Lovitt Resources Inc. (TSXV: “LRC”, “the Company”) is pleased to announce a 4,000 meter diamond drill program on the Matthews property, leased in December 2009. This property is on the Wenatchee Gold Belt about 1.5 miles to the south of the Lovitt gold mine owned by the Lovitt Mining Company (“LMC”), a wholly owned subsidiary of LRC. The Matthews property was first discovered in the late eighties by Asamera Minerals (US) Inc. (“AM”), operator of the Cannon Gold Mine directly adjoining the Lovitt Gold Mine to the north. AM drilled 34 diamond drill holes on the Matthews property from 1987 to 1989, and Consolidated Ramrod drilled an additional 12 diamond drill holes in 1993 and 1994. These companies compiled substantial data on the Wenatchee Gold Belt, over a known extent of 9 miles to Northeast and Southwest of the Cannon and Lovitt gold mines. This extensive database, covering mineral development over 60 years, is now in the possession of LMC.
This drill program announcement marks a change in priority for the company since it originally planned to drill underground in the Lovitt Gold Mine. Budget analysis concluded that underground drilling would be substantially more costly than surface drilling when all costs were in. The deep exploration targets developed at the Lovitt Mine can be drilled more cost effectively from surface. Since the Matthews property has diamond drill results with drill spacings more conducive to resource development, LRC intends to initiate the Matthews diamond drill program first, then follow up with surface drilling at the Lovitt Gold Mine. The company has signed a contract with a leading WA State drill contractor, and plans to begin the drill program as soon as a permit is granted.
Two zones on the Matthews property, designated A & B, have historic drill results with spacings that will allow infill drilling with a proximity to mineralized zones of 20 meters or less. Each of the drill holes in the following table is within 20 meters of the preceding drill hole, with Zone A 120 meters to the southeast of Zone B.
The company is working on a detailed drill plan and will release the specific drill locations and targets when they are finalized. It should be noted that although some drill data is 43-101 compliant, in most cases the company must rely upon historic data which cannot be relied upon for investment purposes without scientific verification.
This news release was reviewed and approved by our Director James Proudfoot, P Eng., a qualified person under NI 43-101.
The Lovitt Gold Mine was the 6th largest gold mine in the USA when it suspended operations in 1967 after producing 420,000 oz of gold and 620,000 oz of silver over a seventeen 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 produced 1,200,000 oz of gold and over 1,900,000 oz of silver at an average grade of 0.30 oz Au/ton (or 10.3 gm Au/t) between 1984 and 1995. These mines occupied a small portion of the Wenatchee Gold Belt.
For more detailed information, please refer to the website of the Company at:
http://www.lovittresources.com
For further information please eMail: info@lovittresources.com or call Lorne Brown the
President of the Company at (509)668-8170.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of the contents of this news release.
Follow Us!