Success: New and Historical Data Provides High Probability Targets at GWR's Lac La Hache Porphyry Gold-Copper Property
Summary:
GWR is committed to discovery.
In the past few months, our experienced technical team has re-evaluated over 20 years' accumulation of historical and recent drill cores, assays, and geochemical and geophysical data. We have identified characteristics that have predictive validity in our search for economic mineralization, leading to new exploration models. The data predict additional gold, copper and silver will be found laterally and at depth below known zones. We will use these predictive models in our expanded 2010 Exploration Program, to drill test high probability targets laterally and, for the first time, at depth. We will collect additional MMI soil data, conduct trenching/sampling, and will be participating in collaborative research designed to improve exploration strategy.
As reported previously (http://www.gwrresources.com/s/NewsReleases.asp), the Lac La Hache exploration team has been very active during the current non-drilling winter season, relogging all drill cores. Significant new insights have been gained from recent recognition of key geological features such as hydrothermal breccia and alteration styles. Results have exceeded our expectations, locating previously unrecognized breccias, faults, and alteration within several mineralized, historically drilled zones. In one case, we have discovered hydrothermal breccia with chalcopyrite at the bottom of a drill hole that was not sampled for assay. Our XRF analysis of this core shows it is enriched in cobalt, which we have shown serves as a good predictor of elevated gold concentrations. This core has been sampled and we await results.
A thorough compilation of all drill core assays has now been completed. For the first time, this provides a coherent database that allows the Company to develop elemental relationships between the mineralization, host rocks, alteration, related structures, and to use those relationships to guide future exploration.
Early results of this work have also proven successful, identifying and mapping elements located within the core of the gold-rich Aurizon Zone Central (AZC) gold-copper zone versus other elements concentrated in the peripheral "shell" surrounding the zone. For example, work conducted on-site by SRK Consultants in February 2010 shows sodium/magnesium and aluminum/magnesium ratios are associated with the core of the zone, defining the same north-northeast trending, -65 plunge, as the gold values. Increased concentrations of lead and magnesium lie peripheral to the core, perhaps reflecting the enclosing shell of propylitic alteration.
These relationships (and several others we have discovered) characterize the chemical signature of the zones, effectively extending our ability to define targets for drilling, beyond patterns defined using gold or copper trends alone. The SRK 3D model of the AZC gold, copper and other elements and SRK's related structural interpretation supports our previous modelling of the zone, providing independent confirmation of strong potential to extend the zone down plunge. Perhaps more exciting, however, is that the data suggests deeper mineralization under a second possible "core" lying immediately north of the currently drill-defined zone, under a native copper (supergene) cap. These areas will be drill tested early in the planned 2010 Program.
The success of our 2009 MMI soil sampling program has been demonstrated, locating new ore-grade copper and gold showings in several surface locations, as previously reported. The Company will follow-up these results with trenching and drilling in 2010 and will conduct MMI sampling over the remainder of the property. Our goal is to use the power of improved geochemical analyses to re-evaluate the soil metal anomalies (not just Cu and Au values) in combination with new bedrock sampling (in new anomalous areas). Using this in conjunction with the revised exploration model evolving from consistent core relogging of all holes drilled on the property to date, makes us more confident that we can prove bulk-mineable potential. The presence of gold-rich zones within the system adds to our confidence level.
The 2010 Drilling Program will focus on new targets indicated by the new data, testing several areas where mineralization near surface discovered from relatively shallow historical drilling supports potential for deeper ores below. The recent and exciting new deep discoveries made within the Quesnel Trough at several properties below known mineralization (Red Chris, Kemess North, Mount Polley, Afton, Copper Mountain, others) provides a model for the Lac La Hache property, which has the advantage of easy access and very good infrastructure.
