MWM
13 years ago
Weststar Executes Letter of Intent to Acquire High Grade Past Producing Gold and Silver Mine in Jalisco, Mexico
Weststar Commences Regional Asset Consolidation of Near-term and Producing Gold and Silver Projects
Press Release Source: Weststar Resources Corp. On Tuesday March 29, 2011, 3:01 am EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 29, 2011) - Weststar Resources Corp. (TSX VENTURE:WER - News; FRANKFURT:HN3 - News; the "Company" or "Weststar")) is pleased to announce the Company has entered into a Letter of Intent with Lekona Minerals Incorporated ("Lekona") under which Weststar has been granted an option to acquire up to an 80 percent undivided interest in the La Paloma concessions (the "La Paloma concessions" or the "Property"). The La Paloma concessions are located in the State of Jalisco, Mexico and comprise 160 hectares. The Property lies at the very southern end of the Sierra Madre Occidental physiographic province.
La Paloma Property - Epithermal Gold and Silver Mineralization
Snowden Industry Mining Consultants Ltd. ("Snowden") was contracted to do a site visit and take samples to support the opinion of mineral occurrence. This report was written to be compliant with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") for the purposes of this acquisition.
Snowden, during its site visit, collected 10 samples from outcrops and structures found during their site visit. The samples were representative of the area being evaluated and channel samples were taken across structures with a conscious effort made to include sample from the full width of the structure of interest as shown below in Table 1. The Company was excited to receive the sample assays which returned gold values of up to 49.20 grams / tonne ("g/t") gold. Silver values were as high as 385 g/t. Eight (8) of the ten (10) samples returned very good to excellent grades. These eight (8) samples were taken from inside the old mine workings. The other two (2) samples were taken at the tunnel entrances outside the old mine. As expected these two (2) samples taken from outside the mine in wall rock (chip sample numbers 1 & 7) at the tunnel entrances returned lower values of gold. The samples were sent to ALS Chemex Laboratories in North Vancouver, B.C. and in the report Snowden has confirmed presence of gold and silver mineralization. In addition it concludes that the La Paloma concessions host epithermal style mineralization and is a property of merit.
Table 1: Gold and Silver Assays from Samples
-----------------------------------------------------Sample Gold Silver Sample Number g/t g/t Type Notes-----------------------------------------------------1 0.01 1.60 Chip Tunnel 3 Entrance-----------------------------------------------------2 8.77 222.00 Chip Outcrop near peak-----------------------------------------------------3 4.44 385.00 Chip Entrance of Tunnel 1-----------------------------------------------------4 0.39 87.40 Chip Inside Tunnel 1-----------------------------------------------------5 1.90 211.00 Chip Artisanal Workings-----------------------------------------------------6 1.41 131.00 Chip Artisanal Workings-----------------------------------------------------7 0.16 4.40 Chip Tunnel 5 Entrance-----------------------------------------------------8 10.10 26.60 Chip 5m inside Tunnel 5-----------------------------------------------------9 49.20 119.00 ChipExtension of Tunnel 1-----------------------------------------------------10 0.87 15.60 Chip Artisanal Workings-----------------------------------------------------
Snowden recommends that Weststar undertake a phased exploration program of mapping, geophysics and drilling and estimate the cost to be in the order of $1.4 million.
The exploration history on the area and concession is described as dating back many hundreds of years. Natives of the area mined and worked silver prior to the arrival of the Spanish. The first known record of mining in the area was described in 1543 by Juan Fernandez de Hijar who identified the mines in the Guachinango, Etzatlan and Guajacatlan districts (C. Rene de Leon Meza). The Property was, at one time, owned by Industrias Penoles, S.A.B. de C.V. who relinquished it in 1980. Mexican corporations are not required to file reports on their activities, so programs up to this date are unknown.
