Daily News logo Newsletter logo   Search News     Daily News   

West Africa Gold Inc. Acquires Further Arizona Gold Mining Interests

  Share With Friends

Company Purchases Its Second North American Gold Mining Property Making the Company Now Predominantly Focused in North America

West Africa Gold Inc. announced today that it has now acquired Western Gold Limited. Western Gold Limited has the rights to extremely promising Gold Mining properties, these properties being situated in Arizona, USA. The entire cost of the acquisition of these Gold Mining Properties is being settled through the issue of Restricted Shares of West Africa Gold Inc Common Stock.

Western Gold Limited holds rights to the Bouse property in Arizona, USA comprising of 12 placer claims spread over 1,300 acres in La Paz County. Located just North of the Plomosa Fault and it includes the Little Butte, Flat Fault and Arrastre projects.

Richard Axtell, the President of West Africa Gold, said today that he was delighted with the Company's rapid expansion into North America and with the quality of the Gold assets being acquired. This acquisition will considerably increase the company's presence in North America with North America now being the most important part of the Company's Mining Exploration activities.

The Bouse Property, a Mid-Tertiary system of epithermal mineralization was introduced into a stacked sequence of lithotectonic units that are located on the northern side of the Plomosa Detachment Fault. Complex epithermal gold, barite and fluorite mineralization is superimposed on earlier copper-specularite mineralization. Gold occurs in laterally extensive breccias and in steeply dipping amethystine-quartz veins. Past district production (over 2/3 of which was from the Little Butte Mine) averaged over 0.4 oz/T gold. Strong likelihood of a major detachment fault associated gold / copper deposit, similar to the proven and mined Copperstone and Mesquite deposits. Past drilling by Tenneco, US Borax and Homestake found gold bearing intervals in both the breccias and high angle structures. Previous summary sampling have been inferred at 5,000,000 tons with Gold grades of up to 0.3 opt Au at the Little Butte alone with additional resources of silver and copper.

The Bouse Project involves an important type of Arizona gold deposit, called a "detachment fault" deposit. Detachment fault deposits were first recognized as a separate form of gold deposit in the 1980's. The best example of an Arizona detachment gold deposit is Copperstone, which is about 20 miles from Bouse. It was the biggest gold discovery in Arizona in at least 50 years. Cyprus Gold profitably mined the 500,000 oz open pit resource during the 1980's. Unlike Copperstone, Bouse is an historic gold producer. 5,000 ounces were previously produced from high grade ore. It was also worked as an underground copper mine. Most of this production was from the Little Butte Mine, which is the centerpiece of the land position.

Starting in the 1980's there has been a lot of exploration work at Bouse. Per Arizona Department of Mines and Mineral Resources records, prior to 1983 a 16 hole drill program blocked out 5,000,000 tons of material ranging from .05 to .30 ounces gold per ton. These drill-holes were in the immediate vicinity of the Little Butte underground mine and the Little Butte open pit. The core deposit may be visualized as an inverted "V" with the Little Butte underground near the apex, the Little Butte surface, Flat Fault project and Blue Slate along the left leg, and the Airfield project at the bottom of the right leg. If, as is believed, the entire area of the inverted "V" turns out to be an economic resource this would be a far larger gold deposit than the 1,000,000 +/- oz Copperstone, and may be significantly closer to the size of the Mesquite mine, which is another detachment fault deposit in California.

Previous owners estimated the resource more conservatively, at 2,000,000 tons of .07 ounce per ton rock. They drilled exactly one 290 foot hole near the Little Butte underground workings and encountered 7 gold bearing intervals. Tenneco later took over the project. They drilled 17 holes and found gold bearing intervals in 10 . Not only did they find gold at the Little Butte they also found gold at the Arrastre, the Blue Slate and the Flat Fault project all of which are included in our project.

Starting in 1987, Homestake Mining leased the central part of the district (called the Brindle claims - these are the core of our present land position) and acquired an option to purchase a smaller patented group to the west called the Paradise Mine, which is not included in our project. Homestake drilled over 50 holes over a 4 year period. They found significant gold mineralization everywhere that Tenneco did at the Little Butte, Blue Slate and the Flat Fault projects. They also put down seven drill holes in the vicinity of the detachment fault.

About West Africa Gold Inc:

West Africa Gold www.westafricagold.com)"> is an aggressive gold exploration company that has acquired certain rights to mine for minerals, primarily gold, in North America and with lesser interests in the Republic of Mali.

Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties beyond the Company's control, including but not limited to economic, competitive and other factors affecting the Company's operations, management team effectiveness, expansion strategies, available financing, market prices and recovery costs, government regulations involving the Company, facts and events not known at the time of this release, and other factors discussed in the Company's filings with the Securities and Exchange Commission.

These statements are not guarantees of future performance and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements.


 
Support Wikipedia


Follow NewsBlaze

on Twitter

@newsblaze


Find more stories recommended by Stumbleupon.

newsletter logo

What's Hot?
1 .Prosecution Paints a Portrait of Abuse in the Trial of George Huguely V! - 81
2 .Texas: Cops Pull Over Drunk Cowgirl Wearing Only Cowboy Boots - 45
3 .Censorship in America - 55
4 .Supermodel Bar Refaeli Adorns the Cover of the 2009 Sports Illustrated Swimsuit Issue on Newsstands Today! - 63
5 .Insitu Delivers Small Tactical Unmanned Aircraft Systems Capability to Marines - 46
6 .These 10 Comfortable Walking Shoes Are a Step in the Right Direction - 31
7 .Effective Costa Rica Marketing Ranks Country as Top Brand in Latin America - 32
8 .Early Marriage Has Harmful Effects on Women - 34
9 .IHOP Relies on Surging Bacon-Mania to Keep Pace With Competition - 30
10 .Christian Evangelist Father Johnson Reveals That India Embraces Christianity - 25
Updated: 21:30 PST     8444

NewsBlaze Editors

editors

NewsBlaze Writers


Writers Wanted

Help NewsBlaze provide daily news, including top stories, Home and Garden, Technology, The Environment and more. NewsBlaze Writer

Follow NewsBlaze

NewsBlaze Social Media Logos NewsBlaze Facebook NewsBlaze LinkedIn NewsBlaze Twitter NewsBlaze YouTube NewsBlaze MySpace
NewsBlaze 
Copyright © 2004-2012 NewsBlaze LLC
Use of this website is subject to our Terms of Service and Privacy Policy  | DMCA Notice |         Press Room