TSX Venture Exchange
TORONTO, Sept. 11, 2013 /CNW/ - NWM Mining Corporation ("NWM" or the "Company") (TSX-V: NWM) is pleased to provide an update on the recent Phase 1 in-fill drilling programs at the company's Lluvia de Oro ("Creston") deposit. The Creston pit has been the source of essentially all the ore mined to date at the Lluvia de Oro site until the recent initiation of mining operations at the Company's new Gold Ridge deposit in Q2-2013 (see news release dated August 27, 2013).
Subsequent to the Lluvia de Oro reserve updates completed in 2010, little exploration effort has been directed at the expansion of the known areas of mineralization contained within the NWM property area. Early in 2013, the Company's new management team prepared a phased exploration program intended to run through 2014 with the goal of increasing the resource potential of the project. Phase 1 of this program was completed late in Q2-2013 and was targeted primarily at upgrading inferred resources at the Creston deposit.
Highlights from the recent drilling at Creston are listed below (details in Table 1):
- Excellent continuity of mineralization over a strike length of approximately 2000m which covers the current areas of mining operations at the Creston pit. Of the 39 drill holes completed only 7 holes reported no intersections of significant mineralization.
- The currently known resource appears to remain open along strike in both directions as significant zones of mineralization were intersected both at the NE and SW limits of the current mining areas
- NE Limit (Hole RC13-66 / 73.2m @ 0.55 g/t gold)
- SW Limit (Hole RC13-88 / 70.1m @ 0.52 g/t gold)
- Other highlights from the drilling are shown in Table 1 and show the presence of significant mineralized intersections throughout the drilling area.
- The grades of the mineralization drilled in the current campaign are relatively consistent across the deposit and comparable to those currently being mined at the Creston pit (see results in Table 1 for intervals in excess of current 0.15 g/t mine cut-off)
An updated estimate of the mineralization potential for Creston deposit will be included as part of the company's updated resource/reserve study planned for release by the end of September 2013.
"The completion of the company's recent Phase 1 drill program clearly shows the potential for adding new gold resources/reserves at the Lluvia de Oro project," said Darren Koningen (NWM Mining Interim CEO). "The current campaign was intended primarily to upgrade inferred resource potential in the Creston mining area and we are extremely pleased with the results. An added benefit has been the increasing confidence within our exploration team regarding the potential for the current mineralized resources to continue along strike both at the north and south limits of the current mining operations. These areas will be targeted for the next phase of exploration drilling currently planned for around year end."
This press release has been reviewed by Mr. Darren Koningen, P. Eng., NWM Mining's Interim CEO and President. Mr. Koningen is a Qualified Person under National Instrument 43-101.
All RC drill samples were collected by NWM Mining personnel including the company's exploration geologists and trained mine technicians. RC drill samples were collected every 1.5m in two 5 gallon buckets. The entire sample is then weighed and split in half using a single Jones-type splitter. One half of the sample is then further reduced, through the Jones splitter with one half (one quarter of the original sample) bagged for analysis at the NWM laboratory facilities. The remaining half is bagged for storage in the project warehouse. Blanks, duplicates and standards were randomly inserted with the samples sent for analysis as part of the normal QA/QC procedures.
All samples were prepared and analyzed for gold using fire assay procedures with an Atomic Adsorption Spectroscopy ("AAS") finish. Check samples were sent from the NWM laboratory facilities to ALS-Chemex in Hermosillo, Mexico for QA/QC purposes.
About NWM Mining Corporation
NWM is in commercial gold production at its wholly owned Lluvia gold project. The mine is an open pit heap leach operation in Sonora State, Mexico. Management believes the property is significantly under-explored and hosts potential to provide further gold discoveries and resource and reserve upgrades. While management has focused in the past on developing the mine and supporting cash flows, the focus in 2013 will shift to increasing mining rates and drilling to expand geological resources and reserves.
Neither the 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 of this release.
Table 1. Creston Deposit Phase 1 Drill Results
|Complete Intervals*1||>0.15 g/t gold cut-off*2|
|Drill Hole|| From
|RC13-64/76/82/85/92/99/102 contained no significant mineralization.|
- Grade/width of mineralized intersection as shown is complete interval "from" "to" drill depths as shown.
- Grade/width as shown is total of only those mineralized individual drill composite samples that have gold grade in excess of cut-off at current Lluvia de Oro mining operations (0.15 g/t gold)
- 39 drill holes were completed in the current drill program for a total of 4613 meters. Holes were a mixture of vertical and inclined (70 degrees).
- Holes were not necessarily completed to the ultimate margins of the mineralization. Therefore it cannot be certain that the drill widths outlined in Table 1 represent the true widths of the mineralization.
- All numbers are rounded.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release includes "forward-looking information", as such term is defined in applicable securities laws. Forward-looking information includes, without limitation, the success of exploration activities, price outlooks, production expectations and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward-looking information.
SOURCE: NWM Mining Corporation
For further information:
Darren Koningen, President & CEO or
Chris Chadder, CFO