WSR-METALEX-Arctic Star Joint Venture Intersects 95.0 Meters of Semi-Massive to Near-Massive Sulphides on Anomaly 5.01, James Ba
04 Junho 2008 - 1:42PM
Marketwired Canada
WSR Gold Inc. (TSX VENTURE:WSR), Metalex Ventures Ltd. (TSX VENTURE:MTX)
("Metalex"), and Arctic Star Resources Inc.'s (TSX VENTURE:ADD) ("Arctic Star")
Joint Venture Project along the Ring of Fire, 45 Kilometers North of Noront's
Eagle One Discovery encountered a significant width of Volcanic Derived
Sulphides (VDS) mineralization in hole number 5.01-6. The property consisting of
160 acres, is under option by WSR, whereby WSR can earn up to a 50% interest in
the property.
John Harvey, consulting geologist to WSR and a Qualified Person, recently
returned from the property and reports the following:
Hole 5.01-06 on north - south Section 1+50East, a 50 meter step out from the
previously reported Hole 5.01-01 (see press release dated May 25, 2008),
encountered, in highly altered felsic volcanics a strong sulphide zone from 72.7
meters to 167.7 meters (95.0 meters) containing visible copper, zinc, lead and
iron sulphide mineralization in semi to near massive sulphides. The dip and
strike of the zone have not yet been determined and the true width cannot be
determined at this time. Drilling is continuing with one diamond drill for the
present and samples are currently being prepared for shipping to an independent
assay laboratory where strict quality control procedures are in place and the
results will be closely monitored by Ms. Tracy Armstrong of P&E Mining
Consultants of Brampton, Ontario.
Hole 5.01-01, reported in a previous press release dated May 22, 2008 on Section
1+00 was followed by four additional holes on the same section. All the four
other holes encountered 3 main parallel, steeply dipping core lengths of
sulphide mineralization with visible copper, zinc, lead and iron sulphides in an
altered felsic volcanic sequence but were not as well mineralized as was
observed in hole 5.01-06.
The following table summarizes the drilling on 5.01 to date with
significant visual sulphide mineralization:
--------------------------------------------------------------------------
Visual
Description of
Location Hole Mineralization Mineralization
----------------------------------------------------------
Hole No E.ing N.ing Dip Az EoH From To Width
--------------------------------------------------------------------------
m m m
--------------------------------------------------------------------------
Near-massive,
iron, copper,
5.01-01 1+00E 0+50N -60 180 149.0 78.9 90.2 11.3 zinc sulphides
--------------------------------------------------------------------------
Semi-massive,
iron copper
103.3 106.0 2.7 sulphides
--------------------------------------------------------------------------
Iron copper,
120.1 125.4 5.3 zinc sulphides
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Iron, zinc
5.01-02 1+00E 0+00 -90 - 201.2 26.8 29.1 2.3 sulphides
--------------------------------------------------------------------------
Semi-massive,
iron copper
52.5 78.9 26.4 sulphides
--------------------------------------------------------------------------
Near-massive,
iron, copper
98.8 100.3 1.5 sulphides
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Semi-massive,
iron copper
5.01-03 1+00E 0+50N -45 180 149.4 56.4 70.1 13.7 sulphides
--------------------------------------------------------------------------
Iron, copper,
zinc
76.1 83.8 7.7 sulphides
--------------------------------------------------------------------------
Iron. Copper,
zinc
92.4 111.0 18.6 sulphides
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Semi-massive,
copper,
5.01-04 1+00E 0+75S -60 360 161.5 30.5 36.3 5.8 zinc sulphides
--------------------------------------------------------------------------
Iron, copper,
zinc
59.3 61.6 2.3 sulphides
--------------------------------------------------------------------------
Iron, copper,
zinc
74.1 84.7 10.6 sulphides
--------------------------------------------------------------------------
Semi-massive,
iron, copper,
zinc
100.3 111.0 10.7 sulphides
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Semi-massive,
iron, copper,
zinc
5.01-05 1+00E 0+02N -85 - 178.0 46.6 57.3 10.7 sulphides
--------------------------------------------------------------------------
Semi-massive,
iron, copper
89.6 96.0 6.4 sulphides
--------------------------------------------------------------------------
Semi-massive,
iron, copper
126.2 131.7 5.5 sulphides
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Semi-massive,
iron, copper,
zinc
5.01-06 1+50E 0+50N -65 180 NF 72.7 90.1 17.4 sulphides
--------------------------------------------------------------------------
Near-massive,
iron, copper,
90.1 167.7 77.6 zinc sulphides
--------------------------------------------------------------------------
- NF - Not Finished
The anomaly 5.01 Project is managed and operated by Metalex for the Joint
Venture partners under supervision of Dr. Charles Fipke, Chairman of Metalex and
a Qualified Person.
WSR believes that the recent drill hole results, with the presence of visible
copper, zinc and lead sulphides being observed on site by the project's
geologist are very encouraging and could be of significant importance to the
Joint Venture Partners if the assay results pending are favourable.
Notwithstanding the foregoing, visible observations are estimates only and
pending assay results may not confirm visual observations in whole or in part.
Dr. Charles Fipke is the Qualified Person responsible for the technical contents
of this press release.
About WSR
WSR is a Canadian based mineral exploration company with extensive property
holdings strategically located on and around the nickel/copper "Ring of Fire" in
northern Ontario near James Bay.
WSR can earn a 50% interest in the McFauld's Lake Property pursuant to an option
agreement with Noront Resources Ltd. (TSX VENTURE:NOT) (see press release dated
November 1, 2007). The area will include 15 Claim Blocks, approximately 4,400
hectares (9,600 acres) in the Ring of Fire, McFauld's Lake, Ontario near
Noront's prolific nickel copper and platinum group metals discovery.
WSR has agreed to acquire a 75% interest in the Big Mac Property from MacDonald
Mines Exploration Ltd. (TSX VENTURE:BMK) consisting of 51 Claim Blocks,
approximately 27,660 acres (see press release dated February 15, 2008).
WSR has entered into an agreement with Metalex Ventures Ltd. (TSX VENTURE:MTX)
and Arctic Star Diamond Corp. whereby WSR has the right to fund a maximum of
$20.0 million in expenditures on the James Bay Properties Property over a 4 year
period to earn a maximum 50% interest. The James Bay Properties comprise
approximately 214.4 square kilometers (52,980 acres) (see press release dated
March 26, 2008).
Forward looking statements: Certain information set forth in this news release
may contain forward-looking statements that involve substantial known and
unknown risks and uncertainties. These forward-looking statements are subject to
numerous risks and uncertainties, certain of which are beyond the control of
WSR, including but not limited to the impact of general economic conditions,
industry conditions, volatility of commodity prices, risks associated with the
uncertainty of resource and reserve estimates, currency fluctuations, dependence
upon regulatory approvals, the unavailability of future financing and
exploration risk. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at the time of
preparation, may prove to be imprecise and as such, undue reliance should not be
placed on forward-looking statements.
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