Far West Mining Ltd.
TSX : FWM

Far West Mining Ltd.

October 31, 2006 17:26 ET

Far West Mining Ltd.: Drilling at Santo Domingo Intersects Near Surface Oxide Copper at Estrellita and Further Defines New Mineralized Zone at ENAMI

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 31, 2006) - Far West Mining Ltd. (TSX:FWM) is pleased to provide an update on the continued drilling program at Santo Domingo in Chile.

During the period August 18 through September 29, 2006 the Company completed 23 reverse circulation (RC) and 3 diamond drill holes on the ENAMI and Estrellita properties. Ten RC holes were drilled at Estrellita and the balance at ENAMI. Since the 25th of September both drill rigs have been engaged at Estrellita. As of October 28, thirty two additional drill holes have been completed and drill results from these holes will be reported at a later date.

All ten holes drilled at Estrellita, for which assay results have been received and processed, intersected oxide and oxide/sulphide copper mineralization with seven of the holes encountering oxide copper intervals at shallow depths. Drill hole 4a3-160 intersected 52m grading 1.22% Cu commencing at a depth of 14m. The mineralization consists of copper bearing specularite mantos and underlying stockwork breccia zones hosted by andesite tuffs.

Three inclined diamond holes drilled at ENAMI at 100m separation, to determine the geometry of the new mineralized zone, intercepted mineralization of cumulative width grading 0.48% Cu over 70m, 0.58% Cu over 119m and 0.70% Cu over 79m at progressively deeper intervals. Five RC holes drilled into the zone intersected manto hosted sulphide copper mineralization typical of that previously reported.

Figures showing the location of the drill holes reported are included in this release.

Estrellita Property

The Estrellita property is located approximately four kilometres northwest of the Company's Santo Domingo Sur deposit (NI 43-101 compliant Indicated Resource of 139.4 million tonnes grading 0.59% Cu, May 2006) and hosts a number of small scale workings where high grade oxide copper mineralization has been mined for a number of years. The Estrellita property was drilled by a major mining corporation in the 1990's. Their drilling yielded multiple intercepts at shallow depths. Average copper grades ranged from 0.50 to 1.03% Cu over widths from 30m to 80m.

During the period September 14 through 29, 2006 Far West drilled ten RC holes proximal to the Estrellita mine workings on a regular grid. The Company's aim is to establish a 43-101 compliant resource with the tonnage and grade required to justify the accelerated acquisition of the property through the existing option agreement.

All Estrellita drill holes reported in this release intercepted copper mineralization hosted by a sequence of andesite flows and andesitic tuffs with minor intercalations of volcanic sediments and limestone at depth. Holes 4a3-159, 160, 163, 164, 165 and 170 were drilled close to the Estrellita mine workings and intersected high grade copper mineralization hosted by specularite mantos and underlain by a stockwork breccia zone.

Mineralization consists of black oxidized copper minerals (chalcocite, tenorite, copper wad and pitch limonite) occurring at shallow depths (commencing at surface in hole 164 and at 40m in hole 159) with thicknesses varying from 34m to 66m. Average copper grades of the near surface zone range from 0.70% Cu to 1.22% Cu with significant portions exceeding 1% Cu.

Drill holes 162 (60m of 0.83% Cu commencing at 74m) and 169 (74m of 0.83% Cu commencing at 64m) were drilled to the north of an east-west fault, and intercepted the same mineralized zone at a deeper level as a result of an apparent 50m down-drop caused by the fault. The continuation of the mineralization to the north of the Estrellita workings was previously unknown. Drilling is being carried out to determine the full extent of the mineralization at this elevation.

Drill holes 166 and 168 were drilled to the south of another East-West fault in a different fault block and intersected narrow intervals of high grade copper mineralization. Additional drilling is in progress to define the extent of the mineralized zone around Estrellita.

Drill Results from the Estrellita property are tabled below. The average grades for the drill holes that intersected mine workings have been calculated assuming 0% Cu for the mine working intervals:



--------------------------------------------------------------
Drill hole Angle From To Interval Grade
number (degrees) (metres) (metres) (metres) (% Cu)
--------------------------------------------------------------

--------------------------------------------------------------
4a3-159 -90 40 48 8 1.20
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48 54 6 mine workings
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54 74 20 0.69
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104 128 24 0.47
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176 186 10 0.49
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average 62 0.64
--------------------------------------------------------------

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4a3-160 -90 14 66 52 1.22
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--------------------------------------------------------------
4a3-162 -90 74 134 60 0.83
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including 74 96 22 1.40
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--------------------------------------------------------------
4a3-163 -90 2 10 8 0.46
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10 14 4 mine workings
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14 64 50 0.57
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144 166 22 0.45
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average 80 0.53
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4a3-164 -90 0 66 66 0.73
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--------------------------------------------------------------
4a3-165 -90 30 74 44 0.91
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4a3-166 -90 98 104 6 1.31
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--------------------------------------------------------------
4a3-168 -90 26 38 12 1.02
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4a3-169 -90 64 138 74 0.83
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including 64 98 34 1.20
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4a3-170 -90 2 12 10 1.30
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12 16 4 mine workings
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16 66 50 0.58
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average 60 0.70
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The reported intercepts are very close to true width as the orientation of the mineralized zone at Estrellita appears to be more or less horizontal and all drill holes are vertical.

To view the Estrellita map, please click on the following link: http://www.ccnmatthews.com/docs/Estrellita.jpg

ENAMI Property

During the period August 18 through September 24, 2006 the Company completed 13 RC drill holes and three diamond drill holes on the ENAMI property north of the Santo Domingo Sur deposit. The drill program was designed to extend and further define a previously reported mineralized zone (see release of Sept. 21, 2006).

