GWR Resources Inc. (the “Company” or “GWR”) (TSX Venture: GWQ) is pleased to announce receipt of an SRK Mineral Resource Report, documenting for the first time an NI43-101 compliant estimate reported from the Lac La Hache project, for the Spout skarn-hosted Cu-Au-Ag-Magnetite Zones, located within the northwest corner of the historical group of claims.
Lac La Hache Project
The Project is located within British Columbia’s productive Quesnel Trough, host to many producing copper-gold-silver mines. GWR drilling at Lac La Hache has defined numerous discrete prospects including many drill holes within gold-rich porphyry-copper-silver mineralization. The new Spout skarn-hosted resource represents the first zone of compliant resources within the larger, generally undefined porphyry-related mineralizing system. GWR is excited about these results as they are consistent with the expected resource from the skarn hosted mineralization in the Spout Zones, are perceived by our technical team to be a strong indicator of further discrete zones of skarn and porphyry-related mineralization and the tonnage figures exceed many of the individual zones mined at nearby producing mines
Spout Zones Resource
SRK Consulting (Canada) Inc. (“SRK”) was engaged by GWR in February 2012 to evaluate the mineral resource for the Spout Zones. SRK has classified the mineral resources for the Spout Lake deposit as Indicated and Inferred Mineral Resources as defined in NI 43-101. Block classification was applied to the model using a combination of the average distance to composites and number of drill holes contributing to the local estimate. SRK’s resource estimates are shown in the following Table:
Reported at a cut-off of 0.2% Cu Equivalent for open pit. Mineral resources are not mineral reserves and do not have demonstrated economic viability. All numbers have been rounded to reflect the relative accuracy of the estimates.
Mineral Resource estimates were completed using Vulcan software, with multiple ordinary kriging passes of a sub-blocked model where parent blocks measure 10 metres (m) cubed, and sub-blocks measure 5m cubed. Composites were created at 2m intervals and capped at 2.5% Cu, 0.7g/t Au, and 20g/t Ag in the northern domains and 2.0% Cu, 0.4g/t Au, and 10g/t Ag in the southern domains.
The Mineral Resource represents the first NI 43-101 resource evaluation on the Lac La Hache Project. The resource evaluation incorporates all drilling completed by GWR since 2005. In the opinion of SRK, the block model resource estimates reported are a reasonable representation of the global copper, gold, silver, and magnetite mineral resources found in the Spout Lake deposit at the current level of sampling. Mineral resources for the Spout Lake deposit are reported in accordance with the guidelines of the Canadian Securities Administrators National Instrument 43-101 (“NI 43-101”), and have been estimated in conformity with generally accepted CIM “Estimation and Mineral Resource and Mineral Reserve Best Practices” guidelines. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves. The mineral resources may be impacted by further infill and exploration drilling that may result in an increase or decrease in future resource evaluations. The mineral resources may also be affected by subsequent assessment of mining, environmental, processing, permitting, taxation, socio-economic and other factors. There is insufficient information in this early stage of study to assess the extent to which the mineral resources will be affected by these factors that are more suitably assessed in a conceptual study.
The resource estimate was completed by Guy Dishaw, P.Geo. under the supervision of Marek Nowak. Dr. Gilles Arseneau, P.Geo, Associate Consultant (Geology) with SRK Consulting Ltd., is a Qualified Person as defined by NI 43-101, and accepts responsibility for the Resource statements made in this Release. For detailed information on the key assumptions, parameters and methods used to estimate the mineral resources, along with other information about the Spout Zones, please refer to the complete NI 43-101 Technical Report to be filed within 45 days. The Report will be available on the Company’s website and at www.sedar.com
GWR’s President and CEO, John van Driesum states: “We are extremely happy that our experienced technical team recognized opportunity presented by historical Spout Zone results and have efficiently added value by definition of this Resource. It’s a great start, and our 2012-2013 exploration will focus on highest priority targets to add further value — the potential is truly exciting.
In 2011, GWR made the strategic technical decisions, to further test and expand an historical resource developed at Spout Lake. Although the historical tonnage estimates were low, grades were encouraging, the zones remained open, and the association of massive magnetite with copper, gold and silver was established. This association presents a clear geophysical exploration vector, prompting new, detailed ground magnetometer surveys. These surveys together with other geological data provide valuable, accurate drill targets which have substantially increased the extent of known mineralization.
GWR is very pleased to announce receipt of the work permit for exploration within the new Murphy block. We are proceeding with an aggressive 2012 exploration program, investigating potential for both skarn and porphyry mineralization throughout our expanded property at Lac La Hache.”
The Company also announces that as part of its new exploration program it has retained the services of Mr. Bernhardt (Bernie) Augsten, P. Geo, as Senior Project Geologist, reporting to Mr. Rob Shives, V.P. Exploration. Mr. Augsten has worked in a variety of geological settings internationally and in Canada, with experience in several Quesnel Trough deposits, adding valuable expertise to the GWR technical team.
The Company also announces that Mr. Lars Glimhagen, Chief Financial Officer, has been appointed Corporate Secretary.
GWR Resources Inc.
GWR is an active mineral exploration company currently exploring for gold and base metals in British Columbia’s prolific Quesnel Trough. The Lac La Hache copper-gold porphyry/skarn magnetite-copper project hosts multiple zones containing commercial grades of gold, copper, silver and magnetite. The project is located between producing mines at Imperial Metals’ Mt. Polley Copper-Gold Mine and New Gold Inc.’s New Afton Copper-Gold project. The Lac La Hache project is well-served by rail, road and power infrastructure.
For further information:
John van Driesum, President/CEO
Telephone Number: 778-440-4472
Rob Shives, VP Exploration
Telephone Number: office 250-396-4978 / cell 613-882-1755
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. Samples for the drilling reported at Lac La Hache were analyzed at ALS Minerals laboratories located in Vancouver BC. A full QA/QC program using blanks, standards and duplicates was maintained for all samples submitted to the labs.
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.