Archive for category News Releases
Gold Fields Resumes Drilling at Woodjam North, B.C.
Posted by admin in Corporate Updates, Field Work, News Releases on February 10th, 2010
Cariboo Rose Resources and Fjordland Exploration, the Woodjam Joint Venture (’WJV’) 40%/60% partners, are pleased to report that Gold Fields Horsefly Exploration Corporation (a member of the Gold Fields Limited group of companies) has resumed drilling on the 40,750-hectare Woodjam North gold-copper property, located 45 km east of Williams Lake in central British Columbia. This Phase Two, winter 2010 drilling program is a continuation of a budgeted $2.5 million, 12-month program which began in July 2009. Phase One drilling between October and December, 2009 consisted of 14 holes totalling 4,582 m on the Takom (11 holes) and Deerhorn (3 holes) zones (see January 12, 2010 News Release for details).
Gold Fields plans to complete 3,000 to 4,000 m of drilling in approximately 12 holes. At Takom, four holes (~ 1,200 m) are planned to follow up on significant drill intersections obtained over a northeasterly mineralized trend measuring over 500 m in strike. Within this trend hole TK09-001 returned 329.6 m grading 0.24% Cu and 0.27 g/t Au, including 101 m grading 0.43% Cu and 0.58 g/t Au.
At Deerhorn, four holes (~ 1,200 m) are planned to follow up significant drill intersections from four of five holes completed to date on this zone discovered in 2008. Hole WJ08-93 returned 69 m grading 0.22% Cu and 0.5 g/t Au, and DH09-003 returned 173 m grading 0.12% Cu and 0.50 g/t Au, including 89.5 m grading 0.26% Cu and 1.17 g/t Au. The remainder of the proposed drilling (four holes) is planned to test geochemical and magnetic anomalies east of the Megabuck and north of the Southeast zones, respectively — an area referred to as Spellbound.
Preliminary results from a 9,114 line-km low-level, high resolution airborne magnetic survey, an 85 line-km induced polarization survey and a 4,250-sample soil survey have resulted in the identification of several additional targets for future drill testing, including the Corner Lake area, north of the Megabuck and Deerhorn zones.
Tom Schroeter, President of Fjordland commented, “The Phase One program recently completed by Gold Fields has provided additional significant drill assays from the Takom and Deerhorn zones, as well as identifying several new target areas ready for drill testing. We are very pleased to see the resumption of a winter drilling program, demonstrating Gold Fields commitment to the project, as well as the ability to work year-round in this easily-accessible region of BC.”
Gold Fields has an option to earn up to a 70% interest in the Woodjam North Property by spending $19 million in exploration by July 2016 (see July 30, 2009 News Release for details).
G. L. Garratt, P.Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
Gold Fields Exercises Right of First Refusal on Woodjam South, BC
Posted by admin in News Releases, Property Agreements on January 16th, 2010
Cariboo Rose Resources Ltd. (TSX-V: CRB) and Fjordland Exploration Inc. (TSX-V: FEX), the Woodjam Joint Venture (”WJV”) 40%/60% partners, are pleased to report that Gold Fields Horsefly Exploration Corporation (a member of the Gold Fields Limited group of companies (NYSE: GFI)) has provided written notice that it intends to exercise a right of first refusal with respect to the WJV’s Woodjam South copper-gold property. This offer matches one presented by another major international mining company.
Pursuant to the offer, Gold Fields can earn a 51% interest in the Woodjam South Property in consideration for expending US$7 million on exploration over 42 months and the purchase of a total of C$500,000 of common shares of the WJV partners, which will divided relative to their interests. The offer includes the right to increase the earned interest to 70% by financing a bankable feasibility study. The transaction is subject to due diligence and the execution of a definitive agreement. A draft agreement is expected shortly; its terms will be released upon signing.
Gold Fields right of first refusal is contained in the existing Option and Joint Venture Exploration Agreement relating to the adjoining Woodjam North Property. The WJV recently released drill results which is part of a comprehensive exploration program budgeted at $3 million and operated by Gold Fields on this 40,750-hectare property (see January 12, 2010 News Release for details). Drilling is scheduled to resume in early February.
