FOR: NAXOS RESOURCES LTD.
FOR FURTHER INFORMATION CONTACT
INVESTOR RELATIONS: Jeff Sharp (913) 894 - 8509
Russell Smith (603)891 - 5743
FOR IMMEDIATE RELEASE 98-11
NAXOS ANNOUNCES IMPROVED ASSAY RESULTS FROM HOLE #5
Vancouver, British Columbia - April 8, 1998 - Naxos Resources Ltd (O.T.C. Bulletin Board: NAXOF) a precious metals development company, today announced certified fire assay results from Ledoux & Company, a nationally recognized independent laboratory. These numbers are higher than assay results from the same hole previously announced in March.
The ore samples were recovered from chain of custody drill hole #5 located at the Naxos Franklin Lake property, Death Valley Junction, California. The ore was drilled under the supervision of Behre Dolbear and submitted to Colorado Mineral Research Institute (CMRI) for processing under chain of custody. CMRI then forwarded these samples to Ledoux & Company and Rocky Mountain Geochemical.
The Ledoux & Company results listed in the table below are from tests conducted on ore processed by drying the material at 110 degree centigrade and grinding to 80% minus 200 mesh. The certified results were obtained by using a standard lead fire assay with ICP finish.
Hole Depth Au (oz/T)
5 0' - 25' 0.225
5 50' - 75' 0.266
5 75' - 100' 0.199
5 125' - 150' 0.211
5 200' - 225' 0.175
5 275' - 300' 0.439
5 305' - 330' 0.199
5 305' - 330' 0.240
All of the lead fire assay results that Ledoux & Company have released on Hole #5 to date, including these most recent numbers, average out to 0.210 Au (oz/T). This average excludes the abnormally high number of 2.435 Au (oz/T) as reported in News Release 98-5.
Rocky Mountain Geochemical's analyses on drill hole #5 have been consistently lower than those achieved by Ledoux & Company. This may be attributable to slight differences in processing the ore such as differing detection methodologies and flux and sample preparation. Naxos has approached several outside laboratories to help develop a uniform methodology and protocol for future testing.
Naxos Resources Ltd. also announced that the annual meeting has been scheduled for July 24, 1998, at the Four Seasons Hotel in Vancouver, British Columbia. This is an exciting time for Naxos, and it is hoped that as many shareholders as possible will attend.
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. |
