Wayside clarifies scoping study

A review by the British Columbia Securities Commission has prompted International Wayside Gold Mines (IWA-V) to clarify previous technical disclosures relating to its Cow Mountain and Bonanza Ledge gold properties in the province’s Cariboo region.

Last year, Wayside released a technical report, prepared by DJP Consulting, which stated that the properties contained a “probable minable reserve” of 3.4 million tons grading 0.086 oz. gold per ton.

Wayside now says the report was a “scoping study analysis” and that, so far, no mineral reserves have been established on the property. The company further notes that the report “does not qualify as a preliminary feasibility study, does not comply in certain material aspects with National Instrument 43-101, and should not be relied upon by the public in its current form.”

Wayside has since retained Roscoe Postle Associates to prepare a preliminary feasibility study for the project. The Toronto-based consulting firm will carry out the work needed to upgrade the DJP scoping study to the standard of a prefeasibility study.

This work is expected to include a review of the resource estimate, mine design and production schedule, and geotechnical studies.

Wayside says some of the resources at Cow Mountain and Bonanza Ledge are “considered too speculative geologically to have economic considerations applied to them.” As a result, the company cautions that “there is no certainty that the economic evaluation in the DJP report will be realized and [that] the economic viability of the project has yet to be established.”