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Engold Mines Ltd.
All rights reserved.
Engold Mines Ltd.
All rights reserved.
For Immediate Release. June 24, 2015. Vancouver, BC. David H. Brett, President & CEO, GWR Resources Inc. (the “Company,” TSX Venture: GWQ) reports that, subject to TSX Venture approval, the Company has arranged a non-brokered private placement financing of up to 8,000,000 flow-through units at a price of $0.05 per unit, with each unit consisting of one flow-through common share and one non-transferable warrant to purchase one non-flow-through common share at a price of $0.10 per share for a period of 24 months. The proceeds of $400,000 will be used to fund a new exploration program at the Company’s 100% owned Lac La Hache Property in central British Columbia (the “Property”), including 2,000 metres of diamond drilling.
The Company plans to rely on the new “existing security holder exemption” described in Multilateral CSA Notice 45-313 - Prospectus Exemption for Distributions to Existing Security Holders(published March 13, 2014) or analogous exemption for shareholders of record as of June 23rd, as well as other exemptions.
The Company’s 2015 exploration program will include three key priority objectives.
Aurizon South High-Grade Gold-Copper-Silver Shallow Drilling
Previous drilling of the Aurizon South Gold-Copper-Silver zone encountered significant high-grade intercepts within a broader mineralized hydrothermal breccia structure, currently delineated over approximately 300 metres strike length, ranging from less than 10 to more than 80 metres in width, to a depth of more than 600 metres and open in all directions. Significant drill intercepts at Aurizon South Zone (previously reported) are tabulated below (bolded values indicate Cu > 1%, Au > 5 gpt, Ag > 5 gpt):
|GWR Lac La Hache Project - Aurizon South Zone - Selected Drill Results|
Aurizon South Deep Drilling
During 2015, GWR’s VP of Exploration Rob Shives, P.Geo. and former GWR director Dr. R.H. MacMillan, P.Geo., completed an extensive compilation and systematic analysis of the property’s substantial data archives. This research led to a number of new geological insights that are helping to guide GWR’s current exploration plans. One of the key findings of the research was a compelling case for a buried intrusive source for the Aurizon mineralized hydrothermal breccia system. GWR plans a deep (800+ metre) drill hole at Aurizon South to extend the wide zone of mineralization intersected in DDH AZS12-34 and to test for the possible copper-gold porphyry roots of the Aurizon Central/Aurizon South systems(s).
“A striking feature of the Aurizon South copper-gold-silver system is that it is getting wider at depth,” said GWR VP of Exploration Rob Shives, P.Geo. “Hole AZS12-34 returned values of 0.30% Cu, 0.42 gpt Au and 1.7 gpt Ag over 172 m downhole, more than 80 metres true width. It makes sense to find out what lies below this area.”
Grassroots Scorpio/Murphy Area Prospecting
Earlier stream and soil geochemical anomalies, combined with coincident geophysical anomalies, suggest the possibility of a moly-gold porphyry discovery in the underexplored Scorpio/Murphy areas of the Property. The Company plans to follow up the most compelling of the anomalies through ground prospecting and in-fill soil sampling.
“I’m tremendously excited about GWR’s exploration plans for 2015,” said GWR President & CEO David Brett. “High-grade targets with size potential, plus the possibility of a new porphyry discovery, make for a very compelling exploration season.”
The contents of the news release have been reviewed and approved by Rob Shives, P.Geo., VP Exploration to the company and a qualified person as defined in National Instrument 43-101.
Finders fees of 8% of the gross proceeds in cash plus 8% finders’ warrants are expected to be paid on the all of the funds raised in accordance with the policies of the TSX Venture Exchange. The finder’s warrants will be to purchase non-flow-through units of the Company at the same price as the financing for a period of two years.
GWR Resources Ltd.
David Brett, MBA
President, CEO & Director
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.