Lithic Intersects 8.65 Metres of 1.67% MoS2 at Crypto
VANCOUVER, BRITISH COLUMBIA–(Marketwire – June 24, 2008) – Lithic Resources Ltd. (TSX VENTURE:LTH) (the “Company”) is pleased to report additional assay results for the Crypto project located in western Utah where zinc-copper-indium mineralization occurs as multiple skarns and replacement bodies hosted in a carbonate sequence near the contact with a high level felsic intrusive complex.
Hole C-08-06 is near vertical and is located in the western portion of the deposit. In addition to significant intercepts of zinc, copper and indium mineralization reported previously in a May 21, 2008 press release, the following intercepts of molybdenite mineralization were encountered: ——————————————————————– —- ______________From______ To________________ %________%________%________% Hole____________(m)______(m)__Metres____ MoS2______ Mo______ Zn______ Pb ——————————————————————– —- C08-06______694.73__ 703.38____ 8.65____ 1.67____ 1.00____ 1.08____ 0.46 ——————————————————————– —- “”________703.38__ 723.61____20.23____ 0.09____ 0.05____ 0.01____ 0.01 ——————————————————————– —-
The upper, higher grade intercept is located at the contact between a clay-altered granodiorite intrusive and overlying magnetite skarn. It includes a 0.95 metre sample grading 2.6% Mo where a 3 cm thick, multiply banded quartz-pyrite-molybdenite vein parallels core. The remainder of the interval consists of variably clay-altered granodiorite with molybdenite occurring as fracture coatings and in quartz-pyrite stringers.
Two equally interesting possibilities exist with respect to the potential for a significant molybdenum deposit at the Crypto project:
a) A relatively small but high grade and high value deposit which could be mineable through a common shaft, were it to be developed, on the nearby Crypto zinc-indium-copper skarn deposit. Cyprus Minerals’ drill hole CCC-15 located approximately 150 metres to the southeast encountered a 20 metre interval of similar molybdenite mineralization also situated at the skarn-granodiorite contact. Although this interval was not assayed by Cyprus and is no longer available for sampling, it suggests that additional high grade mineralization is present in the area.
b) A large and deep, as yet undiscovered, zoned porphyry molybdenum system in which the overlying zinc-indium-copper skarn and high grade lead-silver replacements could represent associated peripheral mineralization. Molybdenite mineralization has been intersected on the property over an area of approximately 250 metres by 200 metres to date and is superimposed on the granodiorite and skarn, suggesting an underlying system driving the formation of mineralization.
Two rigs are currently drilling on the property. Hole C08-14 is a step-out on the western flank of the Crypto deposit hole and C08-15 is targeting an IP anomaly located approximately 800 metres northeast of the main deposit. These are the last holes to be drilled in the current program, the total results from which will be used to generate an updated resource estimate for the property. A plan and sections illustrating the locations of holes reported to date are available at www.lithicresources.com.
Chris Staargaard, M.Sc., P.Geo., is the Qualified Person for Lithic and has reviewed and approved the contents of this news release.
LITHIC RESOURCES LTD.
C.F. Staargaard, President and CEO
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