Vancouver, B.C. /
ACCESSWIRE / May 28 2014 / West Cirque Resources Ltd.
(TSX-V; WCQ) ("West Cirque" or the
"Company") has
entered into an agreement to acquire additional claims (the
"Ketchan Lake Claims") totaling 230 hectares contiguous with its
100% owned Aspen Grove Copper-Gold-Silver (Cu-Au-Ag) Project (the
"Aspen Grove Project"), located halfway between Merritt and
Princeton in southern B.C.
Steve Vanry,
President & CEO of West Cirque remarked, "the Ketchan Lake
Claims represent another prospective target within our Aspen Grove
Project, which covers part of an extensive belt of porphyry copper
mineralization. We are pleased to have expanded this high quality
property that can be drilled year-round and which benefits from
established local infrastructure, gentle terrain, road access and
close proximity to Vancouver.
The Company has entered
into a purchase agreement with Francis LaRoche and Platinum Belt
Resources Inc. pursuant to which the Company can acquire a 100%
interest in the 230 hectares comprising the Ketchan Lake Claims, by
making a one-time cash payment of CAD$15,000 and issuing 80,000
shares in total to the vendors. The transaction remains subject to
the approval of the TSX Venture Exchange. The Company expects to
complete the acquisition before completing its previously announced
plan of arrangement with Kaizen Discovery Inc. ("Kaizen").
The newly acquired
Ketchan Lake Claims cover the central part of the Ketchan Lake
Prospect, a significant zone of alkalic porphyry copper-gold-silver
mineralization previously explored by several companies, including
Bethlehem Copper (1974-1979) and Cominco (1987-1992). The Ketchan
Lake Prospect is located on the east side of Ketchan Lake only six
kilometers east of Highway 5A, and is accessible from the highway
via the Dillard and Ketchan Lake roads. East of the lake the zone
has been tested by 30 diamond drill holes (3612.6 meters) and 25
percussion drill holes (1974 meters). Mineralization has been
traced in outcrop and drill holes over a strike length of 1560
meters, widths of up to 300 meters and depths of up to 236 meters.
The zone is open to the northwest and southeast and numerous holes
either ended in mineralization or failed to reach target depth.
Historical drilling at
Ketchan Lake includes the following intersections (holes labelled
'B' and 'M' are percussion drill holes, whereas those labelled 'K'
are diamond drill holes; m = meters; g/t = grams per tonne):
------------------------------------------------------------------------------
|Hole ID |From |To |Width |Cu |Au |Comment |
| |(m) |(m) |(m) |(%) |g/t | |
|----------------------------------------------------------------------------|
|B-10 |4.88 |91.44 |86.56 |0.376|0.077|ends in 0.43% Cu/8m |
|----------------------------------------------------------------------------|
|B-12 |10.97 |91.44 |80.47 |0.244|0.080|ends in 0.16% Cu/9m |
|----------------------------------------------------------------------------|
|including|10.97 |27.43 |16.46 |0.526|0.136| |
|----------------------------------------------------------------------------|
|M92-4 |15.24 |91.44 |76.20 |0.275|0.124|ends in 0.24% Cu/18m |
|----------------------------------------------------------------------------|
|M92-6 |24.38 |91.44 |67.06 |0.175|0.183|ends in 0.24% Cu, 0.31 g/t Au/18m|
|----------------------------------------------------------------------------|
|K05-04 |9.20 |109.80|100.60|0.378|0.097|ends in |
| | | | | | |fault/mineralization |
| | | | | | |0.16% Cu |
|----------------------------------------------------------------------------|
|including|21.95 |52.45 |30.50 |0.583|0.132| |
|----------------------------------------------------------------------------|
|K05-07 |25.20 |86.00 |60.80 |0.422|0.164| |
|----------------------------------------------------------------------------|
|K05-08 |9.75 |236.25|226.50|0.275|0.114|ends in 0.46% Cu 0.36 g/t Au/19m |
|----------------------------------------------------------------------------|
|including|15.85 |140.85|125.00|0.359|0.111| |
|----------------------------------------------------------------------------|
|and |217.10|236.30|19.20 |0.459|0.362| |
------------------------------------------------------------------------------
The Ketchan Lake
prospect is hosted by a multiphase diorite to monzodiorite
intrusion which has undergone widespread brecciation and extensive
magnetite, epidote and K-feldspar alteration. The Ketchan Lake
diorite is coextensive with a 1 by 15 km long magnetic high, only a
small portion of which has been drill tested. Mineralization
consists mainly of chalcopyrite, which is closely associated with
magnetite veins and breccia matrix and variable amounts of epidote,
K-feldspar, actinolite, chlorite, sericite and carbonate
alteration. Although multi-element geochemical data are available
for only seven drill holes, silver (up to 101 g/t) and molybdenum
(up to 0.031%) are present in minor to locally significant
amounts.
Previous work on the
northwestern part of the zone by West Cirque identified magnetite
and K-feldspar veining and disseminated chalcopyrite in variably
altered and brecciated monzodiorite (Ketchan Lake North area; news
release June 11, 2013). West Cirque's twelve trench and outcrop
grab samples over a strike length of 300 meters from this part of
the Ketchan Lake prospect assayed up to 1.07% Cu, 458 parts per
billion (ppb) Au and 52.5 g/t Ag. This part of the zone has been
tested by a single shallow (63 meters at -45 degrees) drill hole
(P-3), which intersected 0.23% Cu over 40 meters from surface (Au
and Ag not assayed).
