West Kirkland Exploration Program Underway at Hasbrouck Project, Tonopah, Nevada
VANCOUVER, British Columbia, April 16, 2018 (GLOBE NEWSWIRE) -- West Kirkland Mining Inc. (TSXV:WKM) (“West Kirkland”, “WKM” or the “Company”) is pleased to report that a large program of surface geological mapping and continuous channel and chip sampling for gold is underway on the 100% option property at Gold Mountain. The objective of the WKM program is to further delineate the new at-surface gold outlined in 3,200 feet of road cuts and channel samples reported previously.
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Systematic sampling for 1,179 samples at 20 feet per sample is planned. A steep dipping fault-break controlled mineralization is mapped as well as a layered flat-bedded control for some of the mineralization. The surface values, good rock exposure, and the relief of the hill combine for the effectiveness of a large surface sampling program.
Sandy McVey, COO of West Kirkland, said, “Since we have gold values exposed at surface in the hill, it is very cost effective to expand and map this with surface cuts. As the results come back and a 3D model is compiled, the next step will be short close-spaced drill holes starting from the high surface value areas. The objective is to cost-effectively add ounces to our current Reserves and mine plan from a new nearby open pit area.”
The best channel results of 1.54 g/t Au over 120 feet compare well with a historic drill intercept 500 feet to the west of 1.1 g/t Au over a down-hole length of 225 feet. These values remain open for expansion and delineation.
Determining the true thickness and overall controls of the gold mineralization at Gold Mountain are objectives of the large sampling and mapping program. Historical drilling in the area was targeted at root structures to the gold mineralization in some areas rather than the exposed flatter zones, in some cases that are above historic underground workings.
The exploration at Gold Mountain (100% Option Interest) is within sight of the Hasbrouck Project (75% WKM, 25% Waterton Fund). West Kirkland controls a district scale land position at Tonopah including historic production areas of gold and silver from 1917 to 1948.
The Hasbrouck Gold Project contains Proven & Probable Reserves of 784,000 gold equivalent oz, (45,270,000 tons at 0.017 Au oz/t for 762,000 contained Au oz; 0.233 Ag oz/t for 10,569,000 contained Ag ounces. NPV5 Post Tax ($1,275/oz Au) estimated at $120M, IRR 43% (Technical Report and Updated Preliminary Feasibility Study for The Hasbrouck and Three Hills Gold-Silver Project, Esmeralda County, Nevada, USA, Report Date: September 14, 2016).
QUALIFIED PERSON
R. Michael Jones P.Eng, CEO of West Kirkland Mining, is a non-independent Qualified Person as defined by NI 43-101. He has reviewed the information contained in this news release and has verified the data by hiring qualified geologists and engineers and has completed a review of the detailed technical information. Mineral Reserve information in this news release relating to the Hasbrouck Gold Project has been developed and approved by Thomas L. Dyer, P.E., of MDA following CIM standards.
QUALITY ASSURANCE/QUALITY CONTROL
West Kirkland Mining utilizes a well-documented system of inserting blanks and standards into the assay stream and has a strict chain of custody for samples taken by WKM. Assays by WKM are completed at independent laboratories which have internal quality assurance and quality control systems and procedures. Assays were performed by ALS Chemex Labs Ltd., by fire assay and ICP methods.
The historic work was completed by previous property explorers and developers and provided to WKM in digital form in an extensive database. The surface assays on road-cuts and grab samples were performed at ALS labs by standard fire assays with ICP finish methods. Drill hole assay data for the 1995 and 1990 programs were completed at Barringer labs, GSI labs, and labs respectively with fire assay methods and ICP or AA finish. The 1980 holes do not have assay lab data available, but the values were part of historic production mine work at the time and are consistent with the ALS surface data nearby. Although the work was completed prior to NI-43101 and was not under WKM control and chain of custody, the work was completed by qualified professional geologists and laboratories utilizing standard methods. The results of various dates and operators provide similar results to the surface sample assay work by ALS labs. For the purpose of general exploration target generation, the Non-Independent QP has reviewed the data in detail and has accepted it as verified for general indicative exploration targeting. The data was verified by ensuring a reasonable mineralization type and assay tenor comparison, in the same area, between multiple project exploration companies and labs, along with a review and acceptance of the quality of the work reported. Further confirmation assays under WKM procedures would be required for this data to be used in Resource calculations.
STOCK OPTIONS GRANTED
The Board of West Kirkland Mining has granted 7,125,000 stock options to officers, directors, employees and consultants of the Company in accordance with the Company Stock Option Plan. Each stock option entitles the holder to purchase one common share of the Company at a price of $0.06 per common share for a period of five years from the grant date. Following this grant the Company will have outstanding approximately 5% of the available 10% of issued shares available under the plan. The Company is holding a significant portion of the stock options in reserve for attracting other potential directors, officers and employees as the Company grows.
On behalf of West Kirkland Mining Inc.
“R. Michael Jones”
Chief Executive Officer
For further information, please see the Company’s website at www.wkmining.com or contact us by email at info@wkmining.com.
Disclaimer for Forward-Looking Information
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. 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. Forward-looking information in this news release includes, without limitation, the exploration and project approach of a Prefeasibility Study. Historical mineral title also has risk of an unrecorded claim. 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, 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.
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.
Photos accompanying this announcement are available at
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http://resource.globenewswire.com/Resource/Download/8dba5df2-10be-4b80-83c4-14cf79932983