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Canadian Company Spotlight
|
Westminster Resources Ltd. Website:
Click Here |
Information As Of
October 7,
2009 |
| Exchange:
TSX-Venture |
Market Cap:
$7.4 Million |
| Outstanding Shares:
27.5
Million |
52 Low / High:
$0.15
/ $0.39 |
|
Price
October 7,
2009:
$0.27 |
WMR Stock Quote and News:
Click Here |
"On
October 7, the Company announced additional analytical results
for core hole MWN 09-05 drilled at the Yori porphyry target.
The hole encountered drill problems the first time around in
the summer of '09 but when abandoned had ended in sulphide
mineralization with the final 0.35 meters initially reported
(No.WMR 09-11) as grading 0.76% copper and "over limit" silver
(greater than 10g/t). The "over limit" assaying that was
subsequently performed by ACME Labs has now determined that
the final interval grades were 720 gm/mt silver (23.15 ounces
per mt) using fire assay for Silver by gravimetric methods."
Overview
Westminster is a new resource exploration
company focused on acquisition of premier mineral properties
in Mexico. Growth opportunities are fast tracked using “state
of the art” mineral exploration methods leading to aggressive
drilling and potential resource definition. The management
team has demonstrated the ability to advance early stage
exploration prospects to development assets. This team is the
nucleus of a group that has over the past decade raised in
excess of $100,000,000 in exploration funding.
Investment
Highlights
-
Mostly Undiscovered Mineral Potential. Estimates state that over
85% of Mexico’s mineral reserves are untouched. USGS expert
analyses suggest that many world class copper porphyry
deposits are yet to be discovered. MWMR has acquired a newly
recognized and unexplored copper –gold porphyry district
(20kmX 10km).
-
Influential Management Team. This
Company's management team is the
nucleus of a group that has over the past decade raised in
excess of $100,000,000 in exploration funding.
-
Significant Drilling Results. The Company
announced in September of 2009 that anomalous silver and
copper + zinc and molybdenum content within broad intervals
of alteration and disseminated pyrite with silver content
ranged to 20.4 g/t over 1.5 meters and copper to 0.54% over
4.5 meters with the broadest intercept being 205.7 meters of
0.35 g/t silver and 0.03% copper.
-
Operating In Major Silver Producing Company.
Mexico is the world’s 2nd largest silver producer with over
500 years of being the largest starting in 1521.
-
Various Commodities At Flagship Property. The
Company's Navojoa Property Target commodities indentified to
date include, copper, gold, silver, molybdenum and iron
found within the very large porphyry deposit targets (at
least 3 identified to date).
-
Huge
Deposit Size. The Company's Navojoa Property
Target size has a
roughly 500 Million to Billion
tonne deposit. The target size is
open pitable with multimillion
ounce gold deposits.
Profile
Gold may climb to $1,650 an ounce by
early 2011 on demand for an alternative investment to the
dollar and other currencies, said James Sinclair, a commodity
investor and the head of Tanzanian Royalty Exploration Corp.
Today, gold futures in New York climbed to $1,049.70, reaching
a record for a second straight day. The spot price is heading
for the ninth annual gain amid rising demand for a hedge
against inflation and a slumping dollar. Some investors buy
the metal on concern that ballooning U.S. debt will continue
to drive down the dollar. Gold futures for December delivery
rose $4.90, or 0.5 percent, to $1,044.60 on the Comex division
of the New York Mercantile Exchange. Before today, the metal
gained 18 percent this year, while the dollar dropped 6.1
percent against a basket of six major currencies.
We're sure all
investors have seen breaking economic news of this type in
their email boxes and on TV. Gold prices have been
soaring, and the people that are benefiting from these price
increases are commodity traders as well as investors in
precious metals Companies, specifically one's that have a
focus on Gold exploration and development. Gold is not the
only commodity on a run recently, as Silver spot prices have
also been up. Copper prices have been flatlining recently, but
when looking at three and six month charts, a Copper bull run
is also evident.
