East West Provides Exploration Update on Max Property, Drilling Resumes After Nickel Mineralization Identified-Norton-McFaulds Lake Area
East West Resource Corporation (“East West”) (TSX VENTURE: EWR) is pleased to announce that Northern Shield Resources Inc. (“Northern Shield”) (TSX VENTURE: NRN) has completed the first phase of drilling on the Max property with four holes drilled and a second phase of drilling has commenced. Northern Shield has the option to earn up to a 66% interest in the Max property by spending $3.5 million over four years. All three holes drilled on the main target at Max intersected a mafic-ultramafic intrusion composed of peridotite, olivine-gabbronorite and troctolite. Two of the drill-holes (08MX-01 and 02) intersected local concentrations of disseminated chalcopyrite (copper sulphide), pentlandite (nickel sulphide), millerite (nickel sulphide) and chromite over very short intervals (less than 1 m). Millerite is a very nickel-rich sulphide which generally forms from the remobilization of pentlandite. The location of the millerite suggests greater volumes of pentlandite may be located within the intrusion. The mineralized intersection in hole 08MX-02 is interesting in that only chalcopyrite and pentlandite were observed with none of the usual accompanying pyrrhotite (iron sulphide). If the EM anomaly currently being tested is of similar composition, it would be favourable to higher grade nickel-copper mineralization.
A fourth hole was drilled along a dyke that connects Max to Northern Shield’s Wabassi North Target. Numerous fragments of massive pyrrhotite were seen throughout the core of this hole suggesting possible massive sulphides at depth from which the sulphide fragments originate.
Less than one-third of the assays from the drilling at Max have been received to date. The assays report low grade nickel and copper mineralization with up to 0.26% Ni and 0.12% Cu. The mineralization occurs along strike from the strongest portion of an airborne EM anomaly and occurs near the contact of the ultramafic intrusion. Drilling has now resumed at Max to test this conductor.
Under Northern Shield’s option agreement with East West Resource Corporation, Northern Shield is the operator and manager of exploration. Northern Shield has the option to earn up to a 66% interest in the Max property by making $125,000 in option payments, issuing 650,000 shares and spending $3.5 million over four years.
The drill program is being overseen by Christine Vaillancourt, Northern Shield’s Chief Geologist, who is a Qualified Person under National Instrument 43-101.
Core samples were analysed by Accurassay laboratories in Thunder Bay, Ontario for Au, Pt, and Pd by Fire Assay with ICP finish and for base metals and other elements by four acid digestion and ICP finish.
Certain information regarding East West Resource Corporation contained herein may constitute forward looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although East West Resource Corporation believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. East West Resource Corporation cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what East West Resource Corporation currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.
ON BEHALF OF THE BOARD OF DIRECTORS
M.J. (Moe) Lavigne, President and CEO
THE TSX VENTURE EXCHANGE DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts: East West Resource Corporation M.J. (Moe) Lavigne President and CEO (807) 623-3824 (807) 623-0877 (FAX) Email: firstname.lastname@example.org Website: www.eastwestres.com
SOURCE: East West Resource Corporation