Huakan Intersects 8.48m Grading 9.41 g/t Au, 101 g/t Ag, 2.17% Pb and 4.31% Zn in Main Zone Drilling at J&L
04 June 2012 - 10:30PM
Marketwired Canada
Huakan International Mining Inc. (TSX VENTURE:HK) (the "Company") announces
drill results of the Main Zone from the first 10 holes of its 2012 planned 40
hole, 8,000 metre underground diamond drill program that is in progress at its
J&L precious and polymetallic (gold-silver-lead-zinc) project, located near
Revelstoke, British Columbia. The aim of the drill program is to increase the
indicated resource category for the Main Zone deposit. There are six areas that
are targeted to achieve 60 metre centres in this drill program, all outside the
limits of the current Main Zone resource.
The first seven holes (DDH12-01 through DDH12-07) were drilled in an area of
wide spaced historic drilling lying outside, but only 100 metres northwest and
along strike of the Main Zone current resource. This target area is referred to
as the Northwest Extension. The highlights of the new holes in the Northwest
Extension area are tabled below. The results from the historic wide spaced
drilling in the Northwest Extension area are tabled separately. The two sets of
drillholes now provide 60 metre centres in this area and demonstrate continuity
of the Main Zone in the Northwest Extension.
Table 1: Drilling Highlights from Northwest Extension
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Hole ID From To Length Au Ag Pb Zn
(m) (m) (m) (g/t) (g/t) (%) (%)
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DDH12-01 149.58 151.22 1.64 2.94 28.3 1.46 1.94
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DDH12-02 182.57 183.95 1.38 2.69 41.7 1.84 1.82
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DDH12-03 75.56 76.89 1.30 6.17 23.6 1.20 3.08
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DDH12-04 139.90 146.55 6.65 5.23 34.6 0.90 2.18
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DDH12-05 187.49 189.62 2.13 11.73 85.6 2.87 2.92
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DDH12-06 198.68 199.61 0.93 5.28 62.1 3.08 2.77
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DDH12-07 246.25 247.95 1.70 3.90 23.4 1.23 3.27
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Table 2: Historic Drilling Highlights from Northwest Extension
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Hole ID From To Length Au Ag Pb Zn
(m) (m) (m) (g/t) (g/t) (%) (%)
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91-13 124.90 126.50 1.60 6.02 72.7 3.19 3.11
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91-34 124.40 129.00 4.60 5.64 36.6 1.16 1.49
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91-56 256.30 257.50 1.20 2.06 64.9 1.83 2.47
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91-57 220.90 225.00 4.10 4.57 81.9 3.48 4.63
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91-59 258.20 260.40 2.20 7.30 59.8 3.44 2.91
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91-62 247.80 249.60 1.80 5.68 11.8 0.64 1.47
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07SJ-05 143.25 145.00 1.75 7.60 81.9 2.77 2.21
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Three holes were also completed in a second target area (Area A), which attempts
to extend the downdip limits of the Main Zone. Highlights of this drilling are
tabled below and also demonstrate continuity of the Main Zone, which remains
open downdip. Additional drilling is planned in this Area A to further extend
Area A downdip.
Table 3: Drilling Highlights from Area A
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Hole ID From To Length Au Ag Pb Zn
(m) (m) (m) (g/t) (g/t) (%) (%)
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DDH12-08 171.75 174.74 2.99 2.88 73.29 3.63 9.35
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DDH12-09 192.38 193.61 1.23 4.13 71.88 3.03 2.68
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and 206.55 208.11 1.56 1.94 20.94 0.21 0.06
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DDH12-10 207.70 216.18 8.48 9.41 101.39 2.17 4.31
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The 2012 diamond drill program is under the supervision of Paul Cowley, P.Geo.,
the Company's Qualified Person and VP Exploration. BQTW-sized core samples have
been cut in half and sent to ALS Laboratory Group in Kamloops, BC. Samples are
assayed for gold by fire assay (50 gram charge) as well as assayed for silver,
lead and zinc. The Company inserted standards, blanks and duplicate samples
throughout the sample sequence as quality control checks.
Paul Cowley, P.Geo. and VP Exploration, states "We are pleased with Main Zone
continuity demonstrated thus far beyond the limits of Main Zone current
resource. The deposit is open both up and down dip and along strike with
excellent potential to expand the current resource."
To date 30 holes have been completed in four of the target areas. Assays are
pending for holes DDH12-11 to DDH12-30. Drilling continues.
The first seven holes of the program also encountered Yellowjacket
mineralization, which will be reported separately.
CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING INFORMATION
Certain of the statements made and information contained herein may contain
forward-looking statements or forward-looking information within the meaning of
applicable securities laws. Such forward-looking statements or forward-looking
information include, but are not limited to statements concerning the J&L
underground drill program. Forward-looking statements or information include
statements regarding the expectations and beliefs of management. Often, but not
always, forward-looking statements and forward-looking information can be
identified by the use of words such as "plans", "expects", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or the negatives thereof or variations of such words and phrases or
statements that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved. Forward-looking statements or
information include, but are not limited to, statements or information with
respect to known or unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company, or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements or information.
Forward-looking statements or information are subject to a variety of risks and
uncertainties which could cause actual events or results to differ from those
reflected in the forward-looking statements or information, including, without
limitation, risks and uncertainties relating to: completion of announced
transactions, history of losses; requirements for additional capital; dilution;
loss of its material properties; interest rates increase; global economy;
limited history of production; speculative nature of exploration activities;
periodic interruptions to exploration, development and mining activities;
environmental hazards and liability; industrial accidents; failure of processing
and mining equipment; labour disputes; supply problems; commodity price
fluctuations; uncertainty of production and cost estimates; the interpretation
of drill results and the estimation of mineral resources and reserves; legal and
regulatory proceedings and community actions; title matters; regulatory
restrictions; permitting and licensing; volatility of the market price of common
shares; insurance; competition; hedging activities; currency fluctuations; and
loss of key employees. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect, actual results
may vary materially from those described in forward-looking statements or
information. Accordingly, readers are advised not to place undue reliance on
forward-looking statements or information. The Company disclaims any intent or
obligation to update forward-looking statements or information except as
required by law, and you are referred to the full discussion of the Company's
business contained in the Company's reports filed with the securities regulatory
authorities in Canada.
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