In 1983 and 1984 the Consejo de Recursos Minerales (CRM), a government agency, drained and entered the northern end of the main tunnel of the Veta Ancha workings and sampled an exploration drift approximately 100 metres from the 1928 planned mining to the northwest. Based on this work CRM reported a "potential reserve" of 750,000 tonnes grading 4.19 g/t Au and 123 g/t Ag from the CRM. This estimate must be considered an historical resource as it does not meet the NI 43-101 definitions for a resource or reserve as stated in sections 1.2 and 1.3. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
In 2006, a small leach plant was constructed on the old foundations to process material collected during the clean-up of tunnel #1. Sampling of the tunnels was also carried out. Further exploration was carried out in 2008 which outlined new targets of interest and additional tunnels, not identified in the 1928 reports.
La Paloma Property - Production History
The Piedra Bola mine hosts gold and silver mineralization and was the target of historical mining. On the La Paloma concessions, the mineralized zone extends approximately 1,500m southeast to northwest and it was exploited until a 1928 workers strike terminated mining operations. Documentation from 1927 and 1928 offers detailed accounts of the mining operation. The 1927 Report of Production indicates that 41,090 tonnes were mined at an average grade of 5.87 gpt gold and 507 gpt silver. Plans for 1928 proposed that 44,300 tonnes were to be excavated at an estimated grade of 6.64 gpt gold and 500 gpt silver. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon. The main travel and communication tunnel at 1,563ms elevation runs 1500 meters northwest to southeast with entrances to the northwest and a cross-cut tunnel 140 metres to the northeast. Previous exploitation occurred above the 1563 level in the mine to the northwest along 300m of strike length. Plans for 1928 were to develop below the 1563 level. Exploration shafts and tunnels were being developed as the mine shut down.
Weststar intends upon completion of financing to begin the first phase of work which will include the securing and rehabilitation of the underground shafts and adits and begin to define a mine plan based on reconfirming the historic block of ore.
Mitch Adam, Weststar's President states, "We are excited to have entered into this agreement to acquire the La Paloma gold and silver mine in Mexico. The Property is an advanced project and we expect to commence our exploration activities as soon as we obtain TSX Venture Exchange approval of the Acquisition. WestStar plans on working quickly to the eventual re-opening of the mine."
La Paloma Property - Terms of Acquisition
Lekona currently holds an option to acquire an 80% interest in the La Paloma concessions from Minera Sierra de Oro S.A. de C.V. ("Minera") under an option agreement between Lekona and Minera dated September 15, 2010 (the "Option Agreement"). Lekona has exercised a portion of the option granted under the Option Agreement and currently owns a 20% undivided interest in the La Paloma concessions.
The Option Agreement provides for the following payments:
(a) a non-refundable deposit of $50,000.00 (paid);
(b) a payment of $300,000.00 (paid), together with a transfer of 2,000,000 common shares in the capital stock of Lekona (transferred), which obligations have been satisfied and in consideration for which Lekona has acquired an undivided 20% interest in the Property;
(c) on or before April 30, 2011, a further payment of $300,000.00 the issuance of 1,000,000 common shares in the capital stock of Lekona and the expenditure of $200,000.00 on or in respect of the Property. In consideration for the foregoing, Lekona shall acquire a further 20% interest in the La Paloma concessions, for an aggregate 40% interest in the Property;
(d) on or before October 30, 2011, a further payment of $400,000.00 and the issuance of 1,000,000 common shares in the capital stock of Lekona. In addition, a further $ 250,000.00 is to be expended on or in respect of the Property and a National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") level report is to be generated. In consideration of the foregoing, Lekona shall acquire a further 20% interest in the Property, for an aggregate 60% interest in the Property;
(e) on or before October 30, 2012, a final payment of $2,000,000.00, the issuance of an additional 2,000,000 shares in the capital stock of Lekona and the expenditure of a further $750,000.00 on or in respect of the Property. In consideration of the foregoing, Lekona shall acquire a further 20% interest in the Property, for an aggregate 80% interest in the Property.
In addition to the foregoing, in the event that Lekona receives a NI 43-101 compliant report, acceptable to both parties, drawn in accordance with NI 43-101, indicating that there are resources of gold and silver in the Property exceeding 4,000,000 ounces and 150,000,000 ounces, respectively, Lekona shall deliver to or to the order of Minera 5,000,000 common shares in the capital stock of Lekona. The NI 43-101 shall be undertaken and paid for by Lekona on or prior to October 31, 2014, or within 12 months following Lekona acquiring the 80% undivided interest in the Property, as contemplated by the Option Agreement, which ever event occurs first.
