West Kirkland Reports Increased and Upgraded Resources at Hasbrouck
and Three Hills Properties, Nevada
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 24, 2014) - West
Kirkland Mining Inc. (TSX-VENTURE:WKM) ("WKM" or the "Company") is
pleased to report that a National Instrument 43-101 ("NI 43-101")
compliant updated mineral resource estimate has been completed for
the Hasbrouck and Three Hills properties (the "Properties") located
near Tonopah, Nevada. The Three Hills deposit is located five miles
to the North of the Hasbrouck deposit.
Hasbrouck and Three Hills Deposits Resource Statement (February
21, 2014)
HASBROUCK (0.005 opt AuEq Cutoff) |
Category |
Tons |
Gold |
Silver |
AuEq |
Gold |
Silver |
AuEq |
|
(000 tons) |
opt |
opt |
opt |
(000 oz) |
(000 oz) |
(000 oz) |
|
Measured |
14,686 |
0.014 |
0.307 |
0.019 |
206 |
4,509 |
285 |
|
Indicated |
55,002 |
0.011 |
0.248 |
0.015 |
605 |
13,640 |
844 |
Measured & Indicated |
69,688 |
0.012 |
0.260 |
0.016 |
811 |
18,149 |
1,128 |
|
|
|
|
|
|
|
|
Inferred |
58,921 |
0.007 |
0.189 |
0.010 |
412 |
11,136 |
607 |
AuEq calculated AuEq= Au + (Ag/57.14) |
|
|
|
|
|
|
|
|
THREE HILLS (0.005 opt Au Cutoff) |
Category |
Tons |
Gold |
Silver |
AuEq |
Gold |
Silver |
AuEq |
|
(000 tons) |
opt |
opt |
opt |
(000 oz) |
(000 oz) |
(000 oz) |
|
Measured |
1,091 |
0.023 |
N/A |
N/A |
25 |
0 |
25 |
|
Indicated |
7,413 |
0.017 |
N/A |
N/A |
126 |
0 |
126 |
Measured & Indicated |
8,504 |
0.018 |
N/A |
N/A |
151 |
0 |
151 |
|
|
|
|
|
|
|
|
Inferred |
11,002 |
0.014 |
|
|
154 |
|
154 |
AuEq calculated AuEq= Au + (Ag/57.14) |
|
|
|
|
|
|
|
|
HASBROUCK & THREE HILLS (0.005 opt AuEq
Cutoff) |
Category |
Tons |
Gold |
Silver |
AuEq |
Gold |
Silver |
AuEq |
|
(000 tons) |
opt |
opt |
opt |
(000 oz) |
(000 oz) |
(000 oz) |
|
Measured |
15,777 |
0.015 |
0.286 |
0.020 |
231 |
4,509 |
310 |
|
Indicated |
62,415 |
0.012 |
0.219 |
0.016 |
731 |
13,640 |
970 |
Measured & Indicated |
78,192 |
0.012 |
0.232 |
0.016 |
962 |
18,149 |
1,279 |
|
|
|
|
|
|
|
|
Inferred |
69,923 |
0.008 |
0.159 |
0.011 |
566 |
11,136 |
761 |
AuEq calculated AuEq= Au + (Ag/57.14) |
|
|
|
|
|
|
|
|
Notes:
- CIM definitions are followed for classification of Mineral
Resources
- Mineral Resources are estimated using a gold price of US$1,200
per ounce and a silver price of US$21 per ounce
- Totals may not represent the sum of the parts due to
rounding.
- The Mineral Resources have been prepared by Scott E. Wilson in
conformity with CIM "Estimation of Mineral Resource and Mineral
Reserves Best Practices" guidelines and are reported in accordance
with the Canadian Securities Administrators NI43-101. Mineral
resources are not mineral reserves and do not have demonstrated
economic viability. There is no certainty that all or any part of
the mineral resource will be converted into mineral reserve.
The resource statement quoted above considers data not
considered at the time of the resource statement announced by the
Company on January 27, 2014. Specifically, at Three Hills an
additional 25 holes were used in the mineral resource calculation.
