New Property Acquisition in Nevada
WALKER RIVER RESOURCES CORP.
SUITE 200 – 551 HOWE STREET VANCOUVER, BRITISH COLUMBIA, V6C 2C2 Telephone: (819) 874-0030 Facsimile: (604) 683-8605
Trading Symbol: WRR
NEWS RELEASE
NEW PROPERTY ACQUISITION IN NEVADA
Vancouver, B.C. April 8, 2013- Walker River Resources Corp. (“Walker” or the “Company”) (TSX- V: “WRR”) is pleased to announce that it has entered into binding letter of agreement with Hale Capital Partners of New York to purchase 100% of the Fondaway Canyon and Dixie-Comstock gold properties located in Churchill County, Nevada.
The Fondaway Canyon project consists of 148 claims located some 65 km NE of Fallon, Nevada with all year road access throughout the property. Gold-Tungsten mineralization was originally discovered on the project followed by limited tungsten production in the early 50`s. Minor sporadic gold production totalling approximately 8500 ounces from low grade surface heap leach operations was also reported.
Exploration consisted of RC and core drilling, as well as the construction of 100 meters of underground adit development to bulk sample the Half Moon sulphide vein, from which 500 tons of material grading 10.2 grams/ton gold were removed (Tenneco. 1990).
The currently drilled gold resources are primarily contained within a segment of the Paperweight and Half Moon veins some 400 meters in length to depth of 150 meters. These include Indicated resources of 390,636 tons with an average grade of 0.428 ounces per ton (13.37 grams per ton) and inferred resources of 372,849 tons with an average grade of 0.409 ounces per ton (12.8 grams per ton) for a total resource (indicated and inferred) of 319813 ounces. (Strachan NI 43-101 report Sept 2003)
Another mineralized system, the Hamburger Hill shear zone has been traced for over 1200 meters and with a width varying from 1.5 to 6 meters. The principal veins at Fondaway are situated within a 3500 meter long easterly trending belt that drilling has indicated is persistent from surface to a depth of 350 meters where it remains open. Two gold intercepts were encountered below the Tenneco adit along the Half Moon-Paperweight shear zone. Each of these zones is 3.5 meters in true thickness and returned assays of 7.03 grams per ton and 9.78 grams per ton at a vertical depth of 300 meters (Strachan 2003).
The Dixie-Comstock property is located in Churchill County, some 80 km Ne of Fallon and consists of 67 lode claims. The original project, referred to as the Dixie-Comstock Tungsten mine was discovered in 1934, where a 30 tpd mill was constructed. Activities came to a halt in 1942 (Nevada Bureau of Mines, Bull. 83, 1974).
Later exploration, including drilling, resulted in the discovery of three low grade surface gold mineralized zones. The project is composed mainly of the Stillwater gabbro with gold mineralization occurring within stockwork and hydrothermal breccias with intense silicification. Numerous faults occur on the property as evidenced by active hydrothermal vents.
Walker River Resources will acquire 100% of the projects by issuing 2.35 million common shares to Hale Capital Partners, both parties are preparing a final purchase agreement. Following completion of the transaction, Hale will own 14.88 % of Walker River.
This purchase agreement is subject to the acceptance of the TSX Venture Exchange. A finder`s fee will be payable in shares in accordance with TSX Venture Exchange rules and policies.
About Hale Capital Partners
Hale Capital Partners is based in New York City, Hale Capital Partners has established itself as a leading private equity firm focused on strategic investments in public companies and their subsidiaries. Hale Capital Partners’ team is comprised of seasoned private equity veterans and entrepreneurs, who bring not only deep domain expertise but also hands-on operating experience to help build highly successful companies. Hale Capital Partners’ mining portfolio spans all stages of mine development from exploration to commercial production.
Combined with the company`s Sleeper-Lapon Canyon project, the company now has an excellent portfolio of gold projects in Nevada.
The Sleeper-Lapon Canyon gold project consists of 19 leased claims and 17 lode claims, for a total of 36 claims (720 acres-292 hectares), situated about 60 kilometres south of Yerington, Nev., and is easily accessible by secondary roads from the main highway (25 kilometres). A power transmission line passes within three kilometres of the property. The Sleeper-Lapon Canyon project is located within the Walker Lane shear zone, a 100-kilometre-wide structural corridor extending in a southeast direction from Reno. The past-producing historic Comstock Lode silver/gold mine is located within this trend, as is the pastproducing Esmeralda/Aurora gold mine, with reported production of about 1.0 million ounces, which is located 30 kilometres southwest of the project.
Previous work began in 1907 with the discovery of vein-type gold mineralization on the Sleeper claims. Approximately 600 metres of underground drifts and adits were used to explore and access a series of vein-type structures. From 1914 to 1924, a two-stamp mill was erected, and limited production was reported. Further limited underground exploration was carried out, returning numerous assay values in the range of one ounce per ton, with a sample at the end of an adit returning 20.6 ounces per ton gold (Gruenwald, 1994, National Instrument 43-101 report dated Feb. 15, 2004, by Dr. J.H. Montgomery, PE eng, and N. Barr, BSc).
E. Gauthier,geol., Eng (OIQ), acts as the qualified person to the Company and has reviewed and approved the contents of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
“Michel David”
____________________________________ Michel David, Chief Executive Officer and Director
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.