#TSX #Mining News: Lovitt (TSXV: LRC.H) Gold Mine Resumes Sampling
Vancouver, British Columbia - September 12, 2016 (Newsfile Corp.) (Investorideas.com Newswire) The Board of Directors of Lovitt Resources Inc. (TSXV: LRC.H) (the "Company"), announce that the Company has resumed sampling in the Lovitt Gold Mine in Wenatchee, WA. Two areas of the mine are of immediate interest, designated the I-3 and the I-49 with substantial tonnage of broken rock, parts of which could be ore bearing. The I-3 is located within 250 feet, and the I-49 within 1,700 feet of the 1250 level adit. Historic reports and production records indicate both areas had produced up to 100,000 tons of ore each, with gold grades consistent with the mine average of 13.7 gm/t. In the past the Company reported that 47 samples in the I-49 on a grid of 25 X 25 feet, with a five foot sampling radius produced an average grade of 6.6 gm/t Au. The rock material in the I-49 is in a stope of approx. 80 x 120 feet with material at an angle of repose of 30%. Historic records indicate the material may extend down 260 feet to the 1190 level.
The I-3 area also contains broken rock material but access is currently only possible at the 1250 level through an 8x8 chamber about 30 feet long leading into the previously mined area. Historic diagrams and reports indicate that the stoped area was filled in after the mine closed in 1966 when movement along the West Strand fault caused material to drop into the void left from previous mining. All ore in the mine was controlled by faults, consequently this material has economic potential. Sampling previously reported indicated a grade of 11.2 gm/t Au and 28.3 gm/t Ag in a 226 lb sample taken from multiple sample points in six tons of material. About a month ago another ton of material was pulled from the stope face and then the stope face itself was sampled for a total sample weight of 5.42 kg. The weighted average of his material averaged 69.3 gm/t in gold and 63.4 gm/t in silver. The company intends to pull another ton of material from the face for assay and also re-assay all material already on the deck for a total of 8 tons of bulk sample.
The Company continues to enter historic diamond drill hole data, assays and mine development data into a 3D model as time and funding permits. All historic information in this news release pre-dates the implementation of 43-101 and therefore should not be relied upon for investment purposes.
The Lovitt Gold Mine, located in central Washington State, suspended operations in 1966 after producing 420,000 oz of gold and 620,000 oz of silver over the previous sixteen year period, with an average grade of 0.40 oz of gold per ton (or 13.7 gm Au/t). The directly adjoining Cannon Mine to the northwest produced 1,200,000 oz of gold and 1,900,000 oz of silver between 1984 and 1995 at an average grade of 0.30 oz Au/ton (or 10.3 gm Au/t).
This news release was reviewed and approved by our Director James Proudfoot, P.Eng., a qualified person under NI 43-101.
For more detailed information, please refer to the website of the Company at: http://www.lovittresources.com, email: firstname.lastname@example.org or call the Company at (509)668-8170.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release. WARNING: The Company relies on litigation protection for `forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act') or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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