WestKam Provides Shareholder Update
VANCOUVER, British Columbia, Nov. 06, 2018 (GLOBE NEWSWIRE) — WestKam Gold Corp. (TSX-V: WKG) (the “Company” or “WestKam”) has provided the following shareholder update from President and CEO Matt Wayrynen regarding the Company’s direction and vision for the future—particularly regarding WestKam’s Bonaparte property near Kamloops, BC.
WestKam’s Vision and Focus: Realizing the Exceptional Potential at Bonaparte
The Bonaparte gold property remains an exceptional gold prospect, and we have renewed our focus on realizing the property’s potential. Our vision is to explore and develop the property to the point where we can either vend it to a major mining company or put it into production ourselves. To realize this vision, we are developing a long-term plan for exploring not only the Discovery Zone, but other targets discovered through the successful exploration programs in 2013, 2014 and 2015.
Recent Work on the Discovery Zone
Our work over the past two years has centered on the high-grade Discovery Zone. We attempted to reach the next target, primarily in the Grey Jay, Crow, Owl and Nutcracker vein structures, through another bulk sample program. This program was unsuccessful in reaching the zone and was suspended in 2018. We followed up with a program of eight drill holes in September, aimed at the same target zone. We expect to have results from the 2018 drilling later this year.
Where We’re Going: Exploration Plans for 2019 and Beyond
The Discovery Zone has produced significant high grades in the past, especially in two bulk sampling programs. The first program, conducted in 1994, averaged 25.4 g/t gold (0.74 oz/ton gold) while a smaller sample in 2010 averaged 16.3 g/t gold (0.475 oz/ton gold). These are strong results, highlighting the potential of the Discovery Zone and illustrating why we are enthused about continuing our exploration.
Looking ahead to 2019, results of the 2018 drill program will inform a planned NI 43-101 Technical Report on Bonaparte and follow-up field program of exploration. We want to further investigate the magnetic and IP surveys completed in 2013 and 2014, initiating a drill program to test the various geophysical signatures resulting from those surveys. We also want to follow up on drill hole 2015-05 which intersected a new vein to the east of the discovery zone returning 7.88g/t Au and 38.4g/t Ag over 1.0m.
Bonaparte is a large property (2,461.35 hectares/6,081.9 acres) with many targets and much ground yet to be explored. Access is remarkably easy through main highways to Kamloops and good two-wheel drive roads to the property. Kamloops is a mining-friendly region with excellent infrastructure, and we have the world’s best mining talent right here in Vancouver, just a four-hour drive away.
Funding Our Proposed Work
Our plans require funding, of course. In that regard we are now considering various plans for raising fresh working capital and building a strong company for the future.
I’m most grateful for the guidance shown by our Board and for the patience and input of our shareholders. I believe we can look forward to an exciting 2019 and beyond for WestKam.
About WestKam Gold Corp.
WestKam is a Canadian gold exploration company focused on developing the Bonaparte Gold Project near Kamloops, British Columbia. Additional information can be found on the Company’s website at www.westkamgold.com.
Technical information in this document has been reviewed by R. Kemp, P. Geo., a Qualified Person as that term has been defined in NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
Matthew J. Wayrynen, President & CEO
|WestKam Gold Corp.
Suite 900, 570 Granville Street
Vancouver, BC V6C 3P1
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All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. In particular, this news release contains forward-looking information regarding the Offering and the use of proceeds of the Offering. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. These assumptions include, but are not limited to: TSXV acceptance of the Offering; future costs and expenses being based on historical costs and expenses, adjusted for inflation; and market demand for, and market acceptance of, the Offering. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.