Drills find gold on the Myrtle Claims

Vancouver — International Wayside Gold Mines (IWA-V) reports that assay results from two of five holes on its Myrtle claims near Wells, British Columbia, have intersected high grade gold mineralization.

The Myrtle claims are optioned from Gold City Industries (GC-V) and Newmont Mining (NEM-T) retains an underlying 3% Net Smelter Royalty.

The best intercept was in hole M02-01, which cut 58 ft. of multiple quartz-sulphide veins grading 0.266 oz gold per ton, starting 305.0 ft. down hole. Hole M02-03 cut 15.5 ft. grading 0.131 oz. gold, starting 567.5 ft. down-hole. These intersections were collared about 1,000 ft into the hangingwall of the BC Vein and Bonanza Ledge structures. Assays from hole M02-02 returned no significant results.

Holes M02-01 and 02 targeted coincidental geochemical and self potential and induced polarization geophysical anomalies and were designed to intercept quartz veins within the Rainbow Unit. Holes M02-03 and 04 were designed to test a coincident geochemical and self potential anomaly 1,000 ft. northeast of the Bonanza Ledge zone. The assays from M02-04 and 05 are still pending.

Wayside reports that recent work performed in the area indicates that there is a correlation between the mineralization in the Rainbow Unit (Quartz Veins) and the Baker Unit (Replacement bodies). This correlation also appears to hold for the mineralization found at Bonanza Ledge, which occurs on the other side of the Rainbow Unit.

Moving to Cow Mountain, drilling completed by Wayside and others has outlined a resource from the 1200 Level (4,350 ft elevation) to surface, approximately 350 feet. Giroux Consultants has estimated 430,885 ounces of gold within 6.6 million tons of an indicated resource, and an additional 90,936 ounces of gold within 1.6 million tons of an inferred resource. Wayside reports that an underground diamond drill is in place, and permits are pending to resume drilling from the 1200 Level down to the 1500 Level (4,000 ft elevation) in an effort to increase this resource.

The company states that a resource calculation is near completion for the Bonanza Ledge/BC Vein area of the property. When complete this resource calculation will be added to the scoping study which is currently being performed by David Pow P.Eng. of DJP Consulting.