Selwyn Announces the Resumption of Fieldwork on Vinata Property
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/30/10 -- Selwyn Resources Ltd. (TSX VENTURE: SWN) ('Selwyn') announces that it has mobilized field crews to the Vinata Property located in North Central Mexico. Selwyn is acquiring an initial 50% interest in the Vinata Property from its Joint Venture partner, Savant Explorations Ltd. ('Savant') that can be increased to 55% by making additional expenditures (see July 22, 2009 news release).
Field crews will be following up the 2009 drilling program (see October 7, 2009 news release) that provided key information on the geological environment of this large property that covers approximately 109 square kilometres. Vinata represents a rare opportunity to acquire a large property with the surface expression of a potential new district scale mineralizing system. The local geology and alteration show many similarities to the Santa Eulalia District, 55 kilometres to the north, which hosts numerous silver-zinc-lead deposits within Upper Cretaceous limestone units.
The geological mapping and prospecting will continue to trace the well-defined, vein-breccia structures hosted within the Teritary Volcanic rocks that overlie the favourable Upper Cretaceous limestone units, and the extensive hydrothermal clay alteration that is anomalous in both base and precious metals. It is these occurrences of hydrothermal alteration and metal-rich manganese mineralization that are interpreted to be the high-level expression of a buried silver-lead-zinc mineralizing system similar in nature to the large silver-lead-zinc deposits at Santa Eulalia and Naica that have produced more than 750 million ounces of silver and significant zinc and lead. Manganese mineralization occurs intermittently over 3,000 metres along a north westerly trend with the 2009 drilling targeting the down dip extension of vein-breccia structures and flanking clay altered volcanic rocks at the northern end of the zone. A similar large alteration zone occurs on the south end of the property, and it is currently deemed to be another attractive drill target.
Selwyn's focus is the exploration and development of its properties that make up the Selwyn Project in the Yukon, which hosts large tonnages of zinc-lead mineralization. The known deposits have the potential for large scale production, and the potential to provide a secure supply of zinc and lead to meet the future needs of the zinc and lead markets in Asia and beyond. The Vinata Project provides another growth opportunity for Selwyn.
This press release contains forward-looking statements concerning mineralization at the Selwyn Project. These forward-looking statements are based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of geological variability and other risk factors beyond Selwyn's control. As a result, actual results may differ materially from the expected results. Additional drilling is required to confirm the potential of the new discovery areas and expansions of the current resource areas and the extension of the higher grade deep mineralization to depth. There is no assurance that such additional drilling will expand mineral resources or that the resources being defined can be developed as an economically attractive mine, and there are many uncertainties associated with permitting and other factors that could delay such development.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Selwyn Resources Ltd.
Dr. Harlan Meade
President and CEO
1 (604) 801-7240 or Toll-free: 1 (888) 989-9188
Selwyn Resources Ltd.
Catalin Chiloflischi
Manager of Investor Communications
1 (604) 801-7240 or Toll-free: 1 (888) 989-9188
1 (604) 689-8355 (FAX)
info@selwynresources.com
www.selwynresources.com