GWR Files NI 43‐101 Resource Report for Spout Zones, Lac La Hache Project, BC LAC LA
June 19, 2012
GWR Files NI 43‐101 Resource Report for Spout Zones, Lac La Hache Project, BC
LAC LA HACHE, BRITISH COLUMBIA ‐‐ GWR Resources Inc. (the "Company" or "GWR") (TSX Venture: GWQ) is pleased to announce the NI 43‐101 Report supporting the previously released resource for skarn‐hosted copper‐magnetite‐gold‐silver mineralization within the Spout Zones, has been filed. The full Report can now be viewed or downloaded at SEDAR and at www.gwrresources.com.
The Project is located within British Columbia's productive Quesnel Trough, host to many producing and developing porphyry‐related mines. The new Report summarizes historical exploration that defined numerous discrete zones of porphyry‐style copper‐gold‐silver and iron‐skarn‐hosted magnetite‐copper‐gold‐silver. GWR announced exploration in 2010 designed specifically to produce a compliant resource for the Spout Zones, and we have delivered on that commitment. The 23.4 million tonne open pit mineable resource (indicated and inferred categories) contains 120 million pounds copper, 32,591 ounces Au, 787,700 ounces silver, 2,184,916 tonnes magnetite (reported at a cut‐off of 0.2 % copper equivalent). The North Spout Zone remains open along strike and to depth, the South Zone is open to the east.
GWR’s belief that the Spout skarn‐hosted Resource represents only the first within a larger, generally undefined porphyry‐related mineralizing system, is based on historical and new drilling results and well‐ defined geophysical responses to the high magnetite content of the ore. Within the Spout Zones positive magnetic total field anomalies on our ground surveys provided accurate, direct, vectoring to the at‐ and near‐ surface mineralization. These anomalies occur within a larger, arcuate, positive aeromagnetic trend, prompting acquisition of related ground by GWR in 2012. There, new detailed ground magnetic surveys define several discrete positive anomalies in areas of variably thick glacial sediments (overburden) and locally, Eocene volcanic rocks. This cover inhibited historical discovery, discouraging simple prospecting due to sparse outcrop exposure along the magnetic trend. GWR’s exploration strategy includes selective test pitting with a back‐hoe to aid determination of overburden depth and produce bedrock samples for analysis, where possible. This approach worked well in the Spout Zones and provided important drill‐targeting information.
Geological mapping has been completed within the new ground, providing a framework for prospecting currently underway, and for further exploration. These activities benefit from new and ongoing logging clear‐ cuts, where new bedrock and overburden features may be exposed, and access has been created. Our technical team is finalizing the summer/fall exploration program, with required exploration permit, a very competitive drilling contract, and funding, all in place. Our drill‐target definition phase has been aggressive, our upcoming drill testing phase will be measured, proceeding with a single drill, on highest priority targets.
GWR Resources
GWR is an active mineral exploration company currently exploring for gold and base metals in British Columbia’s prolific Quesnel Trough. The Lac La Hache copper‐gold porphyry/skarn magnetite‐copper project hosts multiple zones containing commercial grades of gold, copper, silver and magnetite. The project is located between producing mines at Imperial Metals' Mt. Polley Copper‐Gold Mine and New Gold Inc.'s New Afton Copper‐Gold project (Teck‐Cominco's legendary Afton mine). The Lac La Hache project is well‐served by rail, road and power infrastructure.
This news release may contain "forward‐looking statements". Readers are cautioned that any such statements are not guarantees of future performance and that actual development or results may vary materially from those in these "forward looking statements". Mineral resources for the Spout Lake deposit are reported in accordance with the guidelines of the Canadian Securities Administrators National Instrument 43‐101 ("NI 43‐101"), and have been estimated in conformity with generally accepted CIM "Estimation and Mineral Resource and Mineral Reserve Best Practices" guidelines. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves. The mineral resources may be impacted by further infill and exploration drilling that may result in an increase or decrease in future resource evaluations. The mineral resources may also be affected by subsequent assessment of mining, environmental, processing, permitting, taxation, socio‐economic and other factors. There is insufficient information in this early stage of study to assess the extent to which the mineral resources will be affected by these factors that are more suitably assessed in a conceptual study.
GWR maintains a quality assurance/quality control program that conforms to the requirements of National Instrument 43‐101. Rob Shives, P. Geo., is the Qualified Person (as defined by NI43‐101) who accepts responsibility for the technical content of this news release. Samples for the drilling reported at Lac La Hache were analyzed at ALS Minerals laboratories located in Vancouver BC. A full QA/QC program using blanks, standards and duplicates was maintained for all samples submitted to the labs.
For further information, please contact:
John van Driesum, President/CEO Telephone Number: 778‐440‐4472
Rob Shives, VP Exploration Telephone Number: office 250‐396‐4978 / cell 613‐882‐1755
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.