SKN Acquires High Grade Silver-Gold Projects in Henan, Central China.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--March 8, 2004 SKN SKN St. Kitts & Nevis (Caribbean) SKN Skeen SKN Spezial Kommando Nord (gaming clan) SKN Stock Keeping Number Resources Ltd., (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE: SRL 1. SRL - Bharat Jayaraman. ["Towards a Broader Basis for Logic Programming", B. Jayaraman, TR CS Dept, SUNY Buffalo, 1990]. 2. SRL - Schema Representation language. 3. SRL - Structured Robot Language. C. Blume & W. Jacob, U Karlsruhe. ) ("SKN"), through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , has entered into a letter agreement with a Henan Provincial Governmental exploration company, to acquire a 70% interest in the high grade "YING" silver-gold project, located in Henan Province, central China. The Ying Project consists of the SGX SGX Singapore Exchange SGX Supergreenx (trance/electronic musician) Silver and YDG Silver-Gold Prospects. The SGX Prospect is comprised of five exploration permits covering 52.4 square kilometers (km) and the YDG prospect, which is about 85 km southeast of the SGX prospect, is comprised of three exploration permits totaling 27 square km. Artisanal mining is taking place on both Prospects. The Prospects are located about 200km south of Zhenzhou, the capital city of Henan Province, and are easily accessible by road. Geologically, the Project area is situated in the east extension of the Qinling Mountain Belt near the margin of the Northern China Craton craton (krā`tŏn): see continent. and is one of the largest silver producing regions in China. SGX Silver Prospect The host rocks of the silver mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. are mainly Archean migmatites and gneisses and Middle Proterozoic rhyolite rhyolite, fine-grained light-colored acidic volcanic rock. Rhyolite is chemically the equivalent of granite, and is thus composed primarily of quartz and orthoclase feldspar with subordinate amounts of plagioclase feldspar, biotite mica, amphiboles, and pyroxenes. , andesite andesite Any member of a large family of rocks that occur in most of the world's volcanic areas, mainly as surface deposits and to a lesser extent as dikes and small plugs. porphyry, and volcanic breccia breccia: see conglomerate. breccia Coarse sedimentary rock consisting of angular or nearly angular fragments larger than 0.08 in. (2 mm). Breccia commonly results from processes such as landslides or geologic faulting, in which rocks are fractured. , which have been intruded by Messozoic granitic stocks. Hydrothermal-style silver(Ag)-lead(Pb)-zinc(Zn) mineralization is hosted by north-east and north-south trending ductile shear zones. More than 40 mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. ductile shear zones or (sheeted veins) have been recently identified through surface trenching and mapping. The sheeted veins are coincident with Ag-Pb-Zn geochemical anomalies and have been exposed over strike lengths from about 1 km to over 5 km. Only 16 of the sheeted parallel veins within a 12 square km area on the west portion of the permit area have been explored by limited underground tunnels and drilling. The sheeted veins range from about 1 km to 5 km in length and are 0.30 to 2.5 meters in width. Distances between the sheeted veins vary from 50 meters to 100 meters. In surface trenches, grades for Ag and associated Pb-Zn metals are generally low due to surface leaching. However, below the surface leaching, exposed in underground tunnels, the metal grades are significant. The best intercept is reported from Zone S22: 0.83 meters wide, grading 3,828 grams/tonne (g/t) Ag (121 ounces silver), 10.53% Pb, and 7.91% Zn. The only diamond drill hole completed on Zone S14 in the 2003 program intersected a 0.30 meter width of Ag-Pb-Zn mineralization. The interval returned 1,785.6 g/t Ag (56 ounces of silver), 35.42% Pb, and 3.96% Zn. The drill hole indicates that the down-dip extension of these parallel veins can exceed 400 meters. The following table lists the results from samples taken from the SGX Prospect by Myles Gao, P. Geo., President of SKN, during a recent site visit. Mr. Gao is SKN's qualified person on the project.