The Option Agreement further provides that upon Lekona acquiring 80% of the Property, Lekona and Minera will form an 80/20 joint venture and continue development of the Property with Lekona acting as operator.
La Paloma Property - Acquisition of Lekona's Interest
In consideration of an assignment by Lekona to Weststar of all of Lekona's right, title and interest in and to the La Paloma concessions (the "Acquisition"), including the 20% undivided interest held by it therein and its rights under the Option Agreement, Weststar has agreed, subject to completing a financing of not less than $5,000,000.00 to:
(a) pay, on Closing the sum of $3,000,000.00;
(b) to issue, on Closing, 5,850,000 common shares in the capital of Weststar to Lekona and 650,000 common shares in the capital of Weststar to Minera; and
(c) to assume all of the unfulfilled obligations of Lekona under the Option Agreement, including the payments of cash and shares due to Minera thereunder.
All cash payments due to Minera under the Option Agreement shall be made to or to the direction of Minera. All issuances of shares in the capital stock of Lekona otherwise due to Minera under the Option Agreement shall be replaced with the issuance of common shares in the capital stock of Weststar and issued to or to the order of Lekona.
La Paloma Property - Due Diligence
Weststar is entitled to conduct customary due diligence on the Property, including environmental and/or geological performance reviews, a review of all studies, analyses, reports and findings related to the Property, and standard legal due diligence examination, including review of all documentation relating to the title to assets of the Property and the Option. Weststar has substantially completed its due diligence investigations.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed on behalf of the Company by Thomas Clarke, Pr.Sci.Nat, a qualified person and a Director of the Company.
The Acquisition is subject to the acceptance of the TSX Venture Exchange.
On Behalf of the Board
Mitchell Adam, President
Weststar Resources Corp.
"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 or accuracy of this release."
Contact:
www.weststarresources.comWeststar Resources Corp.info@weststarresources.com604-678-5308 or Toll Free: 1-855-678-5308
sumisu
15 years ago
WestStar Acquires Lithium Projects
Press Release
Source: WestStar Resources Corp.
On Monday August 17, 2009, 9:00 am EDT
http://finance.yahoo.com/news/WestStar-Acquires-Lithium-iw-702141925.html?x=0&.v=1
VANCOUVER, BC--(Marketwire - 08/17/09) - WestStar Resources Corp. (TSX-V:WER - News) (Frankfurt:HN3 - News) (the "Company") is pleased to that it has acquired two lithium brine projects, located within west-central Alberta. The Silver Creek Property is located about 30 km south to southeast of Fox Creek, Alberta, and encompasses approximately 22,500 acres; while the Simonette Property is located about 60 km due west of Fox Creek, and encompasses about 45,500 acres. Both projects encompass known occurrences of Lithium within formation waters. Neither property has been the subject of a National Instrument 43-101 report.
Within the region, oil and gas pools and related formation water brines, occur within the Devonian aged Woodbend (Leduc) and Beaverhill Lake groups. At these locations, the carbonate reef complexes occur at depths of 2600 to 3500 m below surface. At the Silver Creek Property, historic samples of formation water collected from the Leduc Formation, returned 130 mg/l Lithium. At the Simonette Property, historic samples of formation water collected from the Leduc Formation, returned 140 mg/l Lithium.
The company will initiate the review of all historic oil and gas well, and geologic data from the property(s), including 130,000 analyses of formation waters searched by the Alberta Research Council for the province; in preparation for the sampling and analysis of formation waters. Following collection of the appropriate data, the company intends to seek completion of an up to date NI 43-101 report on the projects.
The Silver Creek and Simonette Properties have been acquired from arms length Vendors. Acquisition costs are a total of $25,000 and 1,000,000 shares payable on Exchange approval. The property is subject to a 2% NSR, of which one half (1%) may be purchased back for $2,000,000.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Jody Dahrouge, PGeol, of Dahrouge Geological, a qualified person.
