WestMountain Gold, a junior developer of domestic precious/base minerals focused on identifying and acquiring advanced stage properties, reported today that they wrapped drilling operations at 3,782 feet in four diamond drill holes on the company’s flagship, 85 square mile (344 state mining claims) Terra Project, between the Revelation and Terra Cotta mountains in southwestern Alaska.
WMTN is poised to acquire a 51% interest in the project post its $6M of work into Terra by Dec. 31, 2013, via the JV agreement with Corvus Gold, Inc. and International Tower Hill Mines, Ltd. (ITH), taking advantage of ITH’s preoccupation with another major Alaskan gold project to capture what looks like a substantial value for shareholders (WMTN can increase this position to 80% through another $3.05M by the same date in 2014).
CEO of WMTN, Greg Schifrin, was clearly pleased at the successful delineation/expansion of the vein system and gold resource achieved through this most recent effort, commending the drilling team for helping to advance the project to a point where they are even producing gold concentrate at the bulk sample mill.
The primary objective of the drilling program was to expand on the porphyry intrusive-related gold resource at the Terra Project, which is characterized by high-density mineralization in (75-80% and higher) Bonanza Veins that are ideal for mining. With an NI 43-101 (ITH) inferred estimate of some 168k oz Au and 310k oz Ag, WMTN is drilling to advanced the numbers, with clear goals of expanding the project to its envisioned potential of 1M oz Au. Production is projected by management to expand to 30k ounces per year over the next two to three years, and WMTN is in arguably one of the most mining-friendly states possible for achieving this task.
Additional high-grade veins located within the structural zone were fleshed out by the drilling, extending the vein system map some 656 feet north, with one hole testing the Fish vein. Bulk sampling further reinforced the 1M oz Au figure as the bulk sample mill was put into operation and successfully output gold concentrates, similarly validating the cash flow/revenue production model and 30k oz/year target.
The 1.2 mile Ben veins have a rich core zone of 23 g/t Au (3 g/t cutoff, ramping up quickly if the cutoff is lowered to 1 g/t) and an upcoming 43-101 compliant, third party technical report from 30-year industry veteran consulting firm Gustavson & Associates will detail the updated resource from extant and recent drilling along the entire vein system.
Soil and rock chip samples from the Camp Creek Midway porphyry target collected along the CCA line show solid results as high as the 3.19 g/t Au range, with 401 ppb averages over 1,500 feet of surface exposure in preliminary assay (4k foot CCA line with 39 samples taken in talus slopes at 100 foot increments). Complete assay data will emerge via an upcoming report on the Camp Creek Midway target, and it is noteworthy that all but four of the samples taken contained gold concentrations above the detection limit.
For more information on WestMountain Gold, visit the company’s website at: www.TerraMiningCorp.com
About QualityStocks
QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. We offer several ways for investors to learn more about investing in these companies as well as find and evaluate them.
Sign up for “The QualityStocks Daily Newsletter” at www.QualityStocks.net
The Quality Stocks Daily Blog http://blog.qualitystocks.net
The Quality Stocks Daily Videos http://videocharts.qualitystocks.net
The Quality Stocks “Ones to Watch” http://gotstocks.qualitystocks.net
Please see disclaimer on the QualityStocks website: http://disclaimer.qualitystocks.net
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment