Waymar Announces The Commencement Of A Ground Geophysical Survey On The Anzá Property
Waymar Resources Ltd. ("Waymar" or the "Company") (TSX Venture - WYM) is pleased to announce that the Company has commenced an Induced Polarization (IP), Resistivity and Magnetometry survey of 38 line-kilometres covering approximately 4 km2 of the Anzá property. The purposes of this orientation survey is to test the geophysical response of the known mineralization, to site drill targets and to help determine which methods may be effective in larger ground or airborne surveys covering the remaining property, which measures approximately 278 km2.
Waymar has entered into a contract with Arce Geofísicos SAC, a well known geophysical contractor from Perú, to carry out the work. Toronto-based GeophysicsOne Inc. will provide oversight and interpretation of the survey data. The survey will take approximately one month to complete, with a final report expected in November 2010.
"We are pleased to be able to move forward with this first geophysical survey on the Anzá property. Through this work we will gain more insight into the extent of the known mineralization and produce valuable data to define drilling targets. Additionally, we aim to define the best way to identify mineralized areas in the rest of the district," said Pablo Marcet, President and CEO.
Anzá is a massive sulphide deposit with high base and precious metal grades discovered in an operating gypsum mine. The project is located in a district of historic mine production and excellent infrastructure. A technical 43-101 study completed by Snowden in May 2010 yielded verification samples from two geological units ranging 4.39-16.26% Zn and 0.21-7.43 g/t Au (massive sulphide), and 0.41-14.74% Zn and 0.27-28.73 g/t Au (disseminated sulphide) in thicknesses of 5-15 metres with lateral continuity. The sulphide units at Anzá are exposed in the operating gypsum mine but have not yet been tested by drilling. For further details on the Anzá property, please refer to the technical report entitled "Waymar Resources Ltd. - Anzá 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 Anzá 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 Anzá 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 Anzá 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.
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Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource at the Anzá property to date, and it is uncertain if further exploration will result in such target 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 Dr. Simon Dominy, of Snowden Mining Industry Consultants Ltd, a "qualified person" within the meaning of National Instrument 43-101. This news release may contain forward-looking statements based on assumptions and judgments of management of Waymar regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, certain of which are beyond the control of Waymar, including, but not limited the impact of general economic conditions, industry conditions, risks associated with the uncertainty of exploration results and estimates, currency fluctuations and exploration risk. Waymar disclaims any intention or obligation to revise or update such statements except as may be required by law.