 | | | January 07, 2008
North American Tungsten Announces Agnico-Eagle Mines Limited Exercises Option To Increase Its Interest In The Jennings Joint Venture Via C$4 Million In Exploration Expenditure
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| | HIGHLIGHTS:
- Agnico-Eagle Mines Limited exercised its option to increase its interest in the Jennings tungsten/molybdenum property from 50% to 70% via C$4 million in exploration expenditure by December 31, 2010.
Jennings Joint Venture:
North American Tungsten Corporation Ltd. (TSX-V: NTC) (the "Company") is pleased to announce that Agnico-Eagle Mines Limited (TSX: AEM) exercised its option to increase its interest in the Jennings Joint Venture from 50% to 70%.
The Jennings Joint Venture was established on April 25, 2006 whereby Cumberland Resources Ltd. (prior to being acquired by Agnico-Eagle Mines Limited) agreed to spend C$400,000 on exploration to acquire an initial 50% of the Jennings tungsten/molybdenum property (formerly the Tootsee River property) located on the BC-Yukon border about 85 kilometers west of Watson Lake, Yukon, Canada.
Under the terms of the Joint Venture Agreement Agnico-Eagle Mines Limited had the option (now exercised) to increase its interest in the project to 70% via C$4 million in exploration expenditure by December 31, 2010. North American Tungsten may elect to form a participating Joint Venture or convert its 30% working interest to a 2.5% NSR from two months after Agnico-Eagle Mines Limited has fulfilled its C$4 million expenditure requirement.
Stephen Leahy, CEO of NTC stated "We are very pleased that Agnico-Eagle Mines Limited has validated the potential of the Jennings tungsten/molybdenum property via the decision to spend C$4 million on exploration over the next two years".
2006 Drill Results
The 2006 drill program (operated by Cumberland Resources Ltd. and results were previously released on 31st January, 2007 by Cumberland Resources Ltd.) focused on a 1,400m2 tungsten soil geochemical anomaly (Central Hornfels Zone). The initial 1,494m three hole diamond drill program intersected variably fractured, veined, hydrothermally altered and mineralized hornfels and skarn, cross-cut by altered and mineralized quartz-feldspar porphyry dykes. The three holes were drilled at 220m spacing, -55° inclination and an east-west orientation across the Central Hornfels Zone.
Two drill holes (TR06-001 and TR06-002) intersected moderate to strong stockwork quartzscheelite-molybdenite veining at depth. TR06-001 (drilled to a depth of 527m) intersected 234m of 0.092 % MoS2 and 0.110 % WO3 from a downhole depth of 240.52m. TR06-002 twinned an historic drill hole (TR83-02) and intersected 217.4m grading 0.167 % MoS2 and 0.120% WO3 from 276.6m to the bottom of the hole at 494m.
The easternmost drill hole, TR06-003, was drilled to a depth of 473.0 metres and encountered lower density stockwork veining characterized by narrow localized intervals of anomalous molybdenum and tungsten mineralization.
| 2006 DIAMOND DRILLING: Jennings Project Composites |
Hole
Number |
From
(m) |
To
(m) |
Interval
(m) |
Molybdenum Grade |
Tungsten Grade |
| Mo % |
MoS2 % |
W % |
W03 % |
| TR06-001 |
240.50 |
474.50 |
234.00 |
0.055 |
0.092 |
0.087 |
0.110 |
| inc. |
327.50 |
339.50 |
12.00 |
0.108 |
0.181 |
0.083 |
0.105 |
| inc. |
405.40 |
422.00 |
16.60 |
0.062 |
0.104 |
0.118 |
0.149 |
| inc. |
444.50 |
459.50 |
15.00 |
0.036 |
0.060 |
0.140 |
0.176 |
| TR06-002 |
276.60 |
494.00 |
217.40 |
0.100 |
0.167 |
0.095 |
0.120 |
| inc. |
338.00 |
353.00 |
15.00 |
0.121 |
0.203 |
0.100 |
0.126 |
| inc. |
389.00 |
414.50 |
25.50 |
0.081 |
0.136 |
0.157 |
0.198 |
| inc. |
478.90 |
494.00 |
15.10 |
0.255 |
0.427 |
0.090 |
0.113 |
| TR06-003 |
NSV |
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New Website Live: The Company would also like to make investors aware that a new updated website has been launched at www.northamericantungsten.com
ABOUT NORTH AMERICAN TUNGSTEN CORPORATION LTD
The Company is a publicly listed Tier 1 Junior Resource Company engaged primarily in the operation, development, and acquisition of tungsten and other related mineral properties in Canada. The Company's 100% owned Cantung mine and Mactung development project make it one of the few tungsten producers with a strategic asset in the western world. Mactung is one of the world's largest known undeveloped high grade tungsten-skarn deposits.
ON BEHALF OF THE BOARD OF DIRECTORS
"Stephen M. Leahy"
Stephen M. Leahy
Chairman & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Note The Company relies upon litigation protection for "forward-looking" statements.
INVESTOR CONTACT:
Toni Williamson
Corporate Geologist
info@natungsten.com
Phone: +1.604.684.5300 Fax: +1.604.684.2992 |
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