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NewWest Gold Corporation reports Phase One drilling results from Northumberland
NewWest Gold Corporation reports Phase One drilling results from Northumberland.
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\n\nLAKEWOOD, CO, Nov. 21 /CNW/ - NewWest Gold Corporation (TSX:NWG)\n(\"NewWest\" or \"the Company\") today announced the preliminary results of the\n2006 Phase One drilling program at the Northumberland project, located in Nye\nCounty, Nevada. These drill results were provided by the Company's joint\nventure partner, Newmont Mining Corporation (\"Newmont\"). The Phase One program\nis essentially complete and consisted of 37 reverse circulation (RC) and core\nholes drilled with a total footage of 27,570 feet. The purpose of the program\nwas four-fold: to determine if the conceptual pit at Northumberland could be\nexpanded, to establish the orientation and extent of the high-grade\nmineralization encountered in hole NN-5, to obtain core samples for\nmetallurgical and waste rock characterization and finally, to test the\nZiggurat anomaly on the western range front.\nHoles NN-50 and NUN-75 indicate significant mineralization in or near the\nnorth wall of a conceptual pit that may result in expansion of the pit, which\nwas developed internally by NewWest's partner, Newmont. Metallurgical testing\non core samples is in progress. Complete drill and assay results from the\nPhase One program, as well as a map of the drill-hole locations, are available\non the Company's website, www.newwestgold.com.\nNewWest's wholly owned subsidiary, Nevada Western Gold LLC (\"Nevada\nWestern\"), entered into a joint venture with Newmont on the Northumberland\nproject. Under the joint venture agreement terms, Newmont may earn a 60%\ninterest in the joint venture by completing $25 million in expenditures on the\nNorthumberland project by 2010. As of September 30, 2006, Newmont has spent\n$4.8 million at Northumberland. If Newmont fails to meet the expenditure\nrequirement, the joint venture will terminate and Nevada Western retains 100%\nof the project. In addition, Nevada Western retains a 3% net smelter return\nroyalty (NSR) on 100% of future gold production.\n\"We expect the results from drill holes NN-50 and NUN-75 to drive\nexpansion of the Northumberland conceptual pit to the north,\" said Steve\nAlfers, President and CEO. \"Offset hole NN-56 confirmed continuity of a lower\nzone of mineralization, which could increase the depth of the conceptual pit\nand potentially expand our resource estimate at Northumberland. Moreover, the\nPhase One pr...