Far West Mining Ltd.: Drilling Scheduled to Commence on the BHP Billiton NWT Great Bear Project.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Sept. 7, 2001 Far West Mining Ltd. (CDNX CDNX See Canadian Venture Exchange (CDNX). :FWM FWM Four-Wave Mixing FWM Fabric Workshop and Museum (Philadelphia, Pennsylvania) FWM Free Wheelchair Mission FWM Fine With Me FWM Fachverband Werbung Und Marktkommunikation .) is pleased to announce that drilling is scheduled to commence on the BHP Billiton NWT NWT or N.W.T. abbr. Northwest Territories NWT Northwest Territories (of Canada) Great Bear Project within the next two to three days. On June 27, 2001 Far West Mining Ltd. entered into an Earn-in Agreement (the Agreement) with BHP Diamonds Inc. (BHPB), to explore for Iron Oxide Hosted Copper-Gold (IOCG IOCG Iron Oxide Copper Gold IOCG International Organization for Crystal Growth ) deposits in the Great Bear Region of the Northwest Territories. IOCG deposits are commonly referred to as being of the Olympic Dam / Carajas style of 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. . Far West has been granted the right to earn an interest in BHPB's Great Bear Project (the Project) and more specifically in certain BHPB mineral claims (the Property) located within a previously unexplored area of the Great Bear Magmatic Zone. The Property, which is situated some 125 kilometres west of the city of Yellowknife, was staked by BHPB following the completion of a FALCON TM airborne magnetic/gravity gradiometer survey. The survey has indicated the presence of numerous well-defined, coincident magnetic/gravity anomalies (Targets) that are deemed ready for drill testing. Under the terms of the Agreement, Far West can earn a 70% interest in the Property, subject to a back-in right in favour of BHPB, by carrying out up to 2,000 m of drill testing on select Targets. BHPB has the right (via back-in or earn-in) to acquire up to a 75% interest in any mineral deposits discovered by solely funding ongoing exploration, making various cash payments to Far West and carrying Far West through to completion of a bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. feasibility study. Diamond Drill Program The $1.2MM drill program is designed to test up to ten Targets on the Property in the search for mineralization and alteration associated with IOCG deposits. Subject to favourable drilling conditions, two 300m holes are to be drilled on each Target. Three diamond drills are to be utilized to carry out the 6,000m drill program which is scheduled to run through to the end of October of this year. FAR WEST MINING LTD. Robert E. Hindson, P.Eng., President and C.E.O. The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. |
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