Scott E. Wilson completed analysis of the updated database and
updated the mineral resource which resulted in an increase in the
confidence classification of a portion of the Hasbrouck
resource.
R. Michael Jones, CEO of WKM said, "The 10% increase of gold
equivalent ounces combined with the increased confidence level for
more than half the ounces, re-affirms our conviction on the planned
Hasbrouck purchase. The improvement in the gold market since the
agreement with Allied Nevada Gold Corp. adds to our motivation to
complete the acquisition. Shareholder response has been positive
and our due-diligence is near complete."
Exploration Potential
The Properties are large packages of patented and unpatented
mineral claims in the historic Tonapah gold district. WKM plans to
carefully assess the controlling features of the two deposits and
look for extensions along the known gold bearing structures. The
Properties will be analyzed in engineering work for WKM at the same
time as exploration targets are prioritized.
Details of Hasbrouck and Three Hills
The Properties are the subject of a binding letter agreement
(the "Letter Agreement") with Allied Nevada Gold Corp. (TSX:ANV)
("Allied" or "ANV") announced on January 27, 2014 pursuant to which
WKM may acquire an interest in the Properties (the "Transaction").
In order to complete the purchase of a 75% interest in the
Properties, a payment of US$19.5 million is due to Allied from WKM
by April 24, 2014. Further details of the Transaction are in WKM's
January 27, 2014 news release.
The Hasbrouck property is located in Esmeralda County, Nevada,
and consists of two claim blocks, Hasbrouck and Three Hills. The
Hasbrouck claim block consists of 28 patented and 583 unpatented
mining claims. The Three Hills claim block consists of six patented
mining claims and 100 unpatented mining claims. Each claim block
hosts a known significant gold resource, each having the potential
for further discoveries and expansion. The historic mining town of
Tonopah, Nevada, lies within a short distance of the Properties.
Historic mining in the area focused on bonanza grade veins and took
place prior to the existence of technology to process oxide
ores.
The Hasbrouck and Three Hills deposits are oxidized,
low-sulphidation, epithermal vein deposits with a combined Ag:Au
ratio of 19:1 by weight. Most of the ounces of gold in the known
deposits are hosted within the Tertiary Siebert Formation with
minor amounts of mineralization in the underlying Fraction Tuff.
The Hasbrouck mineral resource estimate is defined by 240 boreholes
totaling 146,049 feet (44,516 meters) drilled between 1974 and
2011. The Three Hills property has 285 boreholes totaling 87,203
feet (26,579 meters). Both deposits are open to further expansion,
particularly Three Hills, where recently drilled hole THR12-15
encountered 66 meters of 3.33 g/t Au. WKM has identified several
additional exploration target areas on the Properties which it will
prioritize for further exploration.
The resource was calculated using Vulcan software. For the
Hasbrouck deposit, resources were calculated using a 0.005 opt AuEq
cutoff and ordinary kriging. The following formula was used for
calculating AuEq:AuEq = Au + (Ag/57.14). At Three Hills the mineral
resource was constrained by the property boundary. In considering
the potential for economic extraction, metallurgical recoveries by
heap leach methods and open pit mining was considered but the
resources are not constrained by a pit shell. Mineral resources are
not mineral reserves and do not have demonstrated economic
viability. There is no certainty that all or any part of the
mineral resource will be converted into mineral reserves.
Qualified Persons
Mr. Scott E. Wilson, AIPG Certified Professional Geologist, is
WKM's Independent Qualified Person as defined under NI 43-101. He
has recently visited the Properties and has read and approved the
technical information in this news release. Mr. Wilson has reviewed
and verified the data disclosed in this news release to be in
conformity with generally accepted CIM "Estimation of Mineral
Resource and Mineral Reserves Best Practices" guidelines and in
accordance with NI 43-101.
Michael G. Allen, Vice President of Exploration for WKM, and a
Qualified Person as defined by NI 43-101, has reviewed the
information contained in this news release. He is the
non-independent qualified person for this new release and has
verified the data.
