Waymar Announces the Completion of the Ground Geophysical Survey on the Anza Property
29 January 2011 - 10:44AM
Marketwired
Waymar Resources Ltd. ("Waymar" or the "Company") (TSX VENTURE:
WYM) is pleased to announce that Arce Geofisicos of Lima, Peru has
completed a 30 km orientation Pole-Pole Induced Polarization
("IP"), Resistivity and Magnetometry survey on the Anza property,
centred on La Pastorera volcanic massive sulphide ("VMS")
occurrence, during August and September 2010. The final
interpretation report was received from Ontario-based GeophysicsOne
in November 2010. The main purposes of the survey were to identify
any geophysical targets prospective for VMS mineralization,
characterize the geophysical response of the VMS occurrence and
surrounding host rocks and assess the likelihood that the larger
project area would be amenable to prospecting with helicopter-borne
electromagnetic ("EM") surveys.
A moderately strong (35mV/V), shallow, IP anomaly is centred
approximately 125m west of the VMS occurrence in an area which can
be interpreted as a fold repetition of the mine horizon. This
presents a high priority target although the possibility of
interference from nearby infrastructure cannot be ruled out. A
total of four other potential targets which were also identified,
three of which are considered high priority for follow up and one
which should be pursued only if similar, but stronger anomalies
located along strike yield encouraging results.
Electrical conditions appear favourable for airborne EM surveys.
However, at this time the cause of the anomalies is not known so a
decision regarding an airborne EM survey is deferred until
completion of the initial drill campaign.
Detailed geochemical surveys and geological mapping are in
progress and drill sites are being defined to start drilling in Q1
2011.
"We are pleased to have completed this first geophysical survey
on the core of the Anza property. Geochemistry and geological
mapping along the grid of the geophysics survey and in the
underground mine are well advanced and we look forward to start
drilling in the current quarter," said Pablo Marcet, President and
CEO.
For further details on the Anza property, please refer to the
technical report entitled "Waymar Resources Ltd. - Anza VMS
Project, Project No L00176, Geological and Exploration Review"
dated May, 2010 and prepared by Mr. C.J. Bargmann and Dr. I.M.
Platten on behalf of Snowden, available on SEDAR at
www.sedar.com.
Waymar Resources Ltd. is a Canadian mineral exploration company
with an option to acquire 100% interest in the Anza project located
in the west of the Antioquia Department in the Republic of
Colombia. Upon exercise of the option, the optionors will retain a
2% net smelter return royalty on that portion of the Anza property
governed by the Option Agreement, one-half of which may be
purchased by Waymar for a cash payment of US$1,000,000. Colombia is
a significant producer of gold, nickel, emeralds, petroleum and
natural gas as well as a leading producer of coal in Latin America.
Waymar also has 100% ownership of certain properties surrounding
Anza to cover district potential and is continually seeking
opportunities to acquire exploration properties. Waymar trades on
the TSX Venture Exchange under the symbol "WYM".
WAYMAR RESOURCES LTD.
Pablo Marcet, President & CEO
There has been insufficient exploration to define a mineral
resource at the Anza property to date, and it is uncertain if
further exploration will result in such targets being delineated as
a mineral resource. All scientific and technical information in
this press release has been prepared under the supervision of, and
verified by Mr. Peter Diorio, of GeophysicsOne Inc. a "qualified
person" within the meaning of National Instrument 43-101.
This press release may contain "forward looking statements" and
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as "plans", "expects", "estimates", "intends",
"anticipates" or "believes" or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might", or "will be taken", "occur", or "be achieved".
These forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of Waymar,
including, but not limited to, the impact of general economic
conditions, industry conditions, volatility of financial markets
and commodity prices, risks associated with the uncertainty of
exploration results and estimates, the uncertainty of obtaining
additional financing and exploration risk. Forward-looking
information is based on the reasonable assumptions, estimates,
intentions, analysis and opinions of Waymar made at the date that
such statements are made. Forward-looking information is subject to
known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or
achievements of Waymar to be materially different from those
expressed or implied by such forward-looking information, including
the risk factors disclosed elsewhere in Waymar's public disclosure.
Accordingly, readers should not place undue reliance on
forward-looking information. The forward-looking information
contained herein is presented for the purposes of assisting
investors in understanding Waymar's plans and objectives and may
not be appropriate for other purposes. Waymar does not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
Shares Outstanding: 33,801,420
Neither 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
Contacts: Waymar Resources Ltd. Investor Relations
1-778-373-0100 info@waymarresources.com
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