FOR: NAXOS RESOURCES LTD.
FOR FURTHER INFORMATION CONTACT
INVESTOR RELATIONS: Jeff Sharp (913) 894 - 8509
Russell Smith (603) 891 - 5743
FOR IMMEDIATE RELEASE #98-12
NAXOS ANNOUNCES CERTIFIED GOLD AND PLATINUM ASSAY RESULTS FROM FRANKLIN LAKE PROPERTY.
Vancouver, British Columbia - April 24, 1998 - Naxos Resources Ltd (O.T.C. Bulletin Board: NAXOF) today announced certified standard lead fire assay results for gold received from Ledoux & Company, a nationally recognized, independent referee laboratory. These results are on ore taken from hole #1, which is located just under _ of a mile north of hole #5, for which results were previously announced.
The ore samples were recovered from chain of custody drill hole #1 located at the 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, under chain of custody, then forwarded these samples to Ledoux & Company for assaying. The certified standard lead fire assay results are listed below.
Depth * Au oz/T
140' - 150' 0.047
190' - 200' 0.032
200' - 210' 0.064
210' - 220' 0.038
220' - 230' 0.059
230' - 240' 0.184
240' - 250' 0.059
* Note - 10 feet intervals were used for composite purposes in order to facilitate the delineation of ore reserves at closer intervals
The testing at the assay labs has been slower than anticipated due to delays at the processing lab due to equipment failure. This issue has been addressed and the remaining ore from the Behre Dolbear drill program has been shipped from CMRI to Rocky Mountain Geochemical (RMG) under chain of custody for processing. The volume of material needed to be processed far exceeds normal lab capabilities, RMG has the infrastructure and capacity to handle these volumes and to ensure the orderly flow of material to our designated laboratories. RMG has, as of the 20th of April, started shipping new samples to our designated assay labs.
While waiting for new samples to arrive, Naxos instructed Ledoux to conduct platinum analyses on random samples from hole #4, which is just over a mile North of hole #5. These test were conducted on chain of custody ore which was shipped by CMRI to Ledoux. The certified results are listed below. The analytical protocol employed on the gold and platinum analyses were standard lead fire assay and standard copper sulphide with gold bead collection technique, respectively.
Depth___ Gold oz/t_ Platinum oz/t
0' - 25'____ 0.029_ 0.029
25' - 50'___ 0.178_ Not Assayed
75' - 100'__ 0.035_ 0.085
100' - 125'_ 0.021_ 0.047
125' - 150'_ 0.026_ 0.038
150' - 175'_ 0.181_ Not Assayed
175' - 200'_ 0.062_ 0.015
200' - 225'_ 0.022_ 0.015
225' - 250'_ 0.031_ 0.028
250' - 275'_ 0.043_ 0.022
275' - 300'_ 0.056_ 0.025
300' - 310'_ 0.025_ 0.025
Average___ 0.0675_ 0.0329
Gold Equivalent 0.0675_ 0.0449
Total 0.1124
* Note - gold equivalent factor 1.36482 using current gold and platinum trading prices.
Having assured a significant presence of platinum, Naxos will first concentrate its efforts on defining the gold reserve. To assist in this resolve, the first engineering personnel from Kleinfelder arrived on April 20th to coordinate the site preparation and logistics for phase 2 and 3 of the drilling program.
Formed in 1986 as a precious metals and development company, Naxos Resources owns mining projects in Venezuela, British Columbia and California.
ON BEHALF OF THE BOARD
NAXOS RESOURCES LTD
.
Per: "Sidney W. Kemp"
Sidney W. 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. |
