MatNic Resources completes Shuswap Silver property drill program
Wednesday, Nov 28, 2012VANCOUVER, Nov. 27, 2012 /CNW/ - MatNic Resources Inc. (TSXV: MIK) ("MatNic" or "the Company") is pleased to announce that drilling was completed on the Company's Shuswap Silver property located approximately 18km east of Salmon Arm, BC. The program consisted of three drill holes totalling 869.0m.
DDH SS12-001 (349.61m total length) tested the core of a 2.2km long
ESE-WNW orientated airborne EM anomaly. The hole cut an intercalated sequence of quartz-biotite schist and quartz-muscovite schist intruded by granite and pegmatite dikes. A graphitic fault zone was intersected from 109.35-118.26m and is believed to be the cause of the EM anomaly. No significant base metal or precious metal mineralization was intersected in the drillhole.
DDH SS12-002 (294.74m total length) was drilled approximately 30m west of a 1978 drillhole G78-12 (Maverick Mountain Mines Ltd.) which reported an intersection of 1.4m of 9.9% combined Pb plus Zn and 100.5 g/t Ag. DDH SS12-002 intersected thick sequences of quartz-muscovite and quartz-biotite schist intruded by granite and pegmatite dikes. Near the top of the hole from 14.00-16.00m (2.0m) returned 0.034% Pb, 0.177% Zn and 3.25g/t Ag within a strongly sericite-chlorite altered quartz-muscovite schist. The projected depth of intersection for the base metal mineralization intersected in DDH G78-12 is at approximately 115m downhole in SS12-002. At this location in the hole a granite dike was encountered which may explain the lack of mineralization.
DDH SS12-003 (224.64m total length) was drilled to test down dip of surface base metal mineralization discovered in 2010. Surface samples returned assays up to 12.24% Pb plus Zn and 70.6 g/t Ag. The hole cut a thick sequence of quartz-muscovite schist and minor quartz-biotite schist intruded by granite and pegmatite dikes. Two mineralized zones were encountered in the drillhole.
The upper zone from 29.17-35.17m (6.0m) returned 1.003% Pb, 0.9225% Zn and 10.25 g/t Ag. This interval is believed to be the down-dip extension of the surface showing. A lower zone was intersected from 40.43-42.70m (2.27m) assaying 2.77% Zn, 1.10% Pb and 12.3 g/t Ag. Within this interval from 40.43 to 40.70m (0.27m) massive sulphide mineralization was encountered consisting of disseminated and stringers of galena and sphalerite and minor chalcopyrite in a pyrrhotite-pyrite groundmass. Assay of this material returned 22.72% Pb, 7.28% Zn and 90.1 g/t Ag.
Results from SS12-003 are encouraging and suggests that base metal mineralization may extend some 350m along strike further to the northwest of the Annis adit.
Source: MatNic Resources Inc.