Bonanza Ledge First Production from Underground Bulk Sample Confirms Thickness of Ore Zone.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 22, 2004 The Board of Directors of International Wayside Gold Mines Ltd. (the Company) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:IWA IWA International Water Association IWA International Webmasters Association IWA Inland Waterways Association (UK) IWA International Windsurfing Association IWA Williams-Gateway Airport ) is pleased to report that the first production of gold ore from development in the ore zone has been recorded, under the direction of Mr. Michael Hibbitts P.Geo., the "Qualified Person" as required under National Instrument 43-101. The Bonanza Bonanza saga of the Cartwright family. [TV: Terrace, I, 111–112] See : Wild West Ledge deposit will produce 10,000 metric tonnes from a Bulk Sample in the upcoming weeks, with an anticipated grade of 0.7 oz per ton Au (24.00 g/mt). As of January 20, 2004 an estimated total of 1100 metric tonnes of development ore has been delivered to surface from underground. A program of underground drilling, designed to outline both grade and thickness of the ore zone, has been met with unprecedented success. The ore zone in the area that is scheduled to be mined, approximately 120 feet of strike, has shown both a higher grade core and a larger mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. envelope than previously identified from surface drilling. Surface drilling was predominantly drilled in the down dip direction and has now been confirmed with perpendicular underground diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral . The Board of Directors of the Company approved a program of additional underground diamond drilling, to follow up on the width and grade of the ore zone with a view to add to the strike continuation. The program will be carried out from the existing underground development. Detailed mapping of the underground deposit has identified several targets to explore for additional tonnes and grade of Au. Five of the six diamond drill holes have all shown higher-grade Au core, as well as wider zones than were previously indicated from surface exploration (Table 1 details the results). Currently diamond drill holes UG BL-04-06 and UG BL-04-07 have assays pending. Table 1
Hole # Section Length Dip From Distance Grade G/MT Au
/To /Ft Oz/Ton
Au
----------------------------------------------------------------------
UG BL-03-01 20060E +7
208 (degree) 87.2-153.4 66.2 0.39 13.25
----------------------------------------------------------------------
including 87.2-112.2 25 0.53 25.06
----------------------------------------------------------------------
UG BL-03-02 20060E +22
207 (degree) 82-142 60 0.44 14.97
----------------------------------------------------------------------
including 82-122 40 0.72 20.74
----------------------------------------------------------------------
UG BL-03-03 20120E +9
252 (degree) 77-142 65 0.36 12.27
----------------------------------------------------------------------
including 117-142 25 0.69 23.68
----------------------------------------------------------------------
UG BL-04-04 20120E +22
251 (degree) 98-137 39 0.93 31.97
----------------------------------------------------------------------
UG BL-04-05 20034E +9
252 (degree) 101-132 31 0.61 20.93
----------------------------------------------------------------------
UG BL-04-06 20034E +22 Pending
252 (degree)
----------------------------------------------------------------------
UG-BL-04-07 20090E +10 Pending
(degree)
----------------------------------------------------------------------
Detailed stope stope n. An excavation in the form of steps made by the mining of ore from steeply inclined or vertical veins. tr.v. stoped, stop·ing, stopes To remove (ore) from or mine by means of a stope. design and development is in progress based on partial assay results from underground and surface diamond drilling and drift wall chip sampling of the underground mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. . Underground development at the Company's Bonanza Ledge Project is essentially complete. The 4675 level exploration drift is being extended an additional 120 feet to the west (75 feet remaining to completion) in order to extend the zone laterally in anticipation of the upcoming 70,000 tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. bulk sample planned this spring (see News Release 03-10). Permitting for the 70,000 tonne bulk sample is in progress for the next phase of mining. To date, a total of 1050 feet of underground development has been completed including three cross cuts totaling 104 feet in the higher grade southern contact of the zone. Chip sampling along the walls of these cross cuts has been completed, with assays pending. The first higher-grade stope (4675 - 040 E) has been designed and stope development is underway. The Company is awaiting the assay results of the chip samples along with further diamond drill results prior to designing and developing the remaining two stopes Stopes , Marie Carmichael 1880-1958. British social reformer who opened England's first birth control clinic (1924) in London and later promoted family planning in east Asia. : stope 2 (4675 - 100E) and stope 3 (4675 - 140E). This information is expected to be available within 10 days. Fire assay sample analysis is being performed by Eco Tech Laboratories Ltd. of Kamloops, B.C. The Cariboo Gold Project encompasses the former producing Cariboo Gold Quartz mine, and the Hardscrabble hard·scrab·ble adj. Earning a bare subsistence, as on the land; marginal: the sharecropper's hardscrabble life. n. Barren or marginal farmland. Adj. 1. Tungsten tungsten (tŭng`stən) [Swed.,=heavy stone], metallic chemical element; symbol W; at. no. 74; at. wt. 183.85; m.p. about 3,410°C;; b.p. 5,660°C;; sp. gr. 19.3 at 20°C;; valence +2, +3, +4, +5, or +6. Mine on the property of International Wayside Gold Mines Ltd. (IWA-TSX.V); jointly held with Island Mountain Gold Mines Ltd. (IGM-TSX.V); the Aurum, Island Mountain, and the Mosquito Creek Mosquito Creek may refer to:
The Cariboo Gold Project's land holdings now cover 456 square kilometers (170 square miles A square mil is a unit of area, equal to the area of a square with sides of length one mil. A mil is one thousandth of an international inch. This unit of area is usually used in specifying the area of the cross section of a wire or cable. ) covering 57 kilometers (34 miles) in length and over 8 kilometers (5 miles) in width. In the Barkerville Gold Camp, 79 creeks have reported placer gold production. Recorded production from the area was 3.8 million ounces of gold (2.6 million ounces from placer and 1.2 million ounces from lode mining). On Behalf of the Board of Directors, J. Frank Callaghan, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. This News Release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding the timing and content of upcoming programs. Actual results may differ materially from those currently anticipated in such statements. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed this News Release and takes no responsibility for the information contained herein. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion