It doesn't get any better than this release -- NNE-A
Naneco Minerals Ltd NNE
Shares issued 19,233,496 Nov 24 close $0.42
Wed 25 Nov 98 News Release
Mr. Archie Nesbitt reports
Drilling results at the company's Jiawula silver-copper-lead-zinc zone No.
2 deposit in Nei Mongolia, China, have been exceptional and generally grade
higher than that from previous drilling completed by Naneco's joint venture
partner, Hulunbeir. Assays from J-98-10, J-98-11, and J-98-12, listed
below, are examples of the interval widths and the high grades encountered
in zone No. 2 drilling.
Core hole J-98-10 intersected a contiguous interval of 6.7m (21.98 ft)
grading 183.64 g/mt Ag, 0.43 per cent Cu, and 9.52 per cent combined Pb-Zn
which contained a 3.65m (11.98 ft) interval grading 286.7 g/mt Ag, 0.62 per
cent Cu, and 12.26 per cent combined Pb-Zn.
Core hole J-98-11 intersected a total of 15.3m (50.2 ft) of mineralization
in three zones, all of mineable thickness. Zone 2-1 contained a 2.0m (6.56
ft) interval grading 544.0 g/mt Ag, 0.66 per cent Cu, and 36.19 per cent
combined Pb-Zn. Zone 2 contained a 10.5m (34.45 ft) interval grading 220.74
g/mt Ag, 1.36 per cent Cu, and 16.48 per cent combined Pb-Zn and a 1.8m
(5.9 ft) interval grading 183.48 g/mt Ag, 0.92 per cent Cu, and 15.68 per
cent combined Pb-Zn.
Core hole J-98-12 intersected 3.80m (12.5 ft) grading 409.94 g/mt Ag, 0.97
per cent Cu, and 20.89 per cent combined Pb-Zn.
Depth of Silver Copper Lead Zinc
Intercept Values Values Values Values
(m) (g/t) (%) (%) (%)
Hole J-98-10
169.60-170.70 42.7 0.10 2.78 3.43
170.70-171.70 419.8 0.67 4.50 6.11
171.70-172.70 347.9 0.59 3.43 7.26
172.70-173.70 202.3 0.65 2.64 10.69
173.70-174.35 117.6 0.53 0.40 15.15
3.65 286.70 0.62 2.97 9.29
174.35-175.30 40.8 0.08 0.28 2.04
175.30-176.30 98.2 0.41 0.72 9.26
6.70 183.64 0.43 2.22 7.30
Hole J-98-11
147.20-148.20 550.2 0.49 26.48 13.93
148.20-149.20 537.8 0.83 10.00 21.97
2.00 544.00 0.66 18.24 17.95
160.00-161.00 156.1 0.57 4.44 14.38
161.00-162.00 102.8 0.39 1.01 8.95
162.00-163.00 287.1 1.37 0.90 20.77
163.00-164.00 249.8 0.60 0.87 16.60
164.00-165.00 471.1 4.47 0.82 13.79
165.00-166.00 527.1 3.36 8.03 10.60
166.00-167.00 276.6 1.87 0.78 14.03
167.00-168.00 89.7 0.89 0.25 25.29
168.00-169.00 94.3 0.42 1.04 9.79
169.00-170.50 42.1 0.22 0.74 13.07
10.50 220.74 1.36 1.83 14.65
174.20-175.20 146.4 0.61 1.24 12.30
175.60-176.60 143.3 0.90 3.14 7.81
176.60-177.40 233.7 0.95 3.17 18.43
1.80 183.48 0.92 3.15 12.53
Hole J-98-12
213.30-214.30 440.3 0.49 17.28 22.60
214.30-215.30 237.4 0.89 0.63 12.98
215.30-216.30 739.2 1.62 2.81 11.34
216.30-217.10 176.1 0.86 0.38 14.33
3.80 409.94 0.97 5.53 15.36
Exploration of the Jiawula district will continue in conjunction with the
development of the zone No. 2 ore body with a goal of increasing production
rates and reserves. Immediate plans call for the completion of a
pre-feasibility study, additional metallurgical studies and mining and
processing design to culminate in mine production in 1999.
The Jiawula project is a joint venture between Naneco and Hulunbeir, a
Chinese mining company. Naneco holds a 75 per cent interest prior to payout
and a 70 per cent interest after payout from its investment in the project.
This investment will facilitate upgrading of current mill capabilities from
200 tonnes per day to 1,000 tonnes per day, additional mine development and
infrastructure improvements as well as an intensive exploration program.
Naneco's technical staff continues to be encouraged by both the substantial
thickness and extremely high grades encountered in the 1998 confirmation
and exploratory drilling. Naneco's staff further believes these data
support the tremendous potential of the Jiawula district. The Jiawula
deposit zone No. 2 currently being tested is only one of 40 identified
outcropping zones of silver-copper-lead-zinc mineralization of Naneco's
area of interest. |
