JERSEY, Channel Islands,
United Kingdom, March 11, 2013
/CNW/ - (TSXV - WMI) Whetstone Minerals Ltd. ("Whetstone")
is pleased to report results from its preliminary scout drilling
program completed at the Bembesi Goldfields project in Zimbabwe during the last half of 2012.
Drilling program highlights
- The purpose of the scout drilling program was to test several
targets selected for their potential of hosting large, bulk
mineable gold mineralization located astride regional shear zones
in the Bubi Greenstone Belt, Matabeleland North, Zimbabwe.
- Drilling was planned to test for sulphide-related gold
mineralization beneath historic open pit workings at the Company's
100% owned Mabel's Luck, Tiberius, W&B and Durban claims groups.
- A total of 1,200 metres were drilled from nine diamond drill
holes during the second half of 2012. One hole (MLKDD001) failed to
reach its targeted depth due to bad ground and four holes did not
show any significant intersections.
- Hole MLKDD002 at Mabel's Luck intersected three zones of
mineralization, including 3.3 g/t over 19 metres drill width (16
metres true width).
- Hole DURDD001 at Durban
intersected a zone of 1.4g/t over 12 metres drill width (11 metres
true width).
- Planned follow up drill at Mabel's Luck and Durban is designed to test the lateral,
down-dip and down-plunge continuity of the intersected zones.
- Drill core from both Mabel's Luck and Durban displays multiple veining, brecciation,
alteration and varying combinations of pyrite-arsenopyrite sulphide
mineralization. This is indicative of extensive hydrothermal and
structural activity associated with the regional shear zones on the
Bubi Greenstone Belt.
Allan Dolan,
Whetstone's Chairman and Interim CEO said:
"I am pleased with the results of this initial
scout drilling program that indicates two potential areas that meet
Whetstone's criteria for potential large, bulk mineable, gold
mineralisation. The Company will continue drilling its
numerous prospects and acquiring further properties in this
discrete, highly prospective, gold camp."
Detailed drilling results
Hole # |
From
(m) |
To
(m) |
Drill Width
(m) |
Au g/t |
MLKDD001 |
Failed to reach target depth |
MLKDD002 |
54.58 |
60.41 |
5.83 |
2.09 |
MLKDD002 |
70.57 |
89.91 |
19.34 |
3.33 |
MLKDD002 |
105.64 |
109.99 |
4.35 |
3.63 |
MLKDD003 |
No significant results |
MLKDD004 |
No significant results |
MLKDD005 |
131.04 |
135.17 |
4.13 |
3.05 |
MLKDD005 |
145.98 |
148.23 |
2.25 |
1.86 |
WnBDD001 |
73.30 |
74.06 |
0.76 |
2.46 |
TIBDD003 |
63.06 |
63.23 |
0.17 |
5.38 |
TIBDD004 |
No significant results |
DURDD001 |
69.66 |
81.54 |
11.88 |
1.42 |
DURDD001 |
89.50 |
93.25 |
3.75 |
1.70 |
DURDD001 |
108.01 |
111.84 |
3.83 |
1.93 |
DURDD001 |
200.36 |
203.21 |
2.85 |
1.66 |
The diamond drilling was supervised by Whetstone
consulting geologist Thembani Ncube. Diamond drill core was logged,
marked for sampling and cut by diamond saw. Half the core was
sealed in new plastic sample bags and the remaining half core was
retained and securely stored for future reference. Plastic sample
bags were then sealed in rice bags, and shipped directly by company
vehicle to Antech Laboratories in Kwekwe, Zimbabwe. Gold analyses were carried out by
Fire Assay. The laboratory carries out a comprehensive internal
quality control programme including certified calibration
standards, duplicate analyses and insertion of blanks. Full assay
certificates are available from the company on request.
The QP for the technical aspects of this news
release is Paul Matthews, MIAG.
Change of Director
Whetstone also announced today that Frank Moxon has resigned as a director of the
company effective immediately. In connection with the change to the
Board of Directors, the Audit Committee of the Board has been
reconstituted and is now comprised of Ndabezinhle Moyo (Chair),
Allan Dolan and Robert Stan.
"We would like to thank Mr. Moxon for his
commitment and service to the company during his tenure here.
We wish him well in his future endeavors." said Allan Dolan, Whetstone's Chairman and Interim
CEO.
About the Bembezi Goldfields Project and
Whetstone Minerals
Mabel's Luck, Tiberius, W&B and Durban are part of Whetstone's Bembesi
Goldfields project. Most of the Bembesi Goldfields properties have
been intermittently mined since the 1920s with historical
production of over 400,000 ounces.
Whetstone Minerals Ltd. is a gold exploration
and development company focused on Zimbabwe, where it owns a number of advanced
exploration projects including several former producing mines which
lie within a discreet gold camp. Whetstone's common shares
are listed on the TSX Venture Exchange under the trading symbol
"WMI". The company is pursuing a two pronged growth
strategy through aggressive property and corporate acquisitions as
well as adding resources through the drill bit. Whetstone's website
address is www.whetstoneminerals.com.
Neither the 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.
SOURCE Whetstone Minerals Ltd.