International Wayside Gold Mines Ltd.
TSX VENTURE : IWA

International Wayside Gold Mines Ltd.

July 12, 2005 13:37 ET

International Wayside Gold Mines Ltd.: Cariboo Gold Project 2005 Update Phase one Lowhee Target Drilling Completed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 12, 2005) - The Board of Directors of International Wayside Gold Mines Ltd. (TSX VENTURE:IWA) (the Company) is pleased to provide a 2005 exploration program update on the Lowhee Target at the Company's Cariboo Gold Project located near Wells/Barkerville in central British Columbia. Results have been received for 18 of 26 diamond drill holes. Specifications and results are detailed in Table 1. The Lowhee Target with drill hole locations can be viewed in the attached map or visit www.wayside-gold.com.

Target Description

The Lowhee Target lies along the east flank of Lowhee Canyon, just above the Lowhee hydraulic pit (Figure 1). The target extends over a distance of 4,800 feet (1,575m), mostly in the same stratigraphic position as the Bonanza Ledge gold deposit occupies. The Lowhee Target can be subdivided into four target areas, based on geophysical anomalies and clusters of strong gold geochemical results, as follows:

- Black Bull Area - The target consists of the Black Bull quartz vein, which is up to 12 feet (3.9m) wide and exposed for 210 feet (68.9m). It also includes a soil anomaly with up to 0.85 g/t Au.

- Southern Lowhee Anomaly - This target consists of several Self Potential (SP) anomalies and gold in soil up to 6.7 g/t. It covers an area 1200 feet (394m) long and up to 300 feet (98m) wide.

- Northern Lowhee Anomaly - This anomaly consists of one main SP anomaly and gold in soil up to 4.2 g/t. This anomaly also measures 1200 feet (394m) in length and up to 300 feet (98m) in width. The drill road cut exposed several quartz veins ranging from 1 cm to 13 cm in width. Several of the veins assayed multiple ppm gold (figure 1), with a high of 58.9 g/t.

- Butts Zone - This area was the site of underground development by the Cariboo Gold Quartz Mine just prior to being shut down due to World War Two. The target was accessed from the 1500 level of the mine (now inaccessible), and by a decline shaft from the surface. A swarm of quartz veins, one set sub-parallel to foliation and another set with an orthogonal strike and vertical dip, cut highly limonitic rocks in the side of Lowhee Canyon. The target extends for 800 feet (86m) along the side of the canyon. Gold can be panned from some of the outcrops. At least a third of the rock geochemistry samples have returned values over 1.0 g/t, with the high being 204 g/t Au.

Lowhee Target Diamond Drilling (2005 to date) - 14,835 Feet (4,867 Meters)

Approximately half of the first pass drilling has been completed, as follows:

- Black Bull Vein Area - 3holes - 1,555 feet (510m)

- Southern Lowhee Anomaly - 13 holes - 6,824 feet (2,239m)

- Northern Lowhee Anomaly - 7 holes - 4,371 feet (1,434m)

- Butts Zone - 3 holes - 2085 feet (684m)

Results

The Black Bull Vein yielded two minor intercepts, but no replacement sulfides were found.

The best intercept in the Southern Lowhee Anomaly came in hole LH-05-06, which intersected replacement pyrite with very similar character to the Bonanza Ledge mineralization. The hole cut a zone from 541 feet (177.5m) to 556 (182.4m) feet that carried 5% to 10% pyrite and assayed up to 0.81 g/t gold. Holes LH-05-03, 5, 7, 8 and 9 contained minor amounts of replacement pyrite. Hole LH-05-09 intersected a 2 foot (0.66m) silicified breccia that assayed 2.58 g/t gold. Hole LH-05-20 was drilled as an offset of hole LH-05-06, and the results are pending.

Two fans of holes were drilled were drilled in the Northern Lowhee Anomaly. In the first fan, all four holes contained scattered quartz-pyrite veins. Hole LH-05-15 also cut replacement pyrite associated with a quartz-pyrite vein, which together, yielded 10 feet (3.3m) of 2.58 g/t gold. In the second fan, holes LH-05-17 and LH-05-18 each contained replacement pyrite mineralization, from 15 to 20 feet (4.9 to 6.6m) thick, and ranging from 3 to 30% pyrite. Assays from these holes are pending.

