SASKATOON, SASKATCHEWAN--(Marketwire - March 21, 2012) - WESTCORE ENERGY LTD. - (TSX VENTURE:WTR) ("Westcore" or the "Company") is pleased to announce the discovery of coal on two new drilling targets on its Black Diamond Property ("Luna") and FNR JV Property ("Vesta") located near the Pas, Manitoba and successful completion of its winter drill program on the Black Diamond and FNR JV projects. The Luna and Vesta targets returned an intercepts of 61.3 and 10.5 metres of composite coal respectively.
The Company has achieved both of its primary objectives for its winter drilling program despite unseasonably warm conditions creating a late winter freeze-up and an early spring break-up. The first objective was to delineate previously identified deposits with an aim of incorporating the results into a resource report in compliance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The second was to explore and test several new geophysical anomalies identified from interpretations of both the 2010 and 2011 airborne surveys. All reported intercepts have been reported in true thickness.
Black Diamond Property, MB
Successful delineation drilling has been completed on the Discovery, Cyclops, Calypso and Athena (see table 1 & figure 1) deposits at Black Diamond for incorporation into an NI 43-101 report. This winter, the Company completed 13 new holes on the Black Diamond property for a total of 1,604 metres. The Company was able to conduct exploratory drilling on two new targets, one of which (Luna) returned an intercept of 61.3 metres of composite coal (see table 1 & figure 3). Only the centre of a gravity anomaly was drilled at Luna, leaving the deposit open for future delineation in every direction.
FNR JV Property, MB
Delineation drilling on the Quasar and Quasar Satellite deposits (see table 2 & figure 2) was carried out for incorporation into an NI 43-101 report. The Company was able to complete 7 new holes on the FNR JV property for a total of 643 metres of drilling. Preliminary exploratory drilling of a new target (Vesta) yielded an intercept of 10.5 metres of composite coal (see table 1 figure 3). The Vesta target exhibits a large geophysical signature that requires further exploratory drilling to determine the boundaries of this potential deposit.
Hudson Bay North, SK
Aided by Westcore's successful exploratory drilling in Manitoba on the Luna and Vesta targets, the Company will continue to analyze potential drill targets on the Hudson Bay North property. Westcore has received approval from the Government of Saskatchewan to carry out a 20 hole drill program within the next twelve months.
Paul Conroy, President and CEO of Westcore states, "We are pleased to have met all our objectives this season despite some of the most challenging weather experienced in recent years. Thanks to carefully planned delineation drilling we anticipate having an NI 43-101 resource calculation done in the second quarter of 2012. In addition, the knowledge gained from our exploratory drilling will help us shape future drilling programs that we are contemplating to launch in the near future."
Peter Graham, Professional Geologist and Qualified Person for this news release, has reviewed and approved its contents.