The 13,807-hectare Woodjam South Property includes the Southeast Zone, discovered in late 2007 by the WJV partners. Drilling of 7,700 m in 18 holes during 2007 and 2008 of a large, 1.5 km by 1 km, induced polarization (IP) target tested a length of 1,000 m, a width of 500 m and to a depth of 700 m. Fifteen of these holes were drilled on a grid pattern 600 m by 300 m. Porphyry-style copper-gold-molybdenum mineralization was intersected from the bedrock surface to the end of the hole in all 18 holes. The best intercepts (hole 08-84) included: 359.1 m grading 0.69% Cu, 0.27 g/t Au and 0.006% Mo, including 200.8 m grading 1.01% Cu, 0.44 g/t Au and 0.002% Mo. Less than one quarter of the IP anomaly has been tested. During 2009, no drilling was carried out at Woodjam South. A high resolution, low level airborne magnetometer survey was completed over the property and several prospective new anomalies were identified.
Tom Schroeter, President of Fjordland commented, “The earn-in proposal for the WJV’s Woodjam South Property by a major international mining company and the subsequent notice to exercise its right of first refusal by Gold Fields represents another important step in the WJV’s objective of advancing the entire Woodjam property without significant equity dilution.”
G.L. Garratt, P. Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release.
Gold Fields Expands Discoveries at Woodjam North, B.C.
Posted by admin in Drill Results, News Releases on January 12th, 2010
Cariboo Rose Resources Ltd. (TSX-V: CRB) and Fjordland Exploration Inc. (TSX-V: FEX), the Woodjam Joint Venture (”WJV”) 40%/60% partners, are pleased to report that Gold Fields Horsefly Exploration Corporation (a member of the Gold Fields Limited group of companies (NYSE: GFI)) has forwarded the results of drilling completed between October and mid-December, 2009 on the Woodjam North gold-copper property, located 45 kilometres east of Williams Lake in central British Columbia. The drill program will continue in early February, 2010.
Gold Fields tested two areas, completing 11 core holes for 3,589.6 m in the Takom Zone and 3 core holes for 993.6 m in the Deerhorn Zone for a total of 4,583.3 m. Both these areas tested and stepped out from mineralization previously outlined by the WJV on the Woodjam North property and lie several kilometers south and east respectively, from the previously drilled Megabuck Zone. The Southeast Zone discovery lies on the Woodjam South property several kilometers east of the Takom Zone and is not included in the Gold Fields option. Previously reported drill holes completed in 2008 by the WJV in these areas includes: hole WJ08-87 in the Takom Zone which returned 0.60 g/t Au and 0.34 % Cu over 71.8 m and hole WJ08-93 in the Deerhorn Zone which returned 0.50 g/t Au and 0.22 % Cu over 69.0 m.
Highlights of the assay results received include the following intervals over core lengths: 0.58 g/t Au and 0.43% Cu over 101.0 m (from 114.0 m in hole TK09-001 at Takom); and 1.16 g/t Au and 0.26% Cu over 89.50 m (from 165.0 m in hole DH09-003 at Deerhorn).
