SOURCE: Willow Creek Enterprises Inc.

December 07, 2010 06:45 ET

Willow Creek Commissions Updated NI 43-101 Report for Hercules Gold & Silver Property, Nevada

LAS VEGAS, NV--(Marketwire - December 7, 2010) - Willow Creek Enterprises Inc. (OTCBB: WLOC) ("The Company", "Willow Creek") is pleased to announce that it has commissioned an updated NI 43-101 Report for the Hercules ("Hercules") property, which is located in the prestigious Walker Lane Mineral Belt in Nevada, USA.

Over the past three months Willow Creek Management has been evaluating and assessing the potential strength of the Hercules Project. The results of these evaluations motivated the Company to acquire more mineral claims contiguous to the Hercules property. Management feels that the increased land package offers an excellent opportunity for new discovery, and should increase the previous resource calculation. 

This review of previous work, historical data and the original NI 43-101 report have led to Management's realization that commissioning a new NI 43-101 report is necessary.

After further interpretation of historical data and the addition of the new mineral claims, Willow Creek management believes that this comprehensive review of the property could significantly increase the previous resource calculation of 260,000 ounces of gold and 1,956,511 ounces of silver. This is based on the initial review of the property that has identified important new target areas that may allow for additional gold and silver discoveries, some of which will be tested in a forthcoming drill program that is expected to commence in early 2011.

The Company's consulting geologists believe the Hercules property to be an epithermal gold-silver mineralized system with analogies to the historic Comstock Lode deposit.1 The historic Comstock deposits of Virginia City consisted of a series of fault controlled vein systems which produced a significant quantity of rich gold-silver ore. Although open pit mining occurred near the surface, the bulk of the gold and silver mined at Comstock occurred below 1,200 feet. The Comstock bonanza-grade mineralization averaged 2.0 ounces per ton gold and 50 ounces per ton silver and produced over 8.5 million ounces of gold and 192 million ounces of silver.

According to reserve studies done by Pioneer Mining Corporation and Horizon Gold, the Hercules contains a resource of more than 217,000 ounces of gold and 1,571,000 ounces of silver. All of the resources remain open along strike and at depth. In his annual compilation of major precious-metals deposits of Nevada, Tingley (2000) quotes a resource for the Hercules of 259,329 ounces of gold and 1,956,511 ounces of silver.

The Company intends to commission an NI 43-101-compliant resource calculation for the Hercules property based on the recent reinterpretation of past drilling, structural data, and the acquisition of new claims. The Company is also outlining a 2011 exploration program that will test new primary targets that remain largely unexplored. At the same time, work will be continued on past discoveries.

The historic Walker Lane Mineral Belt in western Nevada is a highly mineralized trend that contains several world-class epithermal precious metals deposits such as:

  • the Comstock Lode (estimated production of 8.6 million ounces of gold and 192 million ounces of silver);
  • Round Mountain (Barrick / Kinross)(over 10 million ounces of gold produced since 1906); and
  • Rawhide, Aurora, Goldfield mines.
  • Additional porphyry copper deposits are at Yerington (1.75 billion pounds of copper produced from 1953-1978 by Anaconda Copper Company.)

The Hercules property gives Willow Creek (OTCBB: WLOC) access to one of the most prolific mining areas in the world. According to a report made by Global Geological Consultants (GGC)2 in 2003, the Hercules prospect has direct analogies to the historic Comstock Lode deposit, which is located less than 10 miles to the north. While the Comstock Lode produced approximately $670,000,000 worth of gold and silver from 1860 to 1880, the Hercules Mine, located on the Hercules property, is estimated to have produced 5,000 oz of gold and 20,000 oz of silver during early, turn-of-the-century mining efforts. In more recent years, modern exploration has been conducted on the property by companies such as Pioneer Mining Corporation, Phelps Dodge Corporation, and Horizon Gold. The GGC report further states that the potential for the discovery of thicker, mineralized veins within the Hercules is very good, and that recommended drill tests could identify a deep-seated mineralized deposit for which the Walker Belt is known. Further support for exploration of the Hercules was given by Joseph Tingley3 in an annual compilation of major precious metal deposits in Nevada, where he noted a resource for the Hercules deposit of approximately 260,000 oz of gold and 1,950,000 oz of silver.

Management believes that in addition to its proximity to other major discoveries, the Hercules' physical location makes it an ideal property for exploration and development. Existing infrastructure, including manpower and accessibility for the Hercules property, is supported by the nearby city centers of Reno and Carson City. State highways and paved roads provide easy access, while moderate temperatures allow for year-round physical work on the property. As we approach the colder months, these physical attributes will allow us to continue our work, as many others in colder climates are forced to shut down their operations until the spring.

Please visit the Willow Creek website www.willowcreekenterprisesinc.com for any further information

THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS," AS THAT TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE. EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS "ESTIMATE," "ANTICIPATE," "BELIEVE," "PLAN" OR "EXPECT" OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH NATURAL RESOURCE EXPLORATION AND DEVELOPMENT AND NEEDS FOR FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST RECENT ANNUAL REPORT ON FORM 10-K AND ON FORM 10-Q AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY'S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY'S DEVELOPMENT EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY'S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.

THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. FINRA, THE SEC AND THE OTCBB NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

1 Minquest website; Hercules Property.

2 Summary Report and Exploration Proposal on the Hercules Gold Prospect. Lyon Nevada, published January 24, 2003 by Geoffrey Goodall, P. Geo

3 Nevada Bureau of Mines and Geology - Special Publication MI-2005

Contact Information

  • Terry Fields
    President
    Corporate contact: 1-310-982-7769