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VANCOUVER, BC–(Marketwired – August 24, 2017) – Logan Resources Ltd. (TSX VENTURE: LGR) (“Logan” or the “Company”) is pleased to announce it has received positive drilling results from the four hole, reverse circulation drill program conducted on the Antelope project during June 2017. Antelope is Carlin-type gold system, located 100 kilometers south of Wendover in White Pine County, Nevada. Gold is concentrated in two sediment-hosted, jasperoid zones in the Pilot Shale with even higher concentrations of gold associated with dike margins and fault zones.
Logan’s results (summarized below) are consistent with historical drill intersections achieved by previous operators, and include significant oxide gold mineralization in the near surface (hole AN17-03).
- 10.7 meters @ 1.6 g/t Au in hole AN17-03 (NAD83 E:717186, N:4420059; Az: 0, Dip: -90)
- 18.3 meters @ 0.29 g/t Au in hole AN17-01 (NAD83 E:717274, N:4421530; Az: 0, Dip: -90)
- 1.5 meters @ 0.12 g/t Au in hole AN17-02 (NAD83 E:716925, N:4420241; Az: 0, Dip: -90)
- 7.6 meters @ 0.26 g/t Au in hole AN17-04 (NAD83 E:717438, N:4419942; Az: 0, Dip: -90)
Detailed results can be viewed on the Logan website: http://loganresources.ca/index.php/projects/usa-gold-projects/antelope
Drilling has confirmed a close association between altered dikes and gold in adjacent jasperoids. Logan’s geologists believe the NW trending dikes, which are strongly anomalous in arsenic, occupy the same dilatant structural conduits as the hydrothermal fluids responsible for gold mineralization. Significantly, hole AN17-04, drilled in the periphery of the main mineralized area, intersected an arsenopyrite-enriched dike with anomalous gold values in adjacent sediments.
Logan believes the Antelope project warrants further exploration. The next phase of work will focus on detailed delineation of the altered dikes, including ground geophysical surveys and geologic mapping.
All drill samples disclosed in this release were collected with an RC drill rig using 5 foot (1.5 meter) sample intervals and following standard industry practices. QA/QC was included in the insertion as well as continual monitoring of numerous standards and blanks on a regular basis. An independent laboratory, ALS Global of Reno, Nevada, performed all sample preparation and geochemical analyses.
Update on Newly-Consolidated Viper and Angel Wing Projects and Exploration Database
Concurrent with exploration drilling at Antelope, Logan has completed the initial integration of historical databases for the Viper project, located approximately 60 kilometers NW of Montello in Elko County, Nevada. This includes the original Viper data inherited from Pilot Gold (USA) Inc. (“Liberty USA”), a wholly-owned subsidiary of Liberty Gold Corp., together with extensive data obtained as a consequence of acquisition of the adjacent Angel Wing project (see Press Release dated March 16, 2017). In addition to basic geologic mapping, ground and airborne geophysical surveys, rock chip and soil sampling, the Angel Wing database includes extensive hyperspectral studies, stable isotope studies, and a number of core holes. Logan will use the integrated database to identify areas for future work and for target generation.
Both the Angel Wing and Viper datasets are of good quality, compatible, and broadly consistent. Logan has commenced target generation work utilizing the consolidated data and has identified a number of areas for prospective future work:
- Acquire additional primary data, including ground magnetics and IP survey results
- Re-log Angel Wing drill cores
- Reconcile differences in mapping styles and content between the two datasets, highlighting outcrops of calcareous sandstone and hydrothermally brecciated conglomerate, which are preferred host rocks to mineralization
- Review merged air magnetics and geology with emphasis on resolving different fault azimuths and locations. Existing structural interpretations are based on limited outcrop data and vary between the two project areas. Better understanding of structural controls will clarify the locations of major mineralized corridors.
Main mineralized areas (Baja, Grassy Hollow, Da Vinci/Goya vein zone) may lie along closely parallel north-south corridors, perhaps controlled by a