The Alberta Stock Exchange has requested further clarification of the assaying techniques employed by Naxos Resources (ASE) at its Franklin Lake property in California.
The regulatory concerns are related to the company’s use of various labs using unconventional techniques in the U.S., rather than the certified labs used by most Canadian-based mining companies.
In a release, Naxos stated that “temperature” has a significant impact on the assay results for gold and platinum group metals. For example, some tests on the same material returned no gold, whereas higher temperatures are reported to have returned high values. Naxos says “further work is necessary to establish the appropriate measurement procedure.”
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