Westcore Energy Ltd.
TSX VENTURE : WTR

49 North Resources Inc.
TSX VENTURE : FNR

49 North Resources Inc.

December 14, 2010 15:05 ET

Westcore Plans for Major Winter Exploration Programs in Manitoba and Coal-To-Liquids Sampling

CALGARY, ALBERTA--(Marketwire - Dec. 14, 2010) - Westcore Energy Ltd. ("Westcore") (TSX VENTURE:WTR) and 49 North Resources Inc. ("49 North") (TSX VENTURE:FNR) are pleased to announce Westcore's proposed plans for a winter exploration program on its wholly-owned Black Diamond property and the adjacent FNR JV property, held jointly by Westcore and 49 North. Westcore has received from Fugro Airborne Surveys the first set of preliminary maps from the Gravity survey recently flown over the properties, announced by Westcore in a news release dated December 6, 2010. With the aid of these preliminary maps, the following winter program has been outlined:

  1. Definition drilling of the four known coal deposits discovered on Black Diamond during 2009 – 2010, with the intention of upgrading all four deposits from discovery stage to the inferred or indicated resource category (based on criteria as defined in GSC Paper 88-21).
  1. Drilling of geophysical targets previously identified but not yet drilled on Black Diamond. Any targets found to contain coal with the first drill hole will be immediately drilled with more holes with the intention of moving the deposit to an inferred or indicated resource category (based on criteria as defined in GSC Paper 88-21).
  1. Preliminary drilling of the Quasar target on the FNR JV property, a large, circular GeoTEM anomaly with a diameter of approximately 1 kilometre. If coal is encountered in the first hole, then up to 10 more holes will be drilled into the target with the intention of defining an inferred or indicated resource (based on criteria as defined in GSC Paper 88-21).
  1. Collection of a 1 tonne bulk sample of coal to test for Coal-to-Liquids (CTL) products.

Drilling

Work permits have been received from the government of Manitoba that authorize Westcore to drill up to 45 HQ-sized holes, and 10 PQ-sized holes. A drilling contract has been signed with DJ Drilling of Aldergrove, B.C., and winter road construction to all the targets has commenced, with an anticipated drilling start-up date in the second week of January.

Bulk Sample

Westcore intends to collect a 1-tonne sample of coal by drilling a number of closely-spaced PQ-size (8.5 cm diameter) holes into one of the Black Diamond deposits that is known to contain a substantial thickness (greater than 40 metres) of nearly continuous coal. The coal samples will be shipped to the Quantex Energy Inc. laboratory located in Morgantown, West Virginia. Quantex Energy is a Calgary-based company developing a break-through CTL process for extracting synthetic crude oil and high-value carbon products from coal. Quantex will test the bulk sample to determine the quantity and quality of the liquid and carbon products that can be obtained from the Lignite A to sub-bituminous grade coal coming from the Black Diamond property. Westcore and 49 North are currently in negotiations to secure an exclusive Saskatchewan and Manitoba license utilizing the Quantex CTL process. 

Paul Conroy, President and Chief Executive Officer of Westcore, states, "It is with great anticipation that we are looking forward to our upcoming winter drilling program and receiving the amount of information that we expect to obtain from it. Not only will several new high priority coal targets be tested at Black Diamond, but the large Quasar target on the FNR JV property will be drill-tested for the first time. In addition, we hope to be able to upgrade several of the known deposits, and perhaps any new discoveries, into the inferred to indicated resource categories. We are hopeful that all of this information will provide us with the necessary data and results to have an independent NI 43-101 report prepared. We are also very excited about the Coal-to-Liquids bulk sample. If the results from testing the 1-tonne sample for CTL products are positive, we can begin making plans to obtain permits for the collection of a much larger bulk sample from one of the deposits via conventional mining methods."

49 North is a Saskatchewan focused resource investment company with strategic operations in financial, managerial and geological advisory services and merchant banking. Our diversified portfolio of assets includes direct project involvement in the resource sector, as well as investments in shares and other securities of junior and intermediate mineral and oil and gas exploration companies. Additional information about 49 North is available at www.sedar.com.

Forward Looking Statements

Except for statements of historical fact relating to Westcore and 49 North, certain information contained herein constitutes forward-looking statements. Forward-looking statements are 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 projected in the forward-looking statements. Except as required by applicable securities requirements, Westcore and 49 North undertake no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

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 the release.

Contact Information

  • Westcore Energy Ltd.
    Paul Conroy
    President and Chief Executive Officer
    (403) 237-6122
    (403) 237-6144 (FAX)
    or
    49 North Resources Inc.
    Tom MacNeill
    President and Chief Executive Officer
    306-653-2692
    ir@fnr.ca