Huakan Intersects 3.12m @ 99 g/t Ag, 4.8% Pb and 14.5% Zn in Yellowjacket Zone at J&L
07 June 2012 - 6:12AM
Marketwired Canada
Huakan International Mining Inc. (TSX VENTURE:HK) (the "Company") announces
additional silver-lead-zinc mineralization intersected from the first 7 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. During
the drilling of the Main Zone, some holes have also intersected Yellowjacket
silver-lead-zinc mineralization, which is locally developed in the immediate
hangingwall of the Main Zone.
Besides the Main Zone intercepts reported in NR 12-07 dated June 4, 2012, the
first seven holes (DDH12-01 through DDH12-07) also encountered Yellowjacket
silver-lead-zinc mineralization. The highlights of the Yellowjacket Zone
intercepts are tabled below. These intercepts extend the limits of the
Yellowjacket a further 200 metres southeast from the previously known
Yellowjacket historic resource.
Table 1: Drilling Highlights of Yellowjacket Zone
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Hole ID From (m) To (m) Length (m) Ag (g/t) Pb (%) Zn (%)
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DDH12-01 103.81 105.50 1.69 92.0 3.40 13.50
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DDH12-01 115.86 117.46 1.60 98.0 4.90 8.80
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DDH12-02 116.41 117.5 1.09 52.2 3.07 16.91
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DDH12-02 129.16 132.28 3.12 99.4 4.75 14.51
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DDH12-03 93.68 95.19 1.51 51.7 1.88 13.79
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DDH12-03 103.89 105.92 2.03 75.9 3.91 14.53
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DDH12-04 120.83 121.92 1.09 59.9 3.28 4.66
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DDH12-05 131.94 134.28 2.34 31.3 1.20 10.44
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DDH12-06 103.91 105.93 2.02 106.7 2.90 10.57
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DDH12-06 143.35 146.4 3.05 43.3 2.75 9.40
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DDH12-06 158.05 159.09 1.04 78.3 3.05 3.29
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DDH12-07 179.78 181.05 1.27 119.0 7.90 7.70
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DDH12-07 197.2 200.45 3.25 100.0 5.50 2.60
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The Yellowjacket historic resource estimate was completed by Equinox Resources
Ltd. in 1991. The historic 1991 "Probable Ore Reserve" category estimate was
693,000 tonnes grading 52.3 g/t silver, 2.45% lead and 7.06% zinc and the
historic "Possible Ore Reserve" category estimate was 337,000 tonnes grading
53.1 g/t silver, 2.50% lead and 7.15% zinc. Huakan has not prepared nor
confirmed this resource estimation and as it pre-dates National Instrument
43-101, it does not comply with NI 43-101 requirements for mineral resource
estimation. Huakan does not treat these numbers as a current resource on the
property and the resource should not be relied upon, but remains a historic
figure. The Company had received a technical report titled "J & L Property
Technical Report", dated April 13, 2007, authored by David K. Makepeace, P.Eng.,
independent Qualified Person, of Geospectrum Engineering. In that report, Mr.
Makepeace stated, the historic "Proven and Probable Ore Reserve" category would
likely be equivalent to an "Indicated Mineral Resource" category and the
historic "Possible Ore Reserve" category would likely be equivalent to an
"Inferred Mineral Resource" category under the current CIMM classification (CIM
Definition Standards, 2004).
The Company will consider conducting an NI43-101 compliant resource estimate for
the Yellowjacket Zone in the fall.
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.
The Company also reports that it has SEDAR filed the technical report entitled
"A Preliminary Economic Assessment Of The Main Zone, J&L Deposit, Revelstoke,
B.C., Canada" (see NR 12-04 dated April 24, 2012). A link to the report will be
provided through the Company's website shortly.
Paul Cowley, P.Geo., Vice President Exploration for the Company, is the
Qualified Person as defined in National Instrument 43-101, who has reviewed and
approved the technical content of this news release.
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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