NR: NWM Mining News
posted on
Jul 06, 2010 01:49PM
NWM Mining Corporation is a Canadian mineral exploration company focused on the development of the Lluvia de Oro / La Jojoba gold mine located in Sonora in North West Mexico
NWM Mining News - July 6, 2010
Toronto, ON - NWM Mining Corporation (the “Company” TSX-V: NWM) is pleased to announce receipt of two reports on exploration work pertaining to the Company’s wholly owned Lluvia-Jojoba project, located in northern Sonora, Mexico. The company has received and reviewed the results of a three-line Induced Polarization (IP) survey conducted at Lluvia de Oro. The results indicate coincident chargeability and resistivity anomalies on each of three survey lines, which were laid out with one line 500 meters to the southwest of the former production area of the Creston Pit and two lines, 200 and 1,000 meters to the northeast. These results can be seen in the diagram.
(See diagram at http://www.nwmcorp.ca/)
The Company has also received results of a 450-sample Enzyme Leach soil geochemical survey conducted over the Campamento Zone, located approximately one kilometre southwest of the Northeast Zone of the La Jojoba property. A complicated pattern of multi-element anomalies has been recognized over an area about 400m wide and 1050m long, oriented along a northeast structural trend. The Company believes that, based on this work, the conventional soil geochemical anomalies previously defined for the Campamento Zone are enhanced and that further exploration to outline mineralization and generate drilling targets within the sampled area is merited.
The Company is also pleased to announce that a first round of reverse-circulation (RC) drilling, consisting of 3,000 meters, has been undertaken on the Lluvia de Oro project. This drilling was intended to complement and supplement the core drilling program announced Dec. 15, 2009. RC drilling included a number of holes for pure exploration of select areas in and near the previously explored Creston Pit, and other holes expected to upgrade mineral resources to higher resource categories. This drilling is expected to enhance the Company’s knowledge of the known gold-silver-copper mineralized zones in the Upper Zone of the Lluvia deposit and is also intended to explore for additional areas of potential mineralization in the Lower Zone. The 3,000 meter RC drilling program included both angle and vertical holes ranging in depth from 120 to 300 meters. Assaying of samples from this drilling is currently in progress.
One core drilling rig continues to work on the project site and will be used to further explore areas of known and suspected mineralization.
NWM Mining Corporation is preparing the Lluvia de Oro mine site for the start of commercial mining, which is expected to commence before the end of July, 2010. Production from the Lluvia de Oro mine site will be supplemented by production from the nearby La Jojoba project. Using a cut-Off grade of 0.2 g/t gold and $900/ounce gold price, the combined Mineral Reserves for the Lluvia-Jojoba project currently stand at Proven plus Probable Reserves of 18,932,591 tonnes, grading 0.6067 grams per tonne gold, for a total 369,312 ounces gold. The current exploration program is designed to provide the information required to increase quantifiable reserves and to test exploration targets and anomalies identified with geophysical and geochemical analysis as outlined above.
The Company’s new director, Gary Lohman P.Geo, who joined at the annual shareholders meeting has been granted 500,000 options for a three year term with an exercise price of $.10.
Mr. Rodney A. Blakestad, C.P.G., is the designated Qualified Person pursuant to National Instrument 43-101 of the Canadian Securities Administrators for this press release and has reviewed and approved the technical and scientific disclosure contained herein.