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Thursday March 23, 6:02 pm Eastern Time
Company Press Release
News Release 00-07
Discovery of New Zone of Mineralization
Preliminary Drill Results
VANCOUVER, British Columbia--(BUSINESS WIRE)--March 23,
2000-- Robert E. Reid, P. Geo., reported to the Board of
Directors of International Wayside Gold Mines Ltd.
(CDNX:IWA - news; the ``Company') the discovery of a new
zone of mineralization.
The type of mineralization encountered has not previously
been identified in the camp. The new zone of mineralization
is located in the footwall area of the BC Vein and is open
in all directions. Assays with respect to 8 of the 13
diamond drill holes completed thus far on the Y2K drill
program are reported below. Drill holes BC 2K-4 and BC 2K-8
have further assays pending. Drill holes BC 2K-9 through BC
2K-13 have significant pyritic zones and have been drilled
up to a length of up to 600 feet. The core is being logged
and split for assay. Values occur in tannish micaceous
mudstone and/or tannish micaceous gritty quartzite carrying
disseminated pyrites and/or pyritic drusy quartz bands.
Holes BC 2K-3 and BC 2K-4 were the first to encounter the
new mineralized zone in the footwall area of the BC Vein
1400 feet south of the BC Shaft (see map enclosure) with
10% to 15% fine grained massive to fine crystallized pyrite
and bottomed in mineralization. The extent of the pyritic
zone is yet to be established. Drill holes BC 2K-6 and BC
2K-7 did not reach the pyritic zone and were completed
prior to the zone being identified in holes BC 2K-3 and BC
2K-4. Drill hole BC 2K-8 penetrated the zone to a depth of
305 feet and also bottomed in mineralization.
Drill holes BC 2K-1, 2 and 5 were designed to test the BC
Vein on the grid east side of a historically projected
fault called the Waoming. The vein was not intersected and
no values were encountered in the holes.
BC 2K-3 2810N 20165E 4870EL -450(degree) AZ 2230(degree) 250 FEET
Core
--------
Interval Length/Ft Assay g/t Assay oz/t
-------- --------- --------- ----------
125-145 20 6.21 0.18
210-234.5 24.5 9.41 0.27
Sludge Core Recovery
------ -------------
Interval Length/ft Assay g/t Assay oz/t Interval %
-------- --------- --------- ---------- -------- --
55-65 10 4.85 0.14 55-60 10
85-105 20 2.13 0.06 85-105 68
125-145 20 6.18 0.18 125-145 20
205-235 30 6.10 0.18 205-235 67
BC Vein intersected at 98-110.5 feet.
BC 2K-4 2810N 20165E 4870EL -660(degree) AZ 2230(degree) 200 FEET
Core
----
Interval Length/Ft Assay g/t Assay oz/t
-------- --------- --------- ----------
119.8-125 5.2 4.31 0.13
142-170 28 10.12 0.30
170-200 Assay pending
Sludge Core Recovery
------ -------------
Interval Length/ft Assay g/t Assay oz/t Interval %
-------- --------- --------- ---------- -------- --
115-125 10 11.39 0.33 115-125 86
145-165 20 18.97 0.55
165-200 35 2.14 0.06 145-200 90
BC Vein intersected at 119.8 - 138 feet. Values above
the vein are in an altered siltstone (112-119.8 ft). Those
in 142-170 section in a micaceous quartzitic? unit with 10-
15% fine grained massive to fine crystalline pyrite.
BC 2K-6 2805N 19765E 4900EL -450(degree) AZ 2230(degree) 125 FEET
BC Vein intersected from casing at 27 feet to 80 feet.
All values
less than 1 gram.
BC 2K-7 2805N 19765E 4900EL -720(degree) AZ 2230(degree) 95 FEET
BC Vein intersected from casing at 12 feet to 85 feet.
All values in vein less than 1 gram. Sludge 85-95 feet
returned 1.65 g/t in a
weakly pyritic siltstone.
BC 2K-8 2805N 19965E 4880EL -450(degree) AZ 2230(degree) 305 FEET
Core
----
Interval Length/Ft Assay g/t Assay oz/t
-------- --------- --------- ----------
94.5-110 15.5 5.62 0.16
164.8-175.6 15.6 1.81 0.05
210.2-228.9 18.7 14.36 0.42
228.9-245 Assays pending
Sludge Core Recovery
------ -------------
Interval Length/ft Assay g/t Assay oz/t Interval %
-------- --------- --------- ---------- -------- --
95-245 150 9.82 0.29 95-245 96
Includes
95-125 30 5.68 0.17
135-175 40 2.43 0.07
205-245 40 31.69 0.92
BC Vein intersected at 63 to 89.4 feet.
The drilling program is ongoing to determine the extent of
the new mineralized zone.
The property is located near Wells, British Columbia,
adjacent to Barkerville Historic Town in north-central
British Columbia. Previous recorded production from the
Company's ground and surrounding area is 3.9 million ounces
of gold, of which 1.3 million ounces was lode and 2.6
million ounces was placer.
The Company has been exploring the Cariboo Gold Project
property since 1995, and had previously identified a
measured and probable resource of one million ounces,
depending on cut-off and grade (See News Release 99-01).
Based on this resource, the Company was already poised to
submit an Application to the BC Environmental Assessment
Agency to develop a 3,000 tpd open pit and underground
operation (See News Release 99-17). Status of the
Application will be reported in an upcoming news release.
On behalf of the Board of Directors
J. Frank Callaghan, President
The Canadian Venture Exchange has neither approved or disapproved of the information contained herein.
--------------------------------------------------------------------------------
Contact:
International Wayside Gold Mines Ltd.
Andrew H. Rees, 604/669-6463
Fax, 604/669-3041
Toll Free: 1-800-663-9688
www.wayside-gold.com
info@wayside-gold.com |
