International Wayside Gold Mines Ltd.
TSX VENTURE : WYG
FRANKFURT : IWUB

International Wayside Gold Mines Ltd.

January 18, 2010 09:01 ET

Wayside Discovers New Zone NW of the Proposed Cariboo Gold Quartz Open Pit With Drill Intercept of 13.5m of 5.06 g/T Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 18, 2010) - International Wayside Gold Mines Ltd. ("Wayside", the "Company")(TSX VENTURE:WYG)(FRANKFURT:IWUB) wishes to announce that it has discovered a new zone, outside and north west of the proposed Cariboo Gold Quartz open pit mine on Cow Mountain, of replacement-like gold mineralization in a rock type not known before to carry gold within this camp. The assay results from the Company's 2009 drill campaign follow below. Highlights of these assays include:

  • Drill hole CM09-07 intercepted replacement-like gold mineralization:
  • 13.5 meters (44.2 feet) of 5.06 g/T (0.148 oz/t) gold
  • Drill hole CM09-08 intercepted both replacement and quartz vein style gold mineralization:
  • 10.1 meters (33.3 feet) of 1.51 g/T (0.044 oz/t) gold

The new replacement-like mineralization found in holes CM 09-06, 07, 08 and 11 is distinctly different than that found in the NI 43-101 resource at the proposed open pit at Cow Mountain and bears similarities to, yet different from, the higher-grade replacement ore found on the adjacent Island Mountain and Barkerville Mountain (the proposed Bonanza Ledge mine). While quartzite carrying lower-grade pyrite (with less gold associated with it) is common in the camp, drill hole CM09-07 carrying only 1-3% disseminated pyrite and/or blebs, for the first time returned as high 49.5 g/T gold in the pure grey blocky quartzite of Rainbow 1 Sub-unit at the Baker-Rainbow contact – indicating the potential discovery of a fourth style of gold mineralization on the Company's project.

Further drilling will be conducted in 2010 to gain a better control and understanding of the continuity of both the replacement/replacement-like and the quartz vein types of mineralized body intercepted by drill hole CM09-07, CM09-08 and other related drill holes mentioned above in the northwest Cow Mountain area.

The 2009 drill program on Cow and Barkerville Mountains targeted both the replacement and quartz vein types of gold mineralization. In total, 13 diamond drill holes (of which, 11 are on Cow Mountain and 2 on Barkerville Mountain) have been completed in the 2009 calendar year. Drill holes CM09-04 through CM09-11 are the first drill holes that the Company has done in the northwest Cow Mountain area, outside of the proposed pit.

About International Wayside Gold Mines

The Company has been developing its Cariboo Gold Project in Barkerville, B.C., which encompasses (from northwest to south east) the former producing Hardscrabble Tungsten Mine, Mosquito Creek Gold Mine (now on care and maintenance), Aurum Mine, Island Mountain Mine, Cariboo Gold Quartz Mine, Bonanza Ledge (proposed mine), the Cariboo Thompson Gold & Silver Mine and the Cariboo Hudson Mine. The Company commenced operations in the Cariboo District in 1994 and since that time has focused on the exploration and development of its gold properties. The Company's mineral tenures in the Historic Barkerville Gold Camp encompass approximately 1,065 square km (106,484 hectares) over a 60km by 20km wide belt. In the Historic Barkerville Gold Camp, 101 creeks have reported placer gold production. Recorded gold production from the area totals more than 3.8 million ounces, including an estimated 2.64 million ounces from placer mining and 1.23 million ounces from lode mining. On December 16, 2009, the Company entered into an agreement by which it will acquire the QR Mine and Mill, 110km by road from its Bonanza Ledge proposed open pit gold deposit.

The technical information in this News Release has been reviewed and approved by Chief Geologist Jim Yin, PhD, P.Geo, a qualified person as defined in National Instrument 43-101.