On Behalf of the Board,
Mitchell Adam, President
WestStar Resources Corp.
About the Company: WestStar Resources Corp. (TSX-V:WER - News) is a mineral exploration company focused on discovering and advancing mineral properties by utilizing modern geological science to evaluate historical known discoveries. WestStar offers the potential for rapid corporate growth and asset appreciation. WestStar's portfolio is currently focused in Canada. For further info on the Company please visit www.weststarresources.com or email info@weststarresources.com Telephone: 604-669-9330.
"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."
WARNING: The Company relies on litigation protection for "forward-looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.
Contact:
Contact:WestStar Resources Corp.info@weststarresources.com604-669-9330www.weststarresources.comTop Stories
sumisu
15 years ago
Weststar Announces Financing With MineralFields Group
Press Release
Source: Weststar Resources Corp.
On Tuesday August 11, 2009, 3:01 am EDT
http://finance.yahoo.com/news/Weststar-Announces-Financing-iw-3696436700.html?x=0&.v=1
VANCOUVER, BC--(Marketwire - 08/11/09) - Weststar Resources Corp. (TSX-V:WER - News) (the "Company") is pleased to announce a non-brokered private placement of $500,000 through the sale of 5,000,000 flow-through units ("FT Units") at a price of $0.10 each to the MineralFields Group. Each FT Unit consists of one flow-through common share (each a "Share") and one non flow-through common share purchase warrant (each a "Warrant") at a price of $0.10 per Unit (the "Private Placement"). Each Warrant will entitle the holder to purchase one non-flow through common share of the Company, exercisable for a period of 24 months from the closing of the Private Placement at a price of $0.15 per common share.
The Company will pay a cash finder's fee to the Limited Market Dealers equal to 5% of the FT Units subscribed for as well as a finder's fee in the form of units equal to 10% of the number of FT Units subscribed for (each a "Finder's Unit"). Each Finder's Unit consists of one Share and one Warrant on the same terms and conditions noted above.
"We are very pleased to be entering into this relationship with MineralFields Group", said Mitchell Adam, President. "This is an important milestone in the growth of Weststar Resources Corp. and we look forward to working with MineralFields Group as we develop our mineral property interests in Canada."
The proceeds of this financing will be used toward further advancement of the Company's recently acquired Golden Fox and McKinnon properties in the Yukon and toward a fall drill program on the Axe copper gold property in Princeton, B.C.
The private placement is subject to regulatory approval and subject to TSX Venture Exchange acceptance for filing.
About MineralFields, Pathway and First Canadian Securities�
MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities� is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities�.
About the Company: Weststar Resources Corp. (TSX-V:WER - News) is a mineral exploration company focused on discovering and advancing mineral properties by utilizing modern geological science to evaluate historical known discoveries. Weststar offers the potential for rapid corporate growth and asset appreciation. Weststar's portfolio is currently focused in Canada. For further info on the Company please visit www.weststarresources.com or email info@weststarresources.com Telephone: 604-669-9330.
�
On Behalf of the Board
Mitchell Adam, President
Weststar Resources Corp.
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 or accuracy of this release. WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.
Contact:
Contact:Weststar Resources Corp.info@weststarresources.com604-669-9330
sumisu
15 years ago
Weststar Files NI 43-101 on Nunavut Coal
Press Release
Source: Weststar Resources Corp.
On Tuesday July 28, 2009, 6:00 am EDT
http://finance.yahoo.com/news/Weststar-Files-NI-43101-on-iw-3999203971.html?x=0&.v=1
VANCOUVER, BC--(Marketwire - 07/28/09) - Weststar Resources Corp. (TSX-V:WER - News) (Frankfurt:HN3 - News) (the "Company" or "Weststar") is pleased to announce the receipt of an NI 43-101 report on the Company's Ellesmere Island Coal Project, Nunavut, Canada. The report has been filed on SEDAR for review.
