Windstorm Resources Inc. Completes First Year Option Payment on Caldera Gold Property
06.09.2011 | The Newswire
Sep 6th, 2011 (via Thenewswire.ca) - Windstorm Resources Inc. (TSX-V: WSR, FRA: 4WE, WKN: A1H700, “Windstorm“ or the “Company“) is pleased to announce that it has issued 100,000 common shares to Almaden Minerals Ltd. (TSX: AMM; AMEX: AAU - “Almaden“) pursuant to the option agreement with Almaden on its Caldera gold project located in Puebla State, Mexico.Windstorm has the right to earn up to a 60% interest in the Caldera project by issuing an aggregate of 1,000,000 shares to Almaden and completing $5,000,000 in exploration work over six years. During the first year of the option agreement, to keep the option agreement in good standing, Windstorm was required to issue 100,000 common shares within one year from the agreement date. The Company has exceeded the minimum work requirement of $150,000 to be spent during the first year of the agreement.
Following from the Phase I exploration, Windstorm is completing a detailed clay alteration study of the drill core using a portable X-ray spectrometer. It is hoped that the results of this study, combined with trace element geochemistry, will help vector towards a potential gold zone. With positive recommendations from this work, the Company will be considering a Phase II drill program.
The Caldera project is located 10 km from Almaden's Ixtaca Zone discovery on its Tuligtic property, where the discovery drill hole intersected 302.41 meters averaging 1.01 g/t gold and 48 g/t silver, including 1.67 meters averaging 60.66 g/t gold and 2112 g/t silver1. The Caldera property also has similarities to Almaden's Caballo Blanco property, located 150 km to the east and under option to Goldgroup Mining Inc. (“Goldgroup“). Goldgroup has announced a 43-101 compliant resource of 34.3 million tonnes averaging 0.60 g/t Au, containing 656,000 oz Au2.
About Windstorm Resources Inc.
Windstorm Resources is a new company focused on precious metals exploration in Mexico, led by an industry-renowned management team with technical expertise and market experience. Management continues to evaluate quality drill-ready prospects aiming to build an attractive portfolio of gold and silver projects offering multiple opportunities for discovery success. Windstorm is a member of the Grosso Group, a management company specializing in resource exploration for over 18 years.
ON BEHALF OF THE BOARD
“Gerald Carlson“
Dr. Gerald Carlson, President & CEO
For further information please contact:
Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058
Email: info@windstormresources.com
www.windstormresources.com
1 Almaden Minerals Ltd. - Press Release dated August 9, 2010
2 Goldgroup Mining Inc. - see www.goldgroupmining.com
The technical information contained in this release has been reviewed by Dr. Gerald Carlson, Ph.D., P.Eng., a Qualified Person as defined by National Instrument 43-101.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
