November 23, 2010
ARMSTRONG, BRITISH COLUMBIA — GWR Resources Inc. (the “Company” or “GWR”) (TSX Venture: GWQ) is very pleased to announce successful results from ongoing work at its large Lac La Hache Project in central British Columbia, Canada.
As previously announced (Nov. 3, 2010 News Release at www.gwrresources.com
) the Fall 2010 Drilling Program is focussed on delineation of resources at the high-grade, magnetite-copper-gold-silver Spout Lake Skarn Zones. While waiting for permits to conduct this exciting program, GWR has completed a single hole within the previously permitted Aurizon South SuperGold Zone. DDH 10-26, collared 70 m NW of DDH 10-23 at -70 degree dip, has successfully intersected the multigram gold structure over a down-hole length of more than 40 meters, as predicted, with positive results. The drill core has been sampled, shipped to Ecotech Labs in Kamloops and assays are pending. The permit for the Spout Lake Skarn work has now been received; the drill rig has mobilized to the Spout Lake Skarn Zones and has commenced drilling within a high-priority target within the Skarn South Zone. Spout Lake Magnetite-Copper-Gold-Silver Skarn Zones
1. Bedrock Sampling Results, All Zones
Bedrock grab sampling based on high-amplitude ground magnetometer anomalies from our recent survey was reported previously (see Nov. 3, 2010 News Release). Samples of massive magnetite with abundant disseminated or massive chalcopyrite, strong malachite and azurite, yielded assay values up to 0.53 gpt Au, 3.05 % Cu, 14.8 gpt Ag and 66 % Fe. These positive results encouraged additional bedrock sampling, producing a total of 72 sites within the three main zones (North, South and Southeast). Strong correlation between ground magnetic highs and high magnetite-copper values has been observed, but copper has also been discovered in moderate and low-magnetic areas, as previously reported. New geochemical assays for sampled sites have been received and are tabulated below.
(if all Fe in
These geochemical assays confirm our conclusions based on field observations during the bedrock sample collection phase: all Zones outcrop or sub-crop beneath relatively thin overburden; high and very high ground magnetic values always produce high Fe (mainly in magnetite, plus chalcopyrite, plus other iron-bearing minerals); moderate and low magnetic areas may also contain significant mineralization, as the ground magnetic values are affected by the depth of overburden cover. Combination of these results with our re-logging of historical drill cores shows the mineralization in North and South Zones extends horizontally and vertically beyond historical limits. These extents will be tested in our current drilling program.
2. 2010 Skarn Zone Drilling
Drilling is currently underway within one of several high priority ground magnetic anomalies within the South Zone. Hole
SL10-01 is a vertical hole testing thickness of the subcropping high-grade magnetite discovered this fall during bedrock sampling (eight sites: TP-9, 28, 35, 64-67, 68). Historical drilling did not test the core of the magnetic anomaly, but does indicate the mineralization is subhorizontal, dips to east at a shallow 15-20 degree angle. Visual results of the new hole have confirmed the presence of massive magnetite-chalcopyrite at surface. Our in-house XRF results show gold and silver are present. Massive mineralization extends to 25 m vertically, continues to 40 m at lower grades, and to 66+ m as weakly disseminated chalcopyrite in skarned, magnetic volcanic flows. This indicates a thicker true width to the Zone in this location, than previously expected. Although drilling continues to test possible additional zones at depth below 300 m (based on historical drilling nearby and geophysical data) the upper portion of the hole has been sampled and sent for assays, expected within a few days. Subsequent drilling will be completed with a series of shallower (100 m deep), 20 m and 50 m vertical step-out holes.
The very positive results from all facets of the Skarn Zones at Spout Lake suggest the presence of a significantly larger resource than historically indicated: the subvertical North Zone extends 400 m along strike, 300 m vertically, with variable width up to 25m or more, remains open to SE, to depth, and may link with South Zone; subhorizontal South Zone extends over 250 m by 350 m area and has thickness of up to 25 plus m locally, with possible deeper 12 m thick zone below.
The current metal prices, increased demand for magnetite as a source of iron for steel manufacturing, presence of acid-buffering carbonate in the ores, favourable metallurgy, potential ease of mining and excellent infrastructure, have generated renewed third-party interest, prompting GWR to aggressively test the resource potential of this area. For this reason a second drill rig is being mobilized to begin drilling on the North Zone, where our field team has designed in-fill shallow drilling to confirm strike continuity and extension of near-surface ore. Our current budget includes 4500 meters of drilling in approximately 30-40 shallow holes, with a few deeper holes. We anticipate continued success in this drilling and are excited about the potential. As always, the work will be conducted in a manner which supports NI43-101 compliant resource calculations.
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 Resources
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
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.
Back to the News page