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Post by Franko10 ™ on Dec 12, 2005 11:17:34 GMT -5
War Eagle Acquires Gold Property (bwire)
VANCOUVER, British Columbia (Business Wire) -- War Eagle Mining Company Inc. (TSX VENTURE:WAR). The Company has signed a Letter of Intent to purchase a 95% Interest in the George's Lake gold property located in the La Ronge, Saskatchewan, gold belt 20 Km SSE of the producing Seabee Gold Mine.
The George's Lake property hosts numerous quartz/tourmaline structures that contain gold values over significant widths. Limited drilling to date indicates gold values at depth below the surface showings. The local and regional geology of the area is a favourable host for gold mineralization.
The presently producing Seabee Gold Mine is located 15km NNW of the George's Lake property and also located in the La Ronge gold belt. The Seabee Mine produced 41,200 ounces of gold from 186,900 tonnes milled in 2004 for an average grade of 7.15g/t. (0.23oz/t)
The property totals 979 hectares or 1566 acres that is owned by Bullion Fund Inc. of Calgary Alberta. The purchase price for 90% of the property is $75,000 and the issuance of 500,000 free trading shares of the Company. The remaining 5% interest may be purchased at anytime for a payment of $2 million. There is a 1% NSR on the property that can be bought out for 50,000 shares thereby reducing the NSR of 0.5% which can be bought out at anytime for $250,000.
PROPERTY MINERALIZATION
From Calpine Resources Incorporated report of October 1988. These figures are historical and do not conform to National Instrument 43-101.
Nine areas along the north and east sides of Georges Lake have exposed gold mineralized quartz veins.
VG SHOWING: This showing is the most spectacular and economically significant known showing in the George's Lake area. The mineralization is exposed in a 17 X 27 meter area and in an adjacent 8 X 10 meter area. A series of volcaniclastics is cut by a thick quartz vein that is folded and plunges at a shallow angle to the southwest.
The chip sampling of the 17 x 27 meter area returned an average of 7.8 g/t (0.25 oz/t) gold (uncut) from all 43 samples. An average of 15.3 g/t (0.50 oz/t) gold (uncut) from was obtained from 21 samples that represents the western half of the area.
The chip sampling of the 8 x 10 meter area returned an average of 1.7 g/t (0.06 oz/t) gold (uncut) from all 18 samples. An average of 3.2 g/t (0.10 oz/t) gold (uncut) was obtained from 9 samples that represents the eastern half of the area.
The initial January 2006 stage I winter work program will consist of establishing a grid and carrying out a VLF - EM geophysical survey over the mineralized area as well as the shear zones in order to define drill targets. The stage II program will be to test any geophysical targets and gold showings by core drilling starting in March 2006. Testing of the shear zones on the property will be a priority target for gold mineralization.
War Eagle Mining Company's web site is available for viewing at www.wareaglemining.com.
Terence F. Schorn, P. Geo, President
War Eagle Mining Company Inc.
CUSIP. No. 933901209
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
War Eagle Mining Company Inc. (TSX VENTURE:WAR)
War Eagle Mining Company Inc.
Bob Faris
Vice President, Corporate Development
(604) 606-7973 or Toll Free: 1-800-877-1626
www.wareaglemining.com
VANCOUVER, British Columbia (Business Wire) -- War Eagle Mining Company Inc. (TSX VENTURE:WAR). The Company has signed a Letter of Intent to purchase a 95% Interest in the George's Lake gold property located in the La Ronge, Saskatchewan, gold belt 20 Km SSE of the producing Seabee Gold Mine.
The George's Lake property hosts numerous quartz/tourmaline structures that contain gold values over significant widths. Limited drilling to date indicates gold values at depth below the surface showings. The local and regional geology of the area is a favourable host for gold mineralization.
The presently producing Seabee Gold Mine is located 15km NNW of the George's Lake property and also located in the La Ronge gold belt. The Seabee Mine produced 41,200 ounces of gold from 186,900 tonnes milled in 2004 for an average grade of 7.15g/t. (0.23oz/t)
The property totals 979 hectares or 1566 acres that is owned by Bullion Fund Inc. of Calgary Alberta. The purchase price for 90% of the property is $75,000 and the issuance of 500,000 free trading shares of the Company. The remaining 5% interest may be purchased at anytime for a payment of $2 million. There is a 1% NSR on the property that can be bought out for 50,000 shares thereby reducing the NSR of 0.5% which can be bought out at anytime for $250,000.
PROPERTY MINERALIZATION
From Calpine Resources Incorporated report of October 1988. These figures are historical and do not conform to National Instrument 43-101.
Nine areas along the north and east sides of Georges Lake have exposed gold mineralized quartz veins.
VG SHOWING: This showing is the most spectacular and economically significant known showing in the George's Lake area. The mineralization is exposed in a 17 X 27 meter area and in an adjacent 8 X 10 meter area. A series of volcaniclastics is cut by a thick quartz vein that is folded and plunges at a shallow angle to the southwest.
The chip sampling of the 17 x 27 meter area returned an average of 7.8 g/t (0.25 oz/t) gold (uncut) from all 43 samples. An average of 15.3 g/t (0.50 oz/t) gold (uncut) from was obtained from 21 samples that represents the western half of the area.
The chip sampling of the 8 x 10 meter area returned an average of 1.7 g/t (0.06 oz/t) gold (uncut) from all 18 samples. An average of 3.2 g/t (0.10 oz/t) gold (uncut) was obtained from 9 samples that represents the eastern half of the area.
The initial January 2006 stage I winter work program will consist of establishing a grid and carrying out a VLF - EM geophysical survey over the mineralized area as well as the shear zones in order to define drill targets. The stage II program will be to test any geophysical targets and gold showings by core drilling starting in March 2006. Testing of the shear zones on the property will be a priority target for gold mineralization.
War Eagle Mining Company's web site is available for viewing at www.wareaglemining.com.
Terence F. Schorn, P. Geo, President
War Eagle Mining Company Inc.
CUSIP. No. 933901209
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
War Eagle Mining Company Inc. (TSX VENTURE:WAR)
War Eagle Mining Company Inc.
Bob Faris
Vice President, Corporate Development
(604) 606-7973 or Toll Free: 1-800-877-1626
www.wareaglemining.com