                    Table 1. SUMMARY OF ASSAYS OF 2009 DRILL HOLES
               
Drill Pad # Drill Hole From  To Width Gold
Feet Feet g/T oz/t
A 1 CM09-04 269.6 276.0 6.4 0.16 0.005
301.0 306.0 5.0 0.10 0.003
B 2 CM09-05 42.5 48.4 5.9 0.40 0.012
90.9 103.7 12.8 0.39 0.011
149.6 176.0 26.4 0.19 0.006
286.0 305.3 19.3 0.43 0.013
including
295.5 298.9 3.4 1.13 0.033
312.3 316.0 3.7 0.14 0.004
325.5 333.0 7.5 0.24 0.007
3 CM09-06 36.0 66.0 30.0 0.85 0.025
including
46.8 47.4 0.6 25.3 0.738
110.0 120.7 10.7 1.07 0.031
including
114.7 116.3 1.6 6.73 0.196
170.6 201.0 30.4 0.97 0.028
including
185.8 188.8 3.0 8.45 0.246
C 4 CM09-07 97.5 106.2 8.7 1.18 0.034
including
98.3 98.9 0.6 16.2 0.472
236.0 248.4 12.4 0.33 0.010
346.0 356.0 10.0 0.56 0.016
361.8 406.0 44.2 5.06 0.148
including
361.8 367.4 5.6 1.70 0.050
378.2 379.7 1.5 21.1 0.615
382.5 385.5 3.0 49.5 1.444
390.1 393.9 3.8 4.16 0.121
400.3 406.0 5.7 2.40 0.070
5 CM09-08 194.0 196.8 2.8 18.5 0.540
210.4 219.4 9.0 0.48 0.014
224.5 246.0 21.5 0.11 0.003
316.0 318.1 2.1 0.41 0.012
384.5 417.8 33.3 1.51 0.044
including
384.5 392.7 8.2 4.21 0.123
412.0 417.8 5.8 2.40 0.070
6 CM09-09 96.0 112.9 16.9 0.18 0.005
190.6 223.4 32.8 0.99 0.029
including
198.7 206.0 7.3 3.16 0.092
516.0 536.0 20.0 0.50 0.014
including
520.7 526.0 5.3 1.68 0.049
546.0 556.0 10.0 0.91 0.027
including
553.0 556.0 3.0 2.25 0.066
646.0 686.0 40.0 0.42 0.012
D 7 CM09-10 183.9 186.0 2.1 1.12 0.033
8 CM09-11 156.0 177.8 21.8 0.39 0.011
including
166.0 166.6 0.6 8.32 0.243
181.1 224.4 43.3 0.25 0.007
234.5 246.0 11.5 1.82 0.053
including
234.5 239.6 5.1 3.50 0.102
306.0 316.0 10.0 0.11 0.003
356.0 381.0 25.0 0.56 0.016
E 9 LH09-01 282.0 298.3 16.3 0.20 0.006
439.4 466.0 26.6 0.30 0.009
including
454.5 456.0 1.5 1.43 0.042
468.0 506.0 38.0 0.53 0.015
including
476.4 480.4 4.0 2.60 0.076
F 10 LH09-02 12.0 26.0 14.0 0.19 0.006
81.6 96.7 15.1 0.44 0.013
212.4 231.0 18.6 0.14 0.004
287.9 294.7 6.8 0.54 0.016
441.2 453.0 11.8 1.13 0.033
including
441.2 446.0 4.8 2.45 0.071
457.0 479.2 22.2 0.16 0.005

On Behalf of the Board of Directors

"J. Frank Callaghan"
J. Frank Callaghan
President

This news release contains forward-looking statements regarding the timing and content of upcoming programs. Actual results may differ materially from those currently anticipated in such statements.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • International Wayside Gold Mines Ltd.
    Andrew H. Rees
    Director
    604 669-6463 or 1-800-663-9688
    www.wayside-gold.com