In compliance with NI 43-101, WKM will file a technical report
in support of the technical disclosures made in this news
release.
About West Kirkland Mining Inc.
WKM was formed in 2010 to focus on gold exploration along major
trends in North America. The Company has consolidated significant
mineral rights positions within the Long Canyon Trend of
Nevada/Utah. The founders and Board members of WKM have successful
experience in gold discovery, mine development and mine operations
in Nevada and other gold producing jurisdictions in North
America.
Disclaimer for Forward-Looking Information
The purchase price of the Hasbrouck and Three Hills properties
exceeds the working capital of WKM and there can be no assurance
that WKM will be able to finance the acquisition and complete the
purchase. If WKM does not pay US$19.5 million to Allied the Company
would have no interest in these properties.
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, all statements regarding the filing
of a NI 43-101 compliant technical report on the Properties, the
terms, proposed timing and completion of the Transaction, forming a
workable joint venture with Allied, the anticipated timing and
completion of one or more financings in connection with the
Transaction and the receipt of necessary approvals with respect to
any financing in connection with the Transaction. Although WKM
believes that such timing as set out in this press release is
reasonable, it can give no assurance that such expectations will
prove to be correct. 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; the results of the
Company's due diligence evaluations with respect to the Properties;
developments with respect to Allied or the Properties; 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.
Cautionary Note to U.S. Investors Regarding the Use of Mining
Terms
This press release has been prepared in accordance with the
securities laws in effect in Canada, which differ from the
requirements of U.S. securities laws. Unless otherwise indicated,
all resource and reserve estimates included in this press release
have been prepared in accordance with National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI 43-101") and the
Canadian Institute of Mining, Metallurgy, and Petroleum Definition
Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a
rule developed by the Canadian Securities Administrators which
establishes standards for all public disclosure an issuer makes of
scientific and technical information concerning mineral projects.
Canadian standards, including NI 43-101, differ significantly from
the requirements of the U.S. Securities and Exchange Commission
(the "SEC"), and resource and reserve information contained therein
may not be comparable to similar information disclosed by U.S.
companies. In particular, and without limiting the generality of
the foregoing, the term "resource" does not equate to the term
"reserves".
Under U.S. standards, mineralization may not be classified
as a "reserve" unless the determination has been made that the
mineralization could be economically and legally produced or
extracted at the time the reserve determination is made. The SEC's
disclosure standards normally do not permit the inclusion of
information concerning "measured mineral resources", "indicated
mineral resources" or "inferred mineral resources" or other
descriptions of the amount of mineralization in mineral deposits
that do not constitute "reserves" by U.S. standards in documents
filed with the SEC. U.S. investors are cautioned not to assume that
any part or all of mineral deposits in these categories will ever
be converted into reserves. U.S. investors should also understand
that "inferred mineral resources" have a great amount of
uncertainty as to their existence and great uncertainty as to their
economic and legal feasibility. It cannot be assumed that all or
any part of an "inferred mineral resource" will ever be upgraded to
a higher category. Under Canadian rules, estimated "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 resource is permitted
disclosure under Canadian regulations; however, the SEC normally
only permits issuers to report mineralization that does not
constitute "reserves" by SEC standards as in-place tonnage and
grade without reference to unit measures. The requirements of NI
43-101 for identification of "reserves" are also not the same as
those of the SEC, and reserves reported by the Company in
compliance with NI 43-101 may not qualify as "reserves" under SEC
standards. In addition, under SEC standards, a company may only be
identified as "development" stage if it has established "reserves"
by SEC standards and is engaged in the preparation of such reserves
for extraction. Accordingly, information concerning mineral
deposits set forth in this press release may not be comparable with
information made public by companies that report in accordance with
U.S. standards.
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.
West Kirkland Mining Inc.R. Michael Jones, Michael Allen or Knox
Henderson(604) 685-8311info@wkmining.comwww.wkmining.com
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