International Wayside cuts lower grades at Cariboo

Junior International Wayside Gold Mines (IWA-V) is disappointed by drill results from its Cariboo gold property in north-central British Columbia.

Drill holes 9 and 14 cut broad intervals of lower-grade gold mineralization in the newly discovered bonanza footwall zone.

Hole 9 intercepted 31.7 ft. of the new zone averaging 0.042 oz. gold per ton, starting at a down-hole depth of 102.3 metres. The hole was collared from the same site as hole 8 and steepened to an angle of minus 72 to test the footwall’s downdip extension. Hole 8 was collared at minus 45 and intersected a previously reported 15.5 ft. grading 0.16 oz. between 94.5 and 110 ft. down-hole, as well as an 18.7-ft. interval grading 0.42 oz. from 210.2 to 228.9 ft.

Hole 14 was designed to undercut hole 13, about 400 metres southeast of holes 8 and 9. Collared at minus 57, hole 14 intersected 89.2 ft. averaging 0.053 oz., beginning at a down-hole depth of 344.5 ft. Several higher-grade intercepts included 10.5 ft. of 0.17 oz., 1.3 ft. of 0.12 oz., and 2.1 ft. of 0.13 oz. By comparision, hole 13 was drilled at minus 45 and cut a previously reported 109-ft. interval averaging 0.31 oz., starting at 245 ft. down-hole. The 109-ft. section included 12 ft. of 0.79 oz. and 15 ft. of 0.76 oz.

Assay results for holes 15, 16 and 17 are pending.

Wayside has a generated a great deal of speculative interest with its discovery of a previously unrecognized style of bonanza gold mineralization in the footwall of the BC vein. The mineralization is reported to be hosted by tan-coloured micaceous mudstones and gritty quartzites carrying disseminated pyrite, with thin stringers or bands of pyritic, blue-gray silica and dolomite. The higher-grade gold appears to be associated with pyrite-enriched zones containing anywhere from 10% to 60% pyrite.

Wayside is expanding the drilling program, with the mobilization of two Longyear 28 rigs to the discovery area. One of these rigs is already turning, on hole 18.

The company has $1 million in cash, with 37 million shares outstanding, or 44 million fully diluted. The exercise of 25 warrants is expected to bring in another $500,000.