Agoracom: Small Cap Investment - Lithic Resources - Intersects 16.76 Metres of 0.432% MoS2 at Crypto

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Intersects 16.76 Metres of 0.432% MoS2 at Crypto

posted on Jan 27, 2009 06:12AM

January 27, 2009

Lithic Intersects 16.76 Metres of 0.432% MoS2 at Crypto

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 27, 2009) - Lithic Resources Ltd. (TSX VENTURE:LTH) (the "Company") is pleased to report additional molybdenum assay results from its Crypto skarn-hosted zinc-indium-copper-molybdenum project located in western Utah. Hole C08-13A was drilled into a large gap in historical drill coverage within the deep sulphide zone and essentially constituted a 70 metre step-out from historical hole CCC-6A. Hole C08-14 was drilled as a 100 metre westerly stepout from the margin of the deep sulphide zone. Zinc, copper and indium results for these holes will be published shortly.

Highlights

- a 36.58 metre wide intercept of skarn-hosted molybdenite mineralization grading 0.287% MoS2 in hole C08-14, including an interval grading 0.432% MoS2 over 16.76 metres

- several intercepts of skarn and intrusive hosted molybdenite mineralization grading better than 0.1% MoS2 in hole C08-13A, including 11.28 metres at 0.232% MoS2,

The following table lists the more significant intersections for these holes:

------------------------------------------------
Hole      From (m)    To (m)    Metres    % MoS2
------------------------------------------------
C08-13A    712.32    725.42      13.10     0.157
------------------------------------------------
" "        759.26    763.83       4.57     0.114
------------------------------------------------
" "        779.68    807.11      27.43     0.150
------------------------------------------------
incl       795.83    807.11      11.28     0.232
------------------------------------------------
C08-14     499.26    535.84      36.58     0.287
------------------------------------------------
incl       514.35    531.11      16.76     0.432
------------------------------------------------
C08-14     721.00    732.43      11.43     0.228
------------------------------------------------

Molybdenite mineralization at Crypto has been found over an area of about 500 metres by 300 metres, both as disseminations in skarn and in porphyry-style quartz-pyrite veinlets in clay-altered quartz monzonite. Its widespread distribution suggests that zinc-indium-copper and silver-lead mineralization on the Crypto property may represent classic peripheral mineralization associated with a large, underlying, zoned porphyry molybdenum system, the core of which remains to be found.

Since a number of current and historical molybdenite-bearing intercepts are relatively high grade, the possibility also exists of a relatively small but high grade and high value molybdenum deposit which could be mineable through a single shaft, were it to be developed, on the zinc-indium-copper skarn deposit. Either case represents a prime objective for further drilling on the property.

Chris Staargaard, M.Sc., P.Geo., is the Qualified Person for Lithic and has reviewed and approved the contents of this news release. A plan and selected sections illustrating the locations of holes reported to date are available at www.lithicresources.com.

LITHIC RESOURCES LTD.

C.F. Staargaard, President and CEO

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