SGX Prospect Samples
------------------------------------------------------------------
Cross-cut Ag Ag Pb Zn
Vein Location Sample (m) (g/t) (oz) (%) (%)
------------------------------------------------------------------
S6 Tunnel CM102 HS-2 1 1725 55.2 23.6 7.52
------------------------------------------------------------------
S14 Tunnel CM102 HS-3 1.2 745 23.84 24.4 5.3
------------------------------------------------------------------
S16 Tunnel CM102 HS-4 1.5 2290 73.28 27.4 11.75
------------------------------------------------------------------
S14 DDH ZK-0816 HS-11 0.3 1780 56.96 23.6 3.79
------------------------------------------------------------------
YDG Silver-Gold Prospect. This Prospect area is underlain un·der·lain v. Past participle of underlie. by Early Paleozoic metamorphic rocks that were intruded by late Paleozoic granitic plutons. Hydrothermal hydrothermal, hydrothermic relating to the temperature effects of water, as in hot baths. Ag-Au-Zn-Pb mineralization is associated with quartz veining vein·ing n. Distribution or arrangement of veins or veinlike markings. along northeasterly north·east·er·ly adj. 1. Situated toward the northeast. 2. Coming or being from the northeast. north·east striking ductile shear zones. A number of silver-gold veins were defined by surface trenching, with only four explored by tunneling. The lengths of the four veins have been traced over between 440 to 1730 meters, with widths of between 0.55 to 0.84 meters. Limited work suggests that the veins increase in width with depth. Exploration tunnels developed at various levels indicate that down-dip extension of the Y1 vein is over 400 meters. The most significant intercept from Tunnel Y1PD202 of Zone Y1 returned 11,433 g/t Ag (362 ounces), 39.91 g/t Au, 9.16% Pb, and 13.44% Zn over a 0.30 meter width. No drilling has been reported for the Prospect. The following table lists the results on samples taken from the YDG Prospect by Myles Gao, P. Geo., President of SKN, during a recent site visit:
YDG Prospect Samples
--------------------------------------------------------------------
Cross-
cut Au Au Ag Ag Pb Zn
Zone Location Sample (m) (g/t) (oz) (g/t) (oz) (%) (%)
--------------------------------------------------------------------
S1 Tunnel PD-01 HY-1 0.5 15.2 0.49 2380 76.16 18.05 21.5
--------------------------------------------------------------------
S1 Tunnel PD-01 HY-2 1.1 4.99 0.16 310 9.92 1.93 27.2
--------------------------------------------------------------------
S3 Mined
Materials HY-3 grab 5.72 0.18 188 6.02 1.75 6.96
--------------------------------------------------------------------
S3 Mined
Materials HY-4 grab 1.62 0.05 2350 75.20 14 4.27
--------------------------------------------------------------------
S3 Mined
Materials HY-5 grab 2.05 0.07 999 31.97 9.93 10.5
--------------------------------------------------------------------
Z2 Mined
Materials HZ-6 grab 1.51 0.05 524 16.77 1.91 0.9
--------------------------------------------------------------------
Z2 Mined
Materials HZ-7 grab 1.16 0.04 709 22.69 6.21 3.01
--------------------------------------------------------------------
Z2 Tunnel PD-01 HZ-8 0.3 3.19 0.10 1585 50.72 4.22 0.43
--------------------------------------------------------------------
Letter Agreements Under the letter agreements with the Chinese partner, SKN holds the right to acquire 70% of the Ying Project by funding exploration and development of the Project and making cash payments over a period of four years with a first year minimum contribution of US$750,000. After SKN has earned its 70% interest, contributions to fund the exploration and development of the Project will be made pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. . The interest of the Chinese property owner can be diluted to not less than 10% if it elects not to make cash contributions. The acquisition of the Ying Project remains subject to regulatory approvals. SKN Resources Ltd. is actively exploring for precious metal opportunities in China. Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements. SKN RESOURCES LTD. Rui Feng, Ph.D., Chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion