Vancouver, B.C. -- Lovitt Resources Inc. (TSXV: “LRC”, “the Company”) is pleased to announce that the Director of the Department of Chelan County Community Planning has approved a drill permit to conduct a diamond drill exploration program on the Matthews property in a remote location about 4 miles from the city of Wenatchee, WA and about 1.7 miles south of the Lovitt Gold Mine, owned by LRC. Gold was discovered on the Matthews property in the late eighties by Asamera Minerals (US) Limited, the operator of Wenatchee’s Cannon Gold Mine. Asamera drilled 34 diamond drill holes on the Matthews property and Consolidated Ramrod Corporation drilled an additional 12 diamond drill holes in 1993 and 1994. Over 60% of these drill holes encountered significant gold intercepts with some of these noted in our news release dated May 17, 2011.
A news release detailing the drill program will be made after the 10 business day public comment period ends December 20th. Once comments are dealt with, the permit will be in effect for one year and allows up to eight drill pads, each with the capacity to accommodate several diamond drill holes.
The Matthews property was also leased in the late nineties by Yamana Resources Inc. and in 2004/05 by Kimberly Gold Mines. The latter companies compiled substantial data on the Matthews property and the Wenatchee Gold Belt, over a known extent of 7 ½ miles to both the Northeast and Southwest of the Cannon and Lovitt mines. This extensive database covering development on the Wenatchee Gold Belt is now in the possession of LRC.
The Company intends to apply for a diamond drill permit on the Lovitt Mine property to test for gold values to depth and on strike with the Wenatchee Gold Belt early in the New Year.
The Lovitt and adjoining Cannon gold mines jointly produced over 1.6 million ounces of gold and 2.4 million ounces of silver, with a joint average grade of 10.3 gm/t gold and 17 gm/t of silver.
This news release was reviewed and approved by our Director James Proudfoot, P Eng., a qualified person under NI 43-101.
For more detailed information, please refer to the website of the Company at: http://www.lovittresources.com or eMail: [email protected] or call Lorne Brown, President of the Company at (509)668-8170.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of the contents of this news release.
The Matthews property was also leased in the late nineties by Yamana Resources Inc. and in 2004/05 by Kimberly Gold Mines. The latter companies compiled substantial data on the Matthews property and the Wenatchee Gold Belt, over a known extent of 7 ½ miles to both the Northeast and Southwest of the Cannon and Lovitt mines. This extensive database covering development on the Wenatchee Gold Belt is now in the possession of LRC.
The Company intends to apply for a diamond drill permit on the Lovitt Mine property to test for gold values to depth and on strike with the Wenatchee Gold Belt early in the New Year.
The Lovitt and adjoining Cannon gold mines jointly produced over 1.6 million ounces of gold and 2.4 million ounces of silver, with a joint average grade of 10.3 gm/t gold and 17 gm/t of silver.
This news release was reviewed and approved by our Director James Proudfoot, P Eng., a qualified person under NI 43-101.
For more detailed information, please refer to the website of the Company at: http://www.lovittresources.com or eMail: [email protected] or call Lorne Brown, President of the Company at (509)668-8170.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of the contents of this news release.