TSX-V: NOW
TORONTO, Feb. 26 /CNW/ - Asia Now Resources Corp. (TSXV: NOW) is very pleased to release assay results for samples from a new tunnel in the porphyry copper-gold-molybdenum mineralization systems at its Habo property in Yunnan Province, China. The results confirm 65.6 meter wide high grade molybdenum zone associated with the 2.3 km long by 1.3 km wide porphyry mineralization system at Habo South.
Tunnel PD11 intersected 52.5 meters grading 0.25% copper and 0.08% molybdenum including 4.5 meters at 0.48% copper, 0.32% molybdenum and 13 grams per tonne (g/t) silver, 2.5 meters at 0.75% copper, 0.21% molybdenum and 16.6g/t silver, 2.0 meters at 0.38% copper, 0.24% molybdenum and 14g/t silver; and 10.1 meters at 0.25% copper, 0.06% molybdenum and 16.4g/t silver, and 1.5 meters at 1.33% copper and 111g/t silver. These grades are all greater than 1.0% to 3.0% copper equivalent, based on current metal prices ($1.4/lb copper, $9.5/lb molybdenum, $14/oz silver and $800/oz gold) and assuming 100% of metallurgical recovery.
Asia Now's President, Dr. Kaihui Yang says: "We are excited by the high-grade molybdenum zones in the porphyry copper-gold-molybdenum system at Habo South. Habo is located at the southeast part of the productive Tethyan magmatic belt that contains some of the worlds largest porphyry systems such as Sar Cheshmeh in Iran, and Reko Diq in Pakistan. Results to date indicate strong geological similarities of the Habo porphyries with the big systems in Iran and Pakistan, and we are testing and defining the resource of the high-grade zones at Habo."
The assay results are summarized below.
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Tunnel PD11 To Interval Au Ag Cu Mo
From (m) (m) (m) (g/t) (g/t) (wt%) (wt%)
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Entrance 6.90 No significant assay results
6.90 59.40 52.50 0.04 7.71 0.25 0.08
Incl. 15.50 18.00 2.50 0.08 16.60 0.75 0.21
Incl. 21.80 26.30 4.50 0.08 13.00 0.48 0.32
Incl. 35.10 36.10 1.00 0.07 12.00 0.07 0.25
Incl. 47.40 49.40 2.00 0.09 14.00 0.38 0.24
Incl. 52.70 54.20 1.50 0.07 15.00 0.40 0.18
74.60 84.70 10.10 0.12 16.40 0.25 0.06
91.80 93.30 1.50 0.05 6.00 0.19 0.12
99.10 100.60 1.50 0.15 111.00 1.33 0.01
Note: cutoff grade is 0.02% molybdenum.
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Tunnel PD12, parallel with and 200 meters southwest of PD11, is still in progress, but has intersected similar alteration/mineralization as indicated by disseminated and stockwork molybdenite, pyrite and chalcopyrite. Samples are being collected for assaying.
Two drill holes have recently been completed to test another two alteration/mineralization zones outlined by the surface mapping program at Habo South. Samples are being assayed, and results are pending.
More tunnelling and drilling programs have been planned to test those high-grade zones, and to define the potential resource of the ore zones at Habo South.
The Habo Project involves a cooperative joint venture with Yunnan Geology and Mineral Resources Company Limited called Yunnan Now Mineral Exploration Company Limited. It covers an area of 162 sq. kilometres, in which Asia Now can earn an interest of between 70% and 88%.
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SAMPLING, ASSAYING, QUALITY CONTROL AND QUALIFIED PERSON
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Tunnels were sampled by channelling along one side of the tunnels, each sample being 1.0 to 2.0 metres long by 15 cm wide by 3 cm deep and weighting 6 to 12 kilograms. Mineralized intervals were sampled based on the width of mineralization, each sample consisting of chips totalling between 3 and 8 kilograms. All the samples were assayed using aqua regia digestion with AAS determination for gold, and hydrochloric/perchloric (HCl/HClO4) digestion with ICP-MS determination for copper, molybdenum, silver, zinc, lead and others (a total of 35 elements). For samples with Cu grade higher than 1%, a four acid (HCl/HNO(3)/HClO4/HF) digestion method and AAS determination were applied. All the assays were completed at Intertek Laboratory in Beijing in accordance with international standard ISO17025. To maintain independent quality control on the laboratory, duplicate samples are submitted from 5% of sample sites, and replicate samples are submitted for 3% of samples. In addition the laboratories use an extensive range of internal standards. External check assays are routinely performed on check samples submitted independently by the Company to international laboratories.
Quality control and assurance programs are implemented in line with the standards of National Instrument 43-101, as described the independent 43-101 report filed on www.sedar.ca. Exploration and financial controls are implemented in each of the company's exploration projects in China,as published on the website of the Company, www.asianow.ca. Exploration on all of the Company's projects is conducted under the direction of Dr. Noel C. White, a consultant to the Company and a Qualified Person as defined under National Instrument 43-101. Dr. White has read and approved this news release. Disclosure on mineralization on adjacent properties has not been verified by Dr. White and is not necessarily indicative of the Company's anticipated results. Where provided, potential quantity and grade is conceptual in nature as the Company has not conducted sufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
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About Asia Now Resources:
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Asia Now Resources Corp. is a mineral exploration company active in China since 2002. The Company has established offices, joint ventures and a significant network with Chinese partners. Current projects include copper, gold and silver at three major projects, with drilling underway at two of these. Under the leadership of an experienced management team, the Company has a sound balance sheet and sufficient working capital to take exploration into the next phase.
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The TSX Venture Exchange has not reviewed and does not accept
responsibility for this news release.
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For further information: Kaihui Yang, President, or Christina Wilton, Corporate Secretary, Asia Now Resources Corp., (416) 364-7281, info@asianow.ca, www.asianow.ca; Investor Relations: Peter Weichler, Jeff Walker, The Howard Group Inc., Toll Free: 1-888-221-0915, info@howardgroupinc.com, www.howardgroupinc.com
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