Selwyn Resources extends strike length of XY West by further 600 metres

Sep. 06, 2011 3:38 PM ET
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Selwyn Resources (CVE:SWN) said Tuesday it has significantly expanded the XY West deposit at its zinc-lead project in the Yukon, after releasing the first results from its latest drilling program.

The company said that the strike length of XY West has been extended by an additional 600 metres to the northwest, now totaling at least 1,000 metres in strike, boosting potential to expand resources.

The results hail from an exploration and definition drilling campaign over the past year on the XY West deposit, designed to expand zinc-lead mineralization at the target to the northwest.

The Selwyn project in the Yukon is part of a joint venture held equally by Selwyn, and Chihong Mining Canada, a subsidiary of Yunnan Chihong Zinc and Germanium Co.

Highlights from the recent XY West campaign included hole XYC-249, one of the first step out drill holes to the northwest, which returned 49.64 metres grading 11.85% zinc and 3.13% lead, including 31.11 metres of 15.46% zinc and 9.91% lead.

In addition, hole XYC-257, which was collared around 150 metres northwest of the above hole, intersected 9.69 metres of 12.94% zinc and 5.03% lead, including 2.81 metres of 26.54% zinc and 12.79% lead.

Other notable results from the northwest expansion area included hole XYC-263, which returned 16.83 metres of 8.24% zinc and 2.98% lead.

"The extension of high-grade mineralization in the XY West deposit provides an attractive early development opportunity," said president and CEO, Dr. Harlan Meade.

"The high-grade mineralization, proximity to the XY Central deposit, and low-cost access for development make the XY West deposit very appealing for inclusion in the initial production plan at Selwyn Project."

Indeed, the company also said there is a gap of around 500 metres between the XY West and XY Central deposits that remains largely untested, with historical holes confirming favourable geology.

Drilling has now defined the central block of the XY West deposit as having dimensions of approximately 350 by 250 metres, with an average thickness of 15 metres.

The target was initially discovered in 2008 during an exploration program immediately to the northwest of the XY Central deposit. Results from 2008 and 2009 drill programs yielded an NI 43-101 compliant inferred mineral resource of 1.9 million tonnes grading 7.70% zinc and 2.45% lead.

Last week, Selwyn announced the results of its preliminary economic assessment (PEA) on its newly acquired ScoZinc zinc-lead project in Nova Scotia, indicating a likely restart of the seven-plus year mine by the second quarter of next year. Proceeds of the ScoZinc mine are intended for the development of the Selwyn project.

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