Reader Advisory
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| Table 1: 2012 Black Diamond Property Coal Intercepts | ||||||
| Hole & Deposit | Description | From (i | ) | To (i | ) | Width |
| Athena AT-12-D | Coal | 7.00 | 7.80 | 0.80 | ||
| Coal + Minor silt | 31.40 | 34.90 | 3.50 | |||
| Total (Composite) | 4.30 | |||||
| Luna L-12-A | Coal + Minor Silt | 64.00 | 71.70 | 7.70 | ||
| Coal + Minor Silt | 74.50 | 103.80 | 29.30 | |||
| Coal + Minor Silt | 115.70 | 140.00 | 24.30 | |||
| Total (Composite) | 61.30 | |||||
| Discovery D-12-A | Coal + Minor Silt | 53.6 | 54.2 | 0.6 | ||
| Coal + Minor Silt | 56.8 | 61.3 | 4.5 | |||
| Coal + Minor Silt | 63.1 | 66.6 | 3.5 | |||
| Coal + Minor Silt | 70.3 | 96.3 | 26.0 | |||
| Coal | 102.7 | 122.0 | 19.3 | |||
| Silty Coal | 124.4 | 124.8 | 0.4 | |||
| Silty Coal | 127.4 | 130.3 | 2.9 | |||
| Coal | 132.1 | 140.1 | 8.0 | |||
| Silty Coal | 140.1 | 145.3 | 5.2 | |||
| Coal | 145.3 | 146.2 | 0.9 | |||
| Total (Composite) | 71.3 | |||||
| Discovery D-12-B | Silty Coal | 35.7 | 36.8 | 1.1 | ||
| Coal | 36.8 | 38.2 | 1.4 | |||
| Coal + Minor Silt | 39.1 | 43.2 | 4.1 | |||
| Coal | 43.7 | 44.0 | 0.3 | |||
| Silty Coal | 44.0 | 44.8 | 0.8 | |||
| Coal | 44.8 | 45.3 | 0.5 | |||
| Silty Coal | 45.3 | 46.3 | 1.0 | |||
| Coal + Minor Silt | 46.3 | 48.0 | 1.7 | |||
| Silty Coal | 48.7 | 49.3 | 0.6 | |||
| Silty Coal | 52.8 | 53.9 | 1.1 | |||
| Silty Coal | 54.5 | 54.8 | 0.3 | |||
| Total (Composite) | 12.9 | |||||
| Discovery D-12-C | Coal | 42.8 | 43.6 | 0.8 | ||
| Coal | 44.3 | 84.7 | 40.4 | |||
| Coal + Minor Silt | 90.8 | 102.2 | 11.4 | |||
| Silty Coal | 104.8 | 105.3 | 0.5 | |||
| Silty Coal | 114.1 | 121.0 | 6.9 | |||
| Coal | 121.0 | 127.1 | 6.1 | |||
| Silty Coal | 127.7 | 140.8 | 13.1 | |||
| Coal | 140.8 | 149.6 | 8.8 | |||
| Silty Coal | 150.4 | 151.6 | 1.2 | |||
| Coal + Minor Silt | 152.4 | 160.4 | 8.0 | |||
| Total (Composite) | 97.2 | |||||
| Cyclops CY-12-A | Coal + Minor Silt | 71.20 | 72.30 | 1.10 | ||
| Coal | 73.40 | 88.30 | 14.90 | |||
| Silty Coal | 89.00 | 90.00 | 1.00 | |||
| Coal | 90.60 | 91.70 | 1.10 | |||
| Coal | 92.60 | 96.20 | 3.60 | |||
| Coal | 96.70 | 145.80 | 49.10 | |||
| Total (Composite) | 70.80 | |||||
| Cyclops CY-12-B | Coal + Minor Silt | 34.40 | 37.80 | 3.40 | ||
| Coal + Minor Silt | 43.70 | 50.60 | 6.90 | |||
| Coal + Minor Silt | 53.00 | 55.70 | 2.70 | |||
| Total (Composite) | 13.00 | |||||
| Cyclops CY-12-C | Coal | 35.10 | 36.00 | 0.90 | ||
| Silty Coal | 36.30 | 37.90 | 1.60 | |||
| Coal + Minor Silt | 40.30 | 52.10 | 11.80 | |||
| Silty Coal + Minor Coal | 58.60 | 63.30 | 4.70 | |||
| Coal | 65.10 | 72.30 | 7.20 | |||
| Coal + Minor Silt | 76.60 | 77.40 | 0.80 | |||
| Total (Composite) | 27.00 | |||||
| Calypso CP-12-A | Coal + Minor Silt | 75.20 | 75.50 | 0.30 | ||
| Coal | 75.50 | 98.30 | 22.80 | |||
| Coal | 99.70 | 133.80 | 34.10 | |||
| Coal + Minor Silt | 133.80 | 135.50 | 1.70 | |||
| Coal + Minor Silt | 136.70 | 137.30 | 0.60 | |||
| Coal | 137.60 | 151.70 | 14.10 | |||
| Total (Composite) | 73.60 | |||||
| Calypso CP-12-B | Coal | 75.30 | 94.20 | 18.90 | ||
| Coal + Minor Silt | 95.30 | 95.60 | 0.30 | |||
| Coal | 95.60 | 97.90 | 2.30 | |||
| Coal + Minor Silt | 97.90 | 108.60 | 10.70 | |||
