TSX Venture Symbol: GWG
OTCQX: GWMGF
CUSIP: 39141Y 10 3
SASKATOON,
Sept. 18, 2012 /PRNewswire/ - Great
Western Minerals Group Ltd. ("GWMG" or the "Company", TSX:V - GWG)
is pleased to announce updated drill results for the Company's
Steenkampskraal rare earth Project in South Africa.
Highlights include:
- Assays varying from 0.02 to 45.81 weight percent ("wt.%")
Total Rare Earth Oxides ("TREO") with an average of 17.74 wt.% TREO
from underground channel, resource drill hole and exploration drill
hole assays.
- Within the drill program being reported, covering 83
drill holes, true thickness varied from 0.02 metres to 6.67 metres
and averaged 0.92 metres.
GWMG President and Chief Executive Officer
Jim Engdahl said, "Steenkampskraal
continues to yield outstanding results with new mineralization,
assay results that continue to be exceptional and massive
continuity of the vein system. The consistency of high grade assays
that we have now reported in three separate news releases further
strengthens our already high level of confidence in the potential
for a very robust project at Steenkampskraal."
ASSAY RESULTS:
Detailed tables and a map are located on the
GWMG website at www.gwmg.ca/gwmg-nr-18-sep-12.html.
The area targeted by Underground Channel
Sampling is the historic mine area as is referred to as the "Main
Mineralization Zone". Assays reported for core and channel
samples in this disclosure are weighted-average composites by
interval length across each mineralized intercept (consisting
predominantly of the mineral monazite) whether in drill core or in
an underground channel.
Highlights of Underground Channel Sampling
(Table 1):
- Assay results vary from 3.61 to 45.12 wt.% TREO.
- Weighted average for all channel samples is 21.01 wt.%
TREO.
Highlights of the Resource Drill Hole program
(Table 2):
- Assay results vary from 0.02 to 41.67% wt.% TREO.
- Weighted average of 11.91 wt.% TREO.
Highlights of the Exploration Drill Hole program
(Table 3):
- Assay results vary from 0.02 to 45.81% wt.% TREO.
- Weighted average of 13.93 wt.% TREO.
Sample preparation was conducted by SGS South
Africa at their facility in Johannesburg and the REE analyses were
completed at the SGS Canada Inc. laboratory in Don Mills, Ontario using a sodium peroxide fusion
procedure with ICP-MS finish. SGS is accredited to the ISO 9001
standard and operates according to SGS Group standards consistent
with ISO 17025 methods at other laboratories. Strict internal
quality control procedures were implemented using randomly inserted
blanks, duplicates, and certified reference materials
(standards).
DRILL RESULTS:
In reporting on the Steenkampskraal drill program (Table 4), true
thickness measurements are based on a visual assessment of the
extent of mineralization. The reported "misses" represent either
drilling beyond the boundaries of monazite or local areas of non-
mineralization within the "pinch and swell" vein system.
Drillhole spacing is along down-dip lines
oriented perpendicular to strike on nominal 25 to 50 metre line
spacings and 25 collar metre centers. Typically, one of the two
drills is targeted on step-out drilling, and one on infill drilling
where required.
Western Extension:
As understood to date, monazite mineralization in the Western
Extension appears to form a westward oriented wedge at depths of
less than 80 metres. Mineralization varies up to 3.73 metres true
width, similar to the western side of the known main mineralization
zone, but is characterized by significant dilution in the form of
entrained felsics and quartz. Mineralization pinches out towards
surface approximately 100 metres westward from the contiguous main
mineralization zone. Postive indications of a possible Southwest
down-dip plunge have not yet been tested.
South Eastern Extension:
The South Eastern Extension is contiguous with mineralization of
the main mineralization zone along strike of the monazite vein to
the West. It appears to be closed down-dip and up-dip.
Mineralization extends Southeast for approximately 100 metres from
the recently modeled resource area of the main mineralization zone.
More infill drilling is required in order to test the vein
character proximal to the very thick monazite vein encountered in
resource evaluation drillhole STK116 and to equally thick vein
intersections encountered towards the bounding Eastern Flats
Extension. A 6.7 metre thick monazite vein was recently intersected
in the northern part of this block.
Eastern Flats Extension:
The Eastern Flats Extension covers a broad area approximately 125
metres Southeast and East of the main mineralization zone.
The significant number of drill holes without intersections of
mineralization reflects delineation of an area defined by minimally
mineralized structure equivalent to the thinning monazite vein
extending East and Southeast from the immediate mine area. Beyond
this pinched-out area, a significant new zone of mineralization has
been partially defined. Three dipping, north-oriented holes
intersected mineralization of 3 to 6.5 metres true thickness on 25
metre drill spacing. However, step-out drilling thus far has shown
a diminution of mineralization within 25 metres on three of the
four sides with possible continuity as far as 100 metres further
East. This thick "lozenge" of mineralization appears similar to
locally thicker areas of mineralization within the main
mineralization zone. The Eastern Flats is contiguous with
mineralization along strike of the monazite vein to the East and
West, and is locally open up-dip and down-dip. Continued step-out
drilling of this feature continues.
