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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Carlo who wrote (11237)	3/29/1998 8:48:00 PM
From: knight	Read Replies (1) of 20681

Is this the NR you're looking for? Naxos Resources Ltd - Franklin Lake property drilling results Naxos Resources Ltd NXR Shares issued 12456537 1996-01-24 close $7 Thursday Jan 25 1996 Mr Jimmy John reports The drilling on the Franklin Lake property was completed to approximately 140 feet. Cave-in of the drill hole walls caused by loose unconsolidated mud at 140 foot depths resulted in the cessation of drilling. Larger drilling equipment with hole casing capabilities has been mobilized which should allow the completion of the hole to approximately 400 feet. The company has applied for two additional five acre exploration permits to drill five test holes on each permit. The No. 2 permit is 1,000 feet north and the No. 3 permit is 1,000 feet east of permit No. 1 (currently drilling). Drilling will commence when permits are approved. Hole No. 1 is 21 feet north and six feet east of the south-west corner of the permitted five acre area measuring 500 feet in the north-south direction and 440 feet in the east-west direction. Analysis for hole number 4, 5, 6, 7, 8 and 9 in ten foot intersections by fire assay for gold and silver and ICP for platinum group metals, are as follows: Hole 4 - Depth 0 - 140 feet Oz/t Oz/t Oz/t Oz/t Au Ag Pt Ir ----- ------ ----- ------ 0.191 1.021 0.402 0.920 Oz/t Oz/t Oz/t Oz/t Os Pd Rh Ru ----- ------ ----- ------ 0.114 0.262 0.552 0.929 Hole 5 - Depth 0 - 140 feet Oz/t Oz/t Oz/t Oz/t Au Ag Pt Ir ----- ------ ----- ------ 0.291 1.389 0.996 1.245 Oz/t Oz/t Oz/t Oz/t Os Pd Rh Ru ----- ------ ----- ------ 0.306 0.381 1.043 1.497 Hole 6 - Depth 0 - 150 feet Oz/t Oz/t Oz/t Oz/t Au Ag Pt Ir ----- ------ ----- ------ 0.277 1.038 2.560 1.343 Oz/t Oz/t Oz/t Oz/t Os Pd Rh Ru ----- ------ ----- ------ 0.329 0.645 1.341 1.820 Hole 7 - Depth 0 - 140 feet Oz/t Oz/t Oz/t Oz/t Au Ag Pt Ir ----- ------ ----- ------ 0.282 0.956 1.087 1.124 Oz/t Oz/t Oz/t Oz/t Os Pd Rh Ru ----- ------ ----- ------ 0.189 0.569 1.314 1.300 Hole 8 - Depth 0 - 140 feet Oz/t Oz/t Oz/t Oz/t Au Ag Pt Ir ----- ------ ----- ------ 0.221 0.953 1.187 1.592 Oz/t Oz/t Oz/t Oz/t Os Pd Rh Ru ----- ------ ----- ------ 0.199 0.517 1.358 2.066 Hole 9 - Depth 0 - 130 feet Oz/t Oz/t Oz/t Oz/t Au Ag Pt Ir ----- ------ ----- ------ 0.272 1.017 1.236 1.463 Oz/t Oz/t Oz/t Oz/t Os Pd Rh Ru ----- ------ ----- ------ 0.216 0.824 1.395 1.990 Venezuela The company has entered into two agreements resulting in the issuance of up to 124,265 shares of the company for the purchase of heavy equipment for its Km 88 mining operation available in Venezuela. Miscellaneous The company is not aware of any other material change in its affairs. Financing Discussions with several interested groups to finance the company for the development of its properties are ongoing. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com

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