| Coal + Minor Silt | 109.50 | 109.90 | 0.40 | |||
| Coal + Minor Silt | 110.70 | 111.60 | 0.90 | |||
| Coal + Minor Silt | 112.20 | 113.70 | 1.50 | |||
| Total (Composite) | 35.00 | |||||
| Calypso CP-12-C | Coal | 65.00 | 86.30 | 21.30 | ||
| Coal | 87.20 | 91.80 | 4.60 | |||
| Coal + Minor Silt | 91.80 | 93.50 | 1.70 | |||
| Coal | 93.50 | 97.80 | 4.30 | |||
| Coal | 98.30 | 100.50 | 2.20 | |||
| Coal + Minor Silt | 100.50 | 101.70 | 1.20 | |||
| Coal | 101.70 | 102.80 | 1.10 | |||
| Coal + Minor Silt | 104.30 | 108.20 | 3.90 | |||
| Coal | 108.20 | 110.20 | 2.00 | |||
| Total (Composite) | 42.30 | |||||
| Calypso CP-12-D | Coal | 80.20 | 83.80 | 3.60 | ||
| Coal + Minor Silt | 83.80 | 84.10 | 0.30 | |||
| Coal | 84.10 | 99.30 | 15.20 | |||
| Coal + Minor Silt | 99.30 | 99.80 | 0.50 | |||
| Coal | 106.70 | 107.40 | 0.70 | |||
| Coal + Minor Silt | 107.40 | 110.20 | 2.80 | |||
| Total (Composite) | 23.10 | |||||
(i) = Depths determined by interpretation of down-hole elog density of 1.6 g/cc or less
(ii) = Luna depth determined by interpretation of down-hole neutron/gamma elog & cuttings
| Table 2: 2012 FNR JV Property Coal Intercepts | ||||||
| Hole & Deposit | Description | From (i | ) | To (i | ) | Width |
| Quasar Satellite QS-12-A | Silty Coal | 32.30 | 32.60 | 0.30 | ||
| Silty Coal | 32.90 | 33.80 | 0.90 | |||
| Silty Coal | 35.50 | 36.60 | 1.10 | |||
| Coal + Minor Silt | 36.90 | 37.50 | 0.60 | |||
| Coal + Minor Silt | 39.30 | 44.00 | 4.70 | |||
| Silty Coal | 44.20 | 47.00 | 2.80 | |||
| Coal | 47.00 | 55.40 | 8.40 | |||
| Coal + Minor Silt | 56.00 | 82.50 | 26.50 | |||
| Coal + Minor Silt | 84.30 | 88.20 | 3.90 | |||
| Total (Composite) | 49.20 | |||||
| Quasar Q-12-B | Silty Coal | 32.80 | 33.30 | 0.50 | ||
| Coal + Minor Silt | 43.60 | 45.20 | 1.60 | |||
| Coal | 62.70 | 63.10 | 0.40 | |||
| Coal | 64.00 | 67.60 | 3.60 | |||
| Coal | 70.40 | 92.20 | 21.80 | |||
| Total (Composite) | 27.90 | |||||
| Quasar Q-12-D | Silty Coal | 39.50 | 40.00 | 0.50 | ||
| Coal + Minor Silt | 59.10 | 61.30 | 2.20 | |||
| Coal + Minor Silt | 65.40 | 71.10 | 5.70 | |||
| Coal | 71.60 | 97.10 | 25.50 | |||
| Total (Composite) | 33.90 | |||||
| Quasar Q-12-I | Coal | 42.60 | 43.90 | 1.30 | ||
| Coal + Minor Silt | 43.90 | 44.80 | 0.90 | |||
| Coal | 50.80 | 52.70 | 1.90 | |||
| Coal + Minor Silt | 52.70 | 53.10 | 0.40 | |||
| Coal + Minor Silt | 56.40 | 57.50 | 1.10 | |||
| Coal | 57.50 | 60.20 | 2.70 | |||
| Coal + Minor Silt | 60.70 | 61.40 | 0.70 | |||
| Coal + Minor Silt | 62.10 | 62.60 | 0.50 | |||
| Coal | 62.60 | 63.80 | 1.20 | |||
| Coal | 64.80 | 70.60 | 5.80 | |||
| Coal | 71.90 | 83.70 | 11.80 | |||
| Total (Composite) | 28.30 | |||||
| Vesta V-12-A | Coal + Minor Silt | 24.60 | 29.80 | 5.20 | ||
| Coal + Minor Silt | 43.70 | 44.90 | 1.20 | |||
| Silty Coal + Minor Coal | 46.50 | 47.90 | 1.40 | |||
| Silty Coal + Minor Coal | 48.30 | 50.30 | 2.00 | |||
| Coal | 75.40 | 76.10 | 0.70 | |||
| Total (Composite) | 10.50 | |||||
To view the maps associated with this release, please see the following link: http://media3.marketwire.com/docs/321wtr_maps.pdf
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Paul Conroy
President and Chief Executive Officer
(306) 649-0600
www.westcoreenergy.ca