NEWS OUT - spectacular holeOct 23, 2007 11:09 ET
Lithic Intersects Multiple Zones of High Grade Zinc at Crypto
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 23, 2007) - Lithic Resources Ltd. (TSX VENTURE:LTH) (the "Company") is pleased to report assay results for the first core drill hole at the Crypto zinc project located in western Utah. Previous drilling at Crypto showed that zinc mineralization occurs as stratigraphically controlled replacements and skarn bodies hosted in a shallow dipping carbonate sequence near the contact with a quartz monzonite/rhyolite intrusive. Multiple horizons in the carbonate sequence are mineralized.
Hole C-07-01 is vertical and was drilled within the deposit area both to confirm a known zone of zinc mineralization and as a stepout on several other zones at different levels in the sequence. It was terminated in mineralization at 640.1 metres for technical reasons. The table below summarizes the higher grade intercepts. In some cases, these intervals were contained in larger widths of lower grade zinc mineralization.
--------------------------------------------------------------------Hole From (m) To (m) Width (m) % Zn Zone --------------------------------------------------------------------C-07-01 52.49 70.10 17.61 10.56 oxide-------------------------------------------------------------------- " " 123.75 135.94 12.19 21.08 oxide-------------------------------------------------------------------- " " 367.28 374.90 7.62 7.74 sulphide-------------------------------------------------------------------- " " 404.16 413.12 8.96 8.52 sulphide-------------------------------------------------------------------- " " 417.27 420.32 3.05 15.59 sulphide-------------------------------------------------------------------- " " 601.37 605.94 4.57 6.19 sulphide--------------------------------------------------------------------
Drilling commenced in July and although ground conditions are very good with core recoveries generally at or near 100%, difficulties on the part of the contractor resulted in slow progress. Various changes were implemented and progress is now normal. Approximately 2,500 metres of the planned 10,000 metre program have been completed to date. Samples are being submitted on a weekly basis to ALS Chemex in Elko, Nevada for analysis and the results will be reported periodically over the course of the program. The Company has a rigorous QA/QC protocol in place for the sampling process involving multiple standards at a range of grades as well as blanks and various field and preparation duplicates.
The current drill program consists of 15-20 holes totaling 10,000 metres and is aimed mainly at significantly expanding known zinc mineralization, which is open in most directions, and will lead to an updated resource estimate. Additional drill targets include the extensions of high grade silver-lead-zinc mineralization at the formerly producing Utah Mine, geophysical anomalies identified in 2006 that could represent an entirely new zone of Crypto-style zinc mineralization and porphyry-style molybdenum mineralization encountered in past drilling. With over $5 million in the treasury at the outset of drilling, the Company is well-financed to complete this program of work.
The Crypto zinc deposit is a carbonate replacement deposit similar in style to mineralization in mining districts such as Park City, Bingham and Tintic in Utah that were major historical producers of zinc, lead and silver. Various companies have drilled at Crypto and in the early 1990's, Cyprus Minerals estimated a resource of 5.4 million tonnes of sulphide mineralization grading 8.7% zinc and a further 2.8 million tonnes of near surface oxide mineralization grading 7.0% zinc. This historical estimate was made prior to the implementation of NI43-101 standards, does not conform to those standards and should not be relied on as being indicative of a resource or a reserve with demonstrated economic viability. However, it is believed by the Company to be relevant and a reliable indication of the mineral potential of the property.
Chris Staargaard, M.Sc., P.Geo., is the Qualified Person for Lithic and has reviewed and approved the contents of this news release.
LITHIC RESOURCES LTD.
C.F. Staargaard, President and CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.