GWR Expands New "EASTSIDE" Cu-Magnetite-Au-Ag Skarn Zone: Assay Update
ARMSTRONG, BRITISH COLUMBIA — GWR Resources Inc. (the “Company” or “GWR”) (TSX Venture: GWQ) is very pleased to report positive follow-up drilling, expanding the newly discovered “Eastside” anomaly, and confirming significant extension of the South Skarn Zone at Lac La Hache.
A full description of the Skarn Drilling Program, its rationale, drill plan maps, drill core photos and previously released assays are provided at www.gwrresources.com. Our goal is to determine a NI43-101 compliant resource to support possible development of the near-surface, high-grade mineralization. A total of 127 NQ holes (13,395m) have been completed by two drill rigs, systematically testing the strong ground-magnetic trends associated with the North and South Skarn Zones. This leaves 2,605m remaining in our enhanced, 16,000m drilling budget. Assays for an additional 18 holes received following our last News Release (Feb 23, 2011) are tabulated below by zone. NEW drill plan maps showing the collar locations with respect to the magnetic anomalies are also available at www.gwrresources.com. Also, a user-friendly NEW Assay Summary Table for all skarn holes up to SL11-71 is provided on the website.
As previously announced, vertical DDH SL11-109 intersected massive magnetite and chalcopyrite approximately 245 meters northeast of the center of the South Skarn Zone “Peanut” anomaly. Our recent drilling has confirmed lateral continuity in that area, with true thickness of the zone up to 40 meters. Assays for two holes SL11-108 and SL11-109 have been received and are tabulated below, showing 2m assays up to 2.07 % Cu and 40.8% Fe (primarily as magnetite). To date, another 7 vertical holes have been drilled around SL11-109, defining the new “Eastside” anomaly. Visual results (assays pending) in a few of the new holes appear similar or better than those observed in SL11-109. Additional drilling will continue to systematically test the zone in all directions, to link this anomaly with the remaining South Zone mineralization.
Drilling along the North Zone continues to intersect strong copper (chalcopyrite, bornite, chalcocite, native copper) and iron (magnetite) grades across true widths from 3 to 30 metres along the 400 m strike, to depths exceeding 350 m vertically. Grades over 2m intervals up to 8.1% Cu were previously reported, with the current assays (below) ranging to more than 2% Cu, 66.8% Fe, and core intervals up to 38m.
GWR is encouraged by the predictability of the Spout Lake Skarn mineralization, based on the high correlation with magnetic patterns and known geological controls on the zones. The value of the high copper grades is significantly augmented by the associated, massive magnetite. Proximity to infrastructure (access, power, townsite, workforce, and a nearby operating mine/mill), support exploitation of smaller tonnages relative to remote locations.
SRK Consulting (Canada) Inc. has been retained to complete an independent, 43-101-compliant Resource and Technical Report on the Spout Lake Skarn Zones. The Company anticipates completion of this report by end of May, 2011. Formal metallurgical test results have been received, indicating good recoveries using methods applied to the ores at Imperial Metals’ Mount Polley mine. As previously announced, application for a Permit to remove a bulk sample from the skarns will be submitted after completion of the drilling program.
East of the Spout Lake Skarns, a much larger, linear aeromagnetic trend lies along the same geological structure, yet remains completely untested by trenching or drilling. GWR recognizes the potential significance of this 3000m long anomaly, and will complete a detailed ground magnetic survey over the area before spring breakup. Similar to the Spout Lake magnetic survey, results will be used to target specific areas along the trend, for prospecting, bedrock sampling and drilling, in 2011.
NOTE: This News Release is distributed via a broad spectrum of news services — if you experience problems viewing the Assay Tables below, please see the original document on our web site under News, March 17, 2011.
New Assays, Spout Lake SOUTH Skarn Zone
New Assays, Spout Lake NORTH Skarn Zone
GWR 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.
GWR is an active mineral exploration company currently exploring for gold and base metals on two properties within Canada. The Lac La Hache copper-gold porphyry project hosts multiple zones containing commercial grades of gold, copper, silver and magnetite. The project is located in British Columbia’s prolific Quesnel Trough 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. The Sainte Sabine gold (+Ag, Zn, Cu) property is located within the Bellechasse Mineral Belt in southeastern Quebec, adjacent to known zones on Golden Hope Mines’ Bellechasse Project.
This news release may contain “forward-looking statements”. Readers are cautioned that any such statements are not guarantees of future performance and that actual development or results may vary materially from those in these “forward looking statements”.
For further information, please contact:
Responsible Officer: Irvin Eisler, President
Company Telephone Number: (250) 546-8048
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