Wayside Drills 51.5m (170 Feet) of 7.17 g/t Gold Including 20.2m (66.4 Feet) of 14.6 g/t Gold
05 Oktober 2009 - 8:42AM
Marketwired Canada
International Wayside Gold Mines Ltd. ("Wayside", the "Company") (TSX
VENTURE:WYG)(FRANKFURT:IWUB) reports today that it has received more results
from its infill diamond drill program in the Bonanza Ledge Zone on Barkerville
Mountain and from one of the three diamond drill holes testing the mine grid
west extension of the BC Vein on Cow Mountain (Table 1).
The proposed 17 infill diamond drill program in the Bonanza Ledge Zone will
upgrade its existing NI 43-101 resource from an inferred to indicated category.
To date, 16 of 17 drill holes have been completed with BC09-01 through BC09-05,
BC09-07 (please see September 17, 2009 News Release) through BC09-09, and
BC09-11 returning promising intercepts containing gold mineralization.
- Drill hole BC09-08 intercepted:
- 18.3 meters (60.0 feet) of 1.15 g/T gold,
- including 0.43m (1.4 feet) of 21.8 g/T gold
- 24.4 meters (80.0 feet) of 1.14 g/T gold
- Drill hole BC09-09 intercepted:
- 24.4 meters (80.0 feet) of 5.39 g/T gold,
- including 0.85 meters (2.8 feet) of 102 g/T gold
- Drill hole BC09-11 intercepted:
- 51.5 meters (170.0 feet) of 7.17 g/T gold,
- including 20.2 meters (66.4 feet) of 14.6 g/T gold
Results from the remaining holes in the infill program are forthcoming.
Drill holes CM09-01 through CM09-03 were completed beside the Lowhee Creek on
Cow Mountain and confirm the mine grid west extension of the BC Vein. The
results verify that strike quartz veins including BC Vein exist on Cow Mountain,
though more drilling needs to be conducted to confirm the total length and depth
along strike. Gold values returned from the strike vein are up to 22.7 g/T (see
September 17, 2009 News Release).
Drill hole CM09-03 intercepted a fine-grained pyrite replacement body in a fault
zone, which contains up to 60% fine-grained pyrite and returns up to 22.7 g/T
gold (Table 1).
About International Wayside Gold Mines
International Wayside Gold Mines has been developing its 106,484 hectare Cariboo
Gold Project in Barkerville, B.C., which encompasses (from northwest to south
east) the former producing Hardscrabble Tungsten Mine, Mosquito Creek Gold Mine
(now on care and maintenance), Aurum Mine, Island Mountain Mine, Cariboo Gold
Quartz Mine, Bonanza Ledge (proposed mine), the Cariboo Thompson Gold & Silver
Mine and the Cariboo Hudson Mine.
The Company has also entered into a letter of intent with 0373849 B.C. Ltd.
(formerly Cross Lake Minerals Ltd.) ("Cross Lake") pursuant to which Wayside
will purchase a subsidiary of Cross Lake holding all of Cross Lake's interest in
the QR Mine and Mill (the "Sale Transaction"). Concurrently with the completion
of the Sale Transaction, Wayside will enter 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. ("Barkerville"), a wholly-owned subsidiary of Wayside, in exchange for
shares of Barkerville (the "Barkerville Shares") and will then distribute the
Barkerville Shares to the shareholders of Wayside on the basis of one
Barkerville Share for each share of Wayside. The Sale Transaction and Spin-Off
Transaction (together, the "Transactions") will be structured as a Plan of
Arrangement involving Wayside, its security holders, Cross Lake and Barkerville
pursuant to the provisions of the B.C. Business Corporations Act. The final
terms of the Transactions will be modified to the extent necessary to give
effect to tax and legal advice to be sought by the parties.
Barkerville will make an application to list its shares on the TSX Venture
Exchange (the "TSX.V"). This transaction is subject to meeting the usual listing
requirements of the TSX.V, which will include having the necessary funds to meet
the obligations of operating the QR Mine and Mill, conduct recommended work
programs on its Cariboo Gold exploration projects, satisfy the necessary general
and administrative expenses and having unallocated working capital.
Completion under the Plan of Arrangement will also be subject to obtaining the
necessary shareholder, regulatory and court approvals.
The technical information in this News Release has been reviewed and approved by
Chief Geologist Jim Yin, PhD, P.Geo, a qualified person as defined in National
Instrument 43-101.
Table 1. SIGNIFICANT ASSAYS
--------------------------------------------------------
From To Width Gold
------------------------------------------
# Drill Hole Feet Feet g/t oz/t
--------------------------------------------------------
--------------------------------------------------------
1 BC09-08 37.0 97.0 60.0 1.15 0.033
------------------------------------------
including
------------------------------------------
47.0 57.0 10.0 1.92 0.056
------------------------------------------
61.4 62.8 1.4 21.8 0.636
------------------------------------------
147.0 227.0 80.0 1.14 0.033
------------------------------------------
including
------------------------------------------
170.3 176.0 5.7 1.27 0.037
------------------------------------------
185.1 187.0 1.9 4.15 0.121
------------------------------------------
187.0 189.8 2.8 1.72 0.050
------------------------------------------
189.8 195.3 5.5 7.35 0.214
------------------------------------------
207.0 210.1 3.1 1.32 0.038
------------------------------------------
210.1 217.0 6.9 1.13 0.033
--------------------------------------------------------
147.0 227.0 80.0 5.39 0.157
------------------------------------------
including
------------------------------------------
157.0 160.7 3.7 7.85 0.229
------------------------------------------
160.7 163.5 2.8 102 2.975
------------------------------------------
2 BC09-09 163.5 167.0 3.5 1.17 0.034
------------------------------------------
179.9 187.0 7.1 5.78 0.169
------------------------------------------
187.0 197.0 10.0 2.13 0.062
------------------------------------------
197.0 201.9 4.9 6.95 0.203
------------------------------------------
201.9 207.0 5.1 2.17 0.063
--------------------------------------------------------
3 BC09-10 Pending
--------------------------------------------------------
87.0 257.0 170.0 7.17 0.209
------------------------------------------
including
------------------------------------------
107.0 117.0 10.0 7.55 0.220
------------------------------------------
117.0 119.7 2.7 4.25 0.124
------------------------------------------
134.6 137.0 2.4 6.95 0.203
------------------------------------------
137.0 142.4 5.4 6.00 0.175
------------------------------------------
142.4 147.0 4.6 14.9 0.433
------------------------------------------
147.0 153.5 6.5 6.65 0.194
------------------------------------------
153.5 157.0 3.5 6.25 0.182
------------------------------------------
157.0 159.5 2.5 4.40 0.128
------------------------------------------
159.5 167.0 7.5 11.0 0.321
------------------------------------------
167.0 172.1 5.1 18.1 0.528
------------------------------------------
172.1 177.0 4.9 11.2 0.327
------------------------------------------
177.0 181.9 4.9 23.4 0.682
------------------------------------------
4 BC09-11 181.9 187.0 5.1 26.9 0.783
------------------------------------------
187.0 189.2 2.2 16.9 0.493
------------------------------------------
189.2 193.5 4.3 29.6 0.863
------------------------------------------
193.5 197.0 3.5 22.4 0.652
------------------------------------------
197.0 199.7 2.7 11.9 0.347
------------------------------------------
199.7 201.0 1.3 12.6 0.367
------------------------------------------
201.0 207.0 6.0 1.11 0.032
------------------------------------------
207.0 211.8 4.8 1.09 0.032
------------------------------------------
211.8 217.0 5.2 1.05 0.031
------------------------------------------
225.0 230.7 5.7 2.25 0.066
------------------------------------------
230.7 237.0 6.3 6.65 0.194
------------------------------------------
237.0 241.2 4.2 1.71 0.050
------------------------------------------
241.2 243.8 2.6 4.25 0.124
------------------------------------------
243.8 246.6 2.8 2.23 2.230
------------------------------------------
246.6 251.0 4.4 11.9 0.347
--------------------------------------------------------
5 BC09-12 Pending
--------------------------------------------------------
6 BC09-13 Pending
--------------------------------------------------------
7 BC09-14 Pending
--------------------------------------------------------
8 BC09-15 Pending
--------------------------------------------------------
9 BC09-16 Pending
--------------------------------------------------------
10 BC09-17 Pending
--------------------------------------------------------
115.0 119.7 4.7 1.11 0.032
------------------------------------------
including
------------------------------------------
118.7 119.7 1.0 4.90 0.143
------------------------------------------
204.4 214.3 9.9 1.80 0.053
------------------------------------------
including
------------------------------------------
214.3 215.0 0.7 22.7 0.662
------------------------------------------
11 CM09-03 217.5 219.5 2.0 14.0 0.408
------------------------------------------
334.4 336.5 2.1 1.82 0.053
------------------------------------------
369.3 375.0 5.7 5.27 0.154
------------------------------------------
including
------------------------------------------
369.3 375.0 5.7 8.41 0.245
------------------------------------------
435.0 445.0 10.0 7.72 0.225
------------------------------------------
589.2 589.9 0.7 1.67 0.049
--------------------------------------------------------
On Behalf of the Board of Directors
J. Frank Callaghan, President
International Wayside Gold Mines New Com Npv (TSXV:WYG)
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