WAWA, ON, Nov. 5 /CNW/ - Wesdome Gold Mines Ltd. ("Wesdome") is pleased to announce a drilling program will soon commence on the Pukaskwa property located 15 kilometres west of the Eagle River Mill. Wesdome has an option to earn a 60% interest in the Pukaskwa property from Windarra Minerals Ltd. ("Windarra") by incurring mineral exploration expenditures of $3.0 million prior to June 30, 2014.
The program scope involves 3,000 metres of drilling in about 25 drill holes. Drilling will focus on the Middle Finger Lake zone (MFLZ) and provide preliminary drill testing of the Bonanza zone. Drilling should be completed prior to Christmas.
The purpose of the drilling is to establish the size potential and continuity of the MFLZ and provide initial drill testing of the Bonanza zone.
Highlights of limited previous shallow drilling on the MFLZ include the following intersections. Complete results, surface plans and drill sections are documented in a Press Release dated October 26, 2007 and available at www.windarra.com.
Middle Finger Lake Zone Highlights
- 4.16 gAu/tonne over 6.55 metres
inc. 8.78 gAu/tonne over 2.80 metres,
- 3.41 gAu/tonne over 9.04 metres
inc. 9.37 gAu/tonne over 3.24 metres,
- 1.07 gAu/tonne over 20.50 metres
inc. 4.48 gAu/tonne over 2.70 metres,
- 3.14 gAu/tonne over 13.15 metres
inc. 7.25 gAu/tonne over 3.90 metres, and
- 1.49 gAu/tonne over 16.10 metres
inc. 7.40 gAu/tonne over 2.96 metres
The MFLZ mineralization is cored by quartz-tourmaline flooding with a broad semi-massive to disseminated sulphide halo composed of arsenopyrite, pyrrhotite, pyrite, chalcopyrite, sphalerite and galena. It is shallowly-dipping and hosted by metasedimentary rocks of the Mishibishu greenstone belt. Its broad widths, extensive, correlated induced polarization response and soil geochemical signature suggest to Wesdome this may be a very large mineralized system. The MFLZ was discovered by trenching soil geochemistry anomalies in an overburden, covered area in 2006.
The Bonanza zone was also discovered by trenching soil geochemistry anomalies in 2006. It is located about 500 metres southwest of the MFLZ. It is a narrow, sugary, quartz vein containing abundant visible gold. It can be traced for 30 metres along strike before disappearing under overburden. It is up to 1 foot wide on surface and has returned very high grades in channel sampling (see Press Release dated July 25, 2006 and available at www.windarra.com). It has never been drilled and Wesdome is hopeful it may widen at depth as was the case with the No. 2 zone at its nearby Eagle River mine.
This Press Release was prepared by George Mannard, PGeo. and Vice President, Exploration, Wesdome Gold Mines Ltd. and "Qualified Person" as per NI43-101. Field work is supervised by Daniel Lapointe, PGeo., Exploration Geologist and "Qualified Person" as per NI43-101.
Wesdome is an established Canadian gold producer with wholly-owned mining and milling complexes located in Wawa, Ontario and Val d'Or, Québec. Wesdome has been producing gold continually for 20 years on an unhedged basis and to date has produced in excess of 1.0 million ounces. The Company has 100.2 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol "WDO".
Windarra Minerals Ltd. is an established Canadian exploration company. It has actively been involved in exploration and development projects in the Mishibishu Greenstone belt for 20 years, and holds a further 100% interest in the two Mishi mining leases consisting of approximately 705 hectares in the Mishibishu Lake township and a 25% interest in the Magnacon East property. It has 30.7 million shares outstanding and trades on the TSX Venture Exchange under the symbol "WRA".
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the companies and their projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the companies disclaim any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The companies undertake no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
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.
SOURCE Wesdome Gold Mines Ltd.
For further information: For further information: respecting Wesdome, please contact: Rowland Uloth, President; Donovan Pollitt, P.Eng., VP Corporate Development, Wesdome Gold Mines Ltd., 8 King St. East, Suite 1305, Toronto, ON, M5C-1B5, Toll Free: 1-866-4-WDO-TSX, Phone: (416) 360-3743, Fax: (416) 360-7620, Email: email@example.com, Website: www.wesdome.com; For further information respecting Windarra, please contact: John Pallot, President, Windarra Minerals Ltd., 2300 - 1066 West Hastings Street, Vancouver, BC, V6E 3X2, Tel: (604) 688-1508 Fax:, (604) 601-8253, Email: firstname.lastname@example.org, Website: www.windarra.com