International Wayside Gold Mines Ltd.: Three New Zones of Pyrite Gold Mineralization Discovered at Bonanza Ledge-New Drill Progr
November 16 2009 - 10:54AM
Marketwired
International Wayside Gold Mines Ltd. ("Wayside", the "Company")
(TSX VENTURE: WYG)(FRANKFURT: IWUB) announced today that it has
identified three new zones of replacement style gold mineralization
at its Bonanza Ledge gold project and that a new drill program has
been initiated. A full drill program is currently being planned to
incorporate recent results to delineate the new zones.
Diamond drill hole BC09-14B, part of the 18 hole in-fill program
at Bonanza Ledge, hit 20.0 feet of 1.28 g/t replacement style gold
mineralization between 471.0 feet and 491.0 feet below surface and
underneath the proposed open pit at Bonanza Ledge (summary in table
below).
Hole MW09-01 hit two zones of Bonanza Ledge style pyrite
replacement mineralization approximately 290 meters southwest from
the center of the proposed gold mine in a rock sequence referred to
as the Lowhee Unit. The two replacement zones included 1.3 meters
(4.4 feet) of 1.86 g/T (0.054 oz/t) gold between 17.6 and 22 feet
below surface, and 0.5 meters (1.5 feet) of 2.58 g/T (0.075 oz/t)
gold between 90.8 and 92.3 feet below surface (summary in table
below). MW09-01 was one of eight water monitoring holes drilled in
preparation to open pit mine the Bonanza Ledge gold deposit.
Company President and CEO J. Frank Callaghan stated, "Management
and our exploration team are very encouraged with the recent drill
results. Hole BC09-12 was our best drill hole to date having an
intercept 100 feet longer than any other previous drill hole and
the best grades to date. Furthermore, the Company has discovered
Bonanza Ledge style mineralization at depth and below the proposed
Bonanza Ledge open pit mine, as reported in both BC09-14B and
BC09-16. Both of these holes intersected gold mineralization 200 -
300 feet below the original resource depth of approximately 250
feet, opening the exploration potential at depth substantially. On
October 7 the Company announced the discovery of Bonanza Ledge
style mineralization 2200 meters northwest of the Bonanza Ledge
Zone on Cow Mountain and the Company has now discovered the same
type of mineralization 290 meters southwest of the proposed Bonanza
Ledge open pit mine. An extensive exploration program is currently
in planning for the purpose of further extending and defining these
new zones."
The recently completed infill diamond drill program in the
Bonanza Ledge Zone will upgrade its existing NI43-101 resource from
an inferred to indicated category. Company consultants Mintec Inc.
is currently upgrading the resource based on these results.
SUMMARY OF WEIGHTED SIGNIFICANT ASSAYS OF 2009 DRILL HOLES
----------------------------------------------------------------------
# Drill Hole From To Width Gold
--------------------------------------------------
Feet Feet g/T oz/t
----------------------------------------------------------------------
----------------------------------------------------------------------
1 BC09-14B 70.0 306.0 236.0 10.5 0.307
--------------------------------------------------
including
--------------------------------------------------
91.6 96.0 4.4 1.38 0.040
--------------------------------------------------
96.0 99.1 3.1 2.51 0.073
--------------------------------------------------
99.1 102.0 2.9 29.2 0.852
--------------------------------------------------
102.0 106.0 4.0 1.07 0.031
--------------------------------------------------
106.0 116.0 10.0 1.71 0.050
--------------------------------------------------
116.0 117.7 1.7 10.1 0.295
--------------------------------------------------
117.7 120.5 2.8 115 3.354
--------------------------------------------------
120.5 126.0 5.5 89.7 2.616
--------------------------------------------------
126.0 130.3 4.3 7.45 0.217
--------------------------------------------------
134.9 141.1 6.2 6.25 0.182
--------------------------------------------------
146.0 152.0 6.0 6.35 0.185
--------------------------------------------------
152.0 156.0 4.0 22 0.642
--------------------------------------------------
156.0 158.0 2.0 12.2 0.356
--------------------------------------------------
158.0 162.1 4.1 2.14 0.062
--------------------------------------------------
162.1 166.0 3.9 15.4 0.449
--------------------------------------------------
166.0 168.5 2.5 35.5 1.035
--------------------------------------------------
168.5 171.0 2.5 2.18 0.064
--------------------------------------------------
171.0 176.0 5.0 25.1 0.732
--------------------------------------------------
176.0 179.4 3.4 83.5 2.435
--------------------------------------------------
179.4 182.3 2.9 17.5 0.510
--------------------------------------------------
182.3 186.0 3.7 10.4 0.303
--------------------------------------------------
186.0 188.8 2.8 2.52 0.073
--------------------------------------------------
188.8 192.2 3.4 9.45 0.276
--------------------------------------------------
192.2 196.0 3.8 38.50 1.123
--------------------------------------------------
196.0 198.3 2.3 15.9 0.464
--------------------------------------------------
198.3 206.6 8.3 7.25 0.211
--------------------------------------------------
206.6 213.3 6.7 14.6 0.424
--------------------------------------------------
213.3 216.0 2.7 2.85 0.083
--------------------------------------------------
216.0 219.3 3.3 4.80 0.140
--------------------------------------------------
219.3 221.2 1.9 69.5 2.027
--------------------------------------------------
221.2 226.0 4.8 11.1 0.324
--------------------------------------------------
226.0 231.0 5.0 2.41 0.070
--------------------------------------------------
231.0 236.0 5.0 1.07 0.031
--------------------------------------------------
241.8 246.0 4.2 2.15 0.063
--------------------------------------------------
261.1 265.4 4.3 1.75 0.051
--------------------------------------------------
273.5 276.0 2.5 1.32 0.038
--------------------------------------------------
471.0 491.0 20.0 1.28 0.037
--------------------------------------------------
including
--------------------------------------------------
476.0 481.5 5.5 2.16 0.063
--------------------------------------------------
486.0 491.0 5.0 1.18 0.034
----------------------------------------------------------------------
2 MW01 17.6 22.0 4.4 1.86 0.054
--------------------------------------------------
90.8 92.3 1.5 2.58 0.075
--------------------------------------------------
103.0 107.4 4.4 0.78 0.023
----------------------------------------------------------------------
3 MW06 No significant assay
----------------------------------------------------------------------
4 MW07 34.5 51.4 16.9 1.27 0.037
--------------------------------------------------
including
--------------------------------------------------
44.7 48.3 3.6 4.75 0.139
--------------------------------------------------
114.8 144.5 29.7 1.76 0.051
--------------------------------------------------
including
--------------------------------------------------
114.8 117.2 2.4 3.48 0.101
--------------------------------------------------
117.2 120.7 3.5 6.21 0.181
--------------------------------------------------
136.0 144.5 8.5 2.21 0.064
--------------------------------------------------
166.0 170.8 4.8 0.31 0.009
--------------------------------------------------
175.2 186.0 10.8 1.21 0.035
--------------------------------------------------
including
--------------------------------------------------
175.2 177.0 1.8 4.55 0.133
--------------------------------------------------
204.0 216.0 12.0 0.19 0.006
----------------------------------------------------------------------
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.
On Behalf of the Board of Directors
J. Frank Callaghan, President
This news release contains forward-looking statements regarding
the timing and content of upcoming programs. Actual results may
differ materially from those currently anticipated in such
statements.
The TSX Venture Exchange has neither approved nor disapproved of
the information contained herein.
Contacts: International Wayside Gold Mines Ltd. J. Frank
Callaghan President 604 669-6463 or Toll Free: 1-800 663-9688 604
669-3041 (FAX) www.wayside-gold.com
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