One Company that has
been benefiting from the recent Gold, Silver and Copper price
run-up is Westminster Resources Ltd. (TSX-Venture:WMR). Westminster is an aggressive resource
exploration company focused on exploring for large scale
mineral discoveries. The company is of the opinion that its
current land position in Sonora Mexico holds such promise.
Management is experienced in running public resource companies
has a successful track record in raising money and has proven
technical expertise in exploration discovery.
Westminster’s objective is to acquire and define
under-explored targets that are drill ready and have the
potential to evolve into large-scale discoveries. The
company’s first thrust has been achieved with its acquisition
of a new mineral district-scale property near Navojoa,
Sonora. The state of Sonora contains world –class, precious
and base-metal reserves and producing mines. This attractive
region has a strong mining history and culture with favorable
permitting and infrastructure that allow for aggressive year-
round exploration. This is a newly
identified district which has not seen any past drill programs
or modern exploration. Target commodities indentified to date
include, copper, gold, silver, molybdenum and iron found
within the very large porphyry deposit targets (at least 3
identified to date).
The company’s subsidiary Minera Westminster, S.A. de C.V.
holds mineral properties by staking mineral concessions and by
Option Agreements whereby the company can earn from 75% to
100% interest. The highly prospective gold-copper porphyry
systems lie within a new mineral district in the foothills of
the famous geologic region of the Sierra Madres. Widespread
surface alteration and mineralization suggests at least three
potential centers of gold-copper skarn and granite-hosted
porphyry systems within the 10 kilometer by 20 kilometer area
of contiguous concessions covering about 181 square
kilometers.
Surface work and RC drilling plans for the 2009 Phase One
exploration program were completed in the rainy season in
August. Currently diamond drilling plans are being designed
for the untested potential of the large Navojoa project.
In September 2009, the Company
updated its investors
by stating that they have received
and compiled exploration results from the portion of the
program completed prior to the onset of the rainy season.
At the central Fafy-Yori target, an IP geophysical survey
expanded a previously identified, strong chargeability anomaly
which continues to be open in all directions, and now covers
an area 2 1/2 kilometers by 3 kilometers. Management
was pleased that initial drill
results have intersected the outer shell of the large
Fafy-Yori porphyry system. All holes returned anomalous silver
and copper + zinc and molybdenum content within broad
intervals of alteration and disseminated pyrite. Within the
halo, silver content ranged to 20.4 g/t over 1.5 meters and
copper to 0.54% over 4.5 meters with the broadest intercept
being 205.7 meters of 0.35 g/t silver and 0.03% copper.
Outside of the three main porphyry target areas, grab samples
from newly discovered mineralization assayed gold ranging to
1.1 g/t and silver ranging to 54.3 g/t. These results prompted
the staking of an addition mineral concession of 3,330
hectares by the Company.
On October 7, the
Company blew the previous results out of the water when they
announced additional analytical results for core hole MWN
09-05 drilled at the Yori porphyry target. The hole
encountered drill problems the first time around in the summer
of '09 but when abandoned had ended in sulphide mineralization
with the final 0.35 meters initially reported (No.WMR 09-11)
as grading 0.76% copper and "over limit" silver (greater than
10g/t). The "over limit" assaying that was subsequently
performed by ACME Labs has now determined that the final
interval grades were 720 gm/mt silver (23.15 ounces per mt)
using fire assay for Silver by gravimetric methods. There were
other impressive assay results and investors are encouraged to
read the October 7th press release in more detail. The high
gold and silver grades reported from assays confirm that the
skarns are gold and silver-rich and are interpreted as part of
the peripheral mineralized halos of the La Kala precious
metal-copper porphyry system. Phase two exploration is now
planned to get underway in November as a result of this
announcement.
A look at various
technical indicators for WMR show a strong bullish chart
forming. Firstly, the stock has just crossed over its 20 day
moving average which is important since it has been trading
mostly under that average since mid-August. The MACD is
showing a steady bullish trend, this trend is also evident
when looking at leading technical indicators such as the
Stochastics and RSI. The Parabolic SAR has just turned bullish
after experiencing a bearish trend since the middle of August.
