TORONTO, Dec. 20 /CNW/ - Gold World Resources Inc. (GDW-TSX Venture) ("GWR" or the "Company") is pleased to announce that it has signed a Binding Letter of Intent with prospectors Larry Bratvold and Kenneth Wilbern of Norseman Exploration for the purpose of conducting a due diligence and consummating a Binding Option Agreement to earn 100% of the rights to the 2790 acres (1130 hectares) Mt Anderson Yukon gold/silver property located within the Tintina Gold Province, some 60 km south of Whitehorse, with year round access,
Three different mineralization styles occur with high grade gold and silver associated with medium to high grade copper, lead and zinc sulphides. Historic and recent exploration on the claims has located widespread gold, silver and base metal mineralization which include:
- Shear hosted mesothermal veins systems containing bonanza grade gold/silver
- A large epithermal quartz/agate/fluorite vein system containing bonanza grade gold/silver
- Copper/zinc/gold/silver skarn
Of particular initial interest is a major Au-Ag polymetallic vein system in the "Adit Zone" traced at surface for 1,200 meters with 5 historical exploration adits, trenches and pits that indicate the zone has been previously sampled to at least 250 meters depth and remains open at depth and along strike. An historical bulk sample graded 34 g/t Au, 432 g/t Ag, 11% Pb and 5% Zn. A 2009-2010 excavator trench sample extended over 110 meters and graded 37 g/t Au, 1173 g/t Ag, 25% Pb and 4.9% Zn. Based on the historic bulk sampling and recent excavator trenching an order of magnitude preliminary estimate of the potential gross in-ground value of the mineralization ranges from $2,000/t to $4,000/t. The extent and grade continuity of this mineralization is unknown.
The property displays similarities with the adjacent Tagish Lake Gold Corporation's (recently taken over by New Pacific Metals) Skukum Gold Project, (which is reportedly indented to be brought to production while exploring the resources potential) with measured & indicated resources of 1.4 Mt @ 7.4 g/t Au and 140 g/t Ag and Goddell with indicated resources of 320,000 tonnes @ 11.02 g/t Au and inferred 280,000 tonnes @ 9.21 g/t Au (see website tagishgold.com, Corporate Presentation). Skukum Creek, Goddell and Mt Anderson lie on a large precious metal bearing fracture system related to the Eocene Mt Skukum Volcanic Complex. It appears that extensions and splays of the Goddell fault are the major structures hosting the 3 styles of Mt Anderson mineralization.
The Adit zone mineralization will be the focus of detailed exploration mapping, channel and trench sampling, followed by drilling. The epithermal and skarn mineralization will be mapped and surface sampled prior to geophysical surveying and drilling.
Gold World Resources can earn 100% interest in Mt Anderson over a 3 year period with a commitment to Norseman Exploration of $1.5M on exploration, $415,000 cash, issuing 1,750,000 shares plus providing 20% of the net revenue from a bulk sampling program required for the feasibility study and NI43-101 compliance. Upon commercial production a 2% NSR is payable with a buy back to 1% NSR for $1M.
About Gold World Resources Inc.:
The Company is exploring for precious metals in China. With the signing of this Letter of Intent the Board of Directors is following its corporate strategy to grow the Company and at the same time diversify its operating locations.
ON BEHALF OF THE BOARD
Chairman & CEO
Gold World Resources Inc.
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Securities Act (Alberta), including statements concerning Gold World Resources' plans for the Property, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gold World Resources, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such information contained herein represents management's best judgment as of the date hereof based on information currently available.
The TSX-Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information: For further information:
Hermann Derbuch, P.Eng.
Tel.: 416.594.9888 Fax: 416.594.1967