VANCOUVER, BRITISH COLUMBIA, July 31, 2012 - West Kirkland Mining Inc. (WKM:TSXV) (“West Kirkland,” or the “Company”) is pleased to announce the commencement of drilling on its Long Canyon Trend properties located in Elko County, Nevada. Approximately 2,500 meters of initial drilling will be completed by September on the 12 Mile and Toano showings. The drilling will test new gold mineralization found at surface that is associated with the key stratigraphic contacts of the Long Canyon Trend.
Six drill pads have now been built on the 12 Mile showing. Targets at 12 Mile were developed by mapping and sampling by the Company. Gold mineralization has been noted to occur in the same stratigraphic position as the TUG deposit, located 10 kilometers to the east. Mineralization has been noted in one drill pad where samples returned an average grade of 0.33 g/t Au and 1.00 g/t Ag over approximately 29.0 meters. (For further details see the Company’s July 3, 2012 News Release.)
At Toano the Company’s drilling will test targets with a similar geological setting to the nearby 2.2 million ounce Long Canyon gold deposit. 3,460 soil samples on the property outlined an eight kilometer long, gold and associated pathfinder anomaly combined with rock samples including 1.0 to 3.6 g/t Au values at surface. Roads and drill pads will be constructed into the Toano showing while drilling is being carried out at 12 Mile. The Company intends to then mobilize a second rig to the Toano property.
Michael G. Allen, Vice President of Exploration of West Kirkland said, “Drilling at 12 Mile is an exciting opportunity to collar holes in gold mineralization and test new targets that have not previously been drilled. Our baseline work on more than 160 square kilometers has confirmed that the belt has potential for structurally controlled gold at surface. The drilling at Toano represents an opportunity to test for mineralization in structures similar to those that host Newmont’s Long Canyon deposit located in the next range to the west. Both the 12 Mile and Toano targets have the potential to host significant shallow oxide gold resources similar to the TUG deposit and Newmont’s Long Canyon deposit.”
Details
The Company plans to drill approximately 1,500 meters at 12 Mile during the first phase of drilling and approximately 1,000 meters at Toano. The targets for initial drilling at 12 Mile are steeply dipping structures cutting the Guilmette formation, which is the host for the nearby TUG deposit. Highly elevated levels of gold and pathfinder elements noted in surface samples suggest that the exposure at surface may be the upper part of a gold mineralizing system.
At Toano, the drill target is a pull-apart structure similar to structures that host the nearby Long Canyon deposit. Detailed mapping has identified a structural corridor with northeast trending structures and jasperoids with elevated gold as well as pathfinder elements in soils.
The 12 Mile and Toano showings are part of the land package under option from Rubicon Minerals whereby the Company controls the dominant land position in the northerly portion of the Long Canyon Trend. The Rubicon agreement covers over 950 square kilometers and gives the Company an option to earn a 60% interest in the mineral rights at 12 Mile and a 51% interest in the mineral rights at Toano. Through its option agreement with Fronteer Gold (now owned by Newmont) the Company controls another 74 square kilometers in the Long Canyon Trend.
Corporate Update and Focus
The use of proceeds for the recently closed financing for gross proceeds of $1.69 million will be focused on Nevada exploration and general corporate purposes. Newmont confirmed in its July 20, 2012 news release that the company has acquired 9.9% of West Kirkland Mining Inc. through participation in this financing and their previous holdings.
West Kirkland’s focus is to add to its resource base near the TUG gold deposit and within the Long Canyon Trend through regional exploration for near surface gold deposits. The structural model for gold deposits in the Long Canyon Trend has become better understood since the recent discovery of the large scale Long Canyon deposit, resulting in accelerated exploration in the area. The Long Canyon deposit was acquired by Newmont as part of the acquisition of Fronteer Gold. The Long Canyon Trend is delineated by the Long Canyon deposit in the southwest and the TUG deposit 65 kilometers to the northeast. West Kirkland has the dominant land position between these two deposits.
