SevenTheHardway
12 years ago
NEWS! Westminster and Capstone Mining Corp. complete the option agreement for the Cumbral-San Bartolo property, Sonora, Mexico
WMR-TSX.V
WMRSF-OTCQX
VANCOUVER , April 17, 2012 /CNW/ - Westminster Resources Ltd. (TSX-V: WMR.V - News) has closed an agreement with Capstone Mining Corp. (TSX:CS.TO - News) originally announced on February 9, 2012 (see NR #WMR 12-01) whereby the Company has granted Capstone an option to acquire up to a 70% interest in the Cumbral-San Bartolo prospect area of the El Cobre property through staged exploration expenditures totaling $9.3 million by December 31, 2015 , and delivering a scoping study by June 30, 2016 .
Capstone is required to finance $1,600,000 by December 31, 2012 and an additional $1,700,000 by December 31, 2013 to earn a 49% interest; it can then earn a further 11% interest by expending an additional $3,000,000 on or before December 31, 2014 and a further additional 10% interest by expending $3,000,000 on or before December 31, 2015 . Following completion of the $9,300,000 in expenditures each party will be responsible for their portion of funding going forward on a proportionate basis. Should Westminster elect not to participate beyond the $9,300,000 , Capstone will have the exclusive right and option to earn an additional 5% (for a total of 75%) undivided interest in the property by delivering a preliminary economic assessment on the property.
The prospective Porphyry/Iron-Oxide-Copper-Gold (IOCG) targets identified at the approximately 8,000 hectare Cumbral-San Bartolo prospect have been explored to date by Westminster Resources with VTEM airborne geophysical surveying, IP and ground magnetic geophysical surveying, extensive mapping, and soil and rock sampling. The project's Joint Management Committee has now approved 3D-IP surveying to further identify drill targets on this undrilled property. Detailed geological and alteration mapping is just being completed and the 3D-IP planned geophysical surveying will start before month's end.
Glen Indra, President of Westminster stated, "the Cumbral-San Bartolo trend was first identified in May of 2011 and now within a year, our team has attracted the experienced and successful Capstone group to assist, in a substantial manner, in advancing this exciting project".
Concurrent with the signing of this Option Agreement the Company has completed a private placement of 5,730,000 shares at $0.15 per share for a total of $859,500 of which 5,000,000 shares for a total of $750,000 was subscribed by Capstone Mining Corp. Unless permitted under securities legislation, the holder of the securities shall not trade the securities before August 14, 2012 .
Capstone Mining Corp. is a Canadian mining company with two producing copper mines, the Cozamin copper-silver-zinc-lead mine located in Zacatecas State, Mexico and the Minto copper-gold-silver mine in Yukon, Canada . In addition, Capstone has two development projects, the large scale 70% owned Santo Domingo IOCG project in Chile in partnership with Korea Resources Corporation and the 100% owned Kutcho copper-zinc-gold-silver project in British Columbia, as well as other exploration properties.
All technical content in the foregoing disclosure has been verified and approved by Glen C. Macdonald, P.Geo., (a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects). Mr. Macdonald is a director of Westminster Resources Ltd., and has visited the project.
SevenTheHardway
12 years ago
Please let me break this down for you a little easier, follow up on my report below, thank you!
It appears to me that I finally identified another company with a proven historical track record of yielding multiple return on investment to stick my guns to. First off I would like to point out WMR.V tremendous underlying potential, near-bottom price levels and the odds it poses of starting a BREAKOUT, see chart here: http://bit.ly/zxa1Pu
The stock had been consolidating over the months and it was just until Jan 1st when it started heading back up again! WMR.V could as well turn up to be a nifty mid-long term investment!
All technical indicators are loking up: both the MADC and signal line are treniding up above zero range, accumulation/distribution line points out that buys are overwhelmingly outweighing sells and RSI has been hovering over 70 level which is unambiguous indicator of strength! WMR.V has indeed come to the eyes of many and longs are all locked in on their positions here but once the company comes out with the results on the gold/silver exploitation it commenced in mid November this stock will stand great odds of retesting its old highs at $.5!
Moving on to the fundamental part of the story, WMR.V is a Canadian mining co engaged in exploration of several gold-silver-copper prospects found on its 2 properties in Mexico which extend over a combined area of 45,000 hectare. WMR operates multiples of precious metal exploration projects on its El Cobre property in Mexico and reported that it dicovered another silver mining prospect that extends 13km away from company's other projects and the samples collected at historic workings turned up with numerous assey results showing a significant mineralization exceeding 100g/tone of silver! Just from its Anita prospect the co reported a significant gold-silver copper find w/ the structural corridor leading to a pontential much larger mineralization system. And it was only in October when the company came out with drilling results commenced on its San Bartolo porspect in June which returned gradings of 145/3g/ton of silver. This whole geochemical strike could be associated with a much larger trend identified just 5km ahead! In addition the co recently completed a $1.2M fund raise to back up its IP and ground magnetic survey of its iron-copper-gold prospect and the results should follow shortly.
