Newmac Resources Inc.
Newmac Resources Inc.: FOX MOLYBDENUM PROJECT REVIEW
Corporate-news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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FOX MOLYBDENUM PROJECT REVIEW
Newmac Resources Inc. (TSX-V: NER; Frankfurt: N3M) is currently preparing
to commence the 2006 exploration program on the Crazy Fox molybdenum
project located 20 kilometres north-northwest of the village of Little
Fort, BC. Molybdenum has been explored for on the Crazy Fox property since
1938 but with recent renewed effort following the discovery of high-grade
boulders in 2005 found as new logging roads were being constructed. One of
these boulders, (A quartz-feldspar porphyritic rock with disseminated
MoS²,) which are typically angular, and up to 50 kilograms in weight, was
recently assayed and returned an analysis of 7.29% molybdenum and 1.583
grams per tonne rhenium. The current price for molybdenum, in the range of
$20 to $30 US dollars per pound and for rhenium recently quoted at $US
1,050 per ounce, make the source of these boulders a compelling target.
The Crazy Fox property is located 70 kilometers south-southeast of the Boss
Mountain molybdenum mine. Boss Mountain, owned by Noranda Mines was in
production from 1965 to 1983 during which time it processed 6,570,000
tonnes of ore with an average grade of 0.22% molybdenum, mined by both
surface and underground methods. Both the Crazy Fox property and the Boss
Mountain properties are located within the Triassic-Jurassic aged Quesnel
Terrane and each property is proximal to a Cretaceous age (approx.102 my)
intrusive. At Boss Mountain, mineralization occurs in quartz stock work
veins, larger veins and in higher-grade breccia bodies related to the
Cretaceous intrusive. Molybdenum production in the western world’s
economies is currently dominated by US based Phelps Dodge Corporation who
operates the world’s largest primary molybdenum mine at Henderson Colorado.
Henderson, which began production in 1976, produced 160 million tons of ore
to 1992 (date of statistic) grading 0.24% Mo (similar to Boss Mountain) and
remains in production today. British Columbia has also been a significant
producer of molybdenum since 1965 with the Endako Molybdenum Mine having
produced 422 million pounds of molybdenum since then. Endako had published
reserves at the end of 2004 of 80.7 million tonnes grading 0.063% Mo with
mining completed using open pit methods.
At the Crazy Fox property, molybdenite (MoS2), (often simply referred to as
‘moly’) has been recognized in quartz stock work veins, larger veins, in
pegmatite (very coarse grained rocks) and as disseminated mineralization
(in float). The moly is variably associated with tungsten minerals and
fluorite.
Recent Exploration by Newmac to the east and southeast of the focus of
previous exploration efforts on the property in the 1960’s to early 80’s
has revealed a somewhat clustered group of newly discovered molybdenite
occurrences which include localized high grade mineralization in pegmatitic
sections. The pegmatitic rocks are apparently related, proximally and
genetically, to dikes of fine grained, quartz- feldspar porphyry.
Four selected grab samples from local pegmatite or ‘open space filling’ in
trenches 4, 5, and 6 are as follows:
A505335 from Trench 4 = 2.810% Mo
D63425 from Trench 5 = 0.761% Mo
D63421 from Trench 6 = 0.449% Mo
D63423 from Trench 6 = 0.278% Mo
Results of the November 2005 trenching program are as follows:
TRENCH # INTERVAL (m) LENGTH (m) % MoS2 % Mo
OT-1 10-69 59 .060 .036
75-85 10 .037 .022
6 28-40 12 .050 .030
8 0-70 70 .025 .015
Includes
0-30 30 .035 .021
40-70 30 .022 .013
8 100-125 25 .040 .024
12 34-35 1 .032 .019
39-51 12 .018 .011
25 41-46 6 .094 .057
57-100 43 .036 .021
Assays performed by Acme Analytical Laboratories Ltd. Vancouver BC
The results show the persistence of mineralization across local widths in
excess of 125m within a local area approximately 200m x 300m in extent and
open to extension to the north and west towards areas of previously
identified mineralization. The ability of the system to generate much
higher grades when the ‘plumbing system’ is in place is illustrated by the
higher grade samples associated with pegmatitic textures and open space
fillings. The results are comparable to historical results reported from
the 1960’s through 1980’s elsewhere on the property.
Taken together, the molybdenite mineralization is now recognized over an
area approximately 1,200m wide. Company geologists believe the modes and
styles of the moly occurrences and the mineral associations may be
indicative of a relatively high level within the mineralizing system.
One of the objectives of the planned program at Crazy Fox will be to target
the potentially highly mineralized contact zone and to locate favorable
areas in and adjacent to, the intrusive stock where breccia bodies and
related open space filling would be expected to occur. Drilling is
scheduled to start in late February and will be accompanied with additional
mechanical trenching. Three thousand metres (10,000 feet) of diamond
drilling is anticipated to be completed in this program.
Technical content of this news release has been reviewed by W.A. Howell
P.Geo., a qualified person within the definitions of national instrument
43-101.
Respectfully submitted
ON BEHALF OF THE BOARD
“David Hjerpe”
David Hjerpe
President
This news release contains forward-looking statements within the meaning of
the “safe harbour” provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are subject to risks and
uncertainties and other factors that may cause Newmac Resources Inc.’s
results to differ materially from expectations. These include risks
relating to market fluctuations, property performance and other risks.
These forward-looking statements speak only as of the date hereof.
THE TSX VENTURE EXCHANGE DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
For Further Information Contact David Hjerpe, President at: (604) 461-7211,
email: info@newmacresources.com, www.newmacresources.com
NEWMAC RESOURCES INC.
2605 Jane Street, Port Moody, British Columbia, Canada V3H 2K6
Telephone: (604) 461-7211, www.newmacresources.com
Contact:
AXINO AG
Silberburgstrasse 112
70176 Stuttgart
WWW: www.axino.de
E-mail: info@axino.de
Tel: +49 (0) 711 25 35 92-30
Fax: +49 (0) 711 25 35 92-33
(c)DGAP 17.02.2006
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language: English
emitter: Newmac Resources Inc.
2605 Jane St
V3H 2K6 Port Moody, BC Kanada
phone: +1 (604) 461-7211
fax: +1 (604) 461-7211
email: info@newmacresources.com
WWW: www.newmacresources.com
ISIN: CA6515221043
WKN: A0HFWM
indexes:
stockmarkets: Freiverkehr in Frankfurt
End of News DGAP News-Service
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