CSE SYMBOL: SRS

Shamrock Enterprises Drills 64.69 g/t Silver and 1.05 g/t Gold over 28.79 metres on Fireweed

• 121.3 g/t Silver, 1.16 g/t Gold and 7.98% Zinc over 7.74 Metres

  • 115.3 g/t Silver, 1.87 g/t Gold and 16.11% Zinc over 6.1 Metres

News Release
February 1, 2011
CNSX - SRS
 

Vancouver, British Columbia – Shamrock Enterprises Inc., a junior mining exploration company, trading on the "Canadian National Stock Exchange” (CNSX), under the symbol SRS, is pleased to announce the assay results from the 2010 winter Diamond Drilling program on the Fireweed Property, located approximately 75 Km east of Smithers, BC. Shamrock has an option agreement with Pachamama Resources Ltd whereby Shamrock has the right to earn up to 70% on the Fireweed Property.

The 2010 drill program should be viewed in the context of a two‐part program.

Part 1:

Part 1 tested extensions to the “Feeder” zone which was part of the previously drilled West Zone mineralization. Holes FW10‐1, FW10‐2, FW10‐3 and FW10‐4 are all considered to be in the feeder zone. The first three holes all intercepted multiple zones of massive sulphide mineralization. The 2010 drill program holes FW10‐1, FW10‐2 and FW10‐3 discovered new mineralization beyond the scope of the historical silver resource. The 2010 drilling program has also shown the persistence of gold values with the deeper mineralization not apparent in previous drilling. Some of the highlights include hole FW10‐1 returning grades of 64.69 g/t Silver and 1.05 g/t Gold over 28.79 metres (94.43 feet) and an 86.86 metre (284.90 feet) intersection in hole FW10‐3 returning an average grade of .264 g/t Gold, and containing 6.1 metres (20.01 feet) returning 1.87 g/t Gold and 115.30 g/t Silver. Additional drilling will be required to delimit this zone further.

Part 1 Tables

HOLE
From M
T0 M
Interval M
Zn %
Pb %
Ag g/T
Au g/T
Cu %
Interval FT
                   
FW 10-1
30.7
36.97
6.27
1.98
 
1.76
     
 
48.78
50
1.22
2.39
0.13
       
 
98.02
126.81
28.79 m
4.64
2.27
64.59
1.05
 
94.43
containing
98.02
110.25
12.33
4.09
2.51
62.96
0.82
   
containing
102.54
110.25
7.74 m
7.98
5.42
121.3
1.16
 
25.39
Contained
119.14
126.81
7.67
6.1
2.09
68.26
0.95
   
                   
FW 10-2
87.14
91
3.36
0.67
0.27
12.71
0.174
   
 
103.94
105.94
2 m
20.3
1.5
82
0.99
0.62
6.56 ft
 
125.6
134.15
8.55
0.12
0.36
39.89
0.156
0.608
 
containing
125.6
129.5
3.9
0.142
0.089
40.56
0.162
0.385
 
                   
FW 10-3
13.67
100.63
86.86
2.58
0.673
 
0.264
 
284.9 ft
 
17.7
33.7
16
4.4
1.55
36.75
0.425
   
containing
66.11
72.21
6.1 m
16.11
2.91
115.3
1.87
 
20.01 ft

 

FW 10‐4 did not cross any significant grade intersections.

 

Part 2: The second part of the program tested, for the first time, a series of individual 3D IP chargeability anomalies extending easterly from the feeder zone. Holes FW10‐5 and FW10‐6 each tested separate zones; holes FW10‐8 and FW10‐9 tested a third zone; and holes FW 10‐7, FW10‐10 and FW10‐11 were targeted on the fourth zone.

Additional 3D IP zones that were previously identified are present on the property but were not evaluated by the 2010 drill program.

Four of the Six holes drilled in Part 2 encountered several highly geochemically anomalous, multielement zones over significant widths, with Zinc up to greater than 10,000 ppm (1%) and Lead up to greater than 5,000ppm. Such highly elevated values are felt to be good indicators of mineralized horizons or structures.

