Proactiveinvestors USA & Canada Westridge Resources https://www.proactiveinvestors.com Proactiveinvestors USA & Canada Westridge Resources RSS feed en Thu, 18 Jul 2019 01:37:59 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Westridge Resources bulks up board with new appointment ]]> https://www.proactiveinvestors.com/companies/news/91008/westridge-resources-bulks-up-board-with-new-appointment-36992.html

Westridge Resources (CVE:WST) has appointed Gregory L. Myers as a director of the company, effective today. 

The company said Dr. Myers brings over 30 years of experience in "successful gold exploration", project evaluation, mine geology, resource estimation and project development. 

He was the exploration manager for Mexico for Phelps Dodge from 1990 to 1996, and then served as president and CEO for RAM Minerals from 1996 to 2000. 

Dr. Myers also worked in project development at the Tintya Mine in Peru for BHP Billiton, as VP business development for Pacific North West Capital, and is presently president, CEO and director of Caza Gold Corp.

With his experience in North and South America in both the major and junior mining sectors, his skills in managing projects, and his experience in developing resources and reserves, Westridge said he is expected to provide "strong support for the company's activities in Mexico and other Latin American countries."

"Dr. Myers' broad experience in the mining industry in North and South America is a welcome addition to the Westridge team, and the company's management and Board of Directors looks forward to his input as we continue to focus on adding value for our shareholders." said president and CEO, Peter Schulhof.

Last month, Westridge announced it revised the terms of the option to acquire the Charay gold project in Mexico. The revised terms eliminated the high monthly cash payments for a small portion of the property package, while maintaining approximately 96 per cent of the original property package, about 90 square kilometres. 

The company said at the time these changes allowed it to focus on the discovery and definition of high grade, epithermal gold mineralization on the remainder of the large property position, which surrounds the relinquished mineral concessions covering only around 4 per cent of the land holdings at the Charay gold project. 

The Canadian explorer has an option to acquire up to a 100 per cent interest in the Charay gold/silver project, located in Sinaloa State, Mexico.

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Tue, 06 Nov 2012 14:54:00 -0500 https://www.proactiveinvestors.com/companies/news/91008/westridge-resources-bulks-up-board-with-new-appointment-36992.html
<![CDATA[News - Westridge Resources revises terms for Charay Gold Project in Mexico ]]> https://www.proactiveinvestors.com/companies/news/90111/westridge-resources-revises-terms-for-charay-gold-project-in-mexico-35520.html

Westridge Resources (CVE:WST) Wednesday announced it has revised the terms of the option to acquire the Charay Gold Project in Mexico.

The revised terms eliminate the high monthly cash payments for a small portion of the property package, while maintaining approximately 96 per cent of the original property package, about 90 square kilometres. 

These changes will allow the company to focus on discovery and definition of high grade, epithermal gold mineralization on the remainder of the large property position, which surrounds the relinquished mineral concessions covering only approximately 4 per cent of the land holdings at the Charay Gold Project. 

"Westridge will continue to explore the large and highly prospective Charay land package for high grade epithermal gold mineralization," Westridge CEO Peter Schulhof said. 

"We know from our drill results that this system can produce high gold grades. Our drilling and surface exploration programs have identified multiple high grade gold veins and an extensive area of high grade gold mineralization at Charay. 

"The larger property has received very little exploration, and we believe there is excellent potential for the discovery of additional high grade gold mineralization on the larger land package. We look forward to continuing to explore this epithermal gold system.

"The company also continues to examine other exploration and more advanced gold projects in the Americas. We have a great geological team that is focused on building shareholder value through the identification, acquisition and definition of high quality gold projects."

Westridge also continues to maintain agreements that provide for surface rights and access over the entire Charay Gold Project, including the mineral concessions that have been relinquished under the revised terms of the option agreement.

The revised option agreement covering properties at Charay was made among the company, its wholly-owned subsidiary, Minera Westridge S.A. de C.V., Musgrove Minerals (CVE:MGS), Musgrove's wholly-owned subsidiary, Minerales Jazz S.A. de C.V., Tektite Financial and Tektite's wholly-owned subsidiary, Jaznico Exploraciones S.A. de C.V.

