 chip 1.30 6.610 3.77
16 chip 1.30 5.941 3.31
17 chip 0.30 5.842 3.76
18 chip 0.50 6.538 4.05
19 chip 0.60 11.373 10.6
20 chip 0.82 6.465 4.71
21 chip 0.80 6.609 4.45
22 chip 0.90 6.366 5.87
23 chip 1.00 32.350 15.31
24 chip 1.00 10.423 4.29
25 chip 1.35 5.181 5.44
26 chip <1.00 3.466 4.57
27 chip 1.50 5.531 6.66
28 chip 1.20 7.066 4.66
29 chip 0.90 4.964 4.56
30 chip 0.60 4.787 4.36
31 chip 1.20 5.238 5.48
32 chip 0.80 4.390 4.22
33 chip 1.00 4.906 4.86
34 chip 0.50 3.567 4.82
35 chip 0.50 3.032 4.28
36 chip 0.30 3.308 4.42
37 chip 0.30 4.150 4.94
38 chip 0.70 7.155 4.35
39 chip 0.60 3.404 5.07
40 chip 0.70 3.231 4.99
41 chip 0.50 2.866 3.86
42 grab n/a 8.306 1.82
43 grab n/a 0.104 0.09
44 grab n/a 16.118 0.9
Table 2 - Fire Assay results from 1996 sampling by H. Awmack and i. Borovic
Sample # Type Width g/t Au (FA) g/t Ag (FA)
358130 chip 1.60 m 233.4 259
358131 chip 1.60 m 517.5 325
358132 chip 0.13 m 176.7 77
358133 chip 1.07 m 327.7 70
358134 chip 1.14 m 416.8 159
Subject to the approval of the Vancouver Stock Exchange, Broadwater plans to
finance this exciting project in March.
Nu-Lite has arranged a private placement of 2.2 million (2,200,000) units at
a price of $3.00 per unit, for gross proceeds of Cdn $6,600,000. Each unit
consists of one common share and one-half warrant. Two warrants entitles the
holder to purchase one additional common share of Nu-Lite over a period of
one year at a price of $3.50 per share. Two hundred (200,000) thousand of
the common shares in this private placement will be of a 'flow through'
nature. The allowable Vancouver Stock Exchange finders fees will be
applicable.
Flow through proceeds of $600,000 Cdn will be used for Nu-Lite's Keystone,
Watson Lake, and Simpson Lake projects in British Columbia and the Yukon.
The balance $6,000,000 Cdn will be used to explore and develop the China
Gold Project.
TEL: (604) 685-5851 Ralph Bellefleur, Director, Broadwater FAX: (4060
685-7349 Developments Inc. TEL: (888) 685-5851
(c) Corporate Dissemination Services Inc. All rights reserved.
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c1997 Canadian Stock Market Reporter |