The report concerns the Company's Fosheim Peninsula project, which comprises four contiguous coal exploration licenses totaling 54,741.37 hectares (135,448 acres) and nine contiguous pending coal exploration licenses totaling approximately 130,416 hectares (322,264 acres) in addition to the 3 contiguous coal exploration licenses totaling 37,627 hectares (92,980 acres) located at Strathcona Fiord.
Historic exploration on the projects was predominantly carried out from 1981 to 1983 by Petro-Canada Resources Ltd., Gulf Canada Resources Inc. (Gulf Canada), and Utah Mines Ltd. A 1982 report prepared for Gulf Canada (Swansbergen, 1982) estimated a total of 2.68 billion tones of coal within 4 areas that are largely contained within Weststar's NU#101 license (not 43-101 compliant, nor confirmed by the current report authors).
APEX Geoscience Ltd. completed visits to a total of 22 sites within the licenses during August 2005, on behalf of the Hunter Exploration Group, who have optioned a portion of the property to Weststar. Surface sampling identified 3 coal seams from which samples were taken, with two of the seams measuring 5-6 meters in thickness and the third approximately 8 meters thick. The coal was submitted for analysis to Loring Laboratories in Calgary, Alberta, and returned values ranging from 5,659 to 8,049 British thermal units per pound (Btu/lb) on an "as received" basis to 8,349 to 11,122 Btu/lb on a "dry basis." Sulphur values remained low ranging from 0.13 percent (%) to a high of 0.49%, while ash values ranged from 5.13% to 16.38% on an "as received" basis to a range of 7.19% to 24.17% on a "dry basis."
Based on the results of historic exploration and favourable geology an aggressive exploration program is recommended at the Ellesmere Island Coal Project aimed at confirming the earlier estimates of coal and defining NI 43-101 compliant coal resources/reserves. The current report recommends the completion of project logistics and a partial mobilization of fuel during summer 2009 in preparation for a 2010 drilling campaign.
Dean Besserer, P. Geol., APEX Geosciences Ltd. is a qualified person as defined by National Instrument 43-101 and is responsible for the preparation and approval of the technical information disclosed in the News Release.
On Behalf of the Board
Mitchell Adam, President
Weststar Resources Corp.
"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." WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.
Contact:
Weststar Resources Corp.Suite 1128-789 West Pender StreetVancouver, B.C. V6C 1H2Tel: (604) 669-9330Fax: (604) 669-9335Website: www.weststarresources.com
sumisu
15 years ago
Weststar Acquires McKinnon Claims in Yukon
Press Release
Source: Weststar Resources Corp.
On Monday July 20, 2009, 9:00 am EDT
http://finance.yahoo.com/news/Weststar-Acquires-McKinnon-iw-2571645661.html?x=0&.v=1
Weststar Resources Corp. (TSX-V:WER - News) (Frankfurt:HN3 - News) (the "Company") is pleased to announce that it has entered into an agreement to acquire a 100% interest in the McKinnon Property, located in Yukon Territory. The property consists of 66 pending quartz claims encompassing approximately 3,400 acres (1380 ha), located about 60 km northeast of the Underworld Resources Ltd.'s "White Gold" Property, and about 40 km due south of Dawson City, Yukon.
The McKinnon Property encompasses two historic gold occurrences: the McKinnon Prospect (Yukon Minfile 115O-054) and the Fothergill Prospect (Yukon Minfile 115O-054).
Originally staked as the "Britannia" group of claims in 1900, the northerly showing has had significant historic exploration beginning in the early 1900s. This work has included the sinking of several adits and shafts; pitting and trenching; diamond drilling and bulk sampling.
The most significant results include the 1901 shipment of a 1.8 tonne sample, which assayed 3.4 g/t Au, to a Government stamp mill. The original owners of the property reported a number of samples in the range from 3.4 to 10.3 g/t Au.
Within the area, gold mineralization appears spatially related to a Lower Cretaceous conglomerate, which consists of a lower lithic unit and an upper quartzose unit. To date, the known gold mineralization appears restricted to the upper quartzose unit, and is thought to represent a paleo-placer. Extensive silicification and clay alteration also suggest potential for an epithermal origin for the gold mineralization.
