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Published: 29 November -0001
June 3rd
Buchans River intersects 16.0 metres of 10.30% combined base metals: 6.64% zinc, 3.01% lead, 0.65% copper, & 15.06 g/t silver & 0.11 g/t gold
Buchans River Ltd. (BUV-TSX-V) is pleased to provide results for eight additional holes from its expanded 8,000 metre, drill program on the Lundberg zone located adjacent to the Lucky Strike mine in Buchans, central Newfoundland. Results continue to define a volume of near surface mineralized rock hosting stockwork sulphides which may represent a bulk tonnage resource amenable to open pit mining. Results further indicate higher grade sections exist within a northwest trending corridor that may define a higher grade volume of rock within the larger mineralized zone.
Highlights from the results include:
Hole H-3396 117.0 metres averaging 3.45% combined base metals (Zn+Pb+Cu)
comprised of 2.06% Zn, 1.05% Pb, 0.34% Cu, 5.09 g/t Ag and
0.04 g/t Au;
including 16.00 metres averaging 10.30% combined base metals
comprised of 6.64% Zn, 3.01% Pb, 0.65% Cu, 15.06 g/t Ag and
0.11 g/t Au.
Hole H-3395 68.0 metres averaging 2.84% combined base metals comprised
of 1.76% Zn, 0.77% Pb, 0.31% Cu, 6.91 g/t Ag and
0.06 g/t Au;
Hole H-3397 28.76 metres averaging 2.68% combined base metals comprised
of 1.46% Zn, 0.44% Pb, 0.79% Cu, 4.45 g/t Ag and
0.00 g/t Au;
including 10.00 metres averaging 4.20% combined base
metals comprised of 2.06% Zn, 0.46% Pb, 1.67% Cu, 6.44 g/t
Ag and 0.00 g/t Au.
Hole H-3389 38.00 metres averaging 2.53% combined base metals comprised
of 1.60% Zn, 0.67% Pb, 0.27% Cu, 4.17 g/t Ag and
0.04 g/t Au;
Results described in this release are from the area located north of the
glory hole for the former Lucky Strike mine. This area is referred to in
previous Buchans River releases as the North Area. A map showing hole
locations with respect to the historical Lundberg resource and former
underground workings of the Lucky Strike mine is available at Buchans River\'s
website at
http://buchansriver.ca/Properties/tabid/58/topic/--45-%20Map/Default.aspx.
Complete results are presented in the following table:
Drilling Results Lundberg Zone - North Area.
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Zn Pb
Cu
Combi-
Core ned
Drill From To length (%) Zn Pb Cu Ag Au
hole (m) (m) (m) * (%) (%) (%) (g/t) (g/t)
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H-08-3388 195.03 199.50 4.47 5.84 3.26 2.36 0.21 24.36 0.14
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including 195.03 196.00 0.97 22.05 12.17 9.14 0.74 84.93 0.43
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including 195.03 195.53 0.50 28.76 15.90 12.00 0.86 73.30 0.30
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H-08-3389 76.00 86.00 10.00 2.01 1.10 0.37 0.54 2.88 0.04
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and 126.00 128.00 2.00 3.31 2.33 0.85 0.14 7.19 0.05
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including 126.00 127.00 1.00 5.81 4.10 1.51 0.20 9.93 0.05
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and 135.00 173.00 38.00 2.53 1.60 0.67 0.27 4.17 0.04
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including 137.00 138.00 1.00 5.66 3.80 1.67 0.19 3.08 0.02
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including 145.00 146.00 1.00 5.63 3.50 1.57 0.56 16.80 0.07
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including 149.00 150.00 1.00 5.89 3.60 1.02 1.27 18.50 0.06
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including 157.00 158.00 1.00 10.74 5.20 3.60 1.94 11.00 0.10
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including 163.00 164.00 1.00 13.25 9.00 2.90 1.35 14.40 0.07
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H-08-3393 101.00 105.00 4.00 3.35 2.03 1.19 0.12 5.58 0.06
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including 103.00 104.12 1.12 5.22 3.20 1.82 0.20 6.85 0.06
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H-08-3369A 62.00 97.00 35.00 1.74 1.02 0.46 0.27 2.72 0.02
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including 62.00 87.00 25.00 2.12 1.25 0.54 0.34 3.15 0.03
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including 66.00 86.00 20.00 2.33 1.34 0.62 0.37 3.29 0.03
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including 74.00 75.00 1.00 4.67 3.00 1.35 0.32 1.71 0.02
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including 82.00 87.00 5.00 2.21 0.81 0.61 0.79 4.66 0.02
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H-08-3394 125.00 163.00 38.00 2.05 1.30 0.60 0.15 2.67 0.02
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including 125.00 152.00 27.00 2.37 1.51 0.72 0.14 2.82 0.02
