WestMountain Completes Drilling Program at the Terra Gold Project in Alaska and Extends the Ben Vein Zone
Denver–(BUSINESS WIRE)– WestMountain Index Advisor, Inc. (“WestMountain”) (OTCBB-WMTN), an exploration and development company, today announced the completion of its 2011 drilling program at its flagship Terra Gold Project in Alaska. Four drill holes were completed that totaled 594 meters. A location map and core photos from WGC-11-35 are available at www.terraminingcorp.com.
The four drill holes have extended the Ben Vein 200 meters north of drilling formerly conducted by AngloGold Ashanti and International Tower Hill Mines. Drill hole WGC-11-34 and WGC-11-34A encountered quartz carbonate veins with arsenopyrite and pyrite in two zones from 117-119 meters and 134-140 meters. The lower zone had the distinctive sericite alteration of the Ben Vein zone. We collected 42 samples from the first zone and 23 samples were collected from the second zone. Quartz carbonate veins with arsenopyrite and pyrite were encountered in drill hole WGC-11-33 and 160 samples were collected from the drill hole.
Drill hole WGC-11-35 was drilled 100 meters north of WGC-11-34B and WGC-11-33. The drill hole encountered vein material with arsenopyrite and pyrite from 87 to 104 meters. A second zone was encountered from 123 to 128 meters with distinctive sericite alteration of the Ben Vein zone. The drill hole is currently being logged and sampled on site with a stringent quality control regime that includes standards and blanks in the sample stream.
Drill samples were collected from the HQ core and sent from the project to ALS Chemex process facilities. Assay results are pending and will be announced after the testing is completed.
The Company is focusing on the high-grade Ben Vein gold system, which has a resource potential of more than 1 million ounces of gold.
“We are excited that the drilling has identified the extension of the Ben Vein zone. This was the goal for this season’s drilling and makes the case for the Ben Vein having the potential to hold 1 million ounces of gold,” said Greg Schifrin, CEO.
The 2011 drill program targeted the north extension of the Ben Vein system that was previously drilled by AngloGold Ashanti (2005) and International Tower Hill (2006 and 2007). The NI 43-101 compliant estimated inferred resource was 428,000 tonnes at 12.2 g/t gold for resources of 168,000 ounces contained and 23.1 g/t silver for 318,000 ounces contained, at a cutoff grade of 5 g/t gold, in a vein system which remains open. The NI 43-101 will be updated this year after the drill assays have been complete.
International Tower Hill’s 2007 drill program included 12 holes that focused on defining continuity of the high-grade mineralization and developed the project's first resource in the Ben Vein zone, one of several vein systems identified at Terra. All 12 drill holes intersected the main Ben Vein as planned. These results, together with previous drill holes, have defined the Ben Vein system as being open along strike and at depth, with a minimum strike length of 400 meters and a depth of at least 350 meters. The mineralized vein varies in true width (using a 3 g/t cutoff grade) from 0.2 to 3.0 meters, averaging 1.0 meter with 19.8 g/t gold. The high-grade zone averages 1.3 meter in thickness with 23 g/t gold.
Surface work at Terra this summer focused on a large area of gold anomalies in stream sediment that have been collected on the property four miles south of the Ben Vein area. A total of 30 stream sediment samples were collected with results of up to 2.13 gram/tonne in the first group of 16 samples. There are 15 stream samples pending as well as over a hundred ridge and spur soil samples and surface rock sampling. The source of these gold anomalies is being pursued with the model of locating a large gold bearing intrusive system.
About WestMountain, Inc. / Terra Mining Corporation
WestMountain / Terra Mining Corporation is an exploration and development company that explores, acquires, and develops advanced stage properties. TMC has a high-grade gold system in the resource definition phase with 168,000 oz of inferred gold, which in total offers potential of greater than 1 million ounces. The property consists of 295 Alaska state mining claims covering approximately 205 square kilometers. All Government permits and reclamation plans for continued exploration through 2014 were renewed in 2010. Additional details are available at www.terraminingcorp.com.
Safe Harbor Statement
Some statements contained in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, therefore, involve uncertainties or risks that could cause actual results to differ materially. These statements may contain words such as "desires," "believes," "anticipates," "plans," "expects," "intends," "estimates" or similar expressions. These statements are not guarantees of the Company's future performance and are subject to risks, uncertainties and other important factors that could cause its actual performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Such statements include, but are not limited to, projections of gold reserves, assay results, plans to raise capital, expand the board, strengthen management and governance and develop gold projects. Additional information regarding factors that could cause results to differ materially from management's expectations is found in the Company’s SEC filings. The Company intends that the forward-looking statements contained herein be subject to the above-mentioned statutory safe harbors. Investors are cautioned not to rely on forward-looking statements. The Company disclaims any obligation to update forward-looking statements.
Chief Executive Officer