Further drilling will be required to evaluate such horizons or structures, in addition to expanding other targets and zones on the property. Planning is currently underway for further drilling in the near future.

The holes are summarized below:

HOLE From m To m m ft Values/ comments
FW 10-5 126.5 152.1 25.6 8 Zn, 0.91% (9100 ppm); Pb, 0.54% (5400 ppm); 0.247 G/T Au
  159.8 161.3 3.5 11.5 Zn, 0.29% (2900 ppm); Pb, 0.12% (1200 ppm);
FW 10-6 33.4 50.85 17.45 57.2 Zn, 1.2% (12000ppm); over the 17.45 m, 57.2 ft zone

FW 10‐7 The hole was abandoned before reaching its target depth due to adverse ground conditions and consequent drilling problems.

FW 10‐8 Between 142.69m & 170.3m (9.0 m; 29.52 ft) there are 3 separate 2m (6.56 ft) intervals with geochemically elevated multi element response.

FW 10‐9 Between 91.24m and 99.87m (8.63 m; 28.3 ft) there is a distinct multi‐element anomalous intersection.

FW 10‐10 Between 161.3m and 170.3m (9.0m; 29.5 ft) there is a distinct multi‐element anomalous intersection.

FW 10‐11 Scattered values without the degree of distinction nor combined multi‐element elevation of values.

It is believed that these zones may be explained as distal intersections of mineralized horizons or structures.

The Company is pleased with the number and contrasting expression of these zones and will be evaluating them further.

The Fireweed Property The Fireweed Property is a polymetallic (Ag, Zn, Pb, Cu, Au) discovery of massive sulphide and sulphide replacement type mineralization. The region has seen active mineral exploration with numerous former producers. Examples are the Granisle Mine (10 km to the southeast), Bell Copper Mine (5 km to the east) and the undeveloped Morrison Deposit (17 km to the northeast). One of the more significant regional properties was the former Equity Silver Mine, South of Houston, with similarities in age, lithologies, and mineralogy to Fireweed.

Approximately $3,000,000 has been spent on exploration of the property to date, including the completion of approximately 60,000 feet of diamond drilling. As well, in July and August 2005 approximately 25 km of marked grid lines were completed. SJ Geophysics Ltd completed a 3D Induced Polarization Survey across part of the property.

A “drill indicated resource” was calculated prior to the implementation of National Policy 43‐101 and, as such, must now be termed a “historical mineral resource”. The most significant results of that conservative calculation are as follows: Category Resource Silver Lead % Zinc % Imperial 640,000 Tons 9.77 oz/t 1.34 2.22

Quality Assurance All samples reported were shipped to and assayed by Acme Laboratories in Vancouver, B.C. The contents of this news release have been reviewed and approved by W.A. Howell, P.Geo., a Qualified Person as defined in National Policy 43-101.

On behalf of the Board,
“Gordon Osinchuk”
President

Please visit our website at www.shamrockresources.com

For further information, please contact:
Investor Relations
BTG Financial Inc.
1‐888‐836‐4690

 

Forward Looking Information Certain information included in this news release constitutes "forward‐looking statements". The words "expect", "will", "intend", "estimate" and similar expressions identify forward‐looking statements. Forward‐looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Shamrock cautions the reader that such forward‐looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Shamrock to be materially different from Shamrock estimated future results, performance or achievements expressed or implied by those forward‐looking statements and the forward‐looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to, risks associated with the mining industry such as government regulation, environmental and reclamation risks, title disputes or claims, success of mining activities, future commodity prices, costs of production, possible variation in mineral reserves, mineral resources, grade or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, the timing of estimated future production, capital expenditures, financial market fluctuations, requirements for additional capital, conclusions of economic evaluations, limitations on insurance coverage, risks associated with using third5 party contractors and inflation. Shamrock disclaims any intention or obligation to update or revise any forward‐looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Neither CNSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CNSX Exchange) accepts responsibility for the adequacy or accuracy of this release. We Seek Safe Harbour