Most of the drill holes intersected copper-gold mineralization indicating that further drilling will be required to define the mineralized zones. Drill hole locations may be viewed on the website: www.cariboorose.com. A summary of significant drill intercepts follows:
Deerhorn Zone:
| Hole ID* |
From (m)* |
To (m)* |
Int. (m)* |
Cu% |
Au g/t |
Au Eq g/t * |
| DH09-001 |
88.84 |
358.14 (eoh) |
269.30 |
0.13 |
0.02 |
0.25 |
| including |
88.84 |
162.00 |
73.16 |
0.24 |
0.04 |
0.47 |
| DH09-002 |
NSR |
|||||
| DH09-003 |
40.73 |
254.50 (eoh) |
213.80 |
0.12 |
0.50 |
0.72 |
| including |
165.00 |
254.00 |
89.50 |
0.26 |
1.16 |
1.63 |
Takom Zone:
| Hole ID* |
From (m)* |
To (m)* |
Int. (m)* |
Cu% |
Au g/t |
Au Eq g/t * |
| TK09-001 |
6.20 |
341.99(eoh) |
335.79 |
0.24 |
0.27 |
0.70 |
| including |
6.20 |
215.00 |
208.80 |
0.35 |
0.40 |
1.03 |
| including |
114.00 |
215.00 |
101.00 |
0.43 |
0.58 |
1.35 |
| TK09-002 |
NSR |
|||||
| TK09-003 |
8.70 |
254.51(eoh) |
245.81 |
0.11 |
0.05 |
0.25 |
| including |
8.70 |
96.00 |
87.30 |
0.16 |
0.07 |
0.36 |
| including |
146.00 |
180.00 |
36.00 |
0.15 |
0.08 |
0.35 |
| TK09-004 |
13.72 |
30.00 |
16.28 |
0.16 |
0.19 |
0.48 |
| TK09-005 |
108.00 |
179.00 |
71.00 |
0.14 |
0.03 |
0.28 |
| TK09-006 |
331.00 |
359.00 |
29.88 |
0.14 |
0.02 |
0.27 |
| TK09-007 |
NSR |
|||||
| TK09-008 |
33.53 |
124.00 |
90.47 |
0.22 |
0.11 |
0.51 |
| TK09-009 |
NSR |
|||||
| TK09-010 |
184.00 |
263.00 |
79.80 |
0.20 |
0.13 |
0.49 |
| TK09-011 |
NSR |
|||||
*(intervals are core lengths; DH = Deerhorn Zone; TK = Takom Zone; NSR = no significant results; eoh = end of hole; Au Equivalent (Au Eq) was calculated using US$950/oz gold, US$2.50/lb copper. The calculation to derive Au Eq = ((%Cu x 22 x price Cu/lb) / (price Au/oz x 0.03215)) + Au g/t)
Cariboo Rose and Fjordland management are excited about the new drilling results that continue to show the substantial discovery and grade potential of the Woodjam North property.
Gold Fields has an option to earn up to a 70% interest in the property by spending $19 million in exploration over the next 7 years (see July 30, 2009 News Release for details). Gold Fields budgeted approximately $3 million for the first-year work program including drill testing, IP geophysical surveying, soil geochemistry and high resolution airborne geophysical surveying on the 40,750-hectare property. This program will resume in February and will comprise further drill testing of the Takom and Deerhorn Zones as well as other target areas.
G.L. Garratt, P. Geo., who is a qualified person within the context of National Instrument 43-101, has read and takes responsibility for this news release. Gold Fields, as operator of the exploration program has quality assurance-quality control procedures in place.
Skygold Changes Name of Company to Spanish Mountain Gold
Posted by admin in Corporate Updates, Financials, News Releases on January 5th, 2010
Skygold Ventures Ltd. will be changing its name to Spanish Mountain Gold Ltd. in January, 2010, and that it has closed the previously announced in Stockwatch $2-million flow-through financing.
Spanish Mountain Gold Ltd.
The company’s board of directors has approved Spanish Mountain Gold Ltd. as the company’s new name. Subject to regulatory approval, the name change will become effective later in January. The Company will issue a further news release prior to the effective date of the name change and provide the new trading symbol.
The name change reflects the future focus of the Company as it transitions from pure exploration to advancing to a development stage of the Spanish Mountain Gold Project in south-central British Columbia.
The main strategic focus of Spanish Mountain Gold Ltd. will be to prepare for the commissioning of a Preliminary Economic Assessment of the Spanish Mountain Project in early 2010. This will be the first step to advance the project to the development stage. Preparatory work will include the completion of processing of HQ diameter drill core samples at G&T Metallurgical Laboratory in Kamloops, BC. Processing of these samples is currently underway to i) ascertain the potential for gold grade enhancement by utilizing larger samples from the larger diameter HQ drill core compared to smaller samples from NQ drill core and, ii) further refinement of metallurgical recoveries (the Company has previously disclosed that grinding and flotation of the mineralized material recovers 88% to 90% gold).
There will also be ongoing exploration of Thunder Ridge which is located approximately 100km south of Spanish Mountain.
