Int’l Gold drills Myrtle

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

Situated near Wells, B.C., the claims are under option from Gold City Industries (GC-V). Newmont Mining (NEM-N) retains a 3% net smelter return royalty.

The best intercept occurred in hole 1: 58 ft. of multiple quartz-sulphide veins grading 0.266 oz. gold per ton starting at 305 ft. down-hole. Also impressive was hole 3, which returned 15.5 ft. of 0.131 oz. gold starting at 567.5 ft. down-hole. These intersections were collared 1,000 ft. into the hangingwall of the BC Vein and Bonanza Ledge structures. Assays from hole 2 returned no significant results.

Holes 1 and 2 targeted geochemical and geophysical anomalies and were designed to intercept quartz veins in the so-called rainbow unit. Holes 3 and 4 tested a geochemical anomaly 1,000 ft. northeast of the Bonanza Ledge zone. Assays from holes 4 and 5 are still pending.

Wayside reports that recent work performed in the area indicates 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.

In the area of the property known as Cow Mountain, drilling has outlined a resource from the 1200 Level to surface (about 350 ft.). Giroux Consultants has estimated 430,885 oz. gold in 6.6 million tons of an indicated resource, and an additional 90,936 oz. gold in 1.6 million tons of an inferred resource. Permits are pending to resume drilling from the 1200 Level down to the 1500 Level in the hope of increasing the resource.

A resource calculation is near completion for the Bonanza Ledge/BC Vein area and will be added to the scoping study.