We invite interested parties to visit us at the annual Kamloops Exploration Group convention April 6-8, 2010, where we will present a talk summarizing the latest features of the Lac La Hache Project. Visit our Booth, Core Displays, and obtain our new, informative Brochure. (New brochure now available under the Presentations tab of the Company's website at http://www.gwrresources.com/s/Presentations.asp )
Layperson Summary:
GWR's geology team has re-evaluated over 2 decades of drill cores. We have synthesized historical geochemical and geophysical data with new information we collected over the past year, to predict where we will find worthwhile deposits of gold, copper and silver. We are happy to report that features recently proven to be important have been discovered in much of the earlier drill cores. We have been able to use our data to make predictions that have already been borne out by subsequent testing. This success provides confidence that we can extend existing zones, and detect new ones. We will therefore be testing some new areas on the large Lac La Hache property, but will also be drilling deeper in selected areas to uncover more and possibly better mineralization. Recent discoveries of deep gold and copper within the Quesnel Trough, where Lac La Hache is located, makes us more confident that will find something similar on GWR's property.
The Company maintains a quality assurance/quality control program that conforms to the requirements of National Instrument 43-101. Rob Shives, P.Geo., is the Qualified Person (as defined by NI43-101) who accepts responsibility for the technical content of this news release. This press release may contain "forward-looking statements". Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward looking statements".
About GWR Resources Inc.
GWR RESOURCES INC. is an active mineral exploration company, currently exploring multiple zones containing commercial grades of copper and gold within its large Lac La Hache copper-gold porphyry project. GWR's project is in the prolific Quesnel Trough area of British Columbia, between producing mines at Imperial Metals' Mt. Polley Copper-Gold Mine and New Gold Inc.'s New Afton Copper-Gold project (Teck-Cominco's legendary Afton mine). The Lac La Hache project is well-served by rail, road and power infrastructure.
For further information, please contact:
Responsible Officer: Irvin Eisler, President
Company Telephone Number: (250) 546-8048
Neither the 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.
GWR Closes Further $60,335
One of the Company's insiders participated in this tranche for $9,960.
For further information, please contact:
Responsible Officer: Harley Sinclair, Executive Vice President
Telephone Number: (604) 687-0789
Neither the 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.
GWR Closes Further $44,256 Tranches of Private Placements
The total gross amount raised by these collective financings is $1,127,149.
Four of the Company's directors and officers participated in these private placements for an aggregate of $192,000.
For further information, please contact:
Responsible Officer: Harley Sinclair, Executive Vice President
Telephone Number: (604) 687-0789
Neither the 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.
GWR Resources Extends Gold-rich Aurizon Central Zone, Improves Exploration Targeting
Hole AZ09-102 was positioned along the north-eastern corner of the Aurizon Central Zone to confirm the eastern boundary as projected from holes drilled in 2008. Earlier interpretation suggested the hole would effectively define the eastern limit of the Zone, but the intensity of alteration (chlorite, hematite, calcite veining) and fracturing encountered throughout the hole and especially towards the bottom (368 meters below collar) indicates extension to the east is possible at depth. Low copper values with weak gold enrichment (> 0.1 gpt Au) were intersected at the top (0.1 gpt Au over 26m with 0.33 gpt Au over 3 m from 23-26 m) and further down-hole from 80-107 m. Spotty native copper was noted near the top. Hydrothermal breccia was not observed, but zones with increased alteration occurring towards the bottom have returned elevated gold and copper values (0.16 gpt Au over 33 m from 275 to 308 m). These results prompted additional sampling to the bottom of the hole, which has extended the low-grade gold zone an additional 33 m down-hole resulting in 66 m at 0.16 gpt from 275 to 341 m. This includes a narrow higher-grade zone (0.32 gpt Au over 9 m from 308 - 317 m).
Hole AZ09-103 was drilled on the north side of an east-west oriented (110 degrees) fault lying north of the core of the ACZ. The goal was to extend known mineralization towards the north and to determine possible offset direction/distance across the fault. The hole intersected mineralized orange polylithic tuff with traces of native copper, a 75 m (down-hole) wide zone of variably mineralized hydrothermal breccia (refer to table of assays, below), then unmineralized grey monzonite. One faulted interval contains 7.49 gpt Au over 2 m. The apparent displacement of hydrothermal breccia and mineralized zones between drill sections located at 8120N and 8160N is approximately 100 m. This has confirmed our previous interpretation whereby east-west faults appear to down-drop the mineralization to the north, providing continued encouragement that additional mineralization lies untested in that direction. A westerly component of movement is also apparent. This area will be a focus for additional drilling in our 2010 exploration Program.
