Waymar Resources Ltd.

Waymar Resources Ltd.

April 04, 2011 08:30 ET

Waymar Announces Start of Initial Drill Program on Anza Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 4, 2011) -


Waymar Resources Ltd. ("Waymar" or the "Company") (TSX VENTURE:WYM) is pleased to announce that the initial phase of drilling at its Anzá property has started. Minera Anzá S.A. Sucursal Colombia ("Minera Anza SA"), the Company's Colombian branch, has entered into a 3,000 meter diamond drill contract with Logan Drilling Colombia S.A.S. on the Anzá property, located in the west of the Antioquia Department in the Republic of Colombia. The drilling program is for a minimum of 3,000 meters of wireline HQ/NQ drilling. The drilling operation started on April 1, 2011 and is anticipated to take up to five months to complete. The drill program is focused on the La Pastorera volcanic massive sulphide ("VMS") occurrence that has been the focus of the detailed geochemical surveys and geological mapping work to date.

In June 2010, the Company entered an option agreement to acquire a 100% interest in the Anzá project comprised of approximately 6,738 hectares of mineral rights, located on the eastern-most margin of Colombia's Western Cordillera, 50km west of Medellín. In addition, the Company acquired 100% ownership of certain properties surrounding Anzá, covering approximately 24,027 hectares and comprising concessions, exploration licenses, study areas and applications, to cover district potential.

During the second half of 2010, the Company completed a 30 km orientation Pole-Pole Induced Polarization ("IP"), Resistivity and Magnetometry survey on the Anzá property, centred on La Pastorera VMS occurrence. The main purposes of the survey were to identify any geophysical targets prospective for VMS mineralization, characterize the geophysical response of the VMS occurrence and surrounding host rocks and assess the likelihood that the larger project area would be amenable to prospecting with helicopter-borne electromagnetic ("EM") surveys. The survey results revealed that a moderately strong (35mV/V), shallow, IP anomaly is centred approximately 125m west of the VMS occurrence in an area which can be interpreted as a fold repetition of the mine horizon. A total of four other potential targets were also identified. Electrical conditions appear favourable for airborne EM surveys, but a decision regarding an airborne EM survey was deferred until completion of the initial drill campaign.

In addition, field work has been completed on the detailed geochemical sampling and 1:2000 scale geological mapping of areas of interest covering approximately 1,350 ha of the Anzá property. Final interpretation and results of this work are expected to be available in the next few months. This combined geophysical, geochemical and geological survey work to date has assisted in the definition of the initial drill program targets.

"We are pleased to begin this initial drilling program on the core of the Anzá property. The geochemistry and geological mapping along the grid of the geophysics survey and in the underground mine is progressing on schedule. We look forward to the results of this initial drill program," said Pablo Marcet, President. 

For further details on the Anzá property, please refer to the technical report entitled "Waymar Resources Ltd. – Anzá VMS Project, Project No L00176, Geological and Exploration Review" dated May, 2010 and prepared by Mr. C.J. Bargmann and Dr. I.M. Platten on behalf of Snowden, available on SEDAR at www.sedar.com.

Waymar Resources Ltd. is a Canadian mineral exploration company with an option to acquire 100% interest in the Anzá project located in the west of the Antioquia Department in the Republic of Colombia. Upon exercise of the option, the optionors will retain a 2% net smelter return royalty on that portion of the Anzá property governed by the Option Agreement, one-half of which may be purchased by Waymar for a cash payment of US$1,000,000. Colombia is a significant producer of gold, nickel, emeralds, petroleum and natural gas as well as a leading producer of coal in Latin America. Waymar also has 100% ownership of certain properties surrounding Anzá to cover district potential and is continually seeking opportunities to acquire exploration properties. Waymar trades on the TSX Venture Exchange under the symbol "WYM". 


Pablo Marcet, President & CEO

There has been insufficient exploration to define a mineral resource at the Anzá property to date, and it is uncertain if further exploration will result in such targets being delineated as a mineral resource. All scientific and technical information in this press release has been prepared under the supervision of, and verified by Mr. Peter Diorio, of GeophysicsOne Inc. a "qualified person" within the meaning of National Instrument 43-101.

This press release may contain "forward looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "estimates", "intends", "anticipates" or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the reasonable assumptions, estimates, intentions, analysis and opinions of Waymar made at the date that such statements are made. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Waymar to be materially different from those expressed or implied by such forward-looking information, including the risk factors disclosed elsewhere in Waymar's public disclosure. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purposes of assisting investors in understanding Waymar's plans and objectives and may not be appropriate for other purposes. Waymar does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Shares Outstanding: 45,445,170

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information