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Ticker Trax with Thom Calandra

Ticker Trax with Thom Calandra > Group's Default Discussion > WGR and your comments regarding the news release View modes: 
  • WGR and your comments regarding the news release

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    3.5 stars

    HI Thom.

    Hoping you can comment on WGR, as you wrote it up a few weeks back....

    Witwatersrand drills 118.3 cm of 2.17 g/t Au at DBM

    2011-04-13 10:59 ET - News Release

    Dr. Marc Watchorn reports


    Witwatersrand Consolidated Gold Resources Ltd. has completed two additional diamond drill holeson the eastern portion of the De Bron-Merriespruit South (DBM)project, near Virginia in the free-state goldfield of South Africa.Both of these boreholes intersected four superimposed reefs at shallowdepths of less than 750 metres below surface. Borehole results are tabulated.

    Borehole D10 Depth (m) Width (cm) Gold (g/t) Gold (cm.g/t) U3O8 (kg/t) U3O8 ( Reef     487.5      66.3      0.42           28      0.019          1.26KK Reef          488.1      57.3      0.67           38      0.027          1.56B Reef           499.8     102.3      1.89          194      0.032          3.28Leader Reef      535.5     103.0      2.04          211      0.144         14.80Borehole D11 Depth (m) Width (cm) Gold (g/t) Gold (cm.g/t) U3O8 (kg/t) U3O8 ( Reef     670.0      73.5      1.95          144      0.037          2.71KK Reef          671.6      83.4      1.95          162      0.004          0.29B Reef           681.0      96.7      0.22           22      0.012          1.17Leader Reef      721.6     118.3      2.17          256      0.307         36.37

    Commenting on the significance of these results, the company's chief executive officer, Dr.Marc Watchorn, said: "Although the gold grades intersected in theseboreholes were generally low, we are encouraged by the continuity ofreasonably wide zones of shallow gold mineralization to the east of ourprincipal DBM project. Furthermore, the presence of elevated uraniumgrades in the Leader Reef supports our intention to assess thepotential economic significance that uranium may play in the DBM area."

    In a press release in Stockwatch dated Feb. 22, 2011, Wits Goldannounced thecompletion of revised gold and uranium resource estimates for the DBMproject. These comprised indicated gold resources of 34.5 milliontonnes at 5.3 grams per tonne(5.9 million ounces) and indicated uranium resources of 17 Mt at 0.16kilogram per tonne U3O8 (6.1 million pounds). In addition, there areestimated inferred gold resources of25 Mt at 5.2 g/t (4.2 million ounces) and inferred uranium resources of11.9 Mt at0.14 kg/t (3.7 million pounds). These estimates were disclosed in WitsGold's filedNational Instrument 43-101-compliant and Samrec-compliant independenttechnical report dated April,2011, which can be viewed on SEDAR. A preliminary economic assessmenton financial benefit of exploitingthese mineral resources is expected to be completed in April, 2011.

    Exploration activities by Wits Gold at the DBM project have beenconducted under the supervision of Dirk Muntingh, the company'scompetent person and exploration manager. Mr. Muntingh (MSc, geology) isa registered PrSciNat with SACNASP and has 19 years of experience ingold exploration. Mr. Muntingh has reviewed and approved this newsrelease. Information concerning the geology, mineral occurrences,nature of mineralization, rock types, quality assurance and qualitycontrol measures applied, geological controls, sampling data,analytical testing procedures, names of analytical laboratories used,and the key assumptions, parameters and methods used in connection withexploration results disclosed herein is communicated in Wits Gold'sfiled NI 43-101-compliant and Samrec-compliant independent technical report datedApril, 2011, which can be viewed on SEDAR. The samples from boreholes D10 and D11 were analyzed using a 50-gram fireassay technique at Anglo Research, an ISO9001-accredited laboratory.

    We seek Safe Harbor.

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