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
07 Oktober 2009 - 8:25AM
Marketwired
International Wayside Gold Mines Ltd. (TSX VENTURE: WYG)(FRANKFURT:
IWUB) ("Wayside", the "Company") announced today that it has
received more results from its infill diamond drill program in the
Bonanza Ledge Zone on Barkerville Mountain (Table 1).
The proposed 17 hole 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. BC09-01 through BC09-05, BC09-07 through BC09-09
(please see September 17 and October 5, 2009 News Releases),
BC09-11 and BC09-12 have returned promising intercepts containing
gold mineralization.
- Drill hole BC09-12 intercepted gold mineralization from 3.048
meters (10 feet below surface) to 87.48 meters (287 feet below
surface):
-- 84.4 meters (277.0 feet) of 16.5 g/T (0.481 oz/t) gold,
--- including 37.5 meters (123.1 feet) of 36.1 g/T (1.052 oz/t)
gold,
Results from the remaining holes in the infill program are
forthcoming.
Cow Mountain Drill Program
Drill holes CM09-01 through CM09-03 were completed beside the
Lowhee Creek on Cow Mountain and confirm the 2.2 km mine grid west
extension of the BC Vein and Bonanza Ledge style
mineralization.
Drill hole CM09-03, drilled approximately 2.2 km northwest of
center of the proposed Bonanza Ledge open pit mine, intercepted a
fine-grained pyrite replacement body in a fault zone (Lowhee Fault
or related), which contains up to 60% fine-grained pyrite and
returned up to 22.7 g/T gold (see October 5, 2009 News Release).
Initial interpretation suggests the Company has discovered the
northwest trend along strike of Bonanza Ledge style replacement
mineralization, being similarly hosted in clastic rocks in the same
mine trend. More drill holes are needed to have a better
understanding of the pyrite replacement body locally, which could
assist Wayside in its future exploration programs to identify
similar zones along the approximately 60 km mine trend on the
Company's property.
President and CEO J. Frank Callaghan notes, "The assays results
returned from drill hole BC09-12 are the best the Company has seen
at the Cariboo Gold Project to date". Additionally, Mr. Callaghan
states, "Discovering Bonanza Ledge style mineralization 2.2 km
northwest of the proposed Bonanza Ledge open pit mine is the most
significant event since the initial Bonanza Ledge discovery in the
spring of 2000 and marks a major step in outlining the Bonanza
Ledge trend. Wayside will endeavour to expand its understanding and
resources along this trend through upcoming exploration
programs".
The results also verify that strike quartz veins including BC
Vein extend 2.2 km onto Cow Mountain from Barkerville 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 20.5 g/T (see September 17, 2009 News Release).
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. The gold values
presented have been derived from assay data received from Eco Tech
Laboratory Ltd. in Kamloops, B.C., using fire assay with an AA
(atomic absorption) finish.
Table 1. SIGNIFICANT ASSAYS OF BC09-12
----------------------------------------------------------------------------
# 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
----------------------------------------------------------------------------
On Behalf of the Board of Directors
J. Frank Callaghan, President & CEO
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: International Wayside Gold Mines Ltd. Andrew H. Rees
Director 604 669-6463 or Toll Free: 1-800 663-9688 604 669-3041
(FAX) Website: www.wayside-gold.com
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