VANCOUVER, Sept. 24, 2012 /CNW/ - MatNic Resources Inc. (TSXV: MIK) ("MatNic" or "the Company") is pleased to announce that it has commenced an initial 2012 drill program on its silver property located in the Shuswap region of southern British Columbia.
Initially, the Company plans to drill three diamond drill holes totaling 850 metres. These are planned to follow up on MatNic's lead-zinc-silver targets. The first hole targets a newly discovered 2.2 km long airborne conductive zone, which has not been previously drilled. The second hole is designed to test 40 m along strike to the west of drill hole G78-12 which reported 9.9% combined lead plus zinc and 100.5 g/t silver. The third hole will test the newly discovered Borrow Pit showing from which surface sampling returned assays up to 12.24% lead plus zinc and 70.6 g/t silver.
The above mineralization is contained within WNW-ESE striking, northeast dipping quartz-muscovite schist part of the Silver Creek Assemblage. Generally the base metal, silver mineralization is stratiform occurring as fine-grained massive to semi-massive sulphide.
Prospecting (Rich River Exploration, 2010) in the south central area of the property discovered a series of north trending breccia zones consisting of multiple phases of chalcedonic-quartz flooding and healed with cockscomb quartz. A sample collected in 2010 assayed 2.6 grams per tonne gold. This epithermal, locally bleached looking material contains variable amounts of pods and stringers of pyrite and locally arsenopyrite. This epithermal breccia material represents a new gold bearing target within the Shuswap Silver project.
Core logging and processing of the core for sampling and storage will be conducted at a secure location. Analytical testing of the core samples will be conducted by ACME Analytical Laboratories Ltd.
MatNic Resources Inc. is a Canadian publicly listed mineral exploration company focused on the exploration and development of a promising silver property in the Shuswap region of southern British Columbia, Canada. The Company is fully funded for its 2012 exploration programs.
This news release has been prepared and approved by Craig Payne P. Geo. a geologist with more than 25 years' experience and a Qualified Person as defined under NI #43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Klassen, President
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
SOURCE: MatNic Resources Inc.
For further information:
Mr. Ian Klassen
Phone: (604) 899-0106
Email: [email protected]