| Hole | NAD 83 Zone 10 | Direction | Dip | EOH (m) |
Cu (%) | Au (gpt) | Length (m) |
From | To | ||
| E | N | ||||||||||
| AZ09-102 | 617988 | 5758137 | 0 | -90 | 364.8 | Low but anomalous Cu and Au grades along eastern edge of Aurizon Central Zone, with increasing grades and alteration towards bottom. |
|||||
| 0.06 | 0.16 | 66 | 275 | 341 | |||||||
| AZ09-103 | 617928 | 5758166 | 0 | -90 | 386.1 | 0.13 | 0.20 | 41.4 | 4.6 | 46.0 | |
| including | 0.23 | 0.97 | 2.4 | 4.6 | 7.0 | ||||||
| 0.14 | 0.88 | 58.0 | 205 | 263 | |||||||
| including | 0.05 | 7.49 | 2.0 | 205 | 207 | ||||||
| and | 0.21 | 1.06 | 10 | 217 | 227 | ||||||
| and | 0.32 | 1.31 | 10 | 241 | 251 | ||||||
| JK09-02 | 619117 | 5758742 | 46 | -60 | 340.4 | No significant assay results | |||||
The Lac La Hache exploration team has been very active during the current, non-drilling phase. All re-logged Ann North drill cores have been digitally plotted in plan, section and longitudinal views, with Cu and Au values. Geological units, hydrothermal breccia, alteration styles and post-mineral intrusive dikes have been consistently recognized, allowing new interpretation which will guide future drilling in the area, in 2010. A similar approach will be followed with re-logging of historical cores from the NK, Harvey, and Peach Melba Zones, now underway.
GWR has commenced a program to rigorously evaluate the large quantity of multi-element values resulting from Inductively Coupled Plasma (ICP) analyses and Cu, Au, Ag assays of recent and many historical drill cores.
The database is estimated to contain over 800,000 values. Software has been developed in-house to produce ten-meter-averaged plan maps for all elements in all drill holes, supporting local zone and property-scale correlation with geology, geophysics, structures, mineralization and alteration patterns, again leading to improved vectoring. Comparison of the multi-element core data with the new soil MMI 8-element data, in-house XRF analyses of drill cores and magnetic susceptibility measurements will also be completed. This information will significantly improve understanding of the relationships between gold, copper, silver, other potentially economic minerals that have not been rigorously evaluated to date, and potential pathfinder elements which may serve as vectors towards improved grades, perhaps at depth below several of the historical, shallow-drilled zones.
The work conducted at Lac La Hache in 2009 has provided new encouragement in several areas. Although far less drilling was conducted during 2 campaigns in 2009 than in previous programs in 2007 and 2008, targets were carefully selected with specific goals, and as described in several recent news releases, results were largely successful. (see all news releases and additional information at www.gwrresources.com) The narrow but very high-grade gold-rich Aurizon South Zone was extended to the north and south and remains open. Aurizon Central drilling successfully extended the zone to the north, where it also remains open. Preliminary reserves have been calculated for Aurizon Central and results indicate grades and tonnage comparable to zones currently being exploited at Mount Polley. GWR has obtained a combined copper equivalent grade/tonnage figure, but is waiting for confirmation of the separate, contained gold and copper figures before releasing this information. The company expects to have this information by the end of January, 2010.
The Company completed a 1300 sample MMI soil sampling program in the fall which has already proven extremely encouraging, generating new discoveries of copper and gold within potassically altered monzonite, including structurally controlled copper exceeding 11% Cu and 0.6 gpt gold. Using our in-house XRF analyses, the MMI results, and laboratory geochemical analyses of the many drill cores, the exploration team has shown that non-gold-bearing pyrite yields low cobalt, and gold-rich pyrite (assays in the multigram/tonne Au range) is associated with high cobalt. The MMI approach supports mapping of the cobalt distribution in soils, and IP surveys allow mapping of pyrite-rich zones in the bedrock, both methods offering detection to considerable depths. Combined interpretation of these results will yield new targets to be followed-up with systematic trenching, sampling and assaying early in the spring 2010 program. A much larger, property-wide MMI program designed to cover the entire property will be completed as soon an environmental conditions allow.
