Gravity West plummets on Voltaire assays (February 25, 2008)

VANCOUVER — Shares of Gravity West Mining (GRW-V, GRWFF-O) fell back to earth in recent trading after the company tabled long-awaited drill assays from its Voltaire Lake project, located 175 km north of Thunder Bay, Ont.

Results from the trio of holes fell short of investor expectations — prompting a 52% plunge in the stock to close down 15 at 14 per share on more than 32 million shares traded.

Hole 3A returned 10.75 metres grading 0.34% copper and 0.08% nickel including 2 metres of 0.87% copper and 0.15% nickel. A separate 1-metre interval assayed 1.2 grams palladium per tonne.

Disseminated to massive pyrite, pyrrhotite and chalcopyrite mineralization was hosted in a magmatic breccia composed of a siliceous intrusive with fragments of metavolcanic and metasedimentary rocks, as well as gabbro.

The hole cut more than 100 metres of Archean mafic to ultramafic intrusives (mostly gabbro) — including a 13-metre section of pyroxenite hosting the interstitial sulphides (pyrrhotite and chalcopyrite)– beneath about 80 metres of younger rocks (Nipigon diabase and Sibley sediments). It was collared to test a 700-metre-long airborne versatile time-domain electromagnetic (VTEM) conductor located on the edge of a 1,000 by 750-metre oval magnetic anomaly.

Hole 4 was drilled about 1 km north of 3A and cut a 1.1-metre section (from 215 metres down-hole)

of massive pyrite-pyrrhotite-chalcopyrite grading 0.12% copper and 0.08% nickel in a mafic volcanic unit.

In November, Gravity West announced it hit visible massive sulphide mineralization in initial drilling on the property. Market anticipation built as the company requested a trading halt to state it was still waiting for results and had posted photographs of the drill core on its website. The stock touched a high of almost 39 per share in early January.

The company plans further drilling in the area of hole 3A and additional geophysics to better define anomalies on the project.