This is just out this morning. . .
Wednesday March 18, 9:00 am Eastern Time
Company Press Release
Naxos Resources Announces Latest Certified Fire Assay Results
VANCOUVER, British Columbia--(BUSINESS WIRE)--March 18, 1998-- Naxos Resources Ltd (OTC BB:NAXOF - news) today announced certified fire assay results from Ledoux & Company.
The ore samples were recovered from drill hole No. 5 located at the Naxos Franklin Lake property, Death Valley Junction, California. The material was drilled under the supervision of Behre Dolbear and turned over to Colorado Mineral Research Institute (CMRI) for processing under chain of custody. CMRI under chain of custody then forwarded these samples to Ledoux & Company.
Ledoux & Company performed two different types of tests. Each test utilized the same fire assay procedure, and each was done in duplicate to ensure the accuracy and integrity. The results are from different splits, and detailed in tables one and two below.
The results listed in table one below are from tests conducted on untreated ore processed by grinding the material to 80% minus 200 mesh. These results do not involve the use of the Johnson-Lett process.
Table 1
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Sample Hole Depth Au (ppm) Au (oz/T)
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43-Head 5 75' - 100' 6.8 0.198
6.8 0.198
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53-Head 5 125' - 150' 6.9 0.201
Excluding 130'-135' 7.6 0.222
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49-Head 5 205' - 225' 5.6 0.163
6.4 0.187
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48-Head 5 225' - 250' 7.3 0.213
8.1 0.236
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The assay results in table two are from tests performed on ore treated by CMRI using the Johnson-Lett process. Naxos Resources has the option to purchase the exclusive rights to this technology.
Table 2
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Sample Hole Depth Au (ppm) Au (oz/T)
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47 - Johnson 5 275' - 300' 19.4 0.566
10.5 0.306
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39 - Johnson 5 305' - 330' 8.6 0.251
5 0.146
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Sidney Kemp, president of Naxos Resources, commenting on the latest results, stated, ''I find these numbers very encouraging. They indicate that our time, research and effort are bearing fruit. They also indicate that these two approaches need to be carried forward. The first will be to test the untreated ore which is more of a conventional approach and most likely less expensive. And, second, to continue supporting the Johnson-Lett technology which is showing improved results, although additional verification is required. To this end, we have instructed the labs to assay treated and untreated ore from the same splits to give us a more reliable comparison of the same samples.''
Formed in 1986 as a precious metals and development company, Naxos Resources owns mining projects in Venezuela, British Columbia and California.
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.
Contact:
Naxos Resources Ltd.
Investor Relations
Jeff Sharp, 913/894-8509
or
Bob Gardner, 702/372-1712
or
Russell Smith, 603/891-5743 |
