Wayside Completes 17 Hole Diamond Drill Program, Additional Hole in Progress
October 14 2009 - 8:00AM
Marketwired
International Wayside Gold Mines Ltd. (TSX VENTURE: WYG)(FRANKFURT:
IWUB) ("Wayside", the "Company") announced today that the Company's
17 hole infill diamond drill program at the Bonanza Ledge Zone is
complete. An additional hole, "14-b" is in progress. Examination of
the results received from holes drilled to date (e.g. BC09-12,
84.4m (277.0 feet) of 16.5 g/T (0.481 oz/t) Au Including 37.5m
(123.1 feet) of 36.1 g/T (1.052 oz/t) Au, see News Release October
7, 2009), identify that deeper diamond drilling at the Bonanza
Ledge Zone is necessary in order to have a better understanding of
the resource at depth.
President and CEO J. Frank Callaghan stated, "Management is very
pleased with the results received thus far from the first phase of
drilling at the Bonanza Ledge Zone. Company consultants Mintec Inc.
along with Company geologists will interpret phase one data and
plan a phase two Bonanza Ledge drill program designed to expand the
resource beneath the known mineralization as it is currently
defined."
The infill diamond drill program in the Bonanza Ledge Zone is
expected to upgrade its existing NI 43-101 resources from inferred
to indicated and measured categories. The drill program (including
drill hole locations) was designed by Mintec Inc. ("Mintec"), which
produced the Company's initial resources and reserve estimates as
reported in the Company's positive Pre-Feasibility Study at the
Bonanza Ledge Gold Project (see News Release September 10, 2009).
Mintec will use this new data gathered in this drill program
together with pervious drilling, for geologic modeling,
exploration, mine planning and ultimately mine development.
To date, 17drill holes have been completed with BC09-01 to
BC09-05, BC09-07 to BC09-09, BC09-11 and BC09-12 returning
promising intercepts containing gold mineralization (see News
Releases September 17, October 5 and October 7, 2009). Results from
the remaining drill holes in the infill program are forthcoming.
The program as last reported (see News Release October 07, 2009)
was scheduled for 17 holes and has increased by one hole due to the
loss of hole 14 in a fault zone. The 18th hole in the program is
identified as "14-b".
Additionally, the Company has completed diamond drilling an 8
hole, underground water monitoring well program for the proposed
Bonanza Ledge open pit gold mine. Two of the water well holes
unexpectedly cut into both quartz vein and weak pyrite replacement
mineralization zones. Core samples have been sent to Eco Tech
Laboratory Ltd. in Kamloops, B.C., for analysis.
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.
The Cariboo Gold Camp now 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 commenced operations in the Cariboo District in 1994
and since that time has focused on the exploration and development
of its gold properties. Mineral tenures in the Historic Cariboo
Goldfields encompass approximately 1,065 square km (106,484
hectares) over a 60 km long by 20 km wide belt. In the Barkerville
Gold Camp, 101 creeks have reported placer gold production.
Recorded gold production from the area totals more than 3.8 million
ounces, including an estimated 2.64 million ounces from placer
mining and 1.23 million ounces from lode mining.
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) Website: www.wayside-gold.com
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