Three diamond drill holes have been completed at the Butts Zone. Abundant quartz-pyrite veins were intersected, over intervals ranging from 100 feet (33m) to 300 feet (98m). Results are pending.

From the extensive drilling at Bonanza Ledge, it is believed that pyrrhotite is peripheral to gold mineralization. Many of the Lowhee holes have encountered pyrrhotite, and efforts are under way to see if it can be used as a guide to stronger mineralization. A gravity survey will be conducted in July to help identify new pyrite replacement deposits similar to Bonanza Ledge.

Ed Gates, BSc, MS, P.Geo has reviewed this news release as the qualified person required under National Instrument 43-101.



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2005 Surface Drill Results (all results as weighted averages)
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Dep- Wid- Wid- oz/
North East Elev. Az. th From To th th ton g/t
DDH (ft) (ft) (ft)(mine) Dip (ft) (ft) (ft) (ft) (m) Au Au
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Black Bull Area
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BB-
05-01 2032 18133 4747 200 -45 536 175.6 177.7 2.1 0.7 0.08 2.60
-------------------------------
217.5 220.3 2.8 0.9 0.03 1.05
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BB-
05-02 2155 18126 4773 132 -47 526 No significant results
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BB-
05-03 2156 18119 4773 238 -44 493 No significant results
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Southern Lowhee Area
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LH-
05-01 2263 17601 4769 206 -45 346 No significant results
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LH-
05-02 2264 17601 4768 213 -57 696 No significant results
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LH-
05-03 2282 17634 4771 4 -45 376 No significant results
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LH-
05-04 2374 17394 4773 357 -45 646 No significant results
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LH-
05-05 2502 17183 4782 206 -58 306 No significant results
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LH-
05-06 2644 16994 4785 358 -46 616 Anomalous values up to
0.81 g/t Au
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LH-
05-07 2646 16994 4787 55 -48 506 No significant results
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LH-
05-08 2642 16991 4786 205 -80 431 No significant results
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LH-
05-09 2804 16802 4788 216 -44 556 64.0 66.0 2.0 0.66 0.08 2.58
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LH-
05-10 3000 16598 4809 194 -44 556 No significant results
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LH-
05-11 3002 16598 4809 194 -55 556 No significant results
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LH-
05-12 3102 16396 4809 179 -44 676 No significant results
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LH-
05-20 2653 16998 4787 355 -67 557 Pending
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Northern Lowhee Area
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LH-
05-13 3289 15995 4809 208 -45 582 327.0 336.0 9.0 3.0 0.05 1.61
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LH-
05-14 3291 15996 4809 208 -67 716 256.0 260.7 4.7 1.5 0.15 5.14
-------------------------------
494.2 495.6 1.4 0.5 0.15 5.15
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LH-
05-15 3293 15997 4809 208 -90 557 437.0 447.0 10.0 3.3 0.08 2.58
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LH-
05-16 3298 16000 4810 33 -81 518 No significant results
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LH-
05-17 3397 15774 4806 220 -43 575 Pending
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LH-
05-18 3399 15775 4806 220 -67 736 Pending
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LH-
05-19 3402 15777 4806 220 -90 687 Pending
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Butts Zone
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LH-
05-21 4358 14421 4702 227 -44 670 Pending
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LH-
05-22 4755 14064 4645 207 -44 708 Pending
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LH-
05-23 4603 14256 4678 205 -44 707 Pending
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The Cariboo Gold Project's land holdings now cover 456 square kilometers (170 square miles) covering 57 kilometers (34 miles) in length and over 8 kilometers (5 miles) in width. In the Barkerville Camp, 79 creeks have reported placer gold production. Recorded production from the area was 3.8 million ounces of gold (2.6 million ounces from placer and 1.2 million ounces from lode mining.

On Behalf of the Board of Directors

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.
    J. Frank Callaghan
    President and CEO
    (604) 669-6463 or Toll Free: 1-800-663-9688
    (604) 669-3041 (FAX)
    www.wayside-gold.com