West Kirkland Mining Inc. (TSX-V:WKM) (“West Kirkland”, “WKM” or
the “Company”) is pleased to announce a number of significant
surface gold and silver assay values on newly acquired 100%
controlled mining claims near Tonopah, Nevada. Recently received
surface sampling results support historically reported good
gold grades and silver veins of interest. The results also outline
several targets at surface to be defined for new bulk oxide, open
pit gold and silver mineralization. Further assay results from a
trenching program are pending and this will shortly be followed by
a ten-hole drill program. These new positive results include the
Divide target which hosts broad zones of exposed mineralization and
has no record of exploration since shafts were sunk there in the
1920’s and the Southerland target which also has no record of
previous drilling.
Sandy McVey Chief Operating Officer of WKM said,
“These new exploration targets are a priority to WKM since the gold
and silver mineralization is at surface and is in close proximity
to our current 75% owned Reserves at Hasbrouck. We already have a
very robust project with 46% IRR and NPV5 of US$ 129 million (100%
basis) at current gold prices. Adding any resources to the heap
leach profile would greatly enhance the Hasbrouck Gold project.”
(Technical Report and Updated Preliminary Feasibility Study for The
Hasbrouck and Three Hills Gold-Silver Project, Esmeralda County,
Nevada, USA, Report Date: September 14, 2016).
Table – Surface Chip and Composite Samples – Assays
Over 0.5 g/t
SAMPLE ID |
LOCATION |
Sample Type |
Sample Length (ft) |
Au (g/t) |
Ag (g/t) |
121427 |
HILL OF GOLD |
OUTCROP |
5' |
31.7 |
17.0 |
121428 |
HILL OF GOLD |
OUTCROP |
5' |
5.5 |
9.4 |
121429 |
HILL OF GOLD |
OUTCROP |
20' x 30' |
1.5 |
12.9 |
121430 |
HILL OF GOLD |
OUTCROP |
5' |
0.6 |
7.5 |
121431 |
HILL OF GOLD |
OUTCROP |
5' |
4.5 |
48.7 |
121505 |
SOUTHERLAND |
OUTCROP |
30' |
1.2 |
2.3 |
121514 |
SOUTHERLAND |
PROSPECT |
5 x 5 x 8' |
6.4 |
8.6 |
121535 |
DIVIDE |
DUMP |
COMP |
1.3 |
155.0 |
121543 |
DIVIDE |
OUTCROP |
30' |
0.7 |
8.1 |
121556 |
DIVIDE |
DUMP |
COMP |
1.5 |
16.8 |
121559 |
DIVIDE |
DUMP |
COMP |
3.4 |
16.5 |
121560 |
DIVIDE |
OUTCROP |
10' |
1.3 |
134.0 |
121561 |
DIVIDE |
DUMP |
COMP |
1.1 |
50.2 |
121567 |
DIVIDE |
DUMP |
COMP |
4.3 |
104.0 |
121569 |
DIVIDE |
OUTCROP |
30' |
0.7 |
29.9 |
121570 |
DIVIDE |
OUTCROP |
30' |
0.9 |
49.7 |
121571 |
DIVIDE |
OUTCROP |
30' |
0.6 |
10.4 |
121574 |
DIVIDE |
DUMP |
COMP |
2.3 |
324.0 |
121577 |
DIVIDE |
TRENCH |
40' |
6.9 |
41.5 |
121578 |
DIVIDE |
DUMP |
COMP |
5.4 |
315.0 |
121583 |
DIVIDE |
DUMP |
COMP |
0.7 |
5.7 |
121586 |
DIVIDE |
CUT |
20' |
0.8 |
90.1 |
|
|
Gold |
Silver |
|
NumberofSamples |
Averageg/t |
Mediang/t |
StandardDeviationg/t |
Averageg/t |
Mediang/t |
StandardDeviationg/t |
All samples |
159 |
0.6 |
0.1 |
2.7 |
12.2 |
1.7 |
40.6 |
All samples over 0.5 g/t |
22 |
3.8 |
1.4 |
6.6 |
66.2 |
23.5 |
92.6 |
Divide samples |
53 |
0.7 |
0.2 |
1.4 |
31.8 |
7.1 |
65.9 |
Divide samples over 0.5 g/t |
15 |
2.1 |
1.3 |
2.0 |
90.1 |
49.7 |
104.1 |
Map – WKM Property and Exploration Targets
A photo accompanying this release is available
at http://www.globenewswire.com/NewsRoom/AttachmentNg/77e0e61f-d3ac-4b58-8723-93999a6054c7
Divide Target
The Divide Target is located 1.2 km north of the
Company’s Hasbrouck open pit Reserves. The area includes at least
three historic shafts dating from the 1920’s with one shaft
reported as sunk to 100 meters. Mineral title to this area was
recently clarified through court action initiated by Tonopah Divide
Mining Company (“TDMC”), the lessor of this land, allowing
exploration to now take place. Sampling by WKM was performed
following the 100% interest lease agreement with TDMC announced by
the Company on December 18, 2017. Sampling supports a clear
target for drilling with the objective of adding to the Company’s
at-surface, open pit resources and reserves for heap leach
extraction.
The results of surface sampling are
given above and include chip samples from outcrops and
composite samples from historic shaft dumps. Results ranging from
0.4 g/t gold to 5.4 g/t gold and 315 g/t silver have been obtained.
