NWT Uranium advances Picachos property in Mexico
TORONTO, Oct. 31 /PRNewswire-FirstCall/ -- NWT Uranium Corp. (TSX-V: NWT; OTCBB: NWURF) is pleased to provide an update on activities underway at its 19,000-acre (7,700-hectare) Picachos project in Durango, Mexico. In recent months, NWT has conducted an IP survey and rock sampling over Los Cochis, one of four contiguous precious metal districts on the Picachos property. Work is being conducted to ensure that NWT and its shareholders get full value for this asset. Assay results from rock chip channel and rock grab samples reveal individual values of up to 145 ounces per ton (4,975 grams per tonne) silver, 0.25 oz/t (8.61 g/t) gold, 53% zinc as well as 50% lead. Two targets at Los Cochis were defined as part of the exploration program: El Fresno and La Tijera. Drilling is scheduled as the next step of the ongoing work program.
"Of the four districts, NWT chose to focus on Los Cochis because of its potential to host large-tonnage, near-surface silver-lead-zinc mineralization that is amenable to open-pit mining," said Marek J. Kreczmer, President and CEO of NWT Uranium. "We are encouraged by the high levels of silver-lead-zinc mineralization returned from our rock sampling program and by the fact that our results correspond to other well-known Mexican massive sulphide-base metal deposits."
El Fresno is characterized by high silver geochemistry in a 2,625-foot by 1,640-foot (800-meter by 500-meter) area that trends east-southeast. The average assay value of 164 rock chip-channel and grab samples is 9.5 oz/t (328 g/t) silver, 1.62% zinc, 1.01% lead and 0.05% copper. Most samples from El Fresno were cut from disseminated and stockwork mineralization exposed in creek draws and historic workings. Results include 157 feet (48 meters) of 1.6 oz/t (56 g/t) silver, 0.4% lead and 1.2% zinc (average result of 34 continuous chip-channel samples).
La Tijera is a complex northwest-trending fault zone northeast of El Fresno that controls the emplacement of diorite porphyry intrusions, quartz-feldspar porphyritic monzonite intrusions and gold-rich mineralization. The fault zone is a crustal-scale lineament that strikes into the El Toro district, five miles (eight kilometers) to the northwest on the Picachos property. The average result of 47 chip channel and grab rock samples from mineralized parts of the fault are 14.2 oz/t (489 g/t) silver, 5.26% zinc, 3.3% lead and 0.02 oz/t (0.9 g/t) gold. The fault is marked as a chargeability anomaly with some depth on the IP survey.
NWT has an option to earn a 70% interest in Picachos from Yamana Gold as announced in a press release dated July 12, 2006.
Quality Assurance
Sampling was supervised by Michelle Robinson, MASc., P.Eng., who is a qualified person as defined by National Instrument 43-101 and a consultant to NWT Uranium. Ms. Robinson has supervised the preparation of and verified all data in this press release. All samples were cut and bagged, then security sealed. Samples were submitted to Chemex Labs in Hermosillo for preparation and for analysis in Vancouver, Canada. Silver and base metals were analyzed using ICP-AES methods on a 5 gram sample pulp digested in hot aqua regia. Gold was analyzed using conventional fire assay of a 50 gram sample pulp with atomic absorption. Samples with more than 200 g/t silver, and 1% lead, zinc or copper (overlimits) were re-assayed.
ABOUT NWT URANIUM:
NWT Uranium Corp. (http://www.nwturanium.com/) is an international resource exploration company with an experienced, highly technical management team. Since its inception, NWT has concentrated on the acquisition of properties with potential uranium targets. NWT Uranium is listed on the NASD Bulletin Board under the symbol "NWURF" and the TSX Venture Exchange under the symbol "NWT."
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
This news release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the worldwide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.
Some of the assays returned were below the detection limits of the analytical techniques used to analyze samples.
Potential quantity and grade is conceptual in nature. There has not been sufficient exploration at Picachos to define a mineral resource and it is uncertain if further exploration will result in discovery of a mineral resource on the property.
Quelle: PR Newswire
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