Naneco Minerals Ltd -
Naneco encounters significant mineralization at Jiawula
Naneco Minerals Ltd
NNE
Shares issued 19,233,496
1999-03-02 close $0.32
Wednesday Mar 3 1999
Mr. Archie Nesbitt reports
The latest drill results from Naneco Minerals' Jiawula silver-copper-lead-zinc zone
No. 2 deposit in Nei Mongolia, China, continue to confirm mineable grades and
thickness of massive to semi-massive sulphide mineralization in zone No. 2. Core
hole J-98-28 intersected 8.48 metres (27.82 feet) which graded 111.0 grams per
metric tonne Ag, 0.47 per cent Cu and 11.02 per cent combined Pb-Zn
containing a 1.6 metre (5.25 foot) interval grading 124.75 g/mt Ag, 0.22 per cent
Cu, and 25.4 per cent Pb-Zn plus a 1.98 metre (6.5 foot) interval grading 164.84
g/mt Ag, 0.83 per cent Cu, and 18.23 per cent combined Pb-Zn.
In addition, core hole J-98-30 intersected a 10.65 metre (34.9 foo) interval
grading 60.4 g/mt Ag, 0.24 per cent cu, and 7.07 per cent combined Pb-Zn
containing a 2.3 metre (7.55 foot) interval grading 102.09 g/mt Ag, 0.48 per cent
Cu, and 14.32 per cent combined Pb-Zn and a 1.85 metre (6.07 foot) interval
grading 104.92 g/mt Ag, 0.52 per cent Cu and 10.68 per cent combined Pb-Zn.
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 prefeasibility
study, additional metallurgical studies and mining and processing designs to
culminate in mine production in mid-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. |
