LITHIC TO COMMENCE 10,000 METRE DRILL PROGRAM ON CRYPTO ZINC PROJECT
June 13, 2007
Lithic Resources Ltd. (LTH-TSX Venture) (the “Company”) is pleased to announce that it has signed a contract with Connors Drilling LLC of Montrose, Colorado for a 10,000 metre program of drilling on the Crypto zinc project located in western Utah. The drill is expected to arrive on the property the week of June 25 and mobilization of personnel and equipment is underway.
The Crypto zinc deposit is a carbonate replacement deposit similar in style to mineralization in historical mining districts such as Park City, Bingham and Tintic in Utah that were major producers of zinc, lead and silver. It was first drilled by Utah International in the 1960’s and then by Cyprus Minerals in the early 1990’s. On the basis of that work, Cyprus estimated a historical resource of 5.4 million tonnes of sulphide mineralization grading 8.7% zinc and a further 2.8 million tonnes of near surface oxide mineralization grading 7.0% zinc. This historical estimate was made prior to the implementation of NI43-101 standards, does not conform to those standards and should not be relied on as being indicative of a resource or a reserve with demonstrated economic viability. However, it is believed by the Company to be relevant and a reliable indication of the mineral potential of the property.
The Company’s drilling program at Crypto will be aimed mainly at significantly expanding known mineralization, which is open in most directions, and will lead to an updated resource estimate. Additional drill targets include the extensions of high grade silver-lead-zinc mineralization at the formerly producing Utah Mine, geophysical anomalies identified in 2006 that could represent a new zone of Crypto-style zinc mineralization and porphyry-style molybdenum mineralization encountered in past drilling.
With over $5 million in the treasury, the Company is well-financed to complete this program of work.
For further information please contact Chris Staargaard at 604-687-7211.
LITHIC RESOURCES LTD.
President and CEO
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