Westcore Energy Ltd.

Westcore Energy Ltd.

March 01, 2012 14:09 ET

Westcore Announces Drill Results on Cyclops and Calypso Deposits and Continuation of Drill Program

SASKATOON, SASKATCHEWAN--(Marketwire - March 1, 2012) - WESTCORE ENERGY LTD. (TSX VENTURE:WTR) ("Westcore" or "the Company") Westcore is pleased to provide an update on its winter drilling program at its Black Diamond coal property near The Pas Manitoba. All of the planned 2012 drill targets at the 'Cylcops' & 'Calypso' deposits have now been completed. Of the seven new boreholes drilled, all seven have successfully intercepted coal, including a 70.8 metre composite coal interval at Cyclops and a 73.6 metre composite coal interval at Calypso.

The Cyclops deposit was first identified in Westcore's 2010 winter program (see Westcore news release of 22 March, 2010). Westcore is pleased to report that it has intersected a composite thickness of 70.8 metres of coal in CY-12-A, 13.0 metres in CY-12-B and 27.0 metres in CY-12-C (see Table 1 & Figure 1). To date and cumulatively, the Company has drilled 8 holes at the Cyclops deposit for a total of 820 metres.

The Calypso deposit was first identified in Westcore's 2011 winter program (see Westcore news release of 30 March, 2011). Westcore is pleased to report that it has intersected a composite thickness of 73.6 metres of coal in CL-12-A, 35.0 metres in CL-12-B, 43.2 metres in CL-12-C and 23.1 metres in CL-12-D (see Table 2 & Figure 2). To date and cumulatively, the Company has drilled 7 holes at the Calypso deposit for a total of 866 metres.

The results from the Cyclops and Calypso deposits are intended to be incorporated into a report that is to be prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). All reported intercepts have been reported in true thickness.

Westcore intends to next move from the Calypso deposit and commence delineation drilling on the Athena and Quasar deposits, followed by exploration drilling on the Vesta, Luna and Helios targets.

Paul Conroy, President and CEO of Westcore states "The results of the 2012 program at Discovery, Cyclops and Calypso have eclipsed Westcore's previous thickest coal intercepts and we expect them to add significant tonnage to our upcoming resource calculation."

Peter Graham, Professional Geologist and Qualified Person for this news release, has reviewed and approved its contents.

Reader Advisory

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements regarding the Company's proposed drilling program and the proposed NI 43-101 resource report. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Table 1: 2012 Cyclops Coal Intercepts
Hole Description From * To* Width
CY-12-A Coal + Minor Silt 71.20 72.30 1.10
Coal 73.40 88.30 14.90
Silty Coal 89.00 90.00 1.00
Coal 90.60 91.70 1.10
Coal 92.60 96.20 3.60
Coal 96.70 145.80 49.10
Total (Composite) 70.80
CY-12-B Coal + Minor Silt 34.40 37.80 3.40
Coal + Minor Silt 43.70 50.60 6.90
Coal + Minor Silt 53.00 55.70 2.70
Total (Composite) 13.00
CY-12-C Coal 35.10 36.00 0.90
Silty Coal 36.30 37.90 1.60
Coal + Minor Silt 40.30 52.10 11.80
Silty Coal + Minor Coal 58.60 63.30 4.70
Coal 65.10 72.30 7.20
Coal + Minor Silt 76.60 77.40 0.80
Total (Composite) 27.00
Table 2: 2012 Calypso Coal Intercepts
Hole Description From * To* Width
CP-12-A Coal + Minor Silt 75.20 75.50 0.30
Coal 75.50 98.30 22.80
Coal 99.70 133.80 34.10
Coal + Minor Silt 133.80 135.50 1.70
Coal + Minor Silt 136.70 137.30 0.60
Coal 137.60 151.70 14.10
Total (Composite) 73.60
CP-12-B Coal 75.30 94.20 18.90
Coal + Minor Silt 95.30 95.60 0.30
Coal 95.60 97.90 2.30
Coal + Minor Silt 97.90 108.60 10.70
Coal + Minor Silt 109.50 109.90 0.40
Coal + Minor Silt 110.70 111.60 0.90
Coal + Minor Silt 112.20 113.70 1.50
Total (Composite) 35.00
CP-12-C Coal 65.00 86.30 21.30
Coal 87.20 91.80 4.60
Coal + Minor Silt 91.80 93.50 1.70
Coal 93.50 97.80 4.30
Coal 98.30 100.50 2.20
Coal + Minor Silt 100.50 101.70 1.20
Coal 101.70 102.80 1.10
Coal + Minor Silt 104.30 108.20 3.90
Coal 108.20 110.20 2.00
Total (Composite) 42.30
CP-12-D Coal 80.20 83.80 3.60
Coal + Minor Silt 83.80 84.10 0.30
Coal 84.10 99.30 15.20
Coal + Minor Silt 99.30 99.80 0.50
Coal 106.70 107.40 0.70
Coal + Minor Silt 107.40 110.20 2.80
Total (Composite) 23.10

Figure 1: Cyclops Coal Intercepts

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Figure 2: Calypso Coal Intercepts

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Contact Information

  • Westcore Energy Ltd.
    Paul Conroy
    President and Chief Executive Officer
    (306) 649-0600