TSX-V: WLR
Frankfurt: 6YL
Walker Lane Resources Ltd. (TSXV: WLR,OTC:CMCXF) (Frankfurt: 6YL); ‘Walker Lane’) is pleased to announce that Precision Geosurveys Inc. has been contracted to complete an airborne total magnetic field and radiometric survey on its Tule canyon Project located in the prolific Walker Lane Gold Trend.
Precision Geosurveys Inc. of Reno, NV and Langley, BC will commence the airborne survey in the next few days following completion of ongoing surveys by Precision in the Tonopah area of west central Nevada. A total of 212 line-kilometers will be flown along lines spaced 100 meters apart, 30 meters above ground level. The results are anticipated to be useful in mapping the complex altered volcanic stratigraphy present on the property and to contribute information that will further pinpoint proposed drill targets on the property.
Mr. Kevin Brewer, P.Geo President and CEO of Walker Lane Resources Ltd. noted that ‘We are very excited to be commencing exploration at the Tule Canyon project. We thank Silver Range Resources for helping to coordinate this work. Their efforts are testimony to our shared belief that Tule Canyon holds significant promise. We look forward to soon being able to confirm a drilling program for this project in the near future.’
About the Tule Canyon Property
The Tule Canyon Property sits astride a prominent deflection in the regional magnetic field associated with the underlying Sylvania Pluton. High grade gold and silver mineralization in the district is localized along this feature. The principal objectives of the survey will be to accurately map this deflection and to locate second order anomalies which may be associated with structurally controlled precious metal mineralization.
The Tule Canyon Property is 95 km south of Tonopah and 80 km northwest of Beatty near the Nevada–California border. Mineralization on the property occurs along a 5-kilometre-long trend coincident with a major structural inflection in the Sylvania Pluton mapped by regional aeromagnetic surveys. Gold and silver mineralization is hosted in numerous quartz veins with mesothermal textures. Precious metals are associated with hematite, pyrite, yellow plumbo-jarosite or similar lead oxides, rare galena and copper oxides. The western end of the trend covering the Ingall’s Vein and the China Doll zones are silver-dominant with mineralization returning up to 4,320 g/t Ag and up to 31.8 g/t Au. The eastern end of the trend is gold-dominant with assays up to 37.3 g/t Au at surface and 27.6 g/t Au underground. Silver assays from material collected in this eastern area range up to 183 g/t Ag.
Mining in Tule Canyon dates from prior to 1848 when Mexican placer miners first began work in the area. Hard rock mining on the property dates from the 1890’s at the Dark Secret Mine. Mining at the nearby Eastside Mine and the Ingalls Vein occurred during the late 1900’s with a small heap leach operation constructed at the latter property.
A small open pit mining operated at the Dark Secret Mine during the 1980’s and reportedly shipped material to Goldfield for processing. In the pit, coalescing veins appear to form a bulk tonnage target. A chip-trench sample across the bottom of the pit returned 40 m @ 0.469 g/t Au including 20 m @ 0.695 g/t Au. Grab samples of vein material in the pit returned up to 14.1 g/t Au. Despite the past history of mining and high-grade surface mineralization on the property, there is little evidence of modern exploration activity and no known drilling.
A video presentation describing results to date at Tule Canyon is available on Silver Range’s website at www.silverrangeresources.com and further information is also available on the Company website at www.walkerlaneresources.com.
Note: Technical information in this news release has been approved by Kevin Brewer, P.Geo who relied on information provided to him by Silver Range Resources Ltd. and information in the public domain. Historical information cited in this news release was obtained from Nevada Bureau of Mines and Geology district files and from historical publications. Investors should be cautioned that this information has not been independently verified by the Company.
About Walker Lane Resources Ltd.
Walker Lane Resources Ltd. is a growth-stage exploration company focused on the exploration of high-grade gold, silver and polymetallic deposits in the Walker Lane Gold Trend District in Nevada and the Rancheria Silver District in Yukon/B.C. and other property assets in Yukon. The Company intends to initiate an aggressive exploration program to advance the Tule Canyon (Walker Lane, Nevada) and Amy (Rancheria Silver District, B.C.) projects through drilling programs with the aim of achieving resource definition in the near future.
On behalf of the Board:
‘Kevin Brewer’
Kevin Brewer, President, CEO and Director
Walker Lane Resources Ltd.