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including 128.00 129.00 1.00 6.70 4.80 1.58 0.32 3.77 0.01
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including 139.00 140.00 1.00 6.00 3.80 1.99 0.21 7.19 0.04
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including 147.00 148.00 1.00 6.61 3.70 2.53 0.38 3.77 0.02
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including 157.00 160.00 3.00 2.56 1.48 0.71 0.38 4.11 0.02
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and 169.00 172.00 3.00 2.18 1.60 0.12 0.45 4.33 0.04
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H-08-3395 68.00 70.00 2.00 5.08 3.10 1.83 0.15 8.05 0.04
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and 113.00 181.00 68.00 2.84 1.76 0.77 0.31 6.91 0.06
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including 113.00 127.00 14.00 4.52 3.19 0.98 0.35 12.18 0.05
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including 113.00 118.00 5.00 5.93 4.25 1.04 0.64 16.37 0.04
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including 113.00 114.00 1.00 9.09 6.60 1.70 0.79 31.80 0.08
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including 117.00 118.00 1.00 8.05 6.40 0.88 0.77 13.00 0.02
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including 132.00 181.00 49.00 2.60 1.50 0.77 0.33 5.58 0.06
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including 137.00 140.00 3.00 9.06 5.37 3.35 0.34 8.33 0.05
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including 148.00 165.00 17.00 3.09 1.81 0.91 0.37 4.58 0.06
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and 188.00 191.00 3.00 1.93 1.26 0.46 0.22 1.49 0.01
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and 198.00 224.00 26.00 1.51 0.83 0.42 0.26 14.69 0.02
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including 198.00 205.00 7.00 1.69 0.82 0.47 0.40 47.85 0.03
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including 200.00 201.00 1.00 1.73 0.90 0.60 0.23 318.5 0.03
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also 208.00 224.00 16.00 1.61 0.93 0.44 0.24 2.48 0.02
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H-08-3396 69.00 186.00 117.00 3.45 2.06 1.05 0.34 5.09 0.04
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including 69.00 93.00 24.00 7.29 4.69 2.08 0.53 11.14 0.09
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including 69.00 85.00 16.00 10.30 6.64 3.01 0.65 15.06 0.11
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including 69.00 74.50 5.50 13.02 8.90 3.47 0.65 16.57 0.16
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including 70.00 71.65 1.65 23.66 15.69 7.05 0.92 26.00 0.27
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including 76.00 80.00 4.00 14.86 9.20 4.85 0.81 22.35 0.11
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including 77.00 77.95 0.95 22.40 14.90 6.70 0.80 28.10 0.19
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including 99.00 104.00 5.00 1.52 0.86 0.47 0.19 2.82 0.03
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including 108.00 186.00 78.00 2.74 1.54 0.87 0.33 3.83 0.02
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including 108.00 158.00 50.00 3.27 1.81 1.05 0.40 4.84 0.02
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including 108.00 124.00 16.00 6.32 3.62 2.25 0.44 6.06 0.03
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including 108.00 111.00 3.00 12.47 6.97 4.80 0.70 7.65 0.02
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including 108.00 109.00 1.00 17.18 9.90 6.70 0.58 5.82 0.03
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including 162.00 170.00 8.00 3.27 1.91 1.10 0.26 2.55 0.02
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including 164.00 165.00 1.00 6.22 3.10 2.70 0.42 4.45 0.04
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H-08-3397 16.24 57.00 40.76 2.15 1.20 0.39 0.57 3.70 0.00
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including 16.24 51.00 34.76 2.41 1.33 0.42 0.66 4.16 0.00
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including 16.24 45.00 28.76 2.68 1.46 0.44 0.79 4.45 0.00
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including 20.00 30.00 10.00 4.20 2.06 0.46 1.67 6.44 0.00
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including 26.50 27.00 0.50 10.68 9.40 0.90 0.38 6.51 0.01
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including 47.00 52.00 5.00 1.51 0.98 0.47 0.07 2.74 0.00
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and 64.00 67.00 3.00 1.28 0.78 0.32 0.17 1.94 0.00
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and 113.00 115.00 2.00 1.69 1.05 0.50 0.15 1.88 0.00
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* Combined zinc, lead and copper percentages for each interval added
together.
Management\'s Comment
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Warren MacLeod, President of Buchans River comments \"We continue to be encouraged by results from the Lundberg Zone and are particularly pleased with indications of a possible corridor of higher grade material extending across the width of the resource.\"
Historical Mining
-----------------
Previous mining in the adjacent Lucky Strike mine extracted high grade ores from underground mining methods without mining the adjacent footwall stringer mineralization currently being evaluated. This mineralization is referred to as the Lundberg zone and represents a historical uncategorized resource estimated by Asarco in 1974 to total 11.9 million tonnes averaging 1.83% zinc, 0.67% lead, 0.38% copper, 0.16 ounces per ton silver (5.5 g/t) and trace gold*. This estimate was prepared before implementation of NI 43-101, and is considered historic in nature, and therefore cannot be relied upon. Details on the historic estimate are more fully disclosed in the Buchans River\'s news release dated September 10, 2007.
* Trace gold is less than 0.01 ounces per ton gold (i.e. less than
0.35 g/t gold), the lower detection limit of historical gold assays used
in Asarco\'s resource estimate.
Program Description
-------------------
The current drilling program is anticipated to comprise 52 holes totaling approximately 8,000 metres and should be complete in early June. Meanwhile, preparation of a National Instrument 43-101 (NI 43-101) resource estimate by independent consulting firm, Mercator Geological Services of Dartmouth, Nova Scotia is currently in progress. This initial estimate will rely on results from the first 40 holes of the 2008 program (approximately 6,100 metres of drilling) and available historic drilling results for holes previously drilled by Asarco. The estimate is expected to be available in early July.
The program is designed to explore for and delineate mineral resources within an undeveloped zone of sub-cropping to shallowly buried stockwork and disseminated mineralization located adjacent to the former high grade Lucky Strike mine. Assays are submitted periodically in batches comprised from multiple holes. Results for the last 11 holes of the current program (anticipated to total 1,700 metres of drilling) are anticipated to be available later this summer.
Other Programs
--------------
Additional drill programs are anticipated for 2008, including drilling designed to test targets generated by recently completed Titan 24 deep-seeking geophysical surveys. The company anticipates receipt of the final processed results for the Titan surveys within two weeks. Currently, the company is aware of a large number of targets defined by the Titan surveys and will be reviewing previous drilling results to prioritize targets for a fall 2008 drill program. Buchans River gratefully acknowledges receipt of a Newfoundland and Labrador Department of Natural Resources Junior Exploration Assistance grant applied against the 2007 Titan surveys in Buchans.
Other targets to be assessed in 2008 may include near surface, bulk tonnage, exploration targets comprised of stockwork mineralization known to occur adjacent to some of the other previously mined, high grade massive sulphide deposits. These targets will be assessed for their potential to be exploited by open pit mining.
Qualified Person & Sampling Procedure
-------------------------------------
The drill program is being managed by Mercator Geological Services Limited of Dartmouth Nova Scotia under the direction of Peter Webster, P.Geo., (NL). Drill intercepts quoted are core lengths and true widths have not been estimated due to the stockwork and disseminated nature of mineralization intersected. Logging, sampling and assaying procedures are being completed as per Buchans River\'s QA/QC protocols as described in Buchans River\'s press release dated August 29, 2007. Paul Moore, M.Sc., P.Geo., (NL), Buchans River\'s Vice President of Exploration, is acting as Qualified Person in compliance with National Instrument 43-101 with respect to this release and has reviewed the contents for accuracy.
About Buchans River
-------------------
Buchans River is a resource company based in Halifax, Nova Scotia, Canada and is focused on exploring and developing base metal properties in the famous Buchans mining camp in central Newfoundland and Labrador, Canada. Buchans River is 26.39% controlled by Royal Roads Corp. (RRO - TSX-V) (\"Royal Roads\") which currently owns 8,890,953 Buchans River shares. Royal Roads is a Halifax-based resource company also developing base metal properties in Newfoundland and Labrador. Together, Royal Roads and Buchans River control a total of 33,700 hectares within central Newfoundland\'s Victoria Lake and Buchans mining camps, including the historic Buchans mine (owned by Buchans River) and the Daniels Pond deposit (owned by Royal Roads). Buchans River also controls several exploration properties outside of the Buchans camp, including several under joint venture to Prominex Resource Corp. (PXR - TSX-V) and Playfair Mining Ltd. (PLY - TSX-V), which are being actively explored.
Forward Looking Statements
--------------------------
Certain information regarding Buchans River contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Buchans River believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Buchans River cautions that actual performance will be affected by a number of factors, many of which are beyond the Buchans River\'s control, and that future events and results may vary substantially from what the Company currently foresees. Buchans River\'s forward-looking statements are expressly qualified in their entirety by this cautionary statement.
For additional information on the Company\'s properties and activities, please visit our web site at http://www.buchansriver.ca/.
%SEDAR: 00004513E
SOURCE: Buchans River Ltd.
Warren G. MacLeod, President & CEO; David Felderhof, Vice-President, (902) 444-3637