With the important milestone of $1,000 an ounce Gold just
being met, along with strong upside technical tendencies for
the Company, and their impressive assay results announced
after the bell tonight, this could be exactly what investors
were waiting for from Westminster Resources Ltd.
(TSX-Venture:WMR).
Why Mexico
- Mining Concessions are granted for 50 years and
renewable for 50 more years so you are able to engage in
exploration and exploitation for 100 years.
- Each May, Concessions of over 1000 Ha require work
assessment reports with investments of work required based
on age and area of concession. Concessions held during a 1-4
year period require 7 pesos of work per year per Ha or less.
- Mining contracts ie option agreements must be filed with
the Public Registry of Mines after being executed before a
Mexican notary. Secure tenure and low political risk for
mining industry.
- Canada and Mexico have built strong business ties since
the 1994 NAFTA especially in the mining sector. Foreign
Company subsidiary ownership relationships can be 99:1.
There are over 250 mining-related companies doing business
in Mexico and over 200 are Canadian.
- Mexico’s Trade Commissioners Office works with Ministry
of Economy of Mexico with the Mexico/Canada Chamber of
Commerce to assist exploration and mining.
Mexico is the
world’s 2nd largest silver producer with over 500 years
of being the largest starting in 1521.
Estimates state that over 85% of Mexico’s mineral reserves are
untouched. USGS expert analyses suggest that many world class
copper porphyry deposits are yet to be discovered. MWMR has
acquired a newly recognized and unexplored copper –gold
porphyry district (20kmX 10km).
Canadian companies have over 375 Mexican projects and own 80%
of all new projects.
-
2007 investment in Mexico’s
mining industry was $428M US .
-
Exploration spending is $189M US
and was up 7.4% in 2007.
-
Mine production valued at $7.2
Billion in 2007 but only accounts for 3.6% of total economy.
-
Copper has about 35% of metal
production and is most valuable.
-
Sonora State leads the value of
mine production at 34% of total for Mexico and is the
location of the MWMR project.
Major Canadian Companies such as
Gold Corp view Mexico as their growth engine with 3 new
operating mines and two in development.
The Chinese, Jinchuan Nickel, in
2008, conducted merger with Tyler Resources to obtain Cu, Mo,
Au, Ag and Zn from undeveloped potential open pit mining
property.
Navojoa Property - Sonora, Mexico
Navajoa Project Highlights:
-
Situated in the 70 sq mile New
Copper & Gold Mineral District of Mexico
-
Surrounded by Gold-Copper Porphyry
Systems and operating mines
i) i.e. Cananea, La Caridad, Piedras
Verdes
-
Within the 90-40 ma Laramide
Granite Intrusion & Related Porphyry Belt
-
Geologically inline with the
"Great Cluster" Porphyry Copper Deposits
-
Project claim size of 181 sq Km
-
Supported by sound infrastructure
i) i.e. Highways, Railroads
-
Based in the politically stable
NAFTA Country
-
Opportunities for cost effective
large scale discoveries
LOCATION:
The Company’s Copper-Gold porphyry mineral deposit district is
approximately 50 kilometers north of Navojoa in Sonora State
Mexico which borders Arizona State USA. Navojoa (population
145,000) is located on the main state highway 15 which serves
the state capital Hermosillo in central Sonora and Tucson
Arizona further north. Navajoa is a modern city serviced by
railways, electricity, potable water and modern
communications. The international airport at CD Obregon
(population 500,000) is one hour north along state highway 15.
The Company’s mineral district covers 5 mineral concessions
(14,845 Ha) about 20km x 10km in size acquired by Letter of
Intent and Option Agreements (in progress).
LOCAL GEOLOGY:
This unexplored and undrilled Laramide diorite, granite,
quartz monzonite intrusive belt with adjacent mineralized
skarns is located in the famous porphyry copper mega district
which stretches along all of Sonora State into Arizona USA.
Some tertiary volcanism has covered exposures of this
unexplored intrusive belt and have subsequently helped to
preserve unexposed supergene enrichment blankets of Copper –
Gold
mineralization. Most stream drainages on the property are
fault related (strike slip and block fault structures) and
carry anomalous gold in stream sediments.
