The Board of Directors of Lovitt Resources Inc.
(“the Company”; TSXV: LRC) is pleased to announce that an area in its wholly owned Lovitt mine, 250 ft. from the 1250 portal, has returned an average assay of 0.33 oz. per ton gold and 0.82 oz/ton silver (11.2 gm/t Au and 28.3 gm/t Ag) in a 226 lb sample taken from multiple sample points in four tons of ore at the end of a 20 X 20 foot drift. It is apparent from historic data produced by Lovitt Mines, Cyprus Anvil, Newmont Mining Corp. and Asamera Minerals (US) Inc., that this drift was the original control point in developing the #3 Stope area. The area of interest is adjacent to the West Strand Fault which controlled gold deposition in the south third of the mine, a distance of about 1,000 feet.
The historic maps and engineered sections estimate the dimensions of Stope 3 to be approximately 100 feet long, 80 feet wide and 170 feet in depth. It appears that internal movement has occurred over 45 years to fill the stope to an extent than can only be determined by diamond drilling. The company has returned its mine status to active to extract a 500 ton bulk sample, to test the feasibility of trucking ore to a yet to be determined custom milling facility within a 200 mile radius of the mine in central WA. A sampling program will be implemented to ensure that grade of the material shipped of 500 tons, or less, is commercial. An NSR royalty of 5% on ore sales is payable to minority shareholders whose 42.2% equity interest was bought out in 2005.
The company recently announced its intention to drill the permitted Matthews property, about 1 1⁄2 miles to the southeast on the Wenatchee Gold Belt. In view of finding a possible source of commercial ore within the mine, the Directors have decided to extract the sample, then conduct limited diamond drill exploration within the mine to better define this new resource. The company fully intends to drill Matthews as originally planned as soon as funds and resources allow.
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). During their respective periods of operation, both Wenatchee mines were either 1st or 2nd in annual gold production produced from underground gold mines in the USA.
This news release was reviewed and approved by our Director James Proudfoot, P Eng., a qualified person under NI 43-101.
By Order of the Board of Directors
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. For current activity check: https://twitter.com/#!/LovittResources
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