full articleNWM Mining Corporation TSXV:NWMannounced assays from the Campamento Zone of its La Jojoba Property inMexico. Results include 11.15 g/t gold over 3 metres, 5.24 g/t over 3metres, 1.64 g/t over 3.4 metres, 3.69 g/t over 3 metres, 1.27 g/t over3.4 metres, 4.42 g/t over 3 metres and 3.07 g/t over 3 metres.
President/CEO Chris Berlet tells ResourceClips.com, “There’s a reserveat La Jojoba in the Northeast Zone and it’s 200,000 ounces of gold inproven and probable reserves. Jojoba is 300 metres long and 150 metreswide. This zone, Campamento, which we’ve now hit—which is only about 300metres south of Jojoba—has got very high gold numbers, and we’ve got alot more drill data and news coming very steadily in the next week. Itis 1,500 metres long and 900 metres wide, with anomalous gold-copper intwo enzyme leach studies and in all the structural stuff. So that’s thesize of this anomaly. Our target here, now, having hit gold with someexceptionally good results as we drill this out in the next three to sixmonths, is a million ounces of reserve potential. So the property goesfrom 200,000 ounces right now to potentially 1 million to 1.5 millionounces. So we’re looking at five times the valuation in metal content.
“We’re extremely pleased with today’s results, and we’ve got some morecoming,” Berlet continues. “This is the most exciting thing for thecompany. This property really hasn’t been worked since the 1990s, and itshould be looked at with fresh eyes. We’re right between two companiesfor which there’s a bidding war going on right now, Capital Gold andTimmins. Capital Gold has a 1.5-million-ounce reserve; their market capis $400 million. With this zone, we’ve got the potential to be at 1.5million ounces within 4 or 5 months; our market cap is $60 million.
“The plans this year are to increase production and drill non-stop onthis—probably accelerate drilling—and recalculate reserves in November.We’re pouring first gold here in April—173 ounces, and it’ll increasesteadily until we’re at 1,500 ounces per month by December of this year.Up to 1,700 per month next year. Ultimately up to 3,500 per month.
“My overall assessment is that the company is going to be acquired.There’s going to be a lot of strategic interest in it from larger miningcompanies around us in Mexico. What is required to get them going? Thenews today is the kind of thing that can be a major catalyst for that.If we do have 1.5 million ounces, the bidding will start soon,” Berletconcludes. “Why pay six times us when we could have the same reservepotential in gold here?”
Source:
https://resourceclips.com/2011/03/31/nwm-reports-mexico-gold-assays-as-high-as-11-15-gt-over-3m/