The company has terminated the option on approximately 4 per cent of the land holdings at Charay and will focus further exploration on the Jazzy mineral concession. 

The Jazzy mineral concession comprises approximately 96 per cent of the company's land position at Charay.  

"With the revised option the company reduces the carrying costs of the Charay project by approximately 90 per cent and maintains the potential for further discovery of high grade, epithermal gold mineralization on the remaining property," Schulhof added.

Under the revised terms of the option agreement, the company has the exclusive right and option to acquire a 100 per cent interest in the Jazzy mineral concession by paying an aggregate of $210,000 to Musgrove and Tektite over three years.

In addition, the company will issue to Musgrove and Tektite an aggregate of 450,000 common shares in the capital of the company over a two-year period.  

Westridge has also agreed to fund an aggregate of $1.3 million in exploration expenditures on the Jazzy mineral concession by the fourth anniversary of the option agreement.

Under the terms of the option agreement, the Jazzy mineral concession will be subject to an aggregate 2 per cent net smelter returns royalty payable to Tektite and Musgrove upon commencement of commercial production on the property.

The completion of the option is subject to the approval of the TSX Venture Exchange.

Westridge Resources is a Canadian-based mineral exploration company focused on the acquisition, evaluation and exploration of mineral resource properties. Westridge has an option to acquire up to a 100 per cent interest in the Charay Gold/Silver Project, located in Sinaloa State, Mexico.

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Wed, 03 Oct 2012 12:49:00 -0400 https://www.proactiveinvestors.com/companies/news/90111/westridge-resources-revises-terms-for-charay-gold-project-in-mexico-35520.html
<![CDATA[News - Westridge plans next phase drilling at Charay project ]]> https://www.proactiveinvestors.com/companies/news/87415/westridge-plans-next-phase-drilling-at-charay-project-31124.html Westridge Resources (CVE:WST), a mineral explorer, said it plans to drill a near surface high-grade gold oxide zone at its Charay project in Sinaloa State, Mexico.
 
The Vancouver, British Columbia-based company also said on Wednesday that it is working toward near term development and production.

Westridge’s next phase drill and sampling on the Charay project aims to define a compliant NI 43 101 resource in the high grade El Padre vein system in the not too distant future.

"Gold mineralization at Charay is high grade, oxide and close to the surface," Westridge chief executive Peter Schulhof said.

"Our hope is that the results from this planned program will allow us to work towards our objective of small scale production at Charay in the near future.

"We also look forward to continue to explore and define the full potential of this exciting and largely unexplored gold system," he added.

The next round of drilling will focus on infill drilling to provide sufficient information to support NI 43-101 compliant resources on the El Padre vein and adjoining veins.

Additional drilling will address surface concentrations of veins, identified by surface sampling and trenching, that may present targets for possible open pit oxide resources.

Late last month, the mineral explorer announced the cumulative strike length of all mineralized vein structures at Charay reached 4,000 metres versus the 250 metres when the project was acquired.

The company said through on-going interpretation of drilling, geological mapping, trenching and sampling results it was able to raise the strike length of the project as it continues to identify new epithermal veins.

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Wed, 27 Jun 2012 14:22:00 -0400 https://www.proactiveinvestors.com/companies/news/87415/westridge-plans-next-phase-drilling-at-charay-project-31124.html
<![CDATA[News - Westridge finds more epithermal veins at Charay project, extends strike length to 4,000m ]]> https://www.proactiveinvestors.com/companies/news/86571/westridge-finds-more-epithermal-veins-at-charay-project-extends-strike-length-to-4000m-29758.html Westridge Resources (CVE:WST) said Tuesday that the cumulative strike length of all mineralized vein structures on its Charay project in Mexico is now about 4,000 metres, compared to 250 metres when the project was acquired.

The company said that through ongoing interpretation of the results of drilling, geological mapping, trenching and sampling, it was able to increase the strike length of the project as it continues to identify new epithermal veins.

