VANCOUVER, British Columbia, April 25, 2012 /PRNewswire via COMTEX/ — Westridge Resources Inc. (the “Company”) announces that drilling at its Charay Project in Mexico has extended high grades in the El Padre Vein to depths of approximately 150 meters down dip (2.4m at 10.15 gpt Au, including 1.4m at 15.25 gpt Au and 127 gpt Ag). Drilling has also intersected additional high grade veins not previously known (1.0m at 20.6 gpt Au). Surface sampling has identified high grade gold values (up to 12.5 gpt Au) in new additional epithermal veins and extensions of the El Padre system.
“With each step of our exploration, this district simply continues to get larger and respond with high grade results” states Robert Barker, Phd Geologist and Board Member. “We continue to intersect high grades in newly discovered veins. Our surface sampling has identified values in veins of up to 12.5 gpt Au, including 8.3 gpt Au in a vein approximately 600 meters along strike and northeast of the Tiro Barraza shaft. We are particularly pleased with the widths of some of the vein structures, namely the 3.25m intersection of the El Padre Vein in drill hole 12-32, including 1.0m at 7.68 gpt Au. This is very encouraging, particularly when coupled with a previously reported intersection in our due diligence drilling of 9.8m at 18.78 gpt Au. We are eager to initiate a larger, more aggressive drill program to start to properly test the large number of targets in this growing gold system. We have explored far less than 1% of our 105 Sq Kilometer property package”
“Drill hole 12-28 intersected the El Padre vein and three hanging wall veins, the highest of which returned 1.0m at 20.6 gpt Au, followed by a second vein of 1.2m at 9.56 gpt Au and greater than 100 gpt Ag. These veins were not known prior to this round of drilling and clearly indicate high grade potential in numerous veins sub parallel to the El Padre Vein,” comments Dr. John Dreier, Chief Geologist for Westridge. “Drill hole 12-31 intersected the El Padre Vein approximately 150 meters down dip, with an assay of 2.4m at 10.15 gpt Au, including 1.4m at 15.25 gpt Au and 127 gpt Ag, demonstrating high grades intersected well below previous shallower drilling. These grade intervals all represent grade-thickness, values well above cutoff grades in many Mexican underground gold-silver mines. Our drilling has shown high grades in the El Padre Vein to approximately 150 meters down dip, three times the depth previously known. Our surface sampling has indicated a cumulative strike length of mineralized veins to about 3,000 meters, more than ten times the strike length known when we started exploring the property. We are very excited about what we have seen.”
Drill Core From Hole 31 Drilling Summary, Charay Project
Drill Hole Vein and Wall Rock From (m) To (m) Meters Au (g/t) Ag (g/t)
12-28 Vein 1 56.0 57.0 1.0 20.60 5.08
Wall Rock 151.0 152.0 1.0 1.82 8.62
Vein 2 152.0 153.2 1.2 4.46 >100
Wall Rock 178.0 179.0 1.0 3.44 7.41
Vein 3 179.0 180.0 1.0 4.46 14.45
Vein 4 190.0 191.0 1.0 0.51 8.63
Vein 4 191.0 192.0 1.0 4.60 5.49
Vein 4 192.0 193.0 1.0 3.63 9.58
12-31 Vein 2 111.6 112.0 0.4 0.96 26.0
Wall Rock 118.0 119.0 1.0 3.02 39.9
El Padre 120.0 121.4 1.4 15.25 127.0
12-32 Wall Rock 180.0 181.0 1.0 0.78 10.65
Wall Rock 181.0 182.0 1.0 0.30 1.35
El Padre 182.0 183.0 1.0 7.68 7.0
El Padre 183.0 184.0 1.0 0.12 2.46
El Padre 184.0 185.25 1.25 0.35 1.54
12-33 Vein 189.45 189.85 0.4 6.24 12.8
Alt. Rock 189.85 191.0 1.15 0.08 1.91
Vein 191.0 192.15 1.15 6.11 16.25
12-34 Wall Rock 79.0 80.0 1.0 1.28 81.8
Vein 82.0 83.0 1.0 0.19 15.7
Vein 83.0 84.0 1.0 0.10 8.9
Vein 84.0 85.0 1.0 0.25 25.6
Vein 85.0 86.0 1.0 0.17 13.35
Vein 86.0 87.0 1.0 0.83 12.3
12-35 Vein 61.4 61.8 0.4 0.60 28.8
Vein 69.1 70.0 0.9 0.58 42.8
Vein 108.75 109.35 0.6 1.46 10.6
12-36 Working 37.3 38.8 No core
Vein 118.0 119.25 1.25 0.08 1.68
Assays were completed by ALS Minerals utilizing a 50 gram charge fire assay, AA finish with over limits being finalized by gravimetric methods. At this early stage of exploration true thicknesses of intersections are not precisely known. Drill holes 12-29and 12-30 were apparently collared too far to the south and missed the vein target.
Surface sampling demonstrates the presence of high grade gold values up to 12.5 gpt Au in eastward extensions of the El Padre vein system, approximately 150 meters east-northeast of the Tiro Barraza workings. Surface sampling also identifies gold values of 10.4 gpt Au and 12.6 gpt Au in vein structures sub-parallel to the El Padre vein, 180-230 meters east of Tiro Barraza. In addition, surface sampling has identified 8.3 gpt Au in a vein structure approximately 600 meters northeast of Tiro Barraza. Anomalous gold values were also identified in a vein structure approximately 400 meters southeast of the main El Padre vein. Due to poor outcrop and exposure, the true width represented by these samples is not well understood.
Subject to financing the Company plans a much larger and more aggressive drilling program to properly test the many targets already identified. This program will include, mapping and trenching to continue to define the veins on the surface, geochemical sampling to prioritize the many potential drill targets and to identify additional mineralized structures on the property. Management believes that there is excellent potential for the discovery of new epithermal gold-silver veins elsewhere on this property as evidenced by the discovery of additional quartz veins that have not yet been mapped or sampled.
Management is very excited about the present and future potential of our ever expanding vein structures. The Company believes that with our experienced management team and proper funding, shareholders value should greatly improve.
About Westridge Resources
Westridge Resources Inc. is a Canadian-based mineral exploration company focused on the acquisition, evaluation and exploration of mineral resource properties. Westridge has an option to acquire up to a 100% interest in the Charay Gold/Silver Project, located in Sinaloa State, Mexico.
For further information please contact:
Alan Huycke Westridge Resources Investor Relations647-258-3311416-363-7977 (Fax)[email protected]
ON BEHALF OF THE BOARD”Peter Schulhof” Peter SchulhofPresident
Neither TSX Venture Exchange nor its Regulations 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.
In compliance with National Instrument 43-101, John Dreier, P. Geo., is the Qualified Person responsible for the accuracy of this news release.
Forward Looking Statements
Statements contained in this news release that are not historical facts constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date of this release. Forward-looking statements include, without limitation, possible events, statements with respect to possible events, the future price of gold and other commodities, the realization of mineral resource estimates and success of exploration activities. The words “is expected” or “estimates” or variations of such words and phrases or statements that certain actions, events or results “may” or “could” occur and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold or certain other commodities; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada ; business opportunities that may be presented to, or pursued by, the Company; operating or technical difficulties in connection with mining activities; the speculative nature of gold exploration and development, including the risks of obtaining necessary licenses and permits; diminishing quantities or grades of reserves; and contests over title to properties, particularly title to undeveloped properties. In addition, there are risks and hazards associated with the business of gold exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect the Company’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. All of the forward-looking statements made in this release are qualified by these cautionary statements and those made in our other filings with the securities regulators in Canada . These factors are not intended to represent a complete list of the factors that could affect the Company. Although the Company believes that the expectations in the forward-looking statements are reasonable, actual results may vary, and future results, levels of activity, performance or achievements cannot be guaranteed.
