The Company has achieved both of its primary objectives for its winter drilling program despite unseasonably warm conditions creating a late winter freeze-up and an early spring break-up. The first objective was to delineate previously identified deposits with an aim of incorporating the results into a resource report in compliance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The second was to explore and test several new geophysical anomalies identified from interpretations of both the 2010 and 2011 airborne surveys. All reported intercepts have been reported in true thickness.
Black Diamond Property, MB
Successful delineation drilling has been completed on the Discovery, Cyclops, Calypso and Athena (see table 1 & figure 1) deposits at Black Diamond for incorporation into an NI 43-101 report. This winter, the Company completed 13 new holes on the Black Diamond property for a total of 1,604 metres. The Company was able to conduct exploratory drilling on two new targets, one of which (Luna) returned an intercept of 61.3 metres of composite coal (see table 1 & figure 3). Only the centre of a gravity anomaly was drilled at Luna, leaving the deposit open for future delineation in every direction.
FNR JV Property, MB
Delineation drilling on the Quasar and Quasar Satellite deposits (see table 2 & figure 2) was carried out for incorporation into an NI 43-101 report. The Company was able to complete 7 new holes on the FNR JV property for a total of 643 metres of drilling. Preliminary exploratory drilling of a new target (Vesta) yielded an intercept of 10.5 metres of composite coal (see table 1 figure 3). The Vesta target exhibits a large geophysical signature that requires further exploratory drilling to determine the boundaries of this potential deposit.
Hudson Bay North, SK
Aided by Westcore's successful exploratory drilling in Manitoba on the Luna and Vesta targets, the Company will continue to analyze potential drill targets on the Hudson Bay North property. Westcore has received approval from the Government of Saskatchewan to carry out a 20 hole drill program within the next twelve months.
Paul Conroy, President and CEO of Westcore states, "We are pleased to have met all our objectives this season despite some of the most challenging weather experienced in recent years. Thanks to carefully planned delineation drilling we anticipate having an NI 43-101 resource calculation done in the second quarter of 2012. In addition, the knowledge gained from our exploratory drilling will help us shape future drilling programs that we are contemplating to launch in the near future."
Peter Graham, Professional Geologist and Qualified Person for this news release, has reviewed and approved its contents.
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Table 1: 2012 Black Diamond Property Coal Intercepts ----------------------------------------------------------------------------Hole & Deposit Description From (i) To (i) Width----------------------------------------------------------------------------Athena AT-12-D Coal 7.00 7.80 0.80 ------------------------------------------------------- Coal + Minor silt 31.40 34.90 3.50 ------------------------------------------------------- Total (Composite) 4.30----------------------------------------------------------------------------Luna L-12-A Coal + Minor Silt 64.00 71.70 7.70 ------------------------------------------------------- Coal + Minor Silt 74.50 103.80 29.30 ------------------------------------------------------- Coal + Minor Silt 115.70 140.00 24.30 ------------------------------------------------------- Total (Composite) 61.30----------------------------------------------------------------------------Discovery D-12-A Coal + Minor Silt 53.6 54.2 0.6 ------------------------------------------------------- Coal + Minor Silt 56.8 61.3 4.5 ------------------------------------------------------- Coal + Minor Silt 63.1 66.6 3.5 ------------------------------------------------------- Coal + Minor Silt 70.3 96.3 26.0 ------------------------------------------------------- Coal 102.7 122.0 19.3 ------------------------------------------------------- Silty Coal 124.4 124.8 0.4 ------------------------------------------------------- Silty Coal 127.4 130.3 2.9 ------------------------------------------------------- Coal 132.1 140.1 8.0 ------------------------------------------------------- Silty Coal 140.1 145.3 5.2 ------------------------------------------------------- Coal 145.3 146.2 0.9 ------------------------------------------------------- Total (Composite) 71.3----------------------------------------------------------------------------Discovery D-12-B Silty Coal 35.7 36.8 1.1 ------------------------------------------------------- Coal 36.8 38.2 1.4 ------------------------------------------------------- Coal + Minor Silt 39.1 43.2 4.1 ------------------------------------------------------- Coal 43.7 44.0 0.3 ------------------------------------------------------- Silty Coal 44.0 44.8 0.8 ------------------------------------------------------- Coal 44.8 45.3 0.5 ------------------------------------------------------- Silty Coal 45.3 46.3 1.0 ------------------------------------------------------- Coal + Minor Silt 46.3 48.0 1.7 ------------------------------------------------------- Silty Coal 48.7 49.3 0.6 ------------------------------------------------------- Silty Coal 52.8 53.9 1.1 ------------------------------------------------------- Silty Coal 54.5 54.8 0.3 ------------------------------------------------------- Total (Composite) 12.9----------------------------------------------------------------------------Discovery D-12-C Coal 42.8 43.6 0.8 ------------------------------------------------------- Coal 44.3 84.7 40.4 ------------------------------------------------------- Coal + Minor Silt 90.8 102.2 11.4 ------------------------------------------------------- Silty Coal 104.8 105.3 0.5 ------------------------------------------------------- Silty Coal 114.1 121.0 6.9 ------------------------------------------------------- Coal 121.0 127.1 6.1 ------------------------------------------------------- Silty Coal 127.7 140.8 13.1 ------------------------------------------------------- Coal 140.8 149.6 8.8 ------------------------------------------------------- Silty Coal 150.4 151.6 1.2 ------------------------------------------------------- Coal + Minor Silt 152.4 160.4 8.0 ------------------------------------------------------- Total (Composite) 97.2----------------------------------------------------------------------------Cyclops CY-12-A Coal + Minor Silt 71.20 72.30 1.10 ------------------------------------------------------- Coal 73.40 88.30 14.90 ------------------------------------------------------- Silty Coal 89.00 90.00 1.00 ------------------------------------------------------- Coal 90.60 91.70 1.10 ------------------------------------------------------- Coal 92.60 96.20 3.60 ------------------------------------------------------- Coal 96.70 145.80 49.10 ------------------------------------------------------- Total (Composite) 70.80----------------------------------------------------------------------------Cyclops CY-12-B Coal + Minor Silt 34.40 37.80 3.40 ------------------------------------------------------- Coal + Minor Silt 43.70 50.60 6.90 ------------------------------------------------------- Coal + Minor Silt 53.00 55.70 2.70 ------------------------------------------------------- Total (Composite) 13.00----------------------------------------------------------------------------Cyclops CY-12-C Coal 35.10 36.00 0.90 ------------------------------------------------------- Silty Coal 36.30 37.90 1.60 ------------------------------------------------------- Coal + Minor Silt 40.30 52.10 11.80 ------------------------------------------------------- Silty Coal + Minor Coal 58.60 63.30 4.70 ------------------------------------------------------- Coal 65.10 72.30 7.20 ------------------------------------------------------- Coal + Minor Silt 76.60 77.40 0.80 ------------------------------------------------------- Total (Composite) 27.00----------------------------------------------------------------------------Calypso CP-12-A Coal + Minor Silt 75.20 75.50 0.30 ------------------------------------------------------- Coal 75.50 98.30 22.80 ------------------------------------------------------- Coal 99.70 133.80 34.10 ------------------------------------------------------- Coal + Minor Silt 133.80 135.50 1.70 ------------------------------------------------------- Coal + Minor Silt 136.70 137.30 0.60 ------------------------------------------------------- Coal 137.60 151.70 14.10 ------------------------------------------------------- Total (Composite) 73.60----------------------------------------------------------------------------Calypso CP-12-B Coal 75.30 94.20 18.90 ------------------------------------------------------- Coal + Minor Silt 95.30 95.60 0.30 ------------------------------------------------------- Coal 95.60 97.90 2.30 ------------------------------------------------------- Coal + Minor Silt 97.90 108.60 10.70 ------------------------------------------------------- Coal + Minor Silt 109.50 109.90 0.40 ------------------------------------------------------- Coal + Minor Silt 110.70 111.60 0.90 ------------------------------------------------------- Coal + Minor Silt 112.20 113.70 1.50 ------------------------------------------------------- Total (Composite) 35.00----------------------------------------------------------------------------Calypso CP-12-C Coal 65.00 86.30 21.30 ------------------------------------------------------- Coal 87.20 91.80 4.60 ------------------------------------------------------- Coal + Minor Silt 91.80 93.50 1.70 ------------------------------------------------------- Coal 93.50 97.80 4.30 ------------------------------------------------------- Coal 98.30 100.50 2.20 ------------------------------------------------------- Coal + Minor Silt 100.50 101.70 1.20 ------------------------------------------------------- Coal 