Wayside Drills 51.5m (170 Feet) of 7.17 g/t Gold Including 20.2m (66.4 Feet) of 14.6 g/t Gold
October 05 2009 - 2:42AM
Marketwired
International Wayside Gold Mines Ltd. ("Wayside", the "Company")
(TSX VENTURE: WYG)(FRANKFURT: IWUB) reports today that it has
received more results from its infill diamond drill program in the
Bonanza Ledge Zone on Barkerville Mountain and from one of the
three diamond drill holes testing the mine grid west extension of
the BC Vein on Cow Mountain (Table 1).
The proposed 17 infill diamond drill program in the Bonanza
Ledge Zone will upgrade its existing NI 43-101 resource from an
inferred to indicated category. To date, 16 of 17 drill holes have
been completed with BC09-01 through BC09-05, BC09-07 (please see
September 17, 2009 News Release) through BC09-09, and BC09-11
returning promising intercepts containing gold mineralization.
- Drill hole BC09-08 intercepted:
- 18.3 meters (60.0 feet) of 1.15 g/T gold,
- including 0.43m (1.4 feet) of 21.8 g/T gold
- 24.4 meters (80.0 feet) of 1.14 g/T gold
- Drill hole BC09-09 intercepted:
- 24.4 meters (80.0 feet) of 5.39 g/T gold,
- including 0.85 meters (2.8 feet) of 102 g/T gold
- Drill hole BC09-11 intercepted:
- 51.5 meters (170.0 feet) of 7.17 g/T gold,
- including 20.2 meters (66.4 feet) of 14.6 g/T gold
Results from the remaining holes in the infill program are
forthcoming.
Drill holes CM09-01 through CM09-03 were completed beside the
Lowhee Creek on Cow Mountain and confirm the mine grid west
extension of the BC Vein. The results verify that strike quartz
veins including BC Vein exist on Cow Mountain, though more drilling
needs to be conducted to confirm the total length and depth along
strike. Gold values returned from the strike vein are up to 22.7
g/T (see September 17, 2009 News Release).
Drill hole CM09-03 intercepted a fine-grained pyrite replacement
body in a fault zone, which contains up to 60% fine-grained pyrite
and returns up to 22.7 g/T gold (Table 1).
About International Wayside Gold Mines
International Wayside Gold Mines has been developing its 106,484
hectare Cariboo Gold Project in Barkerville, B.C., which
encompasses (from northwest to south east) the former producing
Hardscrabble Tungsten Mine, Mosquito Creek Gold Mine (now on care
and maintenance), Aurum Mine, Island Mountain Mine, Cariboo Gold
Quartz Mine, Bonanza Ledge (proposed mine), the Cariboo Thompson
Gold & Silver Mine and the Cariboo Hudson Mine.
The Company has also entered into a letter of intent with
0373849 B.C. Ltd. (formerly Cross Lake Minerals Ltd.) ("Cross
Lake") pursuant to which Wayside will purchase a subsidiary of
Cross Lake holding all of Cross Lake's interest in the QR Mine and
Mill (the "Sale Transaction"). Concurrently with the completion of
the Sale Transaction, Wayside will enter into a Spin-off
Transaction to transfer all of its properties, including the QR
Mine and Mill, Cariboo Gold Project, and its assets, liabilities
and obligations, to Barkerville Gold Mines Ltd. ("Barkerville"), a
wholly-owned subsidiary of Wayside, in exchange for shares of
Barkerville (the "Barkerville Shares") and will then distribute the
Barkerville Shares to the shareholders of Wayside on the basis of
one Barkerville Share for each share of Wayside. The Sale
Transaction and Spin-Off Transaction (together, the "Transactions")
will be structured as a Plan of Arrangement involving Wayside, its
security holders, Cross Lake and Barkerville pursuant to the
provisions of the B.C. Business Corporations Act. The final terms
of the Transactions will be modified to the extent necessary to
give effect to tax and legal advice to be sought by the
parties.
Barkerville will make an application to list its shares on the
TSX Venture Exchange (the "TSX.V"). This transaction is subject to
meeting the usual listing requirements of the TSX.V, which will
include having the necessary funds to meet the obligations of
operating the QR Mine and Mill, conduct recommended work programs
on its Cariboo Gold exploration projects, satisfy the necessary
general and administrative expenses and having unallocated working
capital.
Completion under the Plan of Arrangement will also be subject to
obtaining the necessary shareholder, regulatory and court
approvals.
The technical information in this News Release has been reviewed
and approved by Chief Geologist Jim Yin, PhD, P.Geo, a qualified
person as defined in National Instrument 43-101.
