West Point Resources Purchases 100% of Monster Lake South Gold Property, Quebec
February 10, 2014
Vancouver, British Columbia, February 10, 2014: West Point Resources Inc. (TSX Venture: WPO) (the “Company”) is pleased to announce that it purchased a 100% interest in the Monster Lake South gold property located less than 1.6 kilometers (1 mile) south of Tomagold Corporation's Monster Lake gold discovery property where Iamgold Corp. recently agreed to exploration work commitments of $16-million over a period of five years. West Point’s Monster Lake South (“MLS”) property lies 50 kilometres southwest of Chibougamau, Quebec. The MLS property consists of 6 claims totaling 112 hectares and contains historical drilling by Homestake Mining (Canada) Ltd. (2 holes drilled in 1991) and Westminer Canada Ltd. (14 holes drilled in 1992) with anomalous gold-bearing intervals including 5.39 g/t Au over 8.0 meters (which includes 19.25 g/t Au over 1.5 meters).
The Monster Lake area has seen significant exploration activity since the winter of 2012 when TomaGold drilled 2,420 meters on the Annie zone which resulted in a major discovery of 237.6 g/t of gold over 5.7 meters. This discovery hole along with additional drilling has attracted Iamgold Corp. to this highly prospective area that is close to roads and infrastructure. The area also hosts the Philibert (Soquem), Meston Lake, Joe Mann and Chevrier Zone deposits and Vanstar Mining Resources’ Nelligan project which may host a significant new discovery less than 10 kilometres south of the Monster Lake South gold property.
The Monster Lake South property is notably characterized by its lack of outcrop and by its thick glaciated overburden blanket represented by boulder till (15-18 meters thick). It is underlain by rocks known to host gold mineralization with potential for high grade vein and bulk tonnage deposits. The gold potential of the property is evidenced by the presence of the Joe Mann mine, the Philibert deposit, Tomagold’s new discovery as well as a number of other gold occurrences in the vicinity. The Joe Mann mine, located less than 20 kilometres east of the Monster Lake South Gold Property, has produced more than 900,000 ounces of gold since the 1950s. The Philibert deposit, located 7 kilometres east of the Monster Lake South Gold Property, contains resources of 1.4 Mt @ 5.32 g/t Au (Government of Québec database).
The earliest record of intensive exploration activity in the vicinity of the Monster Lake South property is in 1953 - 1956, primarily induced by the discovery of the Chibex (now Joe Mann Mine) in Rohault Township to the east. The area was covered by a regional airborne survey by Cominco in 1974, and held during 1975 and 1976 by Comico as part of an exploration effort directed toward discovery of volcanogenic massive sulphide deposits.
Prior to 1990 no significant exploration work was done within the limits of the current property. In 1990 Homestake Mining (Canada) Ltd. carried out magnetic and VLF-EM surveys over the western part of the area covered by the current property, and immediately to the west of the property. Two holes, H-91-06 and H-91-07 totalling 179.5 meters, were drilled by Homestake within the western part of the area of the current property. These holes confirmed the presence of a series of sheared gabbro sills in a sequence of mafic flows with subordinate siliceous sedimentary rocks. Anomalous gold concentrations were intersected in sheared portions of the gabbro and in quartz-tourmaline veins within the gabbro. In 1992 Westminer Canada Ltd. drilled fourteen holes within the area of the current property, on different geophysical targets previously outlined by ground geophysical surveys. Of the 16 historical holes drilled within the area of West Point’s Monster Lake South gold property, 12 holes have gold intercepts in excess of 1 g/t Au and 8 holes have gold intercepts in excess of 2 g/t Au, including multiple intercepts in several holes.
According to Westminer’s pair of 1992 drilling reports the mineralization is directly related to a 1-kilometer long gabbroic sill dipping 45 to 54 degrees to the northwest, and consists of very strongly silicified sulphidic (po-py) zones ranging in width from approximately 0.5 meters to up to 11 meters.
The property is located in the Caopatina-Desmaraisville Sector of the Abitibi Greenstone Belt. It covers a portion of a major east-west fault zone, analogous to the Cadillac Break, separating clastic sedimentary rocks from a mafic to intermediate volcanic sequence. At least two sub-parallel east-northeast regional breaks, probably part of the same strong deformational corridor (up to 100 meters wide), appear to occur on the property. All the rocks observed from the drill core on the property appear to have been affected by the strong deformational episode and are locally carbonatized (calcite-ankerite). Westminer reported that anomalous gold values occur everywhere (in all holes) and that a high Au/Ag ratio typical of lode gold mineralization occurs.
West Point has purchased 100% interest in the MLS property from Junita Tedy Ashito for a cash consideration of $7,800 and paying 300,000 common shares of the Company and subject to a 2% NSR. Terms are subject to the approval of the TSX Venture Exchange.
The Company has decided not to proceed with the Ruby Range property option, and has returned the property to Rockhaven Resources Ltd. West Point will provide updates on its exploration plans in due course. Maps and further property information will be added to the Company’s website.
Glenn Griesbach, P.Geo, is related to the vendor and is the Qualified Person under NI 43-101 responsible for the technical content of this news release.
We seek Safe Harbor.
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
West Point Resources Inc.
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.
The information in these press releases is historical in nature, has not been updated, and is current only to the date indicated in the particular press release. This information may no longer be accurate and therefore you should not rely on the information contained in these press releases. To the extent permitted by law, Cannabix Technologies Inc. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission.