WYG drills 37m of 36,1 g/t Au !!! Hot premarket NeShares outstanding: just 28.000.000.
Hot pre-market News!
With only 28.000.000 shares outstanding it will be hard to get shares under 1,50 can$ imo!
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
InternationalWaysideGold Mines Ltd. has received more results from its infilldiamond drillprogram in the Bonanza Ledge zone on Barkerville Mountain.
Theproposed17-hole infill diamond drill program in the Bonanza Ledge zonewillupgrade its existing National Instrument 43-101 resource fromaninferred to indicated category. To date, 16 of 17 drill holes havebeencompleted. BC09-01 through BC09-05, BC09-07 through BC09-09 (pleaseseeSept. 17 and Oct. 5, 2009, news in Stockwatch), BC09-11 andBC09-12have returned promising intercepts containing goldmineralization.
Drillhole BC09-12 intercepted gold mineralizationfrom 3.048 metres (10 feetbelow surface) to 87.48 metres (287 feetbelow 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
DrillholesCM09-01 through CM09-03 were completed beside the Lowhee Creek onCowMountain and confirm the 2.2-kilometre mine grid west extension oftheBC vein and Bonanza Ledge-style mineralization.
DrillholeCM09-03, drilled approximately 2.2 kilometres northwest of centreofthe proposed Bonanza Ledge open-pit mine, intercepted afine-grainedpyrite replacement body in a fault zone (Lowhee fault orrelated),which contains up to 60-per-cent fine-grained pyrite andreturned up to22.7 g/t gold (see Oct. 5, 2009, news in Stockwatch).Initialinterpretation suggests the company has discovered the northwesttrendalong strike of Bonanza Ledge-style replacement mineralization,beingsimilarly hosted in clastic rocks in the same mine trend. Moredrillholes are needed to have a better understanding of thepyritereplacement body locally, which could assist Wayside in itsfutureexploration programs to identify similar zones along theapproximately60-kilometre mine trend on the company's property.
Presidentandchief executive officer J. Frank Callaghan notes: "The assaysresultsreturned from drill hole BC09-12 are the best the company hasseen atthe Cariboo gold project to date. Discovering BonanzaLedge-stylemineralization 2.2 kilometres northwest of the proposedBonanza Ledgeopen-pit mine is the most significant event since theinitial BonanzaLedge discovery in the spring of 2000 and marks a majorstep inoutlining the Bonanza Ledge trend. Wayside will endeavour toexpand itsunderstanding and resources along this trend throughupcomingexploration programs."
The results also verify thatstrike quartzveins including BC vein extend 2.2 kilometres onto CowMountain fromBarkerville Mountain, though more drilling needs to beconducted toconfirm the total length and depth along strike. Goldvalues returnedfrom the strike vein are up to 20.5 g/t (see Sept. 17,2009, news inStockwatch).
The company has also entered into aletter of intentwith 0373849 B.C. Ltd. (formerly Cross Lake MineralsLtd.), pursuant towhich Wayside will purchase a subsidiary of CrossLake holding all ofCross Lake's interest in the QR mine and mill (thesale transaction).Concurrently with the completion of the saletransaction, Wayside willenter into a spin-off transaction to transferall of its properties,including the QR mine and mill, Cariboo goldproject, and its assets,liabilities and obligations, to BarkervilleGold Mines Ltd., a whollyowned subsidiary of Wayside, in exchange forshares of Barkerville andwill then distribute the Barkerville shares tothe shareholders ofWayside on the basis of one Barkerville share foreach share ofWayside. The sale transaction and spin-off transactionwill bestructured as a plan of arrangement, involving Wayside,itssecurityholders, Cross Lake and Barkerville, pursuant to theprovisionsof the British Columbia Business Corporations Act. The finalterms ofthe transactions will be modified to the extent necessary togiveeffect to tax and legal advice to be sought by the parties.
Barkervillewillmake an application to list its shares on the TSX VentureExchange. Thistransaction is subject to meeting the usual listingrequirements of theTSX-V, which will include having the necessaryfunds to meet theobligations of operating the QR mine and mill,conduct recommended workprograms on its Cariboo gold explorationprojects, satisfy the necessarygeneral and administrative expenses,and having unallocated workingcapital. Completion under the plan ofarrangement will also be subjectto obtaining the necessaryshareholder, regulatory and court approvals.
Thetechnicalinformation in this news release has been reviewed andapproved bychief geologist Jim Yin, PhD, PGeo, a qualified person asdefined inNational Instrument 43-101. The gold values presented havebeen derivedfrom assay data received from Eco Tech Laboratory Ltd. inKamloops,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