WYG drills 84.4 m of 16.5 g/t AuShares outstanding: just 28.000.000.
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Int'l Wayside drills 84.4 m of 16.5 g/t Au at Bonanza
2009-10-07 03:48 ET - News Release
Mr. Frank Callaghan reports
WAYSIDE DRILLS 84.4M (277.0 FEET) OF 16.5 G/T (0.481 OZ/T) GOLD INCLUDING 37.5M (123.1 FEET) OF 36.1 G/T (1.052 OZ/T) GOLD
InternationalWayside Gold Mines Ltd. has received more results from its infilldiamond drill program in the Bonanza Ledge zone on Barkerville Mountain.
Theproposed 17-hole infill diamond drill program in the Bonanza Ledge zonewill upgrade its existing National Instrument 43-101 resource from aninferred to indicated category. To date, 16 of 17 drill holes have beencompleted. BC09-01 through BC09-05, BC09-07 through BC09-09 (please seeSept. 17 and Oct. 5, 2009, news in Stockwatch), BC09-11 and BC09-12have returned promising intercepts containing gold mineralization.
Drillhole BC09-12 intercepted gold mineralization from 3.048 metres (10 feetbelow surface) to 87.48 metres (287 feet below surface):
- 84.4 metres (277.0 feet) of 16.5 grams per tonne (g/t) (0.481 ounce per ton) gold;
- Including 37.5 metres (123.1 feet) of 36.1 g/t (1.052 ounces per ton) gold.
Results from the remaining holes in the infill program are forthcoming.
Cow Mountain drill program
Drillholes CM09-01 through CM09-03 were completed beside the Lowhee Creek onCow Mountain and confirm the 2.2-kilometre mine grid west extension ofthe BC vein and Bonanza Ledge-style mineralization.
Drill holeCM09-03, drilled approximately 2.2 kilometres northwest of centre ofthe proposed Bonanza Ledge open-pit mine, intercepted a fine-grainedpyrite replacement body in a fault zone (Lowhee fault or related),which contains up to 60-per-cent fine-grained pyrite and returned up to22.7 g/t gold (see Oct. 5, 2009, news in Stockwatch). Initialinterpretation suggests the company has discovered the northwest trendalong strike of Bonanza Ledge-style replacement mineralization, beingsimilarly hosted in clastic rocks in the same mine trend. More drillholes are needed to have a better understanding of the pyritereplacement body locally, which could assist Wayside in its futureexploration programs to identify similar zones along the approximately60-kilometre mine trend on the company's property.
President andchief executive officer J. Frank Callaghan notes: "The assays resultsreturned from drill hole BC09-12 are the best the company has seen atthe Cariboo gold project to date. Discovering Bonanza Ledge-stylemineralization 2.2 kilometres northwest of the proposed Bonanza Ledgeopen-pit mine is the most significant event since the initial BonanzaLedge discovery in the spring of 2000 and marks a major step inoutlining the Bonanza Ledge trend. Wayside will endeavour to expand itsunderstanding and resources along this trend through upcomingexploration programs."
The results also verify that strike quartzveins including BC vein extend 2.2 kilometres onto Cow Mountain fromBarkerville Mountain, though more drilling needs to be conducted toconfirm the total length and depth along strike. Gold values returnedfrom the strike vein are up to 20.5 g/t (see Sept. 17, 2009, news inStockwatch).
The company has also entered into a letter of intentwith 0373849 B.C. Ltd. (formerly Cross Lake Minerals Ltd.), pursuant towhich Wayside will purchase a subsidiary of Cross Lake holding all ofCross Lake's interest in the QR mine and mill (the sale transaction).Concurrently with the completion of the sale transaction, Wayside willenter into a spin-off transaction to transfer all of its properties,including the QR mine and mill, Cariboo gold project, and its assets,liabilities and obligations, to Barkerville Gold Mines Ltd., a whollyowned subsidiary of Wayside, in exchange for shares of Barkerville andwill then distribute the Barkerville shares to the shareholders ofWayside on the basis of one Barkerville share for each share ofWayside. The sale transaction and spin-off transaction will bestructured as a plan of arrangement, involving Wayside, itssecurityholders, Cross Lake and Barkerville, pursuant to the provisionsof the British Columbia Business Corporations Act. The final terms ofthe transactions will be modified to the extent necessary to giveeffect to tax and legal advice to be sought by the parties.
Barkervillewill make an application to list its shares on the TSX VentureExchange. This transaction is subject to meeting the usual listingrequirements of the TSX-V, which will include having the necessaryfunds to meet the obligations of operating the QR mine and mill,conduct recommended work programs on its Cariboo gold explorationprojects, satisfy the necessary general and administrative expenses,and having unallocated working capital. Completion under the plan ofarrangement will also be subject to obtaining the necessaryshareholder, regulatory and court approvals.
The technicalinformation in this news release has been reviewed and approved bychief geologist Jim Yin, PhD, PGeo, a qualified person as defined inNational Instrument 43-101. The gold values presented have been derivedfrom assay data received from Eco Tech Laboratory Ltd. in Kamloops,B.C., using fire assay with an AA (atomic-absorption) finish.
SIGNIFICANT ASSAYS OF BC09-12
No. Drill hole From To Width Gold
(feet) (feet) (g/t) (oz/t)
10.0 287.0 277.0 16.5 0.481
including
27.0 37.0 10.0 1.12 0.033
61.9 67.0 5.1 1.53 0.045
81.6 83.3 1.7 10.3 0.299
108.6 111.7 3.1 7.20 0.210
118.7 123.1 4.4 64.5 1.881
123.1 127.0 3.9 11.2 0.327
127.0 130.5 3.5 28.3 0.825
130.5 135.5 5.0 4.30 0.125
135.5 138.8 3.3 4.20 0.122
142.1 147.0 4.9 29.5 0.860
147.0 153.2 6.2 46.0 1.341
153.2 158.4 5.2 17.9 0.522
158.4 167.0 8.6 47.5 1.385
167.0 172.0 5.0 51.5 1.502
1 BC09-12 172.0 177.0 5.0 170 4.958
177.0 179.9 2.9 92.0 2.683
179.9 187.0 7.1 127 3.704
187.0 190.8 3.8 10.3 0.300
190.8 197.0 6.2 2.04 0.059
197.0 201.9 4.9 27.1 0.790
201.9 203.2 1.3 34.5 1.006
203.2 207.0 3.8 18.7 0.545
207.0 212.4 5.4 19.6 0.572
212.4 217.0 4.6 25.2 0.735
217.0 222.0 5.0 21.5 0.627
222.0 227.0 5.0 15.0 0.437
227.0 231.7 4.7 7.90 0.230
231.7 237.0 5.3 5.10 0.149
237.0 240.4 3.4 2.70 0.079
240.4 244.1 3.7 4.30 0.125
244.1 247.0 2.9 1.77 0.052
252.0 257.5 5.5 1.22 0.036