Financing
The Company closed a non-brokered private placement on December 30, 2009, pursuant to which it issued 6,100,000 “flow-through” common share units (”FT Units”) at a price of $0.33 per FT Unit for gross proceeds of $2,013,000. Each FT Unit consisted of one common share issued on a flow-through basis and one share purchase warrant (a “Warrant”) of the Company. Each Warrant entitles the holder to purchase one (non-flow-through) common share for a period of three years at a price of $0.33 per share. The Company intends to use the proceeds to fund programs on the Company’s Spanish Mountain Gold Project and Thunder Ridge properties. A cash finders’ fee of 6% was paid to Wellington West Capital Markets Inc. All of the securities issued in connection with the private placement are subject to four month hold periods. The private placement is subject to the final acceptance of the TSX Venture Exchange.
Gold Fields Drilling at Woodjam North, British Columbia
Posted by admin in Corporate Updates, News Releases on November 18th, 2009
Cariboo Rose Resources Ltd. and Fjordland Exploration Inc., Woodjam Joint Venture 40%/60% partners, are pleased to report that Gold Fields Horsefly Exploration Corporation (a member of the Gold Fields Limited group of companies (NYSE: GFI)) commenced drilling on October 10th on the Woodjam North gold-copper property, located 45 kilometres east of Williams Lake in central British Columbia.
To date, approximately 3,300 metres of drilling has been completed on the Takom Zone, following up a 2008 intersection grading 0.34% copper and 0.6 g/t gold over 72 metres, as well as a small portion of the much larger 3-kilometre wide induced polarization anomaly. The planned 6,000-metre diamond drilling program is designed to initially test the extent and depth potential of the existing Takom and Deerhorn gold-copper occurrences. Additional drilling will be designed to test IP, magnetic and geochemical anomalies identified from new data generated from the 2009 surveys.
As of mid-November, Gold Fields has completed the following additional exploration:
- Geological mapping over all areas covered by soil and induced polarization (IP) surveys;
- Approximately 85 line-kilometres of line-cutting and an induced polarization survey, at 100 metre line-spacing, over the Corner Lake grid, which extends northwards from the Megabuck and Deerhorn Zones;
- Approximately 90% of a planned 5,000 line-kilometre airborne magnetic-radiometric survey, on lines spaced 100 metres apart;
- 500 gravity stations on a nominal 250 metre spacing with local more detailed 100 metre nominal spacing over the Takom area;
- Soil sampling survey consisting of 4,250 samples collected over the Takom-Corner Lake grid;
Gold Fields has an option to earn up to a 70% interest in the property by spending $19 million in exploration over the next 7 years (see July 30, 2009 News Release for details). Gold Fields has budgeted approximately $3 million for the first-year work program of the option agreement on the 40,750-hectare property.
About Gold Fields Limited
Gold Fields is one of the world’s largest unhedged producers of gold with attributable production of 3.6 million ounces* per annum from nine operating mines in South Africa, Ghana, Australia and Peru. Gold Fields also has an extensive growth pipeline with both greenfields and near mine exploration projects at various stages of development. Gold Fields has total attributable Mineral Reserves of 81 million ounces and Mineral Resources of 271 million ounces.
*Based on the annualized run rate for the first quarter of F2010.
About Cariboo Rose Resources Limited
Cariboo Rose Resources Limited is a Canadian public resource company that trades on the TSX – Venture exchange under the symbol CRB. Cariboo Rose has six gold, copper and molybdenum exploration projects in Western Canada. Cariboo Rose Resources Ltd. (40%) and Fjordland Exploration Inc. (60%) comprise the Woodjam Joint Venture. Gold Fields Horsefly Exploration Corporation, a member of the Gold Fields Limited group of companies, may earn up to a 70% interest in the 40,750-hectare Woodjam North gold-copper property by spending $19 million on exploration over 7 years; a $3 million exploration program is currently in progress. The Woodjam Joint Venture also owns the Woodjam South property which adjoins the Woodjam North property. For more information please visit the Company’s website at www.cariboorose.com.
Three New Zones of Pyrite Gold Mineralization Discovered at Bonanza Ledge – New Drill Program Begins
Posted by admin in Corporate Updates, News Releases on November 16th, 2009
International Wayside Gold Mines announced today that it has identified three new zones of replacement style gold mineralization at its Bonanza Ledge gold project and that a new drill program has been initiated. A full drill program is currently being planned to incorporate recent results to delineate the new zones.
