Buchans River releases results of "Billiton targets" drill program



    Trading Symbol: BUV - TSX-V
    Shares Outstanding: 33,694,557

    HALIFAX, Jan. 28 /CNW/ - Buchans River Ltd. (BUV-TSX-V) ("Buchans River")
is pleased to provide results for its recently completed "Billiton Targets"
drilling program on the Buchans project in central Newfoundland. The program
was designed to test priority targets previously identified by former joint
venture partner, Billiton Resources Canada Inc. (Billiton) in May 2001.
    All eight holes intersected the targeted favourable felsic volcanic
rocks, but failed to identify significant sulphide accumulations as either
massive sulphides or transported sulphide clasts typical of ores previously
mined at Buchans. Intersected mineralization was limited to disseminated and
stringer sulphides, as well as sections hosting altered and
sulphide-mineralized clasts. The best assays returned from the program
included an interval in hole H-07-3351, located approximately 400 metres
northwest of the former Oriental Mine and approximately 2 kilometres northeast
of the former Lucky Strike mine. This hole cut a 1.5 metre wide section of
mineralized felsic volcanic rocks assaying 1.34% Zn, 2.95% Pb, 0.13% Cu,
24.4 g/t Ag and 0.68 g/t Au; including 1.50% Zn, 4.40% Pb, 0.13% Cu, 38.0 g/t
Ag and 1.82 g/t Au over a core length of 0.50 metres. Results from this drill
program will be merged with historic data for consideration in planning future
drilling programs in Buchans. Assay results are highlighted below:

    
    -------------------------------------------------------------------------
                                      Esti- Zn Pb
                                     mated     Cu
                               Core   true  Combi-
    Drill        From     To length  width    ned   Zn   Pb   Cu    Ag   Au
    hole           (m)    (m)    (m)    (m)    (%)  (%)  (%)  (%) (g/t)(g/t)
                                        (*)   (xx)
    -------------------------------------------------------------------------
    H-07-3348  No significant assays. Vertical hole drilled to a depth
               of 500 m.
    H-07-3349  No significant assays. Vertical hole drilled to a depth
               of 500 m.
    H-07-3350  226.60  227.60  1.00      -   1.75  1.24 0.48 0.03  47.3  1.38
          And  228.10  228.60  0.50      -   1.60  1.16 0.41 0.03  28.4  2.38
          And  458.65  459.15  0.50      -   3.09  1.52 1.40 0.17   4.5  0.21
    -------------------------------------------------------------------------
    H-07-3351  193.50  194.00  0.50      -   1.63  0.45 1.11 0.07   2.7  0.04
    And        198.50  199.00  0.50      -   2.31  0.60 1.64 0.07   8.6  0.09
    And        202.50  204.00  1.50      -   4.42  1.34 2.95 0.13  24.4  0.68
    including  202.50  203.00  0.50      -   6.03  1.50 4.40 0.13  38.0  1.82
               305.00  308.00  3.00      -   1.50  0.84 0.63 0.03   1.6  0.03
    -------------------------------------------------------------------------
    H-07-3352  327.00  328.00  1.00      -   1.78  0.71 0.98 0.09   2.4  0.03
    -------------------------------------------------------------------------
    H-07-3353  210.49  211.50  1.01      -   2.72  1.58 1.07 0.07  46.6  0.33
    -------------------------------------------------------------------------
    H-07-3354  No visible base metal mineralization. No assays taken.
    -------------------------------------------------------------------------
    H-07-3355  No significant assays.
    -------------------------------------------------------------------------
    (*) True widths have not been estimated due to the nature of
       mineralization intersected (disseminated to stringer sulphides as
       well as local sulphide clasts). All holes were drilled at an angle
       of 90 degrees from surface to depths ranging between 450 and 550 m.

    (xx) Combined zinc, lead and copper percentages for each interval added
        together.

    Background
    ----------

    Billiton spent $2.4 million exploring the property before selecting
targets as part of a detailed compilation and re-interpretation of the former
Buchans mines geology. Targets were documented in a report authored by
Billiton in May 2001 from which Buchans River selected the highest priority
targets for the current program from of a list of 126 Billiton proposed holes,
totaling 46,020 metres of drilling. Billiton selected the targets based on
their potential to host high-grade massive sulphide deposits similar in size
and grade to the former Lucky Strike mine. The Lucky Strike mine yielded
historical production totaling (*)4.3 million tonnes averaging 18.36% Zn, 8.42%
Pb, 1.67% Cu, 113 g/t Ag and 1.7 g/t Au. Shortly after compiling the targets,
Billiton abandoned all Newfoundland joint ventures and allowed their option on
the property to lapse without further drilling. Buchans River's 2007 drill
program tested eight of the targets.

    (*) Past production figures for the Buchans Mines including the Lucky
       Strike mine were obtained from an article written by Neary, G.N.,
       1981: The Buchan Orebodies: 50 years of geology and mining. In:
       Swanson, E.A., Strong, D.F., and Thurlow, J.G., (editors), The
       Buchans Orebodies: Fifty Years of Geology and Mining. Geological
       Association of Canada Special Paper 22. Page 61, Table 2.

    Lundberg Drilling Update
    ------------------------

    Buchans River is currently drilling the historic Lundberg zone and has
already completed 15 holes totaling 1,600 metres out of a total planned
program of 40 holes comprising 5,000 metres. Assays for the completed holes
are pending but are expected to be released as they become available. The
current program is designed to test the historic resource and provide
sufficient new data to aid in the estimation of a National Instrument 43-101
(NI 43-101) compliant resource. This NI 43-101 resource will contribute to any
future studies initiated by Buchans River management in determining the
potential of the Lundberg zone to be mined by conventional open pit methods.
Furthermore, examination of historic Asarco data indicates portions of the
zone may host significantly higher grades. The current program will also be
used to determine whether significant volumes of higher grade material exist
within the resource that may be exploited by both open pit and underground
means.
    Lundberg represents an historic resource estimate of approximately
11.8 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(xx) (As disclosed in the
Buchans River's news release dated September 10, 2007). The estimate was
prepared before implementation of National Instrument 43-101 (NI 43-101) and
is considered historic in nature and cannot be relied upon. The resource
estimate represents an uncategorized resource estimate for a zone of
mineralization peripheral to the former Lucky Strike mine and was prepared by
the former operators of the Buchans mines, American Smelting and Refining
Company ("Asarco").

    (xx) 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.

    Other Programs
    --------------

    Buchans River also continues to plan additional drill programs for 2008
and currently expects to begin a 2,200 metre drill program at its Clementine
West prospect within the next two weeks. Details of this program are described
in the company's news release dated January 10, 2008. In addition, Buchans
River currently plans to maintain its 49% participating interest in the Tulks
Hill joint venture with partner Prominex Resources Corp.

    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 estimated true widths have also
been calculated where possible using observed contacts in drill core. 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/.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.
    
    %SEDAR: 00004513E




For further information:

For further information: Warren G. MacLeod, President & CEO; David
Felderhof, Vice-President, (902) 444-3637, Halifax, Nova Scotia

Organization Profile

BUCHANS RIVER LTD.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890