The McKinnon Property has been acquired from an arms length party. Acquisition costs are as follows $134,100 and 2,500,000 shares:
�
-- $84,100 paid on signing of the agreement;
-- $50,000 cash and 2,500,000 shares of the Company due within five days
of TSX Venture Exchange approval of the acquisition;
-- the Vendor will retain a three percent Net Smelter Royalty, of which
one-third (one percent) can be purchased by the Company for $1,000,000.
The acquisition is subject to TSX Venture Exchange approval.
Weststar will mobilize a field crew to the property, as soon as possible, to initiate a prospecting program and a geochemical survey of the claim block; which will be concurrent with the exploration planned for the Golden Fox Property, located near Underworld Resources "Black Fox" Property.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Jody Dahrouge, PGeol, of Dahrouge Geological, a qualified person.
On Behalf of the Board
Mitchell Adam, President
Weststar Resources Corp.
"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."
WARNING: The Company relies on litigation protection for "forward-looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.
Contact:
Contact:Weststar Resources Corp.Suite 1128-789 West Pender StreetVancouver, B.C. V6C 1H2Tel: (604) 669-9330Fax: (604) 669-9335Website: www.weststarresources.com
sumisu
15 years ago
Weststar Acquires Golden Fox Claims in Yukon
Press Release
Source: Weststar Resources Corp.
On Wednesday July 8, 2009, 11:33 am EDT
http://finance.yahoo.com/news/Weststar-Acquires-Golden-Fox-iw-3112397154.html?x=0&.v=1
Weststar Resources Corp. (TSX-V:WER - News) (Frankfurt:HN3 - News) (the "Company") is pleased to announce that it has entered into an agreement to acquire an undivided 100% interest in the "Golden Fox" Claims, located in the Yukon Territories, Canada. The Golden Fox Claims, consisting of 50 claim units totaling approximately 2,500 hectares, are located on the eastern border of Underworld Resources Inc.'s "Black Fox" property, near the headwaters of Thistle Creek.
GSC mapping by Gordey and Ryan suggests the claims host similar metasedimentary stratigraphy as found on nearby properties currently being explored, including the "White Gold" property located approximately 20 kms to the northwest, owned by Underworld, where numerous encouraging drill results have been reported. The Thistle Creek area has seen placer gold production over the past 30 years, producing in excess of 63,000 ounces of gold (Yukon Geological Survey Records, 2008). The source of this placer gold is unknown at this time.
The Golden Fox Claims have been acquired from an arms length party. Acquisition costs are as follows:
�
-- $75,000 due on signing of the agreement;
-- $75,000 cash and 2,500,000 shares of the Company due within five days
of TSX Venture Exchange approval of the acquisition;
-- the Vendor will retain a three percent Net Smelter Royalty, of which
one-third (one percent) can be purchased by the Company for $1,000,000;
-- the Company is also required to spend $250,000 over the next 12 months
as a work commitment.
The acquisition is subject to TSX Venture Exchange approval.
Weststar is planning to mobilize a field crew to the property as soon as possible to begin a systematic geological and geochemical survey of the claim block.
"We are very excited to obtain these strategically located claims in an area that has created a substantial amount of news lately, and which looks to contain a significant new gold discovery," states Weststar President, Mitchell Adam. "We're looking forward to quickly establishing the merits of this gold property, enhancing and diversifying our asset base alongside our coal holdings."
�
On Behalf of the Board
Mitchell Adam, President
Weststar Resources Corp.
"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."
WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.
Contact:
Contact:Weststar ResourcesSuite 1128-789 West Pender StreetVancouver, B.C. V6C 1H2Tel: (604) 669-9330Fax: (604) 669-9335Website: www.weststarresources.com
sumisu
15 years ago
Weststar Resources Corp. Confirms Thermal Coal Quality at Tobin Lake Coal Property Saskatchewan
Press Release
Source: Weststar Resources Corp.
