ATW Venture Corp, (ATW: TSX-V) (Frankfurt: A3N), (“ATW” or the “Company”), is pleased to report additional drill results from its wholly owned Burnakura Gold Mine (“Burnakura”) located in Western Australia. Highlights include a 23.7 metre (m) intercept, grading 16.0 grams per tonne (g/t) gold, which encountered visible gold.
ATW has now completed 20 core holes totaling approximately 3300 metres. Assays for the 9 remaining holes are pending.
Drill holes NOAD001 to NOAD012 are located 125 metres north of the level 2 development in the NOA2 underground mine, and have intersected a new ore zone within access of the current underground workings. These intercepts are the widest to date within the NOA2 mineralization and have a grade 60% higher than the average grade of the deposit. The new zone is less than 100m below surface.
Drill holes NOA001 to NOA006 and NOA008 were reported in a news release on September 18, 2008. Assay results have now been received for drill holes NOA007, NOA009, NOA010 and NOA012 and are as follows:
|
Hole |
Depth from (m) |
Width (m) |
Au (g/t) |
|
NOAD007 |
131 |
0.5 |
1.54 |
|
and |
133 |
0.5 |
1.48 |
|
and |
153 |
1.0 |
1.21 |
|
NOAD009 |
143 |
0.5 |
1.63 |
|
and |
152.3 |
0.5 |
2.14 |
|
NOAD010 |
134.5 |
0.5 |
2.48 |
|
and |
138.3 |
0.35 |
1.16 |
|
NOAD012 |
123.1 |
23.7 |
16.0 |
|
Incl. |
140.5 |
6.5 |
51.65 |
|
Incl. |
140.5 |
1.0 |
313.96 |
|
Incl. |
152 |
0.5 |
17.05 |
This new mineralized zone is contained in a dolerite hosted quartz vein stock work. The dolerite has an apparent dip of 45 degrees east and an apparent thickness of 6-25 metres. The gold mineralization appears to be confined within the dolerite and has an apparent dip of 30 degrees east, implying these drill intersections are approximately the true width of the zone. In addition, this zone is open in all directions. ATW is currently drilling up dip where there is a potential to extend this lode 70 metres to near surface.
All samples were submitted for preparation and analysis using fire assay with an AAS finish to Genalysis Laboratory Services Pty Ltd
at its facilities in Perth, Western Australia.
ATW believes these latest results have the potential to significantly impact the current mining plan at Burnakura. Mining Plus Pty. Ltd. has been contracted to update the current mining plan to include this new zone.
Refurbishment of the plant is within budget and on track to be completed this year. The crushing circuit has been fully refurbished and will be commissioned to crush the ROM stockpile this month. Remaining work involves refurbishing the elution circuit and building the gold room. Three mining contractors have been selected to tender for the underground mining operations and have just returned from their tour of Burnakura. A project update will be released to investors within the next few weeks.
Brent Butler, CEO & President commented, “These results combined with the Australian dollar weakness, which has seen AUD/gold trade at historically high levels, have the potential to significantly improve the economics of the Burnakura Gold Mine”
The contents of this news release have been reviewed by Brent Butler who is a qualified person as defined by National Instrument 43-101.
To find out more about ATW Venture Corp., please contact Luke Norman at 604-662-8184 or email investor@atwventure.com. You may also visit our website at www.atwventure.com.
ATW VENTURE CORP.
“Brent Butler”
Brent Butler
President & CEO
“The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.”
“This news release may contain forward–looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.”
