VANCOUVER,
Nov. 27, 2012 /CNW/ - MatNic
Resources Inc. (TSXV: MIK) ("MatNic" or "the Company") is pleased
to announce that drilling was completed on
the Company's Shuswap Silver property located
approximately 18km east of Salmon Arm,
BC. The program consisted of three drill holes totalling
869.0m.
DDH SS12-001 (349.61m total length)
tested the core of a 2.2km long ESE-WNW orientated airborne EM
anomaly. The hole cut an intercalated sequence of quartz-biotite
schist and quartz-muscovite schist intruded by
granite and pegmatite dikes. A graphitic fault zone
was intersected from 109.35-118.26m and is believed
to be the cause of the EM anomaly. No significant base metal
or precious metal mineralization was intersected in the
drillhole.
DDH SS12-002 (294.74m total length)
was drilled approximately 30m west of a 1978 drillhole
G78-12 (Maverick Mountain Mines Ltd.) which reported an
intersection of 1.4m of 9.9% combined Pb plus Zn and 100.5 g/t Ag.
DDH SS12-002 intersected thick sequences of quartz-muscovite and
quartz-biotite schist intruded by granite and pegmatite
dikes. Near the top of the hole from 14.00-16.00m (2.0m) returned
0.034% Pb, 0.177% Zn and 3.25g/t Ag within a strongly
sericite-chlorite altered quartz-muscovite schist. The projected
depth of intersection for the base metal mineralization intersected
in DDH G78-12 is at approximately 115m downhole in
SS12-002. At this location in the hole a granite dike was
encountered which may explain the lack of mineralization.
DDH
SS12-003 (224.64m total length) was drilled to test
down dip of surface base metal mineralization discovered in 2010.
Surface samples returned assays up to 12.24% Pb plus Zn and 70.6
g/t Ag. The hole cut a thick sequence of quartz-muscovite
schist and minor quartz-biotite schist intruded by granite and
pegmatite dikes. Two mineralized zones were encountered in the
drillhole. The upper zone from 29.17-35.17m (6.0m)
returned 1.003% Pb, 0.9225% Zn and 10.25 g/t Ag. This interval is
believed to be the down-dip extension of the surface showing.
A lower zone was intersected from 40.43-42.70m (2.27m)
assaying 2.77% Zn, 1.10% Pb and 12.3 g/t Ag. Within this interval
from 40.43 to 40.70m (0.27m) massive sulphide
mineralization was encountered consisting of disseminated
and stringers of galena and sphalerite and minor
chalcopyrite in a pyrrhotite-pyrite groundmass. Assay of this
material returned 22.72% Pb, 7.28% Zn and 90.1 g/t Ag. Results from
SS12-003 are encouraging and suggests that base metal
mineralization may extend some 350m along strike further to
the northwest of the Annis adit.
The Company will announce further plans for the
Property in due course.
MatNic Resources Inc. is a Canadian publicly
listed mineral exploration company focused on the exploration and
development of a silver property in the Shuswap region of southern
British Columbia, Canada.
This news release has been prepared and approved
by Craig Payne P. Geo. a geologist
with more than 25 years' experience and a Qualified Person as
defined under NI #43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
____________________________________
Ian Klassen, President
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED UNDER THE
POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS NEWS RELEASE
SOURCE MatNic Resources Inc.