Drill holes 4a3-142, 143, 147, 148 and 149 intersected chalcopyrite mineralization hosted by specularite-magnetite iron mantos in andesitic tuffs. Width and grade of the mineralized intervals is consistent with previously released drill results from the ENAMI mineralized zone. Diamond drill holes 156, 158 and 161 were drilled at 45-50 degree angles bearing 65 degrees across the mineralized body at 100m spacing to determine the geometry of the zone. The three diamond drill holes intercepted mineralization of cumulative widths from 70 to 119m with average copper grades varying from 0.48% Cu in the southernmost hole 158 to 0.70% Cu in the northernmost hole 161. The results from the three diamond drill holes suggest, that the mineralized zone averages approximately 100m in width and plunges gently towards the north as indicated by a progressively deeper top of mineralization in that direction.

Reverse circulation drill holes 144 and 145 were drilled to the west of the mineralized zone and intersected a different fault block that is composed of massive andesite flows with magnetite mantos barren of copper mineralization. Drill holes 141 and 146 were drilled to the east of the mineralized zone and intersected a limestone sequence without significant manto development. The results from these four drill holes suggest that the mineralized zone is bordered by faults on the east and west side that separate the different geological units.

Drill holes 150 and 151 were drilled to the west of the mineralized zone and intersected massive andesite flows similar to the units from holes 144 and 145.

Drill holes 152 and 153 were drilled to the north and northeast of the mineralized zone and intersected limestone with intercalated volcanic flows and andesite tuffs. These geological units are clearly part of a different fault block than the one hosting the mineralization.

The mineralized zone is open to the north and south and might eventually link up with the previously described copper mineralization around the Iris mine. Additional drilling will be carried out to determine the full extent of the mineralization.

Drill results from the ENAMI property are tabled below:



--------------------------------------------------------------
Drill hole Angle From To Interval Grade
number (degrees) (metres) (metres) (metres) (% Cu)
--------------------------------------------------------------

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4a3-142 -90 188 230 42 0.73
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--------------------------------------------------------------
4a3-143 -90 130 166 36 0.61
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4a3-147 -90 134 160 26 0.50
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180 202 22 0.45
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average 48 0.48
--------------------------------------------------------------

--------------------------------------------------------------
4a3-148 -90 68 78 10 0.61
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--------------------------------------------------------------
4a3-149 -90 158 164 6 0.89
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174 188 14 0.87
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196 214 18 0.62
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average 38 0.75
--------------------------------------------------------------

--------------------------------------------------------------
4a3-156DD -50 85 169 84 0.54
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180 192 12 0.62
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207 230 23 0.72
--------------------------------------------------------------
average 119 0.58
--------------------------------------------------------------

--------------------------------------------------------------
4a3-158DD -45 32 40 8 0.50
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105 112 7 0.49
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119 132 13 0.40
--------------------------------------------------------------
137 147 10 0.57
--------------------------------------------------------------
150 156 6 0.43
--------------------------------------------------------------
172 198 26 0.50
--------------------------------------------------------------
average 70 0.48
--------------------------------------------------------------

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4a3-06-161DD -50 120 139 19 0.65
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154 168 14 0.67
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174 200 26 0.71
--------------------------------------------------------------
206 212 6 0.67
--------------------------------------------------------------
222 242 20 0.57
--------------------------------------------------------------
average 79 0.70
--------------------------------------------------------------


Since the exact orientation of the mineralized zone at ENAMI is unknown at this point, true widths have not been calculated for the intercepts reported above.

To view the ENAMI map, please click on the following link: http://www.ccnmatthews.com/docs/ENAMI.jpg

Assaying Procedures

A QAQC (quality assurance, quality control) program conducted by Far West consisted of the introduction of standard, duplicate, and blank samples into the sample sequence at regular intervals. Standard samples were prepared by CDN Resource Laboratories Ltd. of Delta, B.C.

Samples were subjected to aqua regia digestion and analysed for 27 elements using an induced coupled plasma (ICP) method. Atomic absorption was used to determine copper values exceeding 10,000 ppm. Gold was analyzed by fire assay with atomic absorption finish using a 30g pulverized sample.

The in-house qualified persons responsible for the Projects are Robert E. Hindson, P.Eng., Chief Executive Officer, President and a director of Far West, and J. Patricio Varas, P. Geo. Vice-President and a director of Far West, both of whom have reviewed and approved the contents of this news release.

Far West Mining Ltd. is an international mineral exploration company engaged in the evaluation, acquisition, exploration and development of mining properties. The company has current operations in Chile (100% Far West) as well as in Argentina and Australia in collaboration with its strategic alliance exploration partner BHP Billiton.

FAR WEST MINING LTD.

Robert E. Hindson, P.Eng., President and C.E.O.

This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans" "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

The news release uses the term "indicated resource". The Company advises investors that although this term is recognized and required by Canadian securities regulations (under National Instrument 43-101 "Standards of Disclosure for Mineral Projects"), the US Securities and Exchange Commission does not recognize this term. Investors are cautioned not to assume that any part of or all of the mineral deposits in these categories will ever be converted into reserves.

For further information investors should review the Company's filings that are available at www.sedar.com.


The TSX does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Far West Mining Ltd.
    Patricio Varas
    Vice President
    (604) 602- 9144
    or
    Far West Mining Ltd.
    Lars Beggerow
    Chief Geologist
    (604) 602- 9144
    Website: www.farwestmining.com