Table 1. SIGNIFICANT ASSAYS
--------------------------------------------------------
From To Width Gold
------------------------------------------
# Drill Hole Feet Feet g/t oz/t
--------------------------------------------------------
--------------------------------------------------------
1 BC09-08 37.0 97.0 60.0 1.15 0.033
------------------------------------------
including
------------------------------------------
47.0 57.0 10.0 1.92 0.056
------------------------------------------
61.4 62.8 1.4 21.8 0.636
------------------------------------------
147.0 227.0 80.0 1.14 0.033
------------------------------------------
including
------------------------------------------
170.3 176.0 5.7 1.27 0.037
------------------------------------------
185.1 187.0 1.9 4.15 0.121
------------------------------------------
187.0 189.8 2.8 1.72 0.050
------------------------------------------
189.8 195.3 5.5 7.35 0.214
------------------------------------------
207.0 210.1 3.1 1.32 0.038
------------------------------------------
210.1 217.0 6.9 1.13 0.033
--------------------------------------------------------
147.0 227.0 80.0 5.39 0.157
------------------------------------------
including
------------------------------------------
157.0 160.7 3.7 7.85 0.229
------------------------------------------
160.7 163.5 2.8 102 2.975
------------------------------------------
2 BC09-09 163.5 167.0 3.5 1.17 0.034
------------------------------------------
179.9 187.0 7.1 5.78 0.169
------------------------------------------
187.0 197.0 10.0 2.13 0.062
------------------------------------------
197.0 201.9 4.9 6.95 0.203
------------------------------------------
201.9 207.0 5.1 2.17 0.063
--------------------------------------------------------
3 BC09-10 Pending
--------------------------------------------------------
87.0 257.0 170.0 7.17 0.209
------------------------------------------
including
------------------------------------------
107.0 117.0 10.0 7.55 0.220
------------------------------------------
117.0 119.7 2.7 4.25 0.124
------------------------------------------
134.6 137.0 2.4 6.95 0.203
------------------------------------------
137.0 142.4 5.4 6.00 0.175
------------------------------------------
142.4 147.0 4.6 14.9 0.433
------------------------------------------
147.0 153.5 6.5 6.65 0.194
------------------------------------------
153.5 157.0 3.5 6.25 0.182
------------------------------------------
157.0 159.5 2.5 4.40 0.128
------------------------------------------
159.5 167.0 7.5 11.0 0.321
------------------------------------------
167.0 172.1 5.1 18.1 0.528
------------------------------------------
172.1 177.0 4.9 11.2 0.327
------------------------------------------
177.0 181.9 4.9 23.4 0.682
------------------------------------------
4 BC09-11 181.9 187.0 5.1 26.9 0.783
------------------------------------------
187.0 189.2 2.2 16.9 0.493
------------------------------------------
189.2 193.5 4.3 29.6 0.863
------------------------------------------
193.5 197.0 3.5 22.4 0.652
------------------------------------------
197.0 199.7 2.7 11.9 0.347
------------------------------------------
199.7 201.0 1.3 12.6 0.367
------------------------------------------
201.0 207.0 6.0 1.11 0.032
------------------------------------------
207.0 211.8 4.8 1.09 0.032
------------------------------------------
211.8 217.0 5.2 1.05 0.031
------------------------------------------
225.0 230.7 5.7 2.25 0.066
------------------------------------------
230.7 237.0 6.3 6.65 0.194
------------------------------------------
237.0 241.2 4.2 1.71 0.050
------------------------------------------
241.2 243.8 2.6 4.25 0.124
------------------------------------------
243.8 246.6 2.8 2.23 2.230
------------------------------------------
246.6 251.0 4.4 11.9 0.347
--------------------------------------------------------
5 BC09-12 Pending
--------------------------------------------------------
6 BC09-13 Pending
--------------------------------------------------------
7 BC09-14 Pending
--------------------------------------------------------
8 BC09-15 Pending
--------------------------------------------------------
9 BC09-16 Pending
--------------------------------------------------------
10 BC09-17 Pending
--------------------------------------------------------
115.0 119.7 4.7 1.11 0.032
------------------------------------------
including
------------------------------------------
118.7 119.7 1.0 4.90 0.143
------------------------------------------
204.4 214.3 9.9 1.80 0.053
------------------------------------------
including
------------------------------------------
214.3 215.0 0.7 22.7 0.662
------------------------------------------
11 CM09-03 217.5 219.5 2.0 14.0 0.408
------------------------------------------
334.4 336.5 2.1 1.82 0.053
------------------------------------------
369.3 375.0 5.7 5.27 0.154
------------------------------------------
including
------------------------------------------
369.3 375.0 5.7 8.41 0.245
------------------------------------------
435.0 445.0 10.0 7.72 0.225
------------------------------------------
589.2 589.9 0.7 1.67 0.049
--------------------------------------------------------
On Behalf of the Board of Directors
J. Frank Callaghan, President
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.
Contacts: International Wayside Gold Mines Ltd. Andrew H. Rees
Director 604 669-6463 or Toll Free: 1-800 663-9688 604 669-3041
(FAX) www.wayside-gold.com
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