TORONTO, Aug. 28, 2013 /CNW/ - NWM Mining Corporation
("NWM" or the "Company") (TSX-V: NWM) is pleased to provide an
update on mining operations at the company's new Gold Ridge open
pit. The Gold Ridge zone of mineralization is located
approximately 300m west and runs approximately parallel to the
Lluvia de Oro open pit ("Creston
pit") which has been the source of essentially all the ore mined to
date at the Lluvia de Oro site. As of the end of July 2013 the company has mined approximately
3,700 ounces (240,000 tonnes at 0.48 g/t gold) from the new Gold
Ridge pit to supplement production from the project's primary
Creston pit operations.
Highlights from the recent drilling at Gold
Ridge are listed below (details in Table 1):
- Only the near surface portions (40m maximum depth) of a
relatively small area of the Gold Ridge structure were drilled as
part of the company's current infill drill program which was aimed
primarily at upgrading resources at the primary Lluvia de Oro
(Creston) deposit.
- Results demonstrated excellent continuity of mineralization
over an area of approximately 400m x 100m and down to a maximum 40m
depth. The structure's western limit has been well defined
over this area but mineralization remains open along strike, at
depth and to the east.
- Total surface strike length of the Gold Ridge structure appears
to be in excess of 2 km allowing for significant upside resource
potential in the Phase 2 drill program planned for the end of
2013.
- The grades of the mineralization drilled at Gold Ridge are
comparable to those seen at the Creston pit (see results in Table 1 for
intervals in excess of current 0.15 g/t mine cut-off)
- Metallurgical testwork on samples from the area have confirmed
the amenability of the mineralization to heap leach gold
recovery.
- A second similar parallel structure appears to exist east of
the Creston pit where previous
drilling/sampling had also shown strong indications of
mineralization. The recent success at Gold Ridge means that
this structure is also now a primary target for the next phases of
resource expansion drilling.
An estimate of the resource potential for this
zone of the Gold Ridge deposit will be included as part of the
company's updated resource/reserve study planned by the end of
September 2013. An additional
news release update is pending to summarize the results of the
Phase 1 drilling completed at the company's primary Lluvia de Oro
(Creston pit) resource.
"The definition of a significant new zone of
near surface mineralization is one of the high points from the
company's recent Phase 1 drill program and clearly demonstrates the
potential for discovering new gold resources at the Lluvia de Oro
project. It is the direct result of the efforts of the
company's new exploration team which was assembled in early 2013
and another concrete example of the positive results being achieved
following the reorganization of the Mexican mining operations,"
said Darren Koningen (NWM Mining
Interim CEO). "Our exploration team has developed a new and
comprehensive geological model to explain the most likely sources
of mineralization in the immediate vicinity of the Lluvia de Oro
deposit. The Gold Ridge lithologies appear to be the surface
extensions of the deeper zones of mineralized metamorphic material
encountered below the current Lluvia de Oro reserves. Our
success at confirming the potential of this area clearly validates
the evolving models and immediately opens up other opportunities
for gold mineralization at similar surface structures that have
also been identified within close proximity to the Creston pit."
The Company also reports that the investor
relations agreement with USA
Investor Link LLC as previously announced on February 19, 2013 has expired and was not
renewed.
Qualified Person
This press release has been reviewed by Mr.
Darren Koningen, P. Eng., MWM
Mining's Interim CEO and President. Mr. Koningen is a Qualified
Person under National Instrument 43-101.
All RC drill samples were collected by NWM
Mining personnel including the company's exploration geologists and
trained mine technicians. RC drill samples were collected
every 1.5m in two 5 gallon buckets. The entire sample is then
weighed and split in half using a single Jones-type splitter.
One half of the sample is then further reduced, through the Jones
splitter with one half (one quarter of the original sample) bagged
for analysis at the NWM laboratory facilities. The remaining
half is bagged for storage in the project warehouse. Blanks,
duplicates and standards were randomly inserted with the samples
sent for analysis as part of the normal QA/QC procedures.
All samples were prepared and analyzed for gold
using fire assay procedures with an Atomic Absorption Spectroscopy
("AAS") finish. Check samples were sent from the NWM laboratory
facilities to ALS-Chemex in Hermosillo,
Mexico for QA/QC purposes.
Table 1. Gold Ridge Phase 1 Drill
Results
|
Complete Intervals*1 |
>0.15 g/t gold cut-off*2 |
Drill Hole |
From
(m) |
To
(m) |
Width
(m) |
Grade
(g/t gold) |
Width
(m) |
Grade
(g/t gold) |
RC13-36 |
0 |
41.2 |
41.2 |
0.32 |
13.7 |
0.82 |
RC13-37 |
minor intervals of
mineralization |
|
|
RC13-38 |
0 |
18.3 |
18.3 |
0.43 |
18.3 |
0.43 |
RC13-40 |
10.7 |
25.9 |
15.2 |
0.68 |
6.1 |
1.63 |
RC13-42 |
3.1 |
29.0 |
25.9 |
0.17 |
15.2 |
0.22 |
RC13-43 |
19.8 |
36.6 |
16.8 |
0.17 |
13.7 |
0.20 |
RC13-44 |
12.2 |
32.0 |
19.8 |
0.22 |
12.2 |
0.32 |
RC13-45 |
minor intervals of
mineralization |
|
|
RC13-46 |
0 |
21.3 |
21.3 |
0.35 |
13.7 |
0.53 |
RC13-47 |
9.1 |
41.2 |
32.0 |
0.26 |
19.8 |
0.37 |
RC13-48 |
1.5 |
21.3 |
19.8 |
0.15 |
10.6 |
0.24 |
RC13-49 |
9.1 |
19.3 |
10.2 |
0.23 |
7.6 |
0.25 |
RC13-50 |
19.8 |
32.0 |
12.2 |
0.33 |
9.1 |
0.40 |
RC13-51 |
9.1 |
22.9 |
13.7 |
0.66 |
9.1 |
0.94 |
RC13-52 |
19.8 |
30.5 |
10.7 |
0.27 |
10.7 |
0.27 |
RC13-53 |
10.7 |
36.6 |
25.9 |
0.40 |
22.8 |
0.45 |
RC13-54 |
0 |
19.8 |
19.8 |
0.29 |
13.7 |
0.40 |
RC13-55 |
0 |
27.4 |
27.4 |
0.46 |
25.8 |
0.49 |
RC13-56 |
0 |
22.9 |
22.9 |
0.25 |
19.8 |
0.31 |
RC13-57 |
32 |
38.1 |
6.1 |
0.22 |
9.1 |
0.28 |
RC13-58 |
0 |
35.1 |
35.1 |
0.21 |
19.8 |
0.30 |
RC13-63 |
3.1 |
16.8 |
13.7 |
0.61 |
7.6 |
1.05 |
RC13-39/41/59/60/61/62
contained no significant mineralization. |
Notes:
- Grade/width of mineralized intersection as shown is complete
interval "from" "to" drill depths as shown.
- Grade/width as shown is total of only those mineralized
individual drill composite samples that have gold grade in excess
of cut-off at current Lluvia de Oro mining operations (0.15 g/t
gold)
- 28 drill holes were completed in the current drill program for
a total of 1150 meters.
- All holes were drilled vertically and were not completed to the
ultimate margins of the mineralization. Therefore it cannot
be certain that the drill widths outlined in Table 1 represent the
true widths of the mineralization.
About NWM Mining Corporation
NWM is in commercial gold production at its
wholly owned Lluvia gold project. The mine is an open pit heap
leach operation in Sonora State, Mexico. Management believes the property is
significantly under-explored and hosts potential to provide further
gold discoveries and resource and reserve upgrades. While
management has focused in the past on developing the mine and
supporting cash flows, the focus in 2013 will shift to increasing
mining rates and drilling to expand geological resources and
reserves.
Additional information about NWM can be found on
the NWM website at www.nwmcorp.ca or on SEDAR at www.sedar.com.
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.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release includes "forward-looking information", as
such term is defined in applicable securities laws. Forward-looking
information includes, without limitation, the success of
exploration activities, price outlooks, production expectations 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. 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.
SOURCE NWM Mining Corporation