West Mining Corp. Announces a Gold Resource of 2,773,000 oz Inferred and 561,000 oz Indicated on Its 100% Owned Kena Project
VANCOUVER, British Columbia, May 11, 2021 (GLOBE NEWSWIRE) -- WEST MINING CORP. (“WEST” OR THE “COMPANY”) (CSE: WEST) (OTC: WESMF) (FRA: 1HL) is pleased to announce the completion of an updated NI43-101 Technical Report on its 100% owned Kena and Daylight Properties, collectively known as the Company’s flagship “Kena” Gold and Copper Project, located in the Nelson Mining District of southeastern British Columbia. This Report was completed by Moose Mountain Technical Services (“Moose Mountain” or “MMTS”) and highlights over 2,773,000 ounces of goldin the inferred category as well as over 561,000 ounces of gold in the indicated category.
The Table below summarizes the Total Mineral Resource estimate for the Kena Project. The base case cut-off grade within the “reasonable prospects of eventual economic extraction” constraining pit is 0.25 g/t gold (Au), as highlighted in Table 1.
TABLE 1: MINERAL RESOURCE ESTIMATE (effective date March 25, 2021)
Notes for Tables1 and 2:
1.The Mineral Resource estimate has been prepared by Sue Bird, P.Eng., an independent Qualified Person.
2. Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best Practices Guidelines.
3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
4. The Mineral Resource has been confined by a “reasonable prospects of eventual economic extraction” pit using the following assumptions: US $2000/oz. Au at a currency exchange rate of 0.77 US$ per $CDN; 99.95% payable Au, 96.5% payable Cu; $4.30/oz Au offsite costs (refining, transport and insurance), 0.467 Cu offsite; a 3% NSR royalty; and uses a 88% metallurgical recovery for gold for all areas and 85% recovery for Cu in the Cu zone only.
5. Pit slope angles are assumed at 45º.
6. The specific gravity of the deposit has been assigned as 2.8 based on sg measurements in the Kena deposit.
7. Numbers may not add due to rounding.
The QP is not aware of any other factors or issues that materially affect the Mineral Resource estimate other than normal risks faced by mining projects in the province in terms of environmental, permitting, taxation, socio-economic, marketing, and political factors and additional risk factors as listed in the “Cautionary Note Regarding Forward-Looking Information” section below.
“With over 2,773,000 oz Au Inferred and over 561,000 oz Au Indicated and an economically viable cut off of 0.25 g/t gold, this updated resource is tremendous news for the shareholders and the Company,” stated Nicholas Houghton President and CEO. “With the continuation of the anomaly defined by our recent geophysical survey of the Kena Southern zone not assimilated into the Report, the area hosting the Indicated and Inferred resource represents only a portion of the expansive Kena project. As the resource remains open at depth and along strike, the Company is fully financed and excited for the upcoming field season and potential of this year’s drill program.”
The Kena Project consists of 5 deposit areas including the Kena Gold, Gold Mountain, Daylight, Great Eastern/Western and Kena Copper Zone. This Resource estimate is based on Ordinary Kriging of Au grades capped at values between 0.3 g/t Au and 40 g/t Au and outlier restriction of Au grades during interpolation at values of 10 g/t depending on the area and domain. Blocks were assigned preliminary Classifications of Indicated based on the average distances to at least two drillholes to be less than 30m. Two solids in constrained areas of the Kena Gold and Gold Mountain area were defined based on this criteria. Blocks within this solid, are classified as Indicated. The distance of 30m is based on the R80 value from the variography; as the range at approximately 80% of the sill. All other blocks that have an interpolated Au grade within the Kena and Daylight deposits are defined as Inferred. Blocks within the Copper Zone and Great Eastern and Great Western deposits are currently considered un-classed and not included in the final Resource estimate.
The total drilling to date on the Kena Property is 252 holes totalling 39,819.19 metres. The Mineral Resource is estimated from 221 drill holes within the Kena, Gold Mountain and Daylight areas having a total of 31,641.54 metres of Au assays. Data prior to 1984, consisting of 4 percussion holes, was not used in the interpolations. Historic assays have been validated by check assays on 12 core samples collected in 2021. Verification of data lacking QAQC was done statistically using point validation to compare Au grades to adjacent assays. Both methods indicate no bias in the historic data used. Significant confirmation work has been completed in 2021 to verify the assay database with the certificates and drill logs.