Westridge noted that two main geological units have been identified at Charay, an upper volcaniclastic unit and a lower andesite flow unit.

The high-grade veins exposed at the surface and cut by drilling occur within the deeper, andesite flow sequence, said the company.

Westridge added that where the veins enter the overlying volcaniclastic rocks, they become wide zones of silicification, clay alteration and lower-grade gold-silver mineralization.

"The geological relationships suggest that the overlying volcaniclastic rocks acted as a cap to the mineralization at Charay," said Westridge’s chief geologist John Dreier.

"The contact between the two units dips at a shallow angle to the north and northwest. This suggests that the best gold and silver values in the extensions of the El Padre vein system to the northeast and southwest lie at moderate depth in the underlying andesite flows."

Dreier said that the company’s geology indicates that the favorable andesite flow unit will be present at shallow depths to the north and northwest, “with strong exploration potential for the discovery of new, wide vein zones both there and elsewhere on the property."

In late April, the company said that drilling at its Charay project in Mexico extended high grades in the El Padre Vein to depths of around 150 metres down dip.

The extension of high grades to depths of around 150 metres down dip within the El Padre Vein was seen in hole 12-31, which returned an assay of 2.4 metres at 10.15 g/t gold. This included 1.4 metres at 15.25 g/t gold and 127 g/t silver, showing high grades intersected well below previous shallower drilling, the company said.

The junior miner said drilling had also intersected high grade veins not previously known, with drill hole 12-28. This hole intersected the El Padre vein and three hanging wall veins, the highest of which returned 1.0 metres at 20.6 grams per tonne (g/t) gold, followed by a second vein of 1.2 metres at 9.56 g/t gold and greater than 100 g/t silver.

Westridge CEO Peter Schulhof said the company has explored less than one percent of its land package at Charay.

“We consistently continue to identify new veins, and the drilling has clearly indicated the potential for the veins toexpand into wider vein zones. We look forward to our next drill program and exploring the full property package at Charay."

Indeed, the company said that aside from surface samples northeast of Tiro Barraza, anomalous gold values have also been seen in a vein structure roughly 400 metres southeast of the main El Padre vein, but due to poor outcrop and exposure, the true width represented by these samples was not well understood.

Westridge has an option to acquire up to a 100 percent interest in the Charay gold-silver project, located in Sinaloa State, Mexico. The relatively new company has maintained investor support since it emerged in 2010, largely due to the management and the successes at its flagship project.

The company says that significant cost advantages are associated with the Charay project due to mineralization at surface, ease of access and "excellent infrastructure" that currently exists on or very nearby the property.

The property is comprised of five concessions totaling 11,000 hectares close to railroads, trans-continental power lines and large water sources. It is just 15 minutes away from two major four-lane highways, and power and water are already on site and it is easily accessible by road.

With only 15 million shares outstanding, Westridge has a market capitalization of C$9 million.

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Tue, 29 May 2012 10:56:00 -0400 https://www.proactiveinvestors.com/companies/news/86571/westridge-finds-more-epithermal-veins-at-charay-project-extends-strike-length-to-4000m-29758.html
<![CDATA[News - Westridge Resources extends high grade El Padre vein to 150 metres down dip ]]> https://www.proactiveinvestors.com/companies/news/85646/westridge-resources-extends-high-grade-el-padre-vein-to-150-metres-down-dip--28196.html Westridge Resources (CVE:WST) said Wednesday that drilling at its Charay project in Mexico extended high grades in the El Padre Vein to depths of around 150 metres down dip.

The junior miner said drilling has also intersected high grade veins not previously known, with drill hole 12-28. This hole intersected the El Padre vein and three hanging wall veins, the highest of which returned 1.0 metres at 20.6 grams per tonne (g/t) gold, followed by a second vein of 1.2 metres at 9.56 g/t gold and greater than 100 g/t silver.

"These veins were not known prior to this round of drilling and clearly indicate high grade potential in numerous veins sub parallel to the El Padre Vein," said chief geologist, Dr. John Dreier.

