Wits Basin PR
Wits Basin Announces Commencement of
Drilling Program at the Vianey Mine
Minneapolis, Minnesota, September 26, 2006 – Wits Basin Precious Minerals Inc., (OTCBB:WITM) is pleased to announce the commencement of a 3,200 meter HQ core drilling contract at the Vianey Mine Concession (“Vianey”) located in Mexico. Journey Resources Corporation, (“Journey”) (TSX-V:JNY) is the recorded and beneficial owner of 100 percent of Vianey. On June 28, 2006, we closed on an optin mining claims comprising the Vianey.
on agreement with Journey whereby we may earn up to an undivided 50 percent interest in certai The Vianey property covers 5,022 hectares (approximately 12,400 acres) and has a silver-lead-zinc mineralization production history. The concession is located in the southern Mexican state of Guerrero, 250 kilometers south of Mexico City and 160 kilometers north of Acapulco. Less than 2 kilometers away is the town of Atzcala, with water, telephone and medical facilities, as well as a sufficient labor pool. There is existing electrical power at the mine and a major power line passes near the property.
Mineralization at the Vianey Mine includes veins, breccias, lenses and mantos of silver as well as poly-metallic lead-zinc mineralization with local concentrations of gold and copper. Most of the veins are localized along NW-SE trending structures and E-W structures; the lenses occur in fault zones and as sulfide concentrations with calcite, gypsum and quartz between some bedding planes. Two major breccia zones of significance have been identified in the limestone host rock, which are associated with calcite-gypsum-quartz gangue minerals and important amounts of associated silver.
A review of past calculations of potentially mineable tonnages of mineralization, including the most recent exploration activities completed in 1997, by P.J. Hawley, provides a total in all categories of 345,020 metric tonnes grading 2.13% lead, 3.66% zinc and 269 grams of silver per tonne. These data are historical resource estimates under National Instrument 43-101, which have not been sufficiently verified by a qualified person to be classified as current mineral resources. Neither Wits Basin nor Journey are treating these historical estimates as current resource estimates and therefore, these historical estimates should not be relied upon.
A drilling contract has been awarded to CanMex Diamond Drill S.A. de C.V. of Sinaloa, Mexico. The objective of the present round of drilling is to test the grade, thickness and continuity of mineralization at depth and along the strike. The 2005 technical report by R. Blakestad, confirms the potential that these known mineralized zones, extend past the current mine workings. On-site examinations and available exploration data indicate a probability of discovering extensions to known silver-bearing veins on the property, both in the existing mine and the adjacent areas identified in the Blakestad study.
Sample handling on site will be under industry-standard guidelines, and laboratory analysis will be provided by ALS Chemex, Guadalajara, Jalisco, Mexico. The design and overall management of the program will be provided by Journey’s geologist Rodney Blakestad, the Qualified Person on the Vianey project.
Dr. Clyde Smith, President of Wits Basin, commented, “The Vianey Mine project exhibits potential for discovery of additional tonnage of economic grade. It is believed that the forthcoming drill program will extend the previously mined zones laterally and to depth from the underground workings.”
Mr. Jack Bal, President of Journey, commented, “We are pleased to have concluded agreements with CanMex and very excited about commencing the drill program on the Vianey property.”
