NEWS
Naxos now says that the lab that did the tests, Ledoux, has admitted the procedure was flawed, but it did not elaborate.
Naxos Resources Ltd -
Post says Naxos reveal Ledoux results flawed
Naxos Resources Ltd NAXOF
Shares issued 30,409,574 1899-12-30 close $0
Tuesday Jul 21 1998
The Financial Post reports in its Tuesday edition that Naxos Resources, a controversial gold exploration junior, says that independent assays of recent drilling results have failed to confirm earlier tests suggesting economic gold grades. Reporter Paul Bagnell notes that the company, which claims it can extract gold from sand on its Franklin Lake property in California, says that a series of check assays on material from two drill holes failed to show the presence of gold beyond trace levels. On June 11, Naxos issued results from two drill holes, averaging 0.093 ounces a ton and 0.075 ounces a ton. Naxos now says that the lab that did the tests, Ledoux, has admitted the procedure was flawed, but it did not elaborate. A second set of assays on the same material by another lab failed to confirm the presence of gold. During a long-running dispute with the Alberta Stock Exchange in 1996 and 1997, Naxos consistently cited results by Ledoux as evidence the ASE was wrong to doubt its claims.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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