The extension of high grades to depths of around 150 metres down dip within the El Padre Vein was seen in hole 12-31, which returned an assay of 2.4 metres at 10.15 g/t gold. This included 1.4 metres at 15.25 g/t gold and 127 g/t silver, showing high grades intersected well below previous shallower drilling, the company said.

"These grade intervals all represent grade-thickness, values well above cutoff grades in many Mexican underground gold-silver mines. Our drilling has shown high grades in the El Padre Vein to approximately 150 meters down dip, three times the depth previously known," continued Dreier.

The company's surface sampling has indicated a cumulative strike length of mineralized veins to about 3,000 metres, more than ten times the strike length known when Westridge began exploring the property.

"With each step of our exploration, this district simply continues to get larger and respond with high grade results," said board member Robert Barker.

"We continue to intersect high grades in newly discovered veins. Our surface sampling has identified values in veins of up to 12.5 gpt Au, including 8.3 gpt Au in a vein approximately 600 meters along strike and northeast of the Tiro Barraza shaft.

"We are particularly pleased with the widths of some of the vein structures, namely the 3.25m intersection of the El Padre Vein in drill hole 12-32, including 1.0m at 7.68 gpt Au.

"This is very encouraging, particularly when coupled with a previously reported intersection in our due diligence drilling of 9.8m at 18.78 gpt Au."

Barker further said the company is eager to initiate a large, more aggressive drill program to properly test the large number of targets in the growing gold system. So far, Westridge has explored far less than one percent of the 105 square kilometre property package, it said.

Indeed, the company said that aside from surface samples northeast of Tiro Barraza, anomalous gold values were also seen in a vein structure roughly 400 metres southeast of the main El Padre vein, but due to poor outcrop and exposure, the true width represented by these samples was not well understood.

Subject to a financing, the company's upcoming drill program will include, mapping and trenching to continue to define the veins on the surface, and geochemical sampling to prioritize the potential drill targets and to identify additional mineralized structures on the property.

The company said in a statement that management believes there is "excellent potential" for the discovery of new epithermal gold-silver veins elsewhere on the property, as proven by the finding of additional quartz veins that have not yet been mapped or sampled.

Westridge has an option to acquire up to a 100 percent interest in the Charay gold-silver project, located in Sinaloa State, Mexico. The relatively new company has maintained investor support since it emerged in 2010, largely due to the management and the successes at its flagship project.

President and CEO Peter Schulhof has over 10 years in small cap junior mining companies, coupled with over 30 years of experience in the start up, management and financing of public and private companies.

The company says that significant cost advantages are associated with the Charay project due to mineralization at surface, ease of access and "excellent infrastructure" that currently exists on or very nearby the property.

The property is comprised of five concessions totaling 11,000 hectares close to railroads, trans-continental power lines and large water sources. It is just 15 minutes away from two major four-lane highways, and power and water are already on site and it is easily accessible by road.

With only 15 million shares outstanding, Westridge has a market capitalization of C$9 million - leaving oodles of upside potential in the share price if the company continues to hit mineralization.

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Wed, 25 Apr 2012 11:26:00 -0400 https://www.proactiveinvestors.com/companies/news/85646/westridge-resources-extends-high-grade-el-padre-vein-to-150-metres-down-dip--28196.html
<![CDATA[News - Westridge Resources: The Midas Touch ]]> https://www.proactiveinvestors.com/companies/news/85550/westridge-resources-the-midas-touch-28034.html

Junior mineral exploration and development company Westridge Resources (TSX.V:WST) has market watchers on the edge of their seats waiting to see what its “golden touch” will produce next.

The relatively new company has maintained investor support since it emerged in 2010, largely due to the management and the successes at its flagship Charay project in Mexico.

Westridge came on the market just two years ago, with an IPO of 25 cents per share. Fast forward to today; where the company’s shares are trading at 2.5x that price throughout all these turbulent market conditions. This is certainly an testament to the strength of the company. 