Our goal is to use the power of improved geochemical analyses to re-evaluate the soil metal anomalies (not just Cu and Au values) in combination with new bedrock sampling (in new anomalous areas) and a revised exploration model evolving from consistent core relogging of all holes drilled on the property to date, to prove that the large alteration system has bulk-mineable potential. The presence of gold-rich zones within the system provides some additional encouragement.
The 2010 Drilling Program will focus on new targets indicated by the new data and on testing several areas where mineralization near surface discovered from relatively shallow historical drilling supports potential for deeper ores below. The recent and exciting new deep discoveries made within the Quesnel Trough at several properties, below known mineralization, provides a model for the Lac La Hache property, which has the advantage of easy access and very good infrastructure.
The Company maintains a quality assurance/quality control program that conforms to the requirements of National Instrument 43-101. Rob Shives, P.Geo., is the Qualified Person (as defined by NI43-101) who accepts responsibility for the technical content of this news release.
This press release may contain "forward-looking statements". Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward looking statements"
About GWR Resources Inc.
GWR RESOURCES INC. is an active mineral exploration company, currently exploring multiple zones containing commercial grades of copper and gold within its large Lac La Hache copper-gold porphyry project. GWR's project is in the prolific Quesnel Trough area of British Columbia, between producing mines at Imperial Metals' Mt. Polley Copper-Gold Mine and New Gold Inc.'s New Afton Copper-Gold project (Teck-Cominco's legendary Afton mine). The Lac La Hache project is well-served by rail, road and power infrastructure.
For further information, please contact:
Responsible Officer: Harley Sinclair, Executive Vice President
Company Telephone Number: (250) 546-8048
Neither the 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.
GWR Closes $363,256 Flow-Through Financing With MineralFields Group
"The continuing support from the MineralFields Group and our other investors has set the stage for GWR in 2010", said GWR President Irvin Eisler. "The funds provided by the MineralFields Group, as well as the $719,637 raised under our previously announced private placement, will serve as a solid foundation for what is expected to be an exciting 2010 exploration program."
Pursuant to the MineralFields Group Private Placement, GWR issued an aggregate of 3,027,131 units. Each unit is priced at $0.12 and consists of one "flow-through" common share and one transferable common share purchase warrant, with each warrant entitling the holder to purchase one common share of GWR for a period of 18 months following the closing of the Private Placement (the "Closing") at an exercise price of $0.15 per share.
Limited Market Dealer Inc. ("LMDI") has received: (a) a cash finder's fee of $21,795.36 representing 6% of the gross proceeds from the Private Placement; (b) a cash due diligence fee of $7,628.38 representing 2% of the gross proceeds from the Private Placement including GST; and (c) a non-transferable option (the "LMDI Option") to acquire 242,171 units of the Company (the "LMDI Units") equivalent to 8% of the total units sold in the Private Placement. The LMDI Option is exercisable for a period of 18 months following the Closing into LMDI Units at an exercise price of $0.12 per LMDI Unit, each such unit consisting of one common share of the Company and one non-transferable warrant of the Company, with each such warrant entitling LMDI to purchase one common share of GWR for a period of 18 months following the Closing at an exercise price of $0.15 per share.
All the securities of GWR issued in the Private Placement are subject to a hold period which under the applicable securities laws and the Exchange policies expires on May 1, 2010.
The proceeds of the Private Placement will be used to fund the Company's ongoing exploration program on the Company's properties near Lac La Hache, B.C. The Private Placement is subject to the final acceptance by TSX Venture Exchange.
About MineralFields, Pathway and First Canadian Securities ®
MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.
For further information, please contact:
Responsible Officer: Irvin Eisler, President
Company Telephone Number: (250) 546-8048
Neither the 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.