TSX Venture Exchange Symbol: WSR Shares Outstanding: 112,835,708
TORONTO, Nov. 14 /CNW/ - WSR Gold Inc. (WSR : TSXV) ("WSR"), Metalex Ventures Ltd. (TSX-V : MTX) ("Metalex"), and Arctic Star Resources Inc.'s (TSXV : ADD) ("Arctic Star") Joint Venture Project along the Ring of Fire in the James Bay Lowlands, is pleased to update exploration progress on anomaly 5.01, located 45 km north of Noront's Eagle One Project.
The second phase of drilling at the 5.01 project is now complete and comprised 17 holes (DDH501-26 through DDH501-41 and DDH501-43) totaling 5,095.5m. To date drilling on the 5.01 project totals 10,785.9 meters.
A summary for the Phase 2 drilling program is presented in the table below.
------------------------------------------------------------------------- Hole No. Local E Local N UTM e UTM n Azimuth Dip Length ------------------------------------------------------------------------- DDH501-26 L1+80E 0+50N 522396 5901526 270 -49 198.0 DDH501-27 L1+80E 0+50N 522396 5901526 270 -77 163.5 DDH501-28 L1+37E 0+25N 522348 5901500 270 -45 108.0 DDH501-29 L2+35E 0+00 522433 5901475 270 -65 201.0 DDH501-30 L1+87E 0+50S 522399 5901425 270 -47 279.0 DDH501-31 L1+87E 0+50S 522399 5901425 270 -69 306.0 DDH501-32 L1+87E 0+50S 522399 5901425 270 -84 267.0 DDH501-33 L2+50E 0+75S 522460 5901400 270 -45 291.0 DDH501-34 L2+50E 0+75S 522460 5901400 270 -61 324.0 DDH501-35 L2+50E 0+75S 522460 5901400 270 -72 303.0 DDH501-36 L2+40E 1+25S 522456 5901344 270 -45 219.0 DDH501-37 L2+40E 1+25S 522456 5901344 270 -62 297.0 DDH501-38 L2+40E 1+25S 522456 5901344 270 -78 393.0 DDH501-39 L2+90E 1+75S 522510 5901300 270 -45 414.0 DDH501-40 L2+90E 1+75S 522510 5901300 270 -55 300.0 DDH501-41 L2+90E 1+75S 522510 5901300 270 -65 441.0 DDH501-43 L4+80E 0+25N 522690 5901500 270 -50 591.0 -------------------------------------------------------------------------
Complete assay results have not yet been received since the news release dated September 10, 2008. 21 batches totaling 719 samples have been sent to Actlabs from the Phase 2 drilling program.
The massive sulfide occurrence is still open up and down dip in areas, as drill holes failed to close off the upper or lower plunge of the deposit. The strike length has been extended to almost 200m, with a vertical depth extension of 275m from a near surface depth of about 10m. The width of the zone still varies from 3-22m, with an approximate average of 12-15m.
Down hole electromagnetic geophysics as well as additional airborne magnetic and electromagnetic geophysics on east-west flight lines will be conducted over the 5.01 project claim. The results of these surveys as well as additional ground geophysical work should generate follow-up drill targets for February of 2009.
Mr. Mike Kilbourne is the Qualified Person responsible for the technical contents of this press release.
WSR Gold Inc. (TSXV:WSR) ("WSR") is pleased to announce the appointment of Mr. Chris Hodgson as director of WSR.
Mr. Hodgson entered provincial politics in 1994 and following the 1995 general election was appointed as Ontario's Minister of National Resources and Minister of Northern Development and Mines. During his time as Minister, Mr. Hodgson was recognized for creating new opportunities and growth within Ontario's mining industry, as he introduced and proclaimed a new Mining Act. Chris has served as the President of the Ontario Mining Association since October 2004, has served as the President of Chris Hodgson Enterprises since 2000 and is currently serving as a trustee for the Brick Income Fund.
John Tait, President and CEO said, "WSR is pleased to welcome Mr. Hodgson to its Board and feel that Mr. Hodgson's experience in Ontario Mining and Exploration will be a great asset to our ongoing efforts."
About WSR
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WSR is a Canadian based mineral exploration company with extensive property holdings strategically located on and around the nickel/copper "Ring of Fire" in northern Ontario near James Bay.
WSR can earn a 50% interest in the McFauld's Lake Property pursuant to an option agreement with Noront Resources Ltd. (TSX-V: NOT) (see press release dated November 1, 2007). The area will include 15 Claim Blocks, approximately 4,400 hectares (9,600 acres) in the Ring of Fire, McFauld's Lake, Ontario near Noront's prolific nickel copper and platinum group metals discovery.
WSR has agreed to acquire a 75% interest in the Big Mac Property from MacDonald Mines Exploration Ltd. (TSX-V:BMK) consisting of 51 Claim Blocks, approximately 27,660 acres (see press release dated February 15, 2008).
WSR has entered into an agreement with Metalex Ventures Ltd. (TSX-V: MTX) and Arctic Star Diamond Corp. whereby WSR the right to fund a maximum of $20.0 million in expenditures on the James Bay Properties Property over a 4 year period to earn a maximum 50% interest. The James Bay Properties comprise approximately 214.4 square kilometers (52,980 acres) (see press release dated March 26, 2008).
WSR and Noront have agreed to earn a 35% interest each in the Luc Bourdon Prospect from Golden Valley Mines Ltd. (GZZ : TSXV) consisting of approximately 9,000 hectares (see press release dated June 6, 2008). The Luc Bourdon Prospect surrounds the recently announced Volcanic Derived Sulphide (VDS) Mineralization by Metalex and WSR to the north, east and south.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Forward looking statements: Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of WSR, including but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the unavailability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and as such, undue reliance should not be placed on forward-looking statements.
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