Diamond drill hole BC09-14B, part of the 18 hole in-fill program at Bonanza Ledge, hit 20.0 feet of 1.28 g/t replacement style gold mineralization between 471.0 feet and 491.0 feet below surface and underneath the proposed open pit at Bonanza Ledge (summary in table below).
Hole MW09-01 hit two zones of Bonanza Ledge style pyrite replacement mineralization approximately 290 meters southwest from the center of the proposed gold mine in a rock sequence referred to as the Lowhee Unit. The two replacement zones included 1.3 meters (4.4 feet) of 1.86 g/T (0.054 oz/t) gold between 17.6 and 22 feet below surface, and 0.5 meters (1.5 feet) of 2.58 g/T (0.075 oz/t) gold between 90.8 and 92.3 feet below surface (summary in table below). MW09-01 was one of eight water monitoring holes drilled in preparation to open pit mine the Bonanza Ledge gold deposit.
Company President and CEO J. Frank Callaghan stated, “Management and our exploration team are very encouraged with the recent drill results. Hole BC09-12 was our best drill hole to date having an intercept 100 feet longer than any other previous drill hole and the best grades to date. Furthermore, the Company has discovered Bonanza Ledge style mineralization at depth and below the proposed Bonanza Ledge open pit mine, as reported in both BC09-14B and BC09-16. Both of these holes intersected gold mineralization 200 — 300 feet below the original resource depth of approximately 250 feet, opening the exploration potential at depth substantially. On October 7 the Company announced the discovery of Bonanza Ledge style mineralization 2200 meters northwest of the Bonanza Ledge Zone on Cow Mountain and the Company has now discovered the same type of mineralization 290 meters southwest of the proposed Bonanza Ledge open pit mine. An extensive exploration program is currently in planning for the purpose of further extending and defining these new zones.”
The recently completed infill diamond drill program in the Bonanza Ledge Zone will upgrade its existing NI43-101 resource from an inferred to indicated category. Company consultants Mintec Inc. is currently upgrading the resource based on these results.
Happy Creek Expands Zone 2 in 2009 Highland Valley Drill Program
Posted by admin in Corporate Updates, Drill Results, News Releases on November 13th, 2009
Happy Creek Minerals announces the completion of its 2009 drill program on its Rateria property that adjoins Teck Resources Ltd.’s Highland Valley copper mine property and is approximately ten kilometres southeast of the concentrator, in south central British Columbia. The Highland Valley Copper mine is North America’s third largest copper producer.
The 2009 diamond drilling program totaled approximately 2,000 metres in nine holes. The objectives of the program were to test for mineralization in a five kilometre long and 500 metre to one kilometre wide portion of the property in which Zone 2 occurs at the northern end, and test the new “High-Res” target located to the east of Zone 2. Drill core assay results are pending for the drill program.
Three drill holes in Zone 2 have expanded its length from 200 to over 450 metres. Copper minerals are dominantly bornite and chalcocite (copper sulphides). During 2008, the first drilling in Zone 2 returned two higher grade intervals including 27.0 metres containing 1.05 percent copper, 0.02 percent molybdenum, 5.0 g/t (grams per tonne) silver and 0.24 g/t gold, and 17.5 metres containing 1.12 percent copper, 0.01percent molybdenum, 5.46 g/t silver and 0.02 g/t gold. These intervals occur within a mineralized envelope containing 177.0 metres grading 0.37 percent copper and 103 metres grading 0.33 percent copper, respectively. Currently, Highland Valley Copper is profitably mining an average grade of 0.32% copper (SEDAR: TCK third quarter MD&A). Zone 2 remains undefined and open to expansion in several directions. Geophysical and geological information strongly suggests Zone 2 may be over one kilometre in length, with a 500 metre portion that is untested by drilling. Importantly, Zone 2 contains elevated molybdenum, gold and silver credits that occur with the copper values.