WORK PROGRAM:
Minera Westminster Resources intends to work year round on its
Navojoa, Sonora Mexico Project, in 2009.
A First Phase Exploration Program would include detailed
geological mapping and prospecting, modern state of the art
geochemical and ground geophysical surveys, trenching and
drilling of the known priority targets identified during
MWMR’s due diligence property examinations.
This is a newly identified district which has not seen any
past drill programs or modern exploration. Minor historical
high-grading in surface pits has occurred.
Phase Two Program would include the identification of grades
and size of the ore bodies and their extractive metallurgical
characteristics.
THE OPPORTUNITY:
Target commodities indentified to date include, copper, gold,
silver, molybdenum and iron found within the very large
porphyry deposit targets (at least 3 identified to date).
They are open pitable, primary sulphide, supergene sulphide
enrichment zones and surface oxide styles of mineralization
formed by classic porphyry deposits as well as associated high
grade skarn bodies.
Target size is 500 Million to Billion tonne deposits.
Much of the underlying geology is metasedimentary and
metavolcanic rocks of Triassic to Jurassic ages which have
been structurally prepared tectonically for OG (orogenic gold)
deposits.
These packages of rocks have been intruded by the copper +
gold
porphyry systems.
Considering that most drainages on the property show anomalous
to pannable visible gold, OG deposits relating to old and
reactivated structures, fractures, and shear zones is an
important economic aspect of this new district.
Target size is open pitable multimillion ounce gold deposits.
DISTRICT SIZE UNIQUE OPPORTUNITY:
Surface mapable evidence for supergene enrichment where the
original copper sulphide minerals exposed atsurface in the
zone of oxidation are leached then enriched downwards in the
profile by chemical weathering into preserved copper- rich
sulphide blankets during repeated uplift, erosion and burial
of the erosional surface during the widespread tertiary
structural activity of strike-ship faulting, tilting and block
fault graben development with its associated local tertiary
volcanism. These same structures are possible fluid pathways
which may host gold deposits.
Recent News and
Press Releases
High Grades of Silver and Gold Confirmed at Navojoa Porphyry
Targets
CNW Group (Wed, Oct 7)
Diamond Drill core results MWN 09-05 Navojoa Project
CNW Group (Thu, Sep 24)
Navojoa gold-copper porphyry project update
CNW Group (Fri, Sep 4)
Westminster Resources Ltd.: Navojoa Gold-Copper Porphyry
Project Status Report
CCNMatthews (Tue, Jul 21)
Westminster Closes Unit Private Placement
CCNMatthews (Wed, May 13)
Westminster Announces Unit Private Placement
CCNMatthews (Thu, Apr 9)
Westminster Acquires a New Gold-Copper Porphyry District in
Sonora: Navojoa Project
CCNMatthews (Wed, Mar 4)
Management Team
Glen Indra, Director - President and CEO
Mr. Indra is a founding Director of Westminster Resources Ltd
and took on the Presidency in September of 2008 where he is
responsible for the Company’s overall strategy and execution.
Mr. Indra has extensive business experience starting with Gulf
Canada in the 1970’s and a 10 year stint in commercial banking
with the Royal Bank of Canada. Since the mid 1980’s he has
been involved with junior publicly traded petroleum
exploration and mineral exploration companies. From 1996 to
2006 he was President of Starfield Resources Inc a junior
precious and base metal explorer that advanced the Ferguson
Lake, Nunavut project to the stage where an experienced
development team was brought in to complete the project. Mr.
Indra has considerable experience at the board level, in the
financial and investment community and in appropriately
staffing projects with technically superior support. Mr. Indra
is a B.Comm. graduate from the University of British Columbia.
Oleg Scherbina - Chief Financial Officer
Oleg scherbina has over 12 years of financial management
experience including the last 6 years in the mineral
exploration and gold mining industry. He has worked for a
number of years with resource companies including Uranium One
Inc., Eureka Mining, Bema Gold Corporation and Zoloto
Resources Ltd. He holds a Masters Degree in Accounting and
Audit from Odessa State Economic University and Bachelor
Degree in Business Law from Odessa State University, Ukraine.