101.70 102.80 1.10 ------------------------------------------------------- Coal + Minor Silt 104.30 108.20 3.90 ------------------------------------------------------- Coal 108.20 110.20 2.00 ------------------------------------------------------- Total (Composite) 42.30----------------------------------------------------------------------------Calypso CP-12-D Coal 80.20 83.80 3.60 ------------------------------------------------------- Coal + Minor Silt 83.80 84.10 0.30 ------------------------------------------------------- Coal 84.10 99.30 15.20 ------------------------------------------------------- Coal + Minor Silt 99.30 99.80 0.50 ------------------------------------------------------- Coal 106.70 107.40 0.70 ------------------------------------------------------- Coal + Minor Silt 107.40 110.20 2.80 ------------------------------------------------------- Total (Composite) 23.10----------------------------------------------------------------------------
(i) = Depths determined by interpretation of down-hole elog density of 1.6 g/cc or less
(ii) = Luna depth determined by interpretation of down-hole neutron/gamma elog & cuttings
Table 2: 2012 FNR JV Property Coal Intercepts ----------------------------------------------------------------------------Hole & Deposit Description From (i) To (i) Width----------------------------------------------------------------------------Quasar Satellite QS- 12-A Silty Coal 32.30 32.60 0.30 ------------------------------------------------------- Silty Coal 32.90 33.80 0.90 ------------------------------------------------------- Silty Coal 35.50 36.60 1.10 ------------------------------------------------------- Coal + Minor Silt 36.90 37.50 0.60 ------------------------------------------------------- Coal + Minor Silt 39.30 44.00 4.70 ------------------------------------------------------- Silty Coal 44.20 47.00 2.80 ------------------------------------------------------- Coal 47.00 55.40 8.40 ------------------------------------------------------- Coal + Minor Silt 56.00 82.50 26.50 ------------------------------------------------------- Coal + Minor Silt 84.30 88.20 3.90 ------------------------------------------------------- Total (Composite) 49.20----------------------------------------------------------------------------Quasar Q-12-B Silty Coal 32.80 33.30 0.50 ------------------------------------------------------- Coal + Minor Silt 43.60 45.20 1.60 ------------------------------------------------------- Coal 62.70 63.10 0.40 ------------------------------------------------------- Coal 64.00 67.60 3.60 ------------------------------------------------------- Coal 70.40 92.20 21.80 ------------------------------------------------------- Total (Composite) 27.90----------------------------------------------------------------------------Quasar Q-12-D Silty Coal 39.50 40.00 0.50 ------------------------------------------------------- Coal + Minor Silt 59.10 61.30 2.20 ------------------------------------------------------- Coal + Minor Silt 65.40 71.10 5.70 ------------------------------------------------------- Coal 71.60 97.10 25.50 ------------------------------------------------------- Total (Composite) 33.90----------------------------------------------------------------------------Quasar Q-12-I Coal 42.60 43.90 1.30 ------------------------------------------------------- Coal + Minor Silt 43.90 44.80 0.90 ------------------------------------------------------- Coal 50.80 52.70 1.90 ------------------------------------------------------- Coal + Minor Silt 52.70 53.10 0.40 ------------------------------------------------------- Coal + Minor Silt 56.40 57.50 1.10 ------------------------------------------------------- Coal 57.50 60.20 2.70 ------------------------------------------------------- Coal + Minor Silt 60.70 61.40 0.70 ------------------------------------------------------- Coal + Minor Silt 62.10 62.60 0.50 ------------------------------------------------------- Coal 62.60 63.80 1.20 ------------------------------------------------------- Coal 64.80 70.60 5.80 ------------------------------------------------------- Coal 71.90 83.70 11.80 ------------------------------------------------------- Total (Composite) 28.30----------------------------------------------------------------------------Vesta V-12-A Coal + Minor Silt 24.60 29.80 5.20 ------------------------------------------------------- Coal + Minor Silt 43.70 44.90 1.20 ------------------------------------------------------- Silty Coal + Minor Coal 46.50 47.90 1.40 ------------------------------------------------------- Silty Coal + Minor Coal 48.30 50.30 2.00 ------------------------------------------------------- Coal 75.40 76.10 0.70 ------------------------------------------------------- Total (Composite) 10.50----------------------------------------------------------------------------
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Contact:
Paul Conroy
Westcore Energy Ltd.
President and Chief Executive Officer
(306) 649-0600