On Tuesday April 21, 2009, 12:01 am EDT
http://finance.yahoo.com/news/Weststar-Resources-Corp-iw-14979161.html?x=1
VANCOUVER, BC--(MARKET WIRE)--Apr 21, 2009 -- Weststar Resources Corp. (CDNX:WER.V - News) (Frankfurt:HN3.F - News) (the "Company") is in receipt of results for 16 coal samples from drill hole A, where a total of 17.7 meters of coal is indicated, and potentially up to 4 meters of coal was left in the hole as suggested by gamma logs and drill core. Based on proximate analysis of the samples the coal samples vary in rank approximately from Subbituminous C to Lignite B coal. Calorific values range from 6,463 Kj/Kg to 18,469 Kj/Kg on a Dry Basis.
Mitchell Adam, president, stated: "We are encouraged by the overall results of this winter's program in that they demonstrate a near-surface coal deposit with good calorific values. The tested area is showing evidence that it may be at the edge of a sub basin, similar to that encountered by Goldsource Mines where coal thicknesses of up to 100m have been discovered."
Preparations for a spring EM survey are progressing and will focus on the development of additional drill targets near the discovery area, and other parts of the overall permit area.
Within the region, airborne EM surveys have demonstrated their usefullenes in outlining the coal basins within the Manville Formation. The company believes that this will be an extremely cost effective method of quickly targeting locations with potential to host the thickest accumulations of coal near Tobin Lake.
Future drill activities will await the completion of a property-wide full-spectrum Time-Domain airborne electromagnetic (EM) survey. The survey will be used to delineate both the Manville Coal seams within the property, and the elevations of the Devonian basement, thereby identifying locations with potential for the thickest accumulations of coal. The Tobin Lake Property measures 20 by 30 kilometers. The area tested by the winter drill program represents only a small portion of the property, measuring less than 1 by 1 kilometers.
All analyses were carried out by Loring Laboratories Ltd. of Calgary, Alberta. Loring is a certified laboratory and has extensive experience in the analysis and ranking of Canadian coals.
The Company has also arranged a non brokered private placement of up to 7,000,000 units at $0.10 per share. The private placement consists of units priced at $0.10 per unit. Each unit consists of one common share and one transferable share purchase warrant, with each warrant exercisable into one additional common share at a price of $0.15 per share for a period of two years from the date of closing. Proceeds of the placement will be used to fund the Company's upcoming EM survey and Phase 2 drill program and for general working capital. The Company is paying the maximum allowable finder's fees under TSXV exchange policy.
About the Company: Weststar Resources Corp. (CDNX:WER.V - News) is a mineral exploration company focused on discovering and advancing mineral properties by utilizing modern geological science to evaluate historical known discoveries. Weststar's portfolio is currently focused in Canada and is primarily invested in coal properties with known historical coal discoveries. The Company's Saskatchewan Tobin Lake 18 Meter Coal Property is currently the main focus of exploration activity. For further info on the Company please visit www.weststarresources.com or email info@weststarresources.com.
On Behalf of the Board
Mitchell Adam, President, Weststar Resources Corp.
"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." WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company. The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the Company by Neil MaCallum, P.Geol., of Dahrouge Geological Consulting Ltd., a qualified person.
Contact:
Weststar Resources Corp. Suite 1128-789 West Pender Street Vancouver, B.C. V6C 1H2 Tel: (604) 669-9330 Fax: (604) 669-9335 info@weststarresources.com Website: http://www.weststarresources.com �
sumisu
15 years ago
Weststar Acquires Interest in Ellesmere Island Coal Licenses
Updates Saskatchewan Operations
Press Release
Source: Weststar Resources Corp.
On Wednesday April 1, 2009, 12:19 pm EDT
http://finance.yahoo.com/news/Weststar-Acquires-Interest-in-iw-14815771.html?x=1
VANCOUVER, BC--(MARKET WIRE)--Apr 1, 2009 -- Weststar Resources Corp. (CDNX:WER.V - News) (Frankfurt:HN3.F - News) (the "Company") is pleased to announce that it has acquired an 80% interest in Hunter Exploration Group's ("Hunter") Ellesmere Island Coal Licenses.
