Vancouver – TheNewswire – July 30, 2021 – Lovitt Resources Inc. (the “Company”) (TSXV:LRC) reports that it intends to resume exploration for gold at its wholly owned Lovitt Gold Mine near Wenatchee, WA. The Lovitt Gold Mine produced 420,000 oz of gold and 600,000 oz of silver at a grade of 0.40 oz/ton (13.7 gm/t) and 600,000 oz of silver with a small operation employing 15-25 people between 1950 and 1966. The adjoining Cannon Mine, 3/4 mile to its north, produced 1,200,000 oz of gold at a grade of 0.30 oz/ton (10.3 gm/t) and 1,900,000 oz of silver between 1985 and 1995 with 180 employees.
The Lovitt Gold Mine is an epithermal type of deposit with low grade, widespread gold mineralization coupled with extensive silicification and quartz veins hosting higher grade mineralization in meta-sediments similar to the Carlin-type deposits of Nevada. Historic information indicates that some ore was extracted using open pit methods on a bench readily accessible today. One historic map notation states that 18,038 tons were extracted using a bulldozer in 1954 at a grade of 0.58 oz/ton. Bulldozers are very limited in depth capability whereas modern excavators were designed to have excellent depth capabilities. The company intends to test beneath the floor of the open pit area with an excavator to levels below the historic open pit workings. An excavator is currently on site and depth testing for gold ore will commence before the end of this month. Investors should be advised that historic information should not be used alone without further data and professional advice to make investment decisions. Data will be released as soon as initial gold assays are available if the material recovered warrants assaying for gold.
This news release was reviewed and approved by our Director James Proudfoot, P.Eng., a qualified person under NI 43-101.
On behalf of the Board
“C. Lorne Brown, President”
For more detailed information, please email: email@example.com or call the Company at (509) 668-8170. The Company website is: www.lovittresources.com. Detailed information is available to analysts or accredited investors via Zoom online conferencing or email. Data is available in numerous reports and hundreds of historic maps.
FORWARD LOOKING STATEMENTS:
This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
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