Further to the southwest of Zone 2, four widely spaced reconnaissance holes within a three kilometre portion of a large geological corridor contain favorable degrees of fracturing and alteration with minor concentrations of bornite, chalcocite and chalcopyrite copper minerals. During 2008, two drill holes within this corridor returned 114.0 metres grading 0.09% copper and 334 metres grading 0.07% copper, respectively. The 2008 and 2009 drill holes are thought to reflect excellent potential for copper deposits to occur within this corridor and large areas remain untested by drilling.
One drill hole tested the new “High-Res” target approximately two kilometres to the east of Zone 2. Drill core contains bornite and chalcopyrite near the top of the hole, and starting around 75 metres depth, reasonably consistent trace concentration of very fine grained native copper to 200 metres depth and the end of the hole. The High-Res target is overall approximately 1.2 kilometres by 1.6 kilometres in dimension, and the Company considers this first drill hole as positive and reflecting potential for significant copper mineralization in a different geological setting than Zone 2.
Previous drilling results from Zone 1 include 100.0 metres grading 0.29 percent copper, 84.0 metres of 0.30 percent copper, and 10.4 metres grading 1.55 percent copper. Several holes ended in copper mineralization, and this zone also remains undefined and open in extent.
Happy Creek has assembled a 100 percent interest in over 140 square kilometres of mineral claims that are close to North America’s third largest copper producer. The property is largely covered by glacial till from approximately three to over thirty metres in thickness, and the most effective exploration method has been to perform geophysical surveys followed by drilling. Happy Creek has discovered by drilling two new zones containing significant copper and associated molybdenum, silver and gold values that remain open in extent, and identified several other prospective targets. Complete results for the 2009 drill program are expected within six to eight weeks. The Rateria property is now fully permitted for up to 26 drill holes during 2010, and further drilling is planned.
The Company also wishes to announce it has engaged Strike Communications Inc., a Vancouver based investor relations firm. The Company has also granted a total of 650,000 options exercisable at a price of $0.12 per share for a period of five years to directors, officers, employees and consultants to the Company.
Taseko Announces Third Quarter Financial Results
Posted by admin in Financials, News Releases on November 12th, 2009
Taseko Mines announces the results for the three and nine months ended September 30, 2009. This release should be read with the Company’s Financial Statements and Management Discussion & Analysis, available at www.tasekomines.com and filed on www.sedar.com. Currency is Canadian dollars unless otherwise indicated.
For the quarter ended September 30, 2009, the Company reports an operating profit of $9.4 million and earnings before tax and other items of $4.7 million, compared to an operating profit of $5.2 million and a loss before tax and other items of $1.8 million for the three months ended September 30, 2008. Other items include unrealized (non cash) loss attributable to derivative instruments. For nine months ended September 30, 2009, the operating profit was $32.7 million and earnings before tax and other items were $24.0 million, compared to an operating profit of $49.3 million and earnings before tax and other items of $29.9 million for the nine months ended September 30, 2008.
Revenue was $40.1 million from the sale of 12.7 million pounds of copper and 149,000 pounds of molybdenum at an average realized price of US$2.65 per pound for copper and US$12.37 per pound for molybdenum.
Russell Hallbauer, President and CEO of Taseko commented, “Taseko ended the third quarter in excellent financial shape, with over $40 million in cash on hand. The US$20 million added to our debt facility, which was funded in September, will provide the required cash to complete Gibraltar expansion plans.
The newly installed tower regrind mill is being integrated into the concentrator circuit and the Gibraltar operations team is making steady progress on its optimization. Construction continues on the remaining projects which will increase Gibraltar production capacity to 115 million pounds of copper per year. We expect to increase the ore crushing capacity by mid-2010 with the completion of the new in-pit crusher and overland conveyor system. To better optimize the Semi-Autogenous Grinding (”SAG”) mill performance, design is underway to bypass the current stockpile feed system, eliminating the expensive secondary crushing system. We expect to start construction in the spring of 2010.”
Mr Hallbauer continued, “In regards to the Prosperity project, the reserve increase just announced1 affirms the inherent value and importance of the project to all Taseko stakeholders. With 7.7 million ounces of recoverable gold and 3.6 billion pounds of recoverable copper, Prosperity has the largest gold reserve of any mining project in Canada and will be one of the largest mines built in the last decade.
