Sampling Results in I-49 Area of the Lovitt Gold Mine; Grab Samples Return an Average of 7.9 gm/t Gold & 15.8 gm/t Silver
17 September 2009 - 6:05PM
Marketwired
Lovitt Resources Inc. (TSX VENTURE: LRC) is pleased to inform
shareholders that an area known as the I-49 stope was discovered
during a continuing examination of the Lovitt Gold Mine workings,
owned by its wholly owned subsidiary the Lovitt Mining Company of
Wenatchee, WA. Although significant exploration was conducted by
major mining companies in the 1970's and 80's, it is very unlikely
that this area was accessed, due to the high degree of difficulty
in reaching this location. After entering a large ore chute area
and from that location traversing a raise, then a narrow three foot
high twenty foot tunnel off the raise, the area opens to a large
room at the 1310 level with dimensions of approximately 180 feet by
215 feet by 200 feet high. The floor of the I-49 stope area is full
of broken rock either stockpiled as waste, ore or from collapsed
material, or all three, and this material sits with an angle of
repose of 30 degrees. The implied tonnage of this material is
substantial but totally dependent upon whether the floor is flat or
angled, so the current estimate is 20,000 tons to 100,000 tons.
Mine working plans & sections dating from 1962 indicate that
this material could be continuous from the 1290 foot level down to
another stoped area on the 1190 level. Dimensions are unknown below
the 1290 level. The company intends to enter the 1190 stope area
from the main 1150 haulage level to investigate, assess ground
conditions, and sample. Twenty samples from the I-49 area, eighteen
of which were taken on a random basis in two areas of approximately
80 feet X 10 feet, plus two samples near the crown pillar, returned
assays averaging 7.9 grams/t gold and 15.9 grams/t silver, or 0.21
ounces of gold per ton and 0.46 ounces of silver. It should be
noted that, although these results are promising, an additional 80
samples will have to be gathered to fully sample the I-49 area on a
grid of 25 feet X 25 feet and a 5 foot sampling radius.
All samples were collected by a licensed geologist in the state
of Washington. As part of the diamond drill program announced
September 10th, the company plans one or more steeply inclined
diamond drill holes from the main 1150 level directly upward into
the I-49 material to better determine the extent, grade and tonnage
of this system. A diagram of the I-49 showing sample locations and
a table with sample results is available at:
http://www.lovittresources.com/properties/lovitt_mine/1-49/
The Lovitt Gold Mine was the sixth largest gold mine in the USA
when operations were suspended in 1967 due to expenses rising due
to inflation and gold fixed at $35.00 per ounce. The Lovitt Gold
Mine produced 420,000 oz of gold over 16 years. The Cannon Mine
(directly adjoining to the north), controlled by Asamera Minerals
(US) Inc., produced over 1,200,000 ounces of gold between 1985 and
1994. This news release was reviewed and approved by our Director
James Proudfoot, P Eng., a qualified person under NI 43-101.
The TSX Venture Exchange has not reviewed, nor has it accepted
responsibility for the adequacy or accuracy of the contents of this
news release, which was prepared by management of the Company.
Contacts: Lovitt Resources Inc. Lorne Brown President (509)
668-8170 (509) 667-1970 (FAX) info@lovittresources.com
www.lovittresources.com
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