About 1 kilometer
southeast of the Ketchan Lake North zone, three outcrop grab
samples by West Cirque in 2013 assayed up to 0.304% Cu, 225 ppb Au
and 5.9 g/t Ag. The best mineralization in this area consisted of
pyrite-chalcopyrite stockwork veining in a distinctive trachytic
textured hornblende diorite. A single percussion drill hole in this
area (B-13) averaged 0.13% Cu and 0.12 g/t Au over 85.3 meters,
including 0.21% Cu and 0.37 g/t Au over 15.2 meters, ending in
mineralization at 91.4 meters. In 2013 the B.C. Geological Survey
sampled two outcrops about 200 meters further southeast of B-13 and
east of all historical drill holes (GeoFile 2014-02: Southern
Nicola Arc Project 2013: Geochemical data). Sample JLO13-23-8
(bornite-chalcopyrite in epidote-K-feldspar-magnetite altered
diorite) assayed >1.0% Cu, 0.98 g/t Au, and 19.1 g/t Ag; sample
JLO13-23-9 (chalcopyrite in albite-epidote-magnetite altered
diorite) assayed 0.214% Cu, 60 ppb Au and 323 ppb palladium. The
extent of anomalous palladium and platinum in the Ketchan Lake zone
is unknown as few assays are available.
West Cirque
Resources' mineral claims comprising the Aspen Grove Project cover
8214 hectares. West Cirque's grab and small (about 1 meter) chip
samples are representative of various outcrop locations varying
from unaltered to very strongly mineralized rock. No
inference about average grade over a volume of rock can be made on
the basis of reconnaissance scale sampling of this nature. West
Cirque's disclosure of a technical or scientific nature in this
news release has been reviewed and approved by John Bradford,
M.Sc., P.Geo. and V.P. Exploration and Director for West Cirque
Resources, who serves as a Qualified Person under the definition of
National Instrument 43-101. Sample preparation and assaying for
West Cirque was carried out at ALS Minerals' North Vancouver
analytical laboratory. Samples were analyzed for 35 elements
including copper by aqua regia digestion and ICP-AES, while gold
was analyzed by fire assay (30 gram nominal sample weight), aqua
regia digestion and ICP-AES. Over limit copper (>1%) was
re-analyzed by aqua-regia digestion and ICP-AES.
About
West Cirque Resources Ltd.
West Cirque is a mineral
exploration company focused on creating shareholder wealth by
identifying, acquiring and defining resources in world class
precious and base metal projects in the North American
Cordillera.
On April 16, 2014, West Cirque
entered into a plan of arrangement with Kaizen whereby Kaizen will
acquire all of the issued and outstanding West Cirque common shares
on the basis of one West cirque common share for 0.5 of one Kaizen
common share. The plan of arrangement is subject to the approval of
the shareholders of West Cirque, which will be sought at a special
meeting of the shareholders and holders of outstanding stock
options, voting together as a single class, to be held on June 26,
2014. An information circular in respect of the special meeting is
expected to be mailed to shareholders and optionholders
shortly.
West
Cirque Resources Ltd.
Steve Vanry, CFA
President & CEO
(604) 558-4604
svanry@westcirqueresources.com
www.westcirqueresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
Forward-Looking Statements
This news release contains certain
"forward-looking statements", as defined in the United States
Private Securities Litigation Reform Act of 1995, and within the
meaning of Canadian securities legislation, including the Company's
expectation for completing the proposed acquisition of the Ketchan
Lake Claims and the expected completion of the plan of arrangement
with Kaizen. The Company cautions that forward-looking statements
are based on the beliefs, estimates and opinions of the Company's
management on the date the statements are made and they involve a
number of risks and uncertainties. Such assumptions, risks and
uncertainties include: (with respect to the acquisition of the
Ketchan Lake Claims) the requirement for the approval of the TSX
Venture Exchange, risks relating to title to the Ketchan Lake
Claims, and transaction completion risks, and (with respect to the
plan of arrangement with Kaizen Discovery Inc.) whether West Cirque
and Kaizen will be able to satisfy the conditions in the
arrangement agreement, that ongoing due diligence investigations by
Kaizen will not identify any materially adverse facts or
circumstances, that the required approvals will be obtained from
the securityholders of West Cirque, and that all required third
party, regulatory, stock exchange, court and government approvals
will be obtained. Consequently, there can be no assurances that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such statements. The Company undertakes no obligation to update
these forward-looking statements if management's beliefs, estimates
or opinions, or other factors, should change, except as required by
law. There are numerous risks and uncertainties that could cause
actual results and "West Cirque's" plans and objectives to differ
materially from those expressed in the forward-looking information.
The reader is urged to refer to the Company's public disclosure
which is available through the Canadian Securities Administrators'
System for Electronic Document Analysis and Retrieval (SEDAR)
at www.sedar.com for a more complete discussion of such risk
factors and their potential effects.
SOURCE: West Cirque Resources Ltd.
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