Walker River Resources Corp

TSX VENTURE : WRR


January 29, 2014 09:00 ET

Walker Provides Update from Sleeper-Lapon Canyon Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 29, 2014) - Walker River Resources Corp. ("Walker" or the "Company") (TSX VENTURE:WRR) is pleased to announce an update to its Sleeper-Lapon Canyon gold exploration project.

The Sleeper-Lapon Canyon gold project consists of 36 claims (720 acres-292 hectares), situated about 60 kilometres south of Yerington, Nev., in the Wasuk Range easily accessible by secondary roads from the main highway (25 kilometres). A power transmission line passes within three kilometres of the property. The Sleeper-Lapon Canyon project is located within the Walker Lane shear zone, a 100-kilometre-wide structural corridor extending in a southeast direction from Reno. The past-producing historic Comstock Lode silver/gold mine is located within this trend, as is the past-producing Esmeralda/Aurora gold mine, with reported production of about 1.0 million ounces, located 30 kilometres southwest of the project.

The new Nevada Copper gold-copper mine, is located some 30 kilometres north of the project also within the Wasuk Range. (Pumpkin Hollow, 981, 000 ounces gold, 34 million ounces silver, 5.4 billion pounds copper)

Previous work began in 1907 with the discovery of vein-type gold mineralization on the Sleeper claims. Approximately 600 metres of underground drifts and adits were used to explore and access a series of high grade vein-type structures. From 1914 to 1924, a two-stamp mill was erected, and limited production was reported. Further limited underground exploration was carried out, returning numerous assay values in the range of one ounce per ton, with a sample at the end of an adit returning 20.6 ounces per ton gold (Gruenwald, 1994, National Instrument 43-101 report dated Feb. 15, 2004, by Dr. J.H. Montgomery, Ph D., P. Eng, and N. Barr, BSc).

Initial geology and exploration work by Walker began in September under the supervision of Mr. Tom Evans MSc geology, a registered geologist with over 40 years of experience in the Western United States and Mexico.

Results show that the gold mineralization is located within steeply, dipping, sheared and altered cross fault structures crossing the Walker Lane Trend.

In addition to the discovery of gold mineralization on site (0.398 ounces per ton; 12.8 grams per ton) previously announced (see news release 01/09/2014), the company announces the unanticipated discovery of a rare earth element.

During the course of its whole rock geochemistry study (used to define geological parameters such as rock types, alteration chacteristics, structure, and so on) 5 of 5 samples, taken in different areas across and within the shear zone returned significant anomalous values for Scandium.

Four samples retuned values from 3.4 to 4.2 ppm, with one returning 1.5 ppm. Scandium is used in aluminum alloys for high performance materials and in the aerospace industry.

The company also previously announced (see news release 01/09/2014) the discovery of previously unknown copper mineralization on the project, associated within pegmatitic rock, indicative of porphyry type mineralization

The upper alteration structure, the site of the previous mining activities, has a width of some 100 meters. The strike length is presently unknown, but evidence suggests that the zones may continue within the Wasuk Range over significant lengths. The only previous exploration work was carried out in the early 1990's, by Teck and Huntington Resources and consisted of shallow surface trenching and shallow generally vertical drilling into the vertical shear zone. Lower grade gold mineralization (0.06 to 0.17 ounces per ton gold) was reported across the width of the alteration zone.

The high grade gold mineralization appears to be associated with steeply dipping lenticular zones, lying within the alteration zones, in an en echelon boundinage type structure, analogous to other structurally controlled gold deposits (Carlin Trend, Cadillac Break in Quebec, Ontario)

Finally we have been able to discover three other alteration, shear structures on the project, with the same type characteristics.

The original gold discovery dates to the early 1900's, when prospectors discovered placer gold at the outlet of the Lapon Creek, at the base of the Wasuk Mountain Range. Another apparent gold placer installation was located at the top of the mountain range at the headwaters of the Lapon Creek 1 km south of the old mine workings. This may represent another gold mineralization shear zone instead of an alluvial placer deposit.

The results to date demonstrate the high grade gold potential of the project, the presence of copper mineralization, and the size and persistence of the shear structures.

Previous underground mining of reported high grade gold mineralization combined with the lack of any significant exploration, in an area of Nevada known for the presence of large gold, silver and copper deposits; demonstrates the significant potential of the project for additional discoveries.

The company's geologists have already located and mapped drill site locations, have mapped the original alteration zone in detail, have sampled high grade gold mineralization, and have discovered further alteration zone elsewhere on the project. We are presently in the permitting and bonding stage for the planned early 2014 drill program.

The company is very pleased with the results to date. Further news will be released as available.

E. Gauthier,geol., Eng (OIQ), acts as the qualified person to the Company and has reviewed and approved the contents of this release.

ON BEHALF OF THE BOARD OF DIRECTORS

Michel David, Chief Executive Officer and Director

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