Cautionary and Forward Looking Statements
This press release and related figures, contain certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words ‘anticipate’, ‘plans’, ‘continue’, ‘estimate’, ‘expect’, ‘may’, ‘will’, ‘project’, ‘predict’, ‘potential’, ‘should’, ‘believe’ ‘targeted’, ‘can’, ‘anticipates’, ‘intends’, ‘likely’, ‘should’, ‘could’ or grammatical variations thereof and similar expressions is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These statements speak only as of the date of this presentation. These forward-looking statements include, but are not limited to, statements concerning: our strategy and priorities including certain statements included in this presentation are forward-looking statements within the meaning of Canadian securities laws, including statements regarding the Tule Canyon, Cambridge, Silver Mountain, and Shamrock Properties in Nevada (USA), and its properties including Silverknife and Amy properties in British Columbia, the Silver Hart, Blue Heaven and Logjam properties in Yukon all of which now comprise the mineral property assets of WLR. WLR has assumed other assets of CMC Metals Ltd. including common share holdings of North Bay Resources Inc. (OTC-US: NBRI) and all conditions and agreements pertaining to the sale of the Bishop mill gold processing facility and remain subject to the condition of the option of the Silverknife property with Coeur Mining Inc. (TSX:CDE). These forward-looking statements reflect the Company’s current beliefs and are based on information currently available to the Company and assumptions the Company believes are reasonable. The Company has made various assumptions, including, among others, that: the historical information related to the Company’s properties is reliable; the Company’s operations are not disrupted or delayed by unusual geological or technical problems; the Company has the ability to explore the Company’s properties; the Company will be able to raise any necessary additional capital on reasonable terms to execute its business plan; the Company’s current corporate activities will proceed as expected; general business and economic conditions will not change in a material adverse manner; and budgeted costs and expenditures are and will continue to be accurate.
Actual results and developments may differ materially from results and developments discussed in the forward-looking statements as they are subject to a number of significant risks and uncertainties, including: public health threats; fluctuations in metals prices, price of consumed commodities and currency markets; future profitability of mining operations; access to personnel; results of exploration and development activities, accuracy of technical information; risks related to ownership of properties; risks related to mining operations; risks related to mineral resource figures being estimates based on interpretations and assumptions which may result in less mineral production under actual conditions than is currently anticipated; the interpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; changes in operating expenses; changes in general market and industry conditions; changes in legal or regulatory requirements; other risk factors set out in this presentation; and other risk factors set out in the Company’s public disclosure documents. Although the Company has attempted to identify significant risks and uncertainties that could cause actual results to differ materially, there may be other risks that cause results not to be as anticipated, estimated or intended. Certain of these risks and uncertainties are beyond the Company’s control. Consequently, all of the forward-looking statements are qualified by these cautionary statements, and there can be no assurances that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences or benefits to, or effect on, the Company.
The information contained in this presentation is derived from management of the Company and otherwise from publicly available information and does not purport to contain all of the information that an investor may desire to have in evaluating the Company. The information has not been independently verified, may prove to be imprecise, and is subject to material updating, revision and further amendment. While management is not aware of any misstatements regarding any industry data presented herein, no representation or warranty, express or implied, is made or given by or on behalf of the Company as to the accuracy, completeness or fairness of the information or opinions contained in this presentation and no responsibility or liability is accepted by any person for such information or opinions. The forward-looking statements and information in this presentation speak only as of the date of this presentation and the Company assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law. Although the Company believes that the expectations reflected in the forward-looking statements and information are reasonable, there can be no assurance that such expectations will prove to be correct. Because of the risks, uncertainties and assumptions contained herein, prospective investors should not read forward-looking information as guarantees of future performance or results and should not place undue reliance on forward-looking information. Nothing in this presentation is, or should be relied upon as, a promise or representation as to the future. To the extent any forward-looking statement in this presentation constitutes ‘future-oriented financial information’ or ‘financial outlooks’ within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated market penetration and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to the risks set out above. The Company’s actual financial position and results of operations may differ materially from management’s current expectations and, as a result, the Company’s revenue and expenses. The Company’s financial projections were not prepared with a view toward compliance with published guidelines of International Financial Reporting Standards and have not been examined, reviewed or compiled by the Company’s accountants or auditors. The Company’s financial projections represent management’s estimates as of the dates indicated thereon.
SOURCE Walker Lane Resources Ltd
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