NWM provides update on new Gold Ridge discovery zone at Lluvia de Oro
TORONTO, April 27 /CNW/ --
TSX Venture Exchange
April 27, 2011 Symbol: NWM
Shares Outstanding: 402,069,593
TORONTO, April 27 /CNW/ - NWM Mining Corporation (the 'Company') (TSXV:
NWM) is pleased to announce that it has identified a new area of gold
mineralization at the Lluvia-Jojoba project. Previous exploration of
the Lluvia de Oro gold deposit determined a NI 43-101 compliant Proven
plus Probable Mineral Reserve of 11,755,028 tonnes of ore grading 0.505
g/t Au (190,872 ounces gold) within a Mesozoic sedimentary rock mass
having no igneous rock component. Recent exploration activities south
of the Creston Pit and its northeast extensions, at the Company's 100%
owned Lluvia de Oro mine near Magdalena de Kino, Sonora, have defined a
substantial zone of gold mineralization associated with an igneous rock
mass. The rock unit (which is a quartz porphyry) hosting the
mineralization is different than any other rock unit previously known
to host gold-silver-copper mineralization at the Lluvia de Oro project.
The zone of mineralization occurs on a low ridge (Loma de Oro, or Gold Ridge) exposed over an area 1200 meters in length and 250 meters wide. The
favourable quartz porphyry unit is bounded by major faults with the
Lluvia de Oro sedimentary host rocks above (to the east) and
metamorphic rocks below (to the west). Based on the distribution of
highly anomalous soil geochemical and rock samples, the central portion
of Gold Ridge appears to be the most promising.
Unlike mineralization defined in the Creston Pit, which is intimately
associated with a myriad of structures affecting the sedimentary host
rocks, mineralization in the quartz porphyry rock of Gold Ridge consists of disseminated and veinlet sulphides with local quartz
stringers and quartz stockwork. This form of mineralization is expected
to be more conducive to bulk mining techniques with favourable leach
characteristics.
Exploration of the Gold Ridge area is currently underway with percussion drilling and additional
surface rock sampling. The Company expects to follow-up with
reverse-circulation drilling of the zone in June-July of this year.
(Satellite Image: http://files.newswire.ca/843/NWM_GoldRidge.pdf)
This satellite image of the southern Lluvia de Oro area shows the
location of Gold Ridge in relation to the Creston Pit and other features at the mine. Image
from Digital Globe (2007).
The 100% owned Lluvia-Jojoba gold project is located approximately 100
kilometers south of Nogales Arizona, near the town of Magdalena de
Kino, Sonora Mexico. The project comprises 5,371 hectares of mineral
concessions that include the Lluvia de Oro gold mine, the Northeast
Zone of La Jojoba and several additional exploration target areas. NI
43-101 compliant Proven plus Probable Mineral Reserves for the project
aggregate 384,361 ounces gold contained in 19,538,000 tonnes of ore,
with an average grade of 0.612 g Au/t at a cut-off grade of 0.2 g Au/t
and a gold price of $900.00/ oz gold. The Company is fully permitted
for mining at both project areas and is using the facilities at Lluvia
de Oro to recover gold, silver and copper from ores.
This press release has been prepared by Rodney A. Blakestad, C.P.G.,
Qualified Person.
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.
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.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/April2011/27/c7123.html
please contact NWM Mining Corporation at (416) 364-6799.