Data, Verification, Quality Control and Assurance
Michael G. Allen, Vice President of Exploration for West Kirkland, and a qualified person as defined by NI 43-101, has reviewed and approved the technical information in this news release other than the inferred mineral resource estimate, including but not limited to the plans of the Company. He is the non-independent qualified person for the purpose of this news release.
About West Kirkland
West Kirkland was formed in 2010 to focus on gold exploration along major trends in North America. The Company has consolidated significant mineral rights positions in the Kirkland Lake area of Ontario and within major gold trends of northeastern Nevada - two of North America’s premier gold jurisdictions. The founders and Board of West Kirkland have successful gold discovery, development and mine operations experience in both Ontario and Nevada over the past 40 years.
For further information, please see the Company’s website at www.wkmining.com or contact us by email at [email protected] or call:
West Kirkland Mining Inc.
R. Michael Jones, Michael Allen or Knox Henderson at (604) 685-8311
Or
Sequoia Partners
James Beesley: 778-389-7715 or [email protected]
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.
Disclaimer for Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding proposed exploration activities. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company’s equity securities, the state of the market for gold or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company’s profile on SEDAR at www.sedar.com.
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West Vault Mining Inc.
Suite 838 – 1100 Melville Street
Vancouver, BC
Canada V6E 4A6
[email protected]
Qualifying Statements
For readers to fully understand the information in this independent media, they should read the 2023 Pre-feasibility Study, which has been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) (available on www.sedar.com), in its entirety, including all qualifications, assumptions, limitations and exclusions that relate to the information set out in this independent media. The 2023 Pre-feasibility Study is intended to be read as a whole, and sections should not be read or relied upon out of context. The technical information in this independent media is derived from, and subject to the assumptions and qualifications contained in, the 2023 Pre-feasibility Study.
Qualified Person for This Independent Media
Sandy McVey P.Eng., Chief Executive Officer and Chief Operating Officer for West Vault Mining, as a non-independent Qualified Person as defined in NI 43-101, has reviewed and approved the technical information disclosed in this independent media.
Disclaimer for Forward-Looking Information
This independent media may contain forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this email include, without limitation, statements regarding the potential economic performance of the Project based on the 2023 Pre-feasibility Study, the Company’s ability to obtain any additional permits required to commence and complete construction and perform operations, the Company’s ability to obtain funding on reasonable terms, and the potential identification, execution, and realization of accretive opportunities. Although West Vault Mining believes that such information as set out in this independent media is reasonable, it can give no assurance that such expectations and estimates will prove correct. West Vault Mining cautions investors that any forward-looking information provided by West Vault Mining is not a guarantee of future results or performance, and that actual results may differ materially from forward-looking information as a result of various factors. The reader is referred to West Vault Mining’s public filings for a more complete discussion of such risk factors and their potential effects; these may be accessed through the Company's profile 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) accept responsibility for the adequacy or accuracy of this release.
Note to US Investors
This independent media has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The terms “Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are defined in and required to be disclosed by NI 43-101. However, these terms are not defined terms under SEC S-K 1300 and are normally not permitted to be used in reports and registration statements filed with the SEC. In addition, the terms “Mineral Reserve”, “Probable Mineral Reserve” and “Proven Mineral Reserve” are also defined in NI43-101 and not S-K 1300. Investors are cautioned not to assume that all or any part of an “Indicated Mineral Resource” or “Inferred Mineral Resource” will ever be upgraded to a higher category or converted into Mineral Reserves in accordance with S-K 1300. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of Feasibility or Pre-feasibility Studies, except in rare cases. Investors are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable. Disclosure of “contained ounces” in a Mineral Resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “Reserves” by SEC S-K 1300 standards as in-place tonnage and grade without reference to unit measures. Accordingly, information contained in this independent media contains descriptions of West Vault Mining’s mineral deposits that may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.