Bottom line is, the stock has almost bottomed out and if you're looking for a perfect entry level in a stock to long your position in, you might consider adding WMR.V to your portfolio of stocks with ample ROI potential. Start your DD right away: http://tmx.quotemedia.com/charting.php?qm_symbol=WMR
Pro-Life
13 years ago
WESTMINSTER RESOURCES LTD. - MAJOR NEW SILVER DISCOVERY AT EL COBRE PROJECT
http://finance.yahoo.com/news/WESTMINSTER-RESOURCES-LTD-cnw-1669357422.html?x=0&.v=1
Press Release Source: Westminster Resources Ltd.
On Tuesday May 3, 2011, 9:25 am EDT
WMR-TSX.V
VANCOUVER, May 3 /CNW/ - Westminster Resources Ltd. ("Westminster" or "the Company") is pleased to announce the discovery of a significant new silver prospect now known as "San Bartolo" at the El Cobre property in Sonora, Mexico. The new discovery, made during the continuing prospecting program underway at the 17,000 hectare property, is located approximately 13 kilometers south east of the Company's Anita Copper Mine project. Initial rock sample results obtained by Westminster staff from samples collected at historic workings and prospecting over a strike length of one kilometer at San Bartolo returned numerous assays exceeding 100 grams/tonne silver (the upper limit for detection by the assay technique utilized).
During the period November to March the Company established a follow-up survey grid centered over the old artisanal pits and two shafts, for which no historical records exist. The San Bartolo survey grid consists of 1.5 kilometer long east-west cross lines turned off at 100 to 250 meter intervals from a 2.0 kilometer long north-south base line. At a sample spacing of 25 meters, a total of 801 soil samples were collected, and geochemical analysis has outlined a series of 5 sub-parallel anomalous zones extending the length of the grid, and beyond. Silver content in the soil anomalies for 64 samples ranges from 1000 ppb (1 g/t) to 5200 ppb (5.2 g/t), for 144 samples ranges from 500 ppb (0.5 g/t) to 1000 ppb (1 g/t) and for 191 samples ranges from 300 ppb to 500 ppb. Significant silver content in the anomalous soil zones occurs over widths that "pinch and swell" from 100 to 500 meters along the strike of the 5 trends. San Bartolo soil grid map can be found at http://westminsterres.com/investor/files/San_Bartolo_Map.pdf
Geological mapping of the San Bartolo target suggests the area is underlain by structurally-controlled quartz carbonate vein systems that are related to granitic dykes intruding an older altered diorite host unit. Ground geophysical surveys will commence immediately over the grid to assist the Company in prioritizing drill targets to test the silver anomalies in the next exploration phase planned.
In addition regional prospecting, several kilometers north of San Bartolo by the Company has discovered an extensive north striking trend of magnetite-sericite altered granite with associated oxide copper mineralization on fractures in subcrop. This discovery, named Cumbral, has a strike length of 2 kilometers and has scattered copper and magnetite float in strongly iron oxide coloured soils over widths up to 500 meters ending in a bleached quartz sericite altered zone with an historic mining pit, presumed to be precious metal related. Results from prospecting rock sampling are pending.
The Company has recently completed a regional stream sediment silt sampling and regional prospecting and mapping program over the complete El Cobre Property. Samples have been shipped for preparation and analyses.
"Preliminary interpretation of the Company's geological work at the Anita Copper Mine, San Bartolo and the new Cumbral copper -sericite- magnetite zone is continuing to reinforce our interpretation that the El Cobre Property has potential to host precious metal-copper porphyry systems," said Glen Indra , President of Westminster Resources Ltd.
All soil samples and rock samples were collected from the company secure storage facility in Obregon by Sonora Sample Preparation (SSP) Laboratory where they delivered them for sample preparation to their facility in Hermosilo. Sample pulps were sent by SSP to ACME Laboratories in Vancouver B.C.for geochemical analyses (method code ICP-MS 1 F). A duplicate set of San Bartolo soil grid samples has been sent to Activation Lab, Ancaster, ONT for Soil Gas Hydrocarbon (SGH) determinations, results pending.
The foregoing disclosure has been reviewed and verified by director Glen C. Macdonald, P.Geo., a qualified person for the purpose of National Instrument 43-101, Standard of Disclosure for Mineral Projects.
ON BEHALF OF THE BOARD OF DIRECTORS
WESTMINSTER RESOURCES LTD.
"Glen C. Macdonald"
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