Naxos releases fire assays from Shumway Lake gold bet

Flotation concentrates taken from a bulk sample on Naxos Resources’ (ASE) Shumway Lake gold property in British Columbia have assayed as high as 0.027 oz. gold per ton and 13.07 oz. silver.

Naxos says the assays were performed at the request of the Alberta Stock Exchange, to support earlier results from the 140-claim property, eight miles south of Kamloops.

Naxos has been focusing its efforts on a 50- to 200-ft. thick norite sill structure that forms a dip slope on the east side of Shumway Lake. The structure has been delineated by drilling along a 500-ft. strike length.

After Naxos released assays from a 5-hole reverse circulation drill program in early December, shares of the company climbed to $1.20 from 91 cents . Assay results averaged 4.95 oz. gold, the company said. However, as those result s w ere achieved through duplicate direct- digestion atomic absorption assays at laboratories in Hong Kong, the Alberta exchange requested that Naxos instruct LabTest Hong Kong to perform additional assays using the fire assay method.

Assay results from the second sample of flotation concentrates from the same five holes included 0.027 oz. gold and 13.07 oz. silver, Naxos says.

Meanwhile, another composite sample from a 19-hole program completed last fall at Shumway Lake has been floated and concentrated in preparation for assaying at laboratories in Calgary, according to director Jimmy John. In addition, 19 individual intersections from the same diamond drill holes have been floated and concentrated and will be assayed as well.

Naxos is also awaiting assay results from a 420-hole drill program at its Franklin Lake gold property in Inyo Cty., Calif.