The Environmental Review of our Prosperity Project is very close to completion. We remain extremely confident that the Environmental Assessment Office will not find any obvious encumbrances with the project and that the Provincial government will make their decision early in 2010. The Federal government review process also continues and the Panel will hold public hearings as early as mid-January. Following conclusion of the hearings, the Panel has 45 days to submit their findings to the Federal Minister of Environment for a decision.”
Fjordland Extends Warrants
Posted by admin in Corporate Updates, News Releases on November 10th, 2009
Fjordland Exploration announces that, subject to the approval of the TSX Venture Exchange, the Company proposes to extend Warrants previously expiring on November 27, 2009 to expire on November 27, 2011.
Wayside’s Trench Sampling Returns 30 Feet of 26.8 g/T Gold in Trench 1 and 9 Feet of 97.4 g/T Gold in Trench 2
Posted by admin in Field Work, News Releases on November 9th, 2009
International Wayside Gold Mines announced today that the database of results from both the 2009 infill drill program and 148 channel samples from three trenches on the surface of the Bonanza Ledge gold deposit were sent to Mintec Inc., an independent consulting company contracted to upgrade the resource at the Bonanza Ledge deposit.
The Company sampled three trenches, which totalled 55 meters (180 feet) long, to provide metallurgical and ore zone data for oxidized mineralization at bedrock. The trenches ranged from 5.5 to 11.3 metres (18 to 37 feet) wide at the toe and were from 4.6 to 6.1 metres (15 to 20 feet) deep.
The trenching was highly successful in defining the top of portions of the gold deposit, and in showing that the high grades encountered in the drilling, continue to the top of bedrock. The following summarizes the results, while detailed descriptions are found in Table 1.
- Trench 1 – Northeast side of the proposed Bonanza Ledge open pit mine
- 9 ft @ 11.0 g/T in channel closest to collapse
- 3 ft @ 23.8 g/T in channel 10 feet east of the first channel
Most of trench one was completed north of the main mineralization trend. In its southern extension, strongly sericite altered argillite carried good gold grades.
- Trench 1-South – East and southeast of the center of the proposed open pit
- 30 ft @ 26.8 g/T in channel closest to the proposed open pit
- 15 ft @ 18.3 g/T in channel 10 feet east of the first channel
- Trench 2 – Southwest of the proposed open pit
- 9 ft @ 97.4 g/T in channel closest to proposed open pit
- 15 ft @ 26.7 g/T in channel 10 feet to the west of the first channel
- 6 ft @ 19.6 g/T in channel 20 feet to the west of the first channel
- 9 ft @ 7.1 g/T also in the channel 20 feet to the west of the first channel
The second trench exposed the strongly graphitic Footwall Fault and vein near its southern end. Immediately north of this fault, the argillite is bleached white, shows extreme sericite alteration, and returned very strong gold grades, up to 146 g/T.
- Trench 3- Centered approximately 45.7 meters (150 feet) east of the proposed open pit
- 6 ft @ 11.3 g/T in channel just west of the center of the trench
- Several scattered samples between 1 g/T and 5 g/T
The third trench exposes an area of transition, from weak gold mineralization to the immediate west, and strong gold bearing mineralization to the east. Near the middle of the trench, a northerly trending zone of quartz was encountered, suggesting that a northerly fault is controlling the mineralization. There was also a graphitic quartz vein in the southwest corner of the trench, which might be an offset extension of the Footwall Fault.
The contact between the overburden toe and the bedrock was surveyed with a theodolite, as was the crest, which provided elevation data for the bedrock surface and overburden thickness. The channel sample lines were 3.0 metres (10 feet) apart, with samples collected every 0.9 metres (3 feet) along the lines. Since metallurgical tests were anticipated, sample volumes averaged one half of a five gallon bucket. Concurrent with the sampling, the geology of the bedrock surface was mapped.
A total of 148 samples were collected from the trenches and sent to Eco Tech Laboratory Ltd., in Kamloops, B. C., for 28-element ICP geochemistry, plus gold by fire assay with atomic absorption finish.
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