NWM Drills 1.03 g/t Au over 23.0 Meters from surface at Gold Ridge
TSX Venture Exchange
Shares Outstanding: 501,092,777
TORONTO, Sept. 27, 2012 /CNW/ - NWM Mining Corporation (the "Company" TSX-V: NWM) is pleased to report on the progress of the air-track (AT) drilling program conducted on the Gold Ridge target at Lluvia de Oro. Located approximately 500 meters west of the Lluvia de Oro / Creston pit, Gold Ridge consists of a quartz porphyry / felsic volcanic unit with an exposed strike length of 1.4 kilometers and an approximate thickness of 200 meters. Initially defined by highly anomalous gold in soil geochemistry, wide spaced percussion drilling in 2011 and diamond core holes L11-066 and L11-067 confirmed the presence of gold near surface and at depth. In 2012 (see the Company's June 6, 2012 Press Release), 20 percussion holes intersected gold mineralization along the east flank of Gold Ridge, expanding the lateral distribution of the gold mineralization while also identifying 3 target areas, the North, Central and South Zones (Figure 1) for follow up drilling.
During June and July 2012, approximately 1,700 meters of drilling were conducted primarily on the northern and central targets with drill hole spacing on a 50 x 25 meter grid to a nominal depth of 30.6 meters. All drill holes were vertical.
Drill results from the Central Zone continue to define a near surface resource adjacent to and extending northeast from the previously defined target. Due to the elevated gold grade encountered in this area a preliminary pit design has been completed and 2 benches will be blasted in the next few days in order to provide material for metallurgical testing.
The quartz porphyry at Gold Ridge, having substantial size and hosting favorable near surface mineralization continues to show the potential to expand project resources in a new lithology.
"Gold Ridge is a new lithology for hosting gold on the Lluvia-Jojoba project. Whereas the Lluvia deposit is hosted in sediments and the Jojoba deposit principally in metamorphic rocks, Gold Ridge is a volcanic rock type that was previously only known to occur in drill holes at depth approximately 800 metres east of the ridge. This could have geological significance in the search for new gold mineralization on the property and we are encouraged to see gold grades in material starting from surface and detected so far to depths of 30 meters. This combination, and the potential for substantial size makes Gold Ridge the most exciting new exploration initiative on the Lluvia-Jojoba project," said Chris Berlet , CEO.
Samples from the drill program were split in the field, bagged, tagged, and shipped to the ALS-Chemex sample preparation facility in Hermosillo. Samples were analyzed for gold by fire assay with AA-finish, and an additional 35 elements by induced-couple plasma (ICP) methods. ICP data indicate that the gold-bearing intervals are low in copper and other elements that may affect recovery.
Results of this percussion drilling program are being used to define shallow mineralization and to develop follow-up drill targets for reverse-circulation (RC drilling) and core (diamond) drilling programs.
A summary of select results from the Central Zone are listed in Table 1 below. The width of the sample is the true width.
Average (g/t Au)
All AT drill-holes in Gold Ridge, showing weighted averages of Au (g/t).
Mr. Jos Hantelmann, MAusIMM (CP) is an independent geological consultant and designated Qualified Person pursuant to National Instrument 43-101 of the Canadian Securities Administrators for this press release and has reviewed and approved the technical disclosure contained herein.
NWM is an emerging gold producer with two currently defined ore bodies containing NI 43-101 compliant gold reserves and resources. The Company is focused on demonstrating profitable operations at the Lluvia de Oro and La Jojoba gold mines, and on growing reserves and resources through exploration.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release includes "forward-looking information" as such term is defined in applicable securities laws. The forward-looking information includes, without limitation, the success of exploration activities and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among others, risks and uncertainties relating to exploration and development; the ability of the Company to obtain additional financing; the need to comply with environmental and governmental regulations; political and economic instability and general civil unrest in Mexico, if any; potential defects in title to the Company's properties; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; and other risks and uncertainties, including those described in the Company's other regulatory filings filed with the Canadian Securities Administrators and available at www.sedar.com. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward-looking information.
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 of this release.
SOURCE NWM Mining Corporation
More by this Source
NWM Reports 2012 Production Highlights
Jan 31, 2013, 09:00 ET
NWM Mining Corporation Announces Initial Closing of Private Placement
Dec 11, 2012, 11:00 ET
NWM reports a net income of $881,003 for Q3. 2012
Nov 29, 2012, 11:24 ET
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.