The acquisition consists of two areas totaling approximately 564,800 acres within a combination of 16 coal license applications and pending permits located on western Ellesmere Island, Nunavut Territory. These are the Strathcona Fiord and Fosheim Peninsula areas, which are located approximately 160 kilometers southeast and 25 kilometers east of Eureka weather station, respectively. Both areas are underlain by coal bearing strata of the Tertiary Eureka Sound Group. The Group is host to coal throughout the Canadian Arctic Islands and noted as containing "the greatest potential for coal deposits of any unit in the... Archipelago" by Ricketts and Embry (1984) in their paper 'Summary of Geology and Resource Potential of Coal Deposits in the Canadian Arctic Archipelago.'
The Company is reviewing historic data to outline a program of surface exploration that will begin by mapping and sampling of the coal bearing sections. The surface exploration program is planned to start in the summer of 2009 and its objective is to define drill targets in areas amenable to low strip ratio, open pit mining.
Chris Verrico, Director, states, "The geographic proximity to the recently acquired Bache Peninsula coal licenses fits well with the Company's vision of a tidewater coal operation, with coal destined for European and potentially Asian coal markets. We envision branding the Company's subsidiary, Canadian Sovereign Coal Corporation as a Northern partner to provide a valuable resource and jobs within the Nunavut Community. To that end, the Company will spend the late spring and summer season reviewing all the historic data working towards completion of an NI43-101 compliant report to recommend further work on project logistics and development."
Cost of the acquisition includes cash payments of $100,000, and issuance of 2,000,000 units. Each unit consists of one common share and one non-transferable share purchase warrant, each warrant exercisable into an additional common share for a period of one year from the date of issue. The schedule of payments and unit issuances follows:
-- On execution of the agreement, a cash payment of $50,000;
-- Within five days of TSX Venture Exchange approval of the acquisition,
1,000,000 units of the Company, each unit consisting of one share and one
warrant exercisable into an additional share for a period of one year from
the date of issue at $0.25 per share;
-- On or before March 2, 2011, 1,000,000 units of the Company, each unit
consisting of one share and one warrant exercisable into an additional
share for a period of one year from the date of issue at $0.25 per share;
-- On or before August 2, 2009, a cash payment of $50,000;
-- Commencing March 2, 2011, a $50,000.00 advanced annual Royalty; and
-- Hunter shall retain a 2% Gross Royalty on any coal produced from the
property.
The Company has a right to purchase 50% of the royalty (1%) for a $1,000,000.00 cash payment. Hunter's 20% interest in the Property will be carried until the completion of a positive bankable Feasibility Report.
In addition, regarding the Company's Tobin Lake first phase drilling program, Loring Laboratories Ltd. of Calgary, Alberta is currently performing proximate (coal) analysis. It is anticipated that results from these tests will be available shortly. As a result of early spring break-up, the Company is currently awaiting cost estimates and availability to amend the second phase follow-up drill program to a heli-portable operation. Dahrouge Consulting Ltd. has also been in negotiations with Fugro Airborne Surveys to provide an EM Survey covering the entire property in order to prioritize additional drill targets. In order to minimize mobilization costs, it has been recommended that Fugro fly the survey congruent with the survey being flown on the nearby Goldsource property.
About the Company: Weststar Resources Corp. (CDNX:WER.V - News) is a mineral exploration company focused on discovering and advancing mineral properties by utilizing modern geological science to evaluate historical known discoveries. Weststar offers the potential for rapid corporate growth and asset appreciation. Weststar's portfolio is currently focused in Canada and is primarily invested in coal properties with known historical coal discoveries. The Company's Saskatchewan Tobin Lake 18 Meter coal property is currently the main focus of exploration activity. For further info on the Company please visit www.weststarresources.com or email info@weststarresources.com Telephone: 604-669-9330.
On Behalf of the Board
Mitchell Adam, President
Weststar Resources Corp.
"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."
WARNING: The Company relies on litigation protection for "forward-looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.
Contact:
Contact: Weststar Resources Corp. Telephone: 604-669-9330 info@weststarresources.com http://www.weststarresources.com
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
GOLD DIGGAA
9 years ago
Hot Features
Premium