Office Block Extension:
Mineralization of up to 2.24 metres true thickness on 25 metre
drill spacing has only local areas of increased dilution. This area
is structurally more complex with bifurcation and trifurcation of
the vein in splays or multi-fractured zones. The Office Block
Extension is located approximately 200 metres East of the thick
mineralized zone in the mid-Eastern Flats. It is contiguous with
mineralization of the Eastern Flats, and is currently open to the
West and down-dip. Step-out drilling continues along strike and
down-dip in this area with mineralization open to the East, South,
and West.
Drill Program Summary:
The historic main mineralization zone stretches approximately 400
metres along strike and to a depth of approximately 120 metres.
In total, the REE-bearing Monazite vein has now been well
delineated over a strike length of 900 meters and down-dip to an
average depth of 125 meters. Importantly, mineralization
remains open to the east and at depth along most of the trend.
Exploration Drilling Summary Table:
Note: The summary below includes all drilling to date including
previously reported holes. (See: GWMG News Release July 3, 2012)
New
Extensions |
South
Eastern
Extension |
Western
Extension* |
Eastern
Flats
Extension |
Office
Block
Extension |
Other |
Total
to Date |
Total
Metres
Drilled |
1,796.33 |
763.29 |
2,556.67 |
4,165.53 |
394.87 |
9,676.69 |
Number
of
Drillholes |
15 |
8 |
19 |
39 |
2 |
83 |
Drillholes
with
Mineralization |
13 |
7 |
11 |
28 |
0 |
59 |
Mineralization
Range True
Thickness (m.) |
0.02 - 6.67 |
0.19 - 3.73 |
0.05 - 5.11 |
0.02 - 3.50 |
|
0.02 - 6.67 |
Mineralization
Average True
Thickness (m.) |
1.01 |
1.04 |
1.28 |
0.73 |
|
0.92 |
The analytical results were evaluated by
Brent Jellicoe, P.Geo., the
Qualified Person responsible for supervising the preparation of the
technical portions of this news release, with support by suitably
qualified persons from Caracle Creek International Consultants
(CCIC) in Johannesburg, South
Africa.
Great Western Minerals Group Ltd. is an
integrated rare earth processor. Its specialty alloys are used in
the battery, magnet and aerospace industries. Produced at the
Company's wholly owned subsidiaries Less Common Metals Limited in
Birkenhead, U.K. and Great Western
Technologies Inc. in Troy,
Michigan, these alloys contain aluminum, nickel, cobalt and
Rare Earth Elements. As part of the Company's vertical integration
strategy, GWMG also holds 100% equity ownership in Rare Earth
Extraction Co. Limited, which owns a 74% equity interest in the
Steenkampskraal Mine. In addition to an exploration program at
Steenkampskraal, GWMG also holds interests in four active rare
earth exploration and development properties in North America.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Certain information set out in this News Release
constitutes forward-looking information. Forward-looking
statements (often, but not always, identified by the use of words
such as "expect", "may", "could", "anticipate" or "will" and
similar expressions) may describe expectations, opinions or
guidance that are not statements of fact and which may be based
upon information provided by third parties. Forward-looking
statements are based upon the opinions, expectations and estimates
of management of GWMG as at the date the statements are made and
are subject to a variety of known and unknown risks and
uncertainties and other factors that could cause actual events or
outcomes to differ materially from those anticipated or implied by
such forward-looking statements. Those factors include, but are not
limited to, the successful and timely completion of its preliminary
economic assessment and its results, the construction,
commissioning and operation of the proposed monazite processing
facility and separation facility, mine refurbishment activities,
reliance on third parties to meet projected timelines, commencement
of production at Steenkampskraal, risks related to the receipt of
all required approvals including those relating to the commencement
of production at the Steenkampskraal mine, delays in obtaining
permits, licenses and operating authorities in South Africa and China, environmental matters, water and land
use risks, risks associated with the industry in general, commodity
prices and exchange rate changes, operational risks associated with
exploration, development and production operations, delays or
changes in plans, risks associated with the uncertainty of reserve
or resource estimates, health and safety risks, uncertainty of
estimates and projections of production, costs and expenses, risks
that future Steenkampskraal and region exploration results may not
meet exploration or corporate objectives, the adequacy of the
Company's financial resources and the availability of additional
cash from operations or from financing on reasonable terms or at
all, political risks inherent in South
Africa and China, risks
associated with the relationship between GWMG and/or its
subsidiaries and communities and governments in South Africa, radioactivity and related
issues, dependence on one mineral project, loss of key personnel,
the factors discussed in the Company's public disclosure record,
and other factors that could cause actions, events or results not
to be as anticipated. In light of the risks and uncertainties
associated with forward-looking statements, readers are cautioned
not to place undue reliance upon forward-looking information.
Although GWMG believes that the expectations reflected in the
forward-looking statements set out in this press release or
incorporated herein by reference are reasonable, it can give no
assurance that such expectations will prove to have been correct.
Except as required by law, GWMG does not assume any obligation to
update forward looking statements as set out in this news release.
The forward-looking statements of GWMG contained in this News
Release, or incorporated herein by reference, are expressly
qualified, in their entirety, by this cautionary statement and the
risk factors contained in GWMG's annual information form available
at www.sedar.com.
SOURCE Great Western Minerals Group Ltd.