Mar 5 2011
Gold World Resources Inc. (GDW-TSX Venture) has announced that, further to its press release dated December 20, 2010, it has signed a definitive Option Agreement with prospectors Larry Bratvold and Kenneth Wilbern of Norseman Exploration.
The Company may earn 100% of all rights and title to the Mount Anderson Yukon gold /silver, poly-metallic property (the "Property") over a 3 year period provided it expends $1.5M on exploration on the Property, pays an aggregate cash sum of $415,000 and issues an aggregate of 1,750,000 shares to be made at defined intervals to the Prospectors. The Company's confidence in the Mount Anderson property is supported by the fact that the Prospectors chose to receive a 20% net proceeds royalty from a 1000t bulk sampling program required for the feasibility study and NI43-101 compliance over a substantial cash payment. Upon commercial production a 2% NSR is payable with a buy back to 1% NSR for $1M.
Upon receipt of regulatory approval of the option agreement, the Company makes a cash payment of $35,000 and will issue 500,000 of Gold World Resources' shares to the Prospectors.
Mr. Robert Osborne of OLGS, a division of Osborne Laterite Geology Service Inc. conducted a due diligence to assess the exploration potential of the Mount Anderson property which comprises
- 54 active, in good-standing, claims covering some 2790 acres (1130 hectares)
- Adjacent to New Pacific Metals' Corp. "Tagish Lake Gold Project"
- Located within the geological framework of the Tintina Gold Province in the south west Yukon Territory.
The information that has been reviewed includes Assessment Reports (open file and confidential), and other papers in the public domain.
In his conclusion of the findings Mr. Osborne states: "The information provides a reasonable basis to pursue this
- Excellent opportunity to discover
- One or more deposits of significant value in the area of the claims;
- The Mount Anderson Project does offer excellent potential to host gold, silver and base metal (zinc, lead, copper) mineralization in favorable lithologies, structures and alteration zones that only partially have been mapped and sampled by various workers during the history of episodic exploration on the property;
- Following some refurbishment of adits and detailed geological assessment on the property, the opportunity exists for bulk sampling and realizing some early cash flow from high-grade direct shipping material* while conducting further detailed exploration.(there has not been a feasibility study completed and there is no certainty such an operation would be economically viable).
- The documentation of the adjacent properties indicates that the multiple styles of structure, alteration and mineralization on the Mount Anderson Project claims are not unique but do share similarities on Talley Ho Mountain (Ag-Au-Pb) to the east, to the Mt Skukum area Au-Ag +/-(Sb-Zn-Cu-Pb) properties to the west and to other nearby claims to the south.
- From the documentation that is available it is clear that multi-episodic structural and mineralizing events have occurred on the neighbouring properties and also on the Mount Anderson Project property.
- This is evident in the skarn, mesothermal and epithermal styles of mineralization occurring in zones enhanced or overprinted by structure and alteration of more than one episode. The extent of the structures, alteration and mineralization laterally and at depth has not been fully tested on the Mount Anderson Project property. There are promising opportunities for further focused exploration".
1) Adit Zone: 1200 meter long gold/silver vein; 5 historic adits located between 4710 ft and 5150 ft elevation. The statistical values of the chip and grab samples collected from the target veins areas of Mount Anderson during the 2008-2009 work and reported in the submissions in Assessment Reports by Larry Bratvold. Based on the limited sampling, the median values are likely more reliable than the average values as a result of the small population of samples and the skewed distribution (as expected) especially of gold values.
2) Ridge Zone: Rhyolite dyke swarm with gold float returning 6.2 oz/t gold and 15.21 oz/t silver
3) Rob Scarn: 16 meter wide exposure of copper, gold, zinc mineralization identified within 600 meter long soil anomaly
4) Fleming Scarn: Two zones of iron rich copper, gold mineralization outcropping 800 meters apart on strike. The statistical values of the chip and grab samples collected from the target areas of the Fleming Scarn prospect during the 2007-2009 work and submissions in Assessment Reports by Larry Bratvold. Values without the "%" are in PPM.
5) Adanac Zone: Historic information: 15 meter trenched gold vein averaging 2 oz/t gold and 50 oz/t silver. 2008-2009 work: Chip and grab samples collected from the target veins areas of Mount Anderson (see Adit Zone)
6) Epi Zone: 100 meter outcrop of epithermal quartz agate fluorite vein.
Source: Gold World Resources Inc.