Sampling supports the reports dating from the 1920’s and
indicates potential for bulk open pit gold and silver
mineralization exposed at surface in many locations surrounding the
historic workings. At the time of the historical shaft work, bulk
open pit mining with low cost heap leach extraction did not
exist.
The exposed target area with reported gold
values is approximately 500 m by 300 m. Trenching has increased the
sampled target area and has helped to define the controls on gold
and silver mineralization.
Interestingly, if all the chip and composite
samples recently taken by the Company from the Divide Area (53
samples) are averaged, the resulting grade value is 0.7 g/t gold
and 31.8 g/t silver. If only samples greater than 0.5 g/t Au (15
samples) are used the simple average is 2.1 g/t gold and 90.1 g/t
silver. Samples were taken as chips over the widths shown in the
table above. Samples from historic shaft dumps were taken as an
unbiased composite over the whole dump.
Hill of Gold Target
The Hill of Gold target is located four km north
of the Hasbrouck Reserves and was leased by WKM in November 2016.
Surface sampling by WKM on the Hill of Gold area includes a sample
assaying at 31.7 g/t gold on the central historical vein. Drilling
by WKM in 2017 expanded the 1996 historic resource area to the
north-west. Mapping and sampling by WKM in late 2017 also found
targets near historic shafts located east of the 1996 historic
resource and this area is planned to be drilled or trenched in the
current exploration program.
Southerland Target
Area
This target area is located on a group of six
lode claims leased and on land staked by WKM in December 2017 which
adjoins both the Hill of Gold lease and the TDMC lease. Located 3.5
km north of the Hasbrouck Reserves, the Company has found no record
of modern exploration or drilling there. Chip sampling by WKM
geologists along 10 m of a mineralized ridge returned 1.2 g/t gold
and 2.3 g/t silver and a prospect pit assayed 6.4 g/t gold and 8.6
g/t silver. Drilling is planned in this area.
About the Hasbrouck Gold Project and West
Kirkland
Over the past twelve months, West Kirkland has
progressively acquired a 100% interest in 3,700 acres of
prospective land between the original two deposits of the Hasbrouck
Gold Project. The Hasbrouck Gold Project contains Proven &
Probable Reserves of 784,000 gold equivalent oz, (45,270,000 tons
at 0.017 Au oz/t for 762,000 contained Au oz; 0.233 Ag oz/t for
10,569,000 contained Ag ounces) (Technical Report and Updated
Preliminary Feasibility Study for The Hasbrouck and Three Hills
Gold-Silver Project, Esmeralda County, Nevada, USA, Report Date:
September 14, 2016). Waterton Precious Metals Fund II Cayman, LP
holds a 25% interest in the Hasbrouck Gold Project and is
participating in project expenditures. The first pit is fully
permitted and permitting the second pit is ongoing.
The Hasbrouck Gold Project consists of two
all-oxide gold-silver deposits eight km apart, near the Town of
Tonopah in southern Nevada. Both deposits can be open-pit mined at
1:1 stripping ratios with minimal pre-stripping and with 76% gold
recovery by heap leaching. There are no known technical,
environmental, economic or social obstacles that would prevent the
company from proceeding immediately to construction on the first
part of the Hasbrouck Mine plan at Three Hills. Permitting is
advanced and is in progress for the second part of the mine
plan.
Qualified Person
R. Michael Jones P.Eng, CEO of West Kirkland
Mining, is a non-independent Qualified Person as defined by NI
43-101. He has reviewed the information contained in this news
release and has verified the data by hiring qualified geologists
and engineers and has completed a review of the detailed technical
information. Mineral Reserve information in this news release
relating to the Hasbrouck Gold Project has been developed and
approved by Thomas L. Dyer, P.E., of MDA following CIM
standards.
Quality Assurance/Quality
Control
West Kirkland Mining utilizes a well-documented
system of inserting blanks and standards into the assay stream and
has a strict chain of custody. Assays are completed at
independent laboratories which have internal quality assurance and
quality control systems and procedures. Assays were performed
by ALS Chemex Labs Ltd., by fire assay and ICP methods.
On behalf of West Kirkland Mining Inc. “R.
Michael Jones” Chief Executive Officer
For further information, please see the
Company’s website at www.wkmining.com or contact us by email at
info@wkmining.com.
Disclaimer for Forward-Looking
Information
This press release contains forward-looking
information or forward-looking statements (collectively
"forward-looking information") within the meaning of applicable
securities laws. Forward-looking information is typically
identified by words such as: “believe”, “expect”, “anticipate”,
“intend”, “estimate”, “postulate” and similar expressions, or are
those, which, by their nature, refer to future events.
Forward-looking information in this news release includes, without
limitation, , the project approach of the Prefeasibility Study and
exploration and all information under the heading “Prefeasibility
Study Detail”. Historical mineral title also has risk of an
unrecorded claim. The Company cautions investors that any
forward-looking information provided by the Company is not a
guarantee of future results or performance, and that actual results
may differ materially from those in forward-looking information as
a result of various factors, including, but not limited to, the
state of the financial markets for the Company's equity securities,
the state of the market for gold or other minerals that may be
produced generally, variations in the nature, quality and quantity
of any mineral deposits that may be located, the Company's ability
to obtain any necessary permits, consents or authorizations
required for its activities, to raise the necessary capital or to
be fully able to implement its business strategies and other risks
associated with the exploration and development of mineral
properties. The reader is referred to the Company's public filings
for a more complete discussion of such risk factors and their
potential effects which may be accessed through the Company's
profile on SEDAR at www.sedar.com.
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.
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