NewWest Gold Corporation Reports Positive Results of Roadcut Rock-Chip Samples at Long Canyon
Lakewood, Colorado (ots/PRNewswire)
NewWest Gold Corporation (TSX: NWG) ("NewWest") today announced results of roadcut rock-chip channel sampling at its Long Canyon project, one of NewWest's principal projects in the Eastern Great Basin area of Elko County , Nevada. NewWest previously reported the results of its Phase One drilling program at Long Canyon on September 21, 2006. The Phase One drilling program consisted of 16 reverse-circulation drill holes totaling 6,610 feet and the construction of approximately 5,100 feet of access roads. Results from the Phase One drilling program included the best drill intercept to date at Long Canyon.
NewWest's wholly owned subsidiary, NewWest Gold USA Inc. is the manager of a joint venture at Long Canyon with AuEx Ventures, Inc (TSX-V: XAU) ("AuEx"). Under the terms of the joint venture, the two companies combined NewWest's private land position with AuEx's mining claims at Long Canyon. NewWest's initial interest on the project is 51% and AuEx's interest is 49%. NewWest has the right to earn its 51% in the project by spending US$5.0 million within five years. Once NewWest completes its earn- in, NewWest has the option to increase its ownership to 65% by completing a feasibility study.
"These roadcut rock-chip sampling results confirm our interpretation of the structure and stratigraphy at Long Canyon," said Steve Alfers, President and CEO. "Based on these results, we are currently re-evaluating our previous Phase Two drill plans and expect to begin drilling in early November."
Systematic rock-chip channel sampling and detailed geologic mapping of the new roadcut exposures were recently completed, representing a critical element in the interpretation of the geology and the controls on gold mineralization. The roadcut rock-chip sampling extended the known zone of mineralization 1,200 feet to the south including 40 feet with an average grade of 0.272 ounces of gold per ton (oz Au/ton). All sample intervals are reported as collected; investigations to determine true widths are ongoing. The results from the roadcut channel sampling (using a 0.010 oz Au/ton cutoff) are reported below. A map showing the location of the mineralized roadcut intervals is available on the Company's website at www.newwestgold.com.
Sample Location From To Length Grade (feet) (feet) (feet) (oz Au/ton) Road H1 to LC-30 0 40 40 0.272 incl. 20 30 10 0.308 Road H1 to LC-30 270 300 30 0.020 incl. 270 280 10 0.028 Road H1 to LC-30 830 850 20 0.038 incl. 840 850 10 0.043 Road LC-24 to LC-30 1,230 1,300 70 0.017 incl. 1,240 1,250 10 0.024 Road LC-24 to LC-25 338 400 62 0.042 incl. 350 360 10 0.057 Road LC-28 to LC-24 246 280 34 0.149 incl. 246 250 4 0.639 Road LC-28 to LC-24 330 430 100 0.037 incl. 360 370 10 0.071 Road LC-11 to LC-21 160 200 40 0.014 incl. 180 190 10 0.019 Road LC-11 to LC-21 290 330 40 0.131 incl. 300 310 10 0.232 Road LC-11 to LC-21 380 410 30 0.029 incl. 380 390 10 0.057 Road LC-11 to LC-21 430 450 20 0.021 incl. 430 440 10 0.022 Road LC-10 to LC-20 10 20 10 0.043
The Long Canyon mineralization is now documented by both drill holes and surface intercepts along a strike length of 3,000 feet. The remaining 1,800 feet of the southwestern portion of the defined target remains undrilled. These results have also established the presence of outcropping mineralization to the west of the known gold target and in areas without anomalous gold in soils, representing potential new targets not previously recognized.
Each sample was taken following standard industry practice and was collected from approximately 10 feet or less of rock exposure. Each sample weighed approximately one to two kilograms. Calculated intervals are continuous sets of samples exceeding 0.010 oz Au/ton. All samples were prepared and assayed by American Assay Laboratories, Inc. of Sparks, Nevada . Gold results were determined using standard fire assay techniques on a 30 gram sample with an atomic absorption finish.
Qualified Person
Michael Gustin, Ph.D., of Mine Development Associates, Reno, Nevada, is NewWest's qualified person as defined by NI43-101 and has reviewed and approved the technical data in this news release.
Forward-Looking Statements
Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of future operating results, economic performance, potential mineralization and resources, exploration results and further plans and objectives are forward looking statements that involve various risks and uncertainties which, although considered reasonable by NewWest at the time of preparation, may prove to be incorrect. Readers are cautioned that there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
About NewWest Gold Corporation
NewWest Gold Corporation is one of the largest holders of precious metals mineral rights in Nevada's gold trends, spanning approximately 623, 000 acres. NewWest holds 19 exploration projects, including advanced staged projects with measured and indicated resources. NewWest's goal is to advance its projects along the pipeline into production.
Contact:
For further information: NewWest Gold Corporation: Jennifer Van
Dinter, Director of Investor Relations, Tel: +1-(303)-425-7042, Fax:
+1-(303)-425-6634, info@newwestgold.com; NewWest Gold Corporation:
Stephen Alfers, President and Chief Executive Officer, Tel:
+1-(303)-425-7042, Fax: +1-(303)-425-6634