NAXOS RESOURCES LTD.
409 - 808 Nelson Street
Vancouver, B.C., Canada
V6Z 2H2
(604) 669 - 8078
N E W S R E L E A S E (98-5)
Trading Symbol: NAXOF Date: March 12, 1998
Naxos receives certified results from two independent laboratories indicating significant standard lead fire assay results for gold at the Company's Franklin Lake property.
For the first time in company history, Naxos has received significant certified assay results from two nationally recognized, independent laboratories indicating significant amounts of gold from samples of chain of custody material recovered from the company's Franklin Lake property at Death Valley Junction, California, as represented in the table below. This represents a new plateau in the company's ongoing research and development efforts. In addition to Ledoux & Company, certified results have been obtained from Rocky Mountain Geochemical (RMG), whose facility is located in Reno, Nevada.
RMG is a qualified referee lab with over thirty years of service to the mining industry. Their areas of expertise include assaying, analytical services, geochemical analysis and quality control. Approximately 90% of RMG's clients are major mining companies. They have expertise in analyzing gold and silver, and, more recently platinum group metals. Material was drilled under the supervision by Behre Dolbear in July 1997 has recently been turned over to Colorado Mineral Research Institute for processing under chain of custody. Behre Dolbear is no longer serving in a consulting capacity for Naxos and has not done so since the beginning of 1998. CMRI under chain of custody has then forwarded these samples to the testing labs. Hole number 5 is located in the tight grid area. Hole number 4 is located just over 1 mile north of hole number 5.
The following certified results were obtained by standard lead fire assay procedure, provided by Dr. Al Johnson to the two laboratories.
Hole Depth Ledoux & Company
(Au oz/T) Rocky Mountain Geochemical (Au oz/T)
4 25'-50' 0.134
4 25'-50' 0.222
4 150'-175' 0.120
4 150'-175' 0.181
5 25'- 50'excluding 30'-35' 0.082 0.024
5 50'-75' excluding 60'-65' 0.079
5 50'-75' excluding 60'-65' 0.105
5 50'-75' excluding 60'-65' 0.146
5 50'-75' excluding 60'-65' 0.227
5 75'-100' 0.024
5 125'-150' 0.012
5 150'-175' excluding 160'-165' 0.082 0.108
5 205'-225' 0.096
5 225'-250' 0.068
5 250'-275' excluding 260'-265' 0.093
5 250'-275' excluding 260'-265' 0.102
5 250'-275' excluding 260'-265' 0.155
5 250'-275' excluding 260'-265' 0.180
5 250'-275' excluding 260'-265' 0.190
5 250'-275' excluding 260'-265' 0.260
5 250'-275' excluding 260'-265' 0.327
5 250'-275' excluding 260'-265' 2.435*
5 275'-300' 0.067 0.032
5 305'-330' 0.040
5 305'-330' 0.070 0.060
* this result may be less than reliable due to a small samples size.
Assays in respect to Platinum & Palladium indicate trace amount ranging between less than one part per million to 3 parts per million further test work is being conducted using different analytical techniques to further assess the presence of these metals.
The Board of Directors is pleased that the company's efforts to establish a network of qualified labs, providing consistent, reproducible and certified data, has produced these tangible results. It has taken an extended time and effort on the part of the consulting labs to establish a complex protocol to ensure the integrity of the test results.
Naxos has retained two additional qualified labs (a total of four) to become part of our multiple assay lab network. After a limited amount of time to bring these two additional labs on-line (with the testing protocol), this group of labs will produce a large body of reliable data about the metallurgical characteristics of the ore body. With a property estimated to contain between one and three billion tons of material, these results represent a major step towards our ultimate goal of developing a world-class precious metals mine.
DATED at Vancouver, British Columbia, the 12th day of March, 1998.
ON BEHALF OF THE BOARD
NAXOS RESOURCES LTD.
Per: "Sidney Kemp"
Sidney Kemp
President
All forward-looking statements made by Naxos involve material risks and uncertainties and are subject to change based on factors beyond Naxos' control. Accordingly, Naxos' future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, without limitation, those described in Naxos' filings with the United States Securities and Exchange Commission. Naxos does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. For further information, please contact our Investor Relations' Department at (603) 891-5743 or (702) 372-1712 or (913) 894-8509. |
