NewWest Gold Corporation Extends Mineralization at Long Canyon With Phase Two Program
Lakewood, Colorado (ots/PRNewswire)
NewWest Gold Corporation
(TSX:NWG) ("NewWest") today announced results from its Phase Two
drilling program at Long Canyon, one of NewWest's principal projects
in the Eastern Great Basin area of Elko County, Nevada. The program
consisted of nine drill holes, totaling 3,795 feet, and successfully
extended the drilled mineralization approximately 400 feet along
strike to the southwest. The results of the program are summarized
below. Hole From To Drill Gold Inclu- Inclu- Drill Gold
(feet) (feet) Inter- at a ding ding Inter- at a
cept 0.01 From To cept 0.15
(feet) ounce (feet) (feet) (feet) gold
per ton opt
("opt") cut off
cut off
LC-031 0 25 25 0.070 5 10 5 0.154
LC-032 0 30 30 0.076 15 20 5 0.234
LC-033 0 10 10 0.048 - - - -
285 295 10 0.013 - - - -
LC-034 - - - - - - - -
LC-035 350 370 20 0.013 - - - -
LC-036 35 50 15 0.013 - - - -
LC-037 35 75 40 0.021 - - - -
90 100 10 0.013 - - - -
165 225 60 0.047 - - - -
LC-038 160 175 15 0.012 - - - -
LC-039 130 140 10 0.032 - - - -"For the year, with these Phase Two results included, we extended the mineralization 1,200 feet to the southwest and 500 feet to the northeast," said Steve Alfers, President and Chief Executive Officer. "Based upon these positive results, we are moving forward with our planning for an aggressive 2007 drill program at Long Canyon."
The 2006 drilling program has confirmed and extended mineralization along approximately 3,000 feet of the Long Canyon target and documented that multiple zones of gold mineralization are present. Holes LC-031, LC- 032 and LC-033 extend drilled mineralization approximately 400 feet along strike to the southwest in the main Long Canyon zone of mineralization. The target as defined by the soil and rock chip sampling remains open to the southwest for approximately 1,800 feet. Phase Two hole LC-037 extends the jasperoid zone of mineralization found earlier in 2006 in hole LC-030 by 200 feet along strike to the southwest. This zone is open to the northeast and southwest.
Phase Two results for Long Canyon and a map of the drill-hole locations are available on the News page of NewWest's website at www.newwestgold.com.
All drill samples were collected following standard industry practice and were assayed by American Assay Laboratories, Inc. of Sparks, Nevada. Gold results were determined using standard fire assay techniques on a thirty gram sample with an atomic absorption finish. QA/QC included the insertion of standards and blanks into the sample stream.
Joint Venture Agreement
NewWest and AuEx Ventures Inc. ("AuEx") recently signed the
definitive Joint Venture Agreement ("Agreement") for the Long Canyon
project whereby the two parties combined their respective land
positions in the Long Canyon Area. Under the terms of the Agreement,
NewWest is the operator and may earn a 51% interest in the
consolidated project if it spends $5 million on the project over a
five year period. As of December 31, 2006, NewWest expended
approximately US$850,000 against this earn-in obligation. After
completion, the Company may elect to carry AuEx through feasibility,
if warranted, thereby earning an additional 14%. The terms of the
Agreement are consistent with the terms disclosed in the Company's
release dated November 14, 2006.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
This news release includes certain "forward-looking statements" within the meaning of Canadian securities laws. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed in such forward-looking information. Forward-looking information in this news release, includes but is not limited to, future exploration and development plans, statements regarding potential mineralization and reserve exploration, and future plans and objectives of NewWest Gold Corporation including future exploration and development. Any number of important factors could cause actual results to differ materially from these forward-looking statements, including those set out in the Company's prospectus dated August 18, 2006, as well as future results. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
About NewWest
NewWest 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, Investor Relations, Tel: +1-(303)-425-7042, Fax:
+1-(303)-425-6634, info@newwestgold.com; NewWest Gold Corporation,
Stephen D. Alfers, President and Chief Executive Officer, Tel:
+1-(303)-425-7042, Fax: +1-(303)-425-6634