Glen MacDonald, Director
Mr. Macdonald became a board member in August of 2007. He is
responsible for ensuring company compliance with NI-43-101
“Standards of Disclosure for Mineral Projects”, and for
providing technical guidance and support to the board of
directors.
Mr. Macdonald has extensive board experience with junior
exploration companies having been a founding director of
several since the mid 1980’s. He is a self-employed Consulting
Professional Geologist, a B.Sc. graduate of the University of
British Columbia, a member of the Alberta Professional
Engineers Geologists and Geophysicists Association since 1982,
and of the British Columbia Association of Professional
Engineers and Geoscientists since 1993.
Bruce Ballantyne - Project Manager
Mr. Ballantyne has the significant role of being the Manager
of the Companies projects. Under his direction the importance
of the Navojoa, Mexico new gold-copper porphyry district was
recognized and assembled.
Mr. Ballantyne had a distinguished career of 23 years starting
in 1974, with the Geological Survey of Canada, as a well known
member of the Mineral Resources Division, where he specialized
in Applied Exploration Geochemistry. He was responsible for
the development and initiation of the National Geochemical
Reconnaissance Stream Sediment surveys in the Canadian
Cordillera and as a guest speaker has presented his research
on a variety of deposits nationally and internationally. Since
1996 he has consulted to the junior and mid tier mineral
exploration companies including a six year term ending in 2008
with Starfield Resources Inc where he was an integral part of
the successful exploration and development of resources at the
Ferguson Lake copper-nickel-cobalt-platinum group metal
deposit in Nunavut, Canada. Mr. Ballantyne is a B.Sc. graduate
of the University of Guelph, Ontario.
Contacts
Westminster Resources Ltd.
Suite 488-625 Howe Street
Vancouver, B.C. Canada, V6C 2T6
Tel: 604-608-0400
Fax: 604-602-9330
Toll Free: 1-877-608-0007
Email:
mdake@westminsterres.com
SEDAR Filings
WMR filings with SEDAR can be found
here. All
Fillings are current and the Company is fully reporting.
FORWARD
LOOKING STATEMENTS
This report includes
forward-looking statements that reflect Westminster Resources
Ltd. current expectations about its future results,
performance, prospects and opportunities. Westminster
Resources Ltd. has tried to identify these forward-looking statements
by using words and phrases such as "may," "will," "expects,"
"anticipates," "believes," "intends," "estimates," "plan,"
"should," "typical," "preliminary," "we are confident" or
similar expressions. These forward-looking statements are
based on information currently available and are subject to a
number of risks, uncertainties and other factors that could
cause Westminster Resources Ltd.'s actual results,
performance, prospects or opportunities to differ materially
from those expressed in, or implied by, these forward-looking
statements. These risks, uncertainties and other factors
include, without limitation, the Company's growth expectations
and ongoing funding requirements, and specifically, the
Company's growth prospects with scalable customers, and those
outlined above. Other risks include the Company's limited
operating history, the Company's history of operating losses,
consumers' acceptance, the Company's use of licensed
technologies, risk of increased competition, the potential
need for additional financing, the terms and conditions of any
financing that is consummated, the limited trading market for
the Company's securities, the possible volatility of the
Company's stock price, the concentration of ownership, and the
potential fluctuation in the Company's operating results.
Disclaimer
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It is crucial that you at least look at current SEC filings
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this report was extracted from current documents filed with
the SEC, the company web site and other publicly available
sources deemed reliable. For more information see our
disclaimer section, a link of which can be found on our web
site. This document contains forward-looking statements,
particularly as related to the business plans of the Company,
within the meaning of Section 27A of the Securities Act of
1933 and Sections 21E of the Securities Exchange Act of 1934,
and are subject to the safe harbor created by these sections.
Actual results may differ materially from the Company's
expectations and estimates. This is an advertisement for
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