Attributable to many factors, at the forefront of its success is the company’s management team, which boasts over 90 years of combined experience in the field – much of it in South America and Mexico.

President and CEO Peter Schulhof has over 10 years in small cap junior mining companies, coupled with over 30 years of experience in the start up, management and financing of public and private companies.

Leading the board of directors is Chairman Bill Radvak, a mining engineer who joined the team in January.

Radvak brings 25 years experience in the start-up, management and financing of public companies with him. He started as president and CEO at American Vanadium in March 2010, and has since overseen the company’s flagship Gibellini vanadium project outside of Eureka, Nev., which is slated to begin production in 2012. 

He is expected to assist Schulhof with some of the heavy lifting during the financing stages, and brings development experience.

Among the experienced team at Westridge is director Richard Barclay, who along with being the co-founder of Eldorado Gold and Bema Gold, brings 35 years of leadership in highly successful exploration and development companies in the mining sector.

With all the experience the Westridge management brings to the table, it was almost inevitable that the Charay project should yield positive results.

Located approximately 40 minutes by car northeast of Los Mochis, an ocean-side city in the State of Sinaloa, Mexico, the Charay project hosts a high-grade epithermal gold/silver vein system that has shown indications for the potential of a significant resource. 

Currently, Westridge has a program underway to explore the property, and the company says that significant cost advantages are associated with the Charay project due to mineralization at surface, ease of access and excellent infrastructure that currently exists on or very nearby the property. 

The property is comprised of five concessions totaling 11,000 hectares close to railroads, trans-continental power lines and large water sources. It is just 15 minutes away from two major four-lane highways, power and water are already on site and it is easily accessible by ro.

Westridge has also previously reported that the veins at Charay typically come in parallel groups, and have the potential for deeper-gold mineralization that could establish underground mining potential.

The drilling program on the Charay project began in the first quarter of 2012. Its most recent results, published in early March, revealed that it had found several new epithermal veins south of the main El Padre Vein at the Charay project.

This field work is being conducted at the same time as a diamond drill program at the project.

"Our mapping and trenching program has now demonstrated that the total, cumulative strike length of all vein features identified and inferred on the property is now reaching a total of 3,000 meters, more than ten times the strike length previously identified for the El Padre Vein," said president and CEO, Peter Schulhof, in March.

"Worth noting is that we have explored far less than one percent of our 105 square kilometer Charay Project and we expect surface work to continue to identify more vein targets on the property."

The company’s drilling program is designed to extend and expand the zone of gold and silver mineralization defined by previous drilling on the El Padre vein both to depth and along strike. 

Previously a drilling program consisted of 20 holes to a depth of approximately 50 meters below the surface and approximately 250 meters along the strike of the El Padre vein. 

Three twin holes were completed in July 2011 to confirm the earlier drilling. 

Westridge was able to confirm the presence of bonanza grade gold and silver in the El Padre vein system (0.75m at 204.0 gpt Au and 445 gpt Ag) and potential for longer intervals of high grade (9.8m at 18.78 gpt Au). 

One drill hole also indicated potential for multiple vein intersections, with a second interval of gold mineralization below the interpreted intersection of the El Padre vein. 

Westridge said it will continue to pursue equity financing as the operation moves forward. 

With only 15 million shares outstanding, Westridge has a market capitalization of C$9 million - leaving oodles of upside potential in the share price if the company continues to hit mineralization.

Westridge’s commitment to creating strong ties with the communities around Los Mochis and Charay has also been a deciding factor in the company’s great performance thus far.

The company has noted that its ground-level managers, including both head geologists, are all fluent Spanish speakers, and Westridge has hired regional geological and public-relations staff to help with the transition into the area.

So it would seem that Westridge has all the ingredients it needs for success, and less than two years after its arrival on the market, it has instilled confidence in investors and continues to move in the right direction.

All eyes are on Westridge.

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Fri, 20 Apr 2012 16:39:00 -0400 https://www.proactiveinvestors.com/companies/news/85550/westridge-resources-the-midas-touch-28034.html