Table 2 is the Total Resource and includes a range of Au cut-off grades to show the sensitivity of the resource estimate to variations in cut-off grade, with the base cutoff highlighted. At a 0.25 g/t Au base cut-off, the total Indicated Mineral Resource is estimated at 32.1 Mt at 0.544 g/t Au, for a total of 562 Koz of gold and the Inferred Mineral Resource is estimated at 177.5 Mt at 0.486 g/t Au, for a total of 2,773 Koz of gold.
TABLE 2: SENSITIVITY OF THE TOTAL RESOURCE ESTIMATE TO CUTOFF GRADE (effective date March 25, 2021)
A gold price of US$1800/oz and a processing cost of $14.00/t requires an Au grade of approximately 0.25 g/t. Therefore, a cut-off of 0.25g/t Au is considered appropriate for current gold prices. An open pit created using Lerchs–Grossmann (LG) pit optimization has been done on a series of pits with varying price assumptions (see Table Note 4). The pit size is larger than that used for the cutoff grade in order to ensure that all material with a “reasonable prospect of eventual economic extraction” is included. Constant pit slopes at 45º were used for the Resource pit.
Figures A, B and C show the Kena and Gold Mountain Zones in plan and section views with the confining pit shape also shown. On the sections, the drillhole data shown is ±30m of the section.
FIGURE A: Plan View of the Classification, the Drill Pattern, and the Resource Pit (Source, MMTS, 2021)
FIGURE B: Section through Gold Mountain Zone
FIGURE C: Section through Kena Gold Zone
Moose Mountain recommends that a drilling program be conducted in two phases one exploring targets on the Daylight portion of the property and the other on the Kena side. Phase 2 is not contingent upon the results of the Phase 1 as the phases target separate zones. In Phase 1, up to twelve short step-out diamond drillholes will test the Starlight Vein system and two fences of six to eight holes drilled in the Great Western area to expand on previously identified intrusive related gold mineralization in that zone. Phase 2 consists of diamond drilling on the Kena portion of the property with two priority target areas, the Kena Copper Zone with fifteen holes and the Gold Mountain-Kena Gold zone to build ounces and to potentially upgrade the Inferred resource into the Measured and Indicated categories. Total estimated cost of drilling is $1,165,000 CDN.
Moose Mountain also recommends that although the Resource database has been verified and is deemed acceptable, a robust check assay sampling program including QAQC samples be conducted using a certified laboratory comprising 5-10% of core for years for which drill core is available to compensate for missing certificates, lack of QAQC samples and potential bias noted in the 2012 drilling QAQC and 2001-2002 check assays. It is also recommended that the assay database be amended to include silver and copper for all available samples from certificates.
The Company is fully financed to complete the recommended exploration program anticipated to commence before June 1st, 2021.
Linda Dandy, P.Geo., a “Qualified Person” for the purpose of National Instrument 43-101, has reviewed and approved the contents of this news release.
About West Mining Corp.
West Mining Corp. is a mineral exploration company acquiring and developing advanced and prospective early-stage exploration projects. It is fully focused on its 100% owned 8,000 hectare Kena Project located near Nelson, British Columbia. There has been over 39,000 metres of drilling completed to date on the project. The Kena Project comprises three adjoining Properties: Kena, Daylight and Athabasca. The Kena Property hosts the Kena Gold, Gold Mountain and Copper King showings together with the historic Euphrates and Gold Cup gold mines. The Daylight property contains the historic past producing Daylight, Starlight, Victoria and Great Eastern gold mines. Along trend to the north is the Athabasca Property, with the historic Athabasca Gold Mine. The historic mines and known mineralized zones on these three properties are structurally controlled along a 15 kilometre strike as identified by strong geophysical signatures.
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West Mining Corp.
President & CEO
The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute “forward-looking information” as such term is defined in applicable Canadian securities legislation. The words “may”, “would”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions as they relate to the Company, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, and current information available to them, and are subject to certain risks, uncertainties and assumptions, including, without limitation: the potential of the Company’s mineral properties; the estimation of capital requirements; the estimation of operating costs; the timing and amount of future business expenditures; and the availability of necessary financing. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Such factors include but are not limited to: changes in economic conditions or financial markets; increases in costs; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; and exploration or operational difficulties. This list is not exhaustive of the factors that may affect forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
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