LTH: I am going to increases my position tomorrow:
Lithic starts 10,000-metre Crypto drill program
2007-07-12 14:20 ET - News Release
Shares issued 31,527,519
LTH Close 2007-07-11 C$ 0.60
Mr. C.F. Staargaard reports
LITHIC COMMENCES 10,000 METRE DRILL PROGRAM ON CRYPTO ZINC PROJECT
Lithic Resources Ltd. has commenced drilling on the Crypto zinc project located in western Utah. The drill program will consist of 20 to 25 holes totalling 10,000 metres and is aimed mainly at significantly expanding known zinc mineralization, which is open in most directions, and will lead to an updated resource estimate. Additional drill targets include the extensions of high-grade silver-lead-zinc mineralization at the formerly producing Utah mine, geophysical anomalies identified in 2006 that could represent an entirely new zone of Crypto-style zinc mineralization and porphyry-style molybdenum mineralization encountered in past drilling.
Samples will be submitted to ALS Chemex in Nevada for analysis. The company has instituted a rigorous quality assurance and quality control (QA/QC) protocol for the sampling process involving multiple standards representing a range of grades as well as blanks and various field and preparation duplicates.
The Crypto zinc deposit is a carbonate replacement deposit similar in style to mineralization in mining districts in Utah -- such as Park City, Bingham and Tintic -- that were major historical producers of zinc, lead and silver. It was first drilled by Utah International in the 1960s and then by Cyprus Minerals in the early 1990s. On the basis of that work, Cyprus estimated a historical resource of 5.4 million tonnes of sulphide mineralization grading 8.7 per cent zinc and a further 2.8 million tonnes of near-surface oxide mineralization grading 7.0 per cent zinc. This historical estimate was made prior to the implementation of National Instrument 43-101 standards, does not conform to those standards, and should not be relied on as being indicative of a resource or a reserve with demonstrated economic viability. However, it is believed by the company to be relevant and a reliable indication of the mineral potential of the property.
With over $5-million in the treasury, the company is well financed to complete this program of work. |
