Newmac pulls more deep moly at Crazy Fox

VANCOUVER — Newmac Resources’ (NER-V, NEWRF-O) continued efforts at the Crazy Fox molybdenum project, in central B. C., are paying off with long mineralized intercepts.

The latest results came from hole 51. Collared 305 metres west of the hole that discovered deep, broad mineralization at the site, the hole curved to the south as it was drilled and so did not cross the entire mineralized zone.

Nonetheless, hole 51 returned 0.18% MoS₂ over 344 metres, starting 437 metres down-hole. The long intercept included 136 metres grading 0.29% MoS₂; within that a 46-metre segment graded 0.43% MoS₂.

The intercept in hole 51 defines 250 metres of high-grade mineralization along strike from hole 41, which returned 430 metres grading 0.17% MoS₂ from 401 metres depth in January. Prior to hole 41, the company thought a thrust fault defined the lower limits to mineralization. Newmac drilled hole 41 to test the hypothesis that intrusive rock extended into the lower plate of the thrust; hitting such a long mineralized intercept extended the prospective mineralized zone to the west and south and to depth.

In late March, hole 47 returned 324 metres grading 0.21% MoS₂ from 467 metres depth, including 72 metres grading 0.41% MoS₂, from a collar 350 metres west of hole 41.

Mineralization at Crazy Fox is described as mainly stockwork in style with minor dissemination. Molybdenite and wolframite occur as disseminated blebs and streaks and in the selvages of quartz veinlets and small fractures. Veinlets of massive molybdenite, up to several centimetres in width, have occasionally been noted.

Not all of Newmac’s holes have been hits. Hole 49, collared 300 metres northwest from hole 41, encountered lower-grade mineralization, returning 192 metres from 414 metres down-hole grading 0.05% MoS₂. Hole 44 passed over the top of the mineralized zone and returned only 0.07% MoS₂ over 144 metres. Similarly, hole 48 passed above the high-grade zone and returned 0.07% MoS₂ over 44 metres.

Hole 45, 46, and 50 were lost before reaching the fault; hole 43 was lost just after it.

Located 100 km north of Kamloops, Crazy Fox was first explored in the early 1990s. A small amount of high-grade material was reportedly extracted at that time. The property subsequently went through several rounds of exploration by major companies including Falconbridge, now part of Xstrata (XSRAF-O, XTA-L), during the 1970s.

In 2004 and 2005 a logging program in the area exposed several new zones of high-grade mineralization. That’s when Newmac moved in.

Shares of Newmac, currently trading around the 65-mark, were unchanged by the latest drill results. The company has a 52-week trading range of 23-$1.50 and has 30.6 million shares issued.