| | Int'l Wayside acquires the Monster claim group
International Wayside Gold Mines Ltd IWA
Shares issued 38,454,998 Jul 19 close $0.90
Thu 20 Jul 2000 News Release
Mr. J. Frank Callaghan reports
International Wayside Gold Mines has acquired the Monster claim group. The
company has purchased 75 per cent of the Monster claim group for 200,000
shares of the company (100,000 in year one, 50,000 in year two and 50,000
in year three). A 3-per-cent net smelter royalty is payable, with an option
to purchase 2 per cent of the net smelter return for $2-million (U.S.). The
company also has first right of refusal to purchase the remaining 25 per
cent from the Wells Syndicate and a 20,000 share finder's fee is payable to
Bill Charnobay. The company would also like to report that Eagle Mapping
Services has been retained to complete aerial mapping of the property. The
total area of the company's property is now approximately 152.65 square
kilometres or 15,265 hectares.
Rocks in the vicinity of the new discovery Bonanza Ledge consist of
siltstone, mudstone and quartzite. The same rock units that host the
Bonanza Ledge zone and the majority of gold deposits along the Barkerville
gold belt also underlie the Monster property. The presence of limestone and
dolostone float north and south of Yuzkli Creek, which crosses the
property, and abundant marble float similar in appearance to the fine
marbles that control replacement ore deposition along the Barkerville gold
belt near the centre of the Monster property suggests that these rock types
are also present. The aforementioned marble float is located near the
contact between black siltite and quartzite.
At the Comstock showing on the Monster property, both A (strike) and B
(orthogonal) veins bearing pyrite, galena and sphalerite are reported,
including a vein upward of 30 feet in width, striking with the sediments.
Eagle Mapping Services will be producing 1 to 15,000 scale colour aerial
photography covering an area of approximately 10 kilometres by 43
kilometres. In addition 1 to 2,500 scale five-metre contour maps of
Barkerville Mountain, Richfield Mountain and Island Mountain will be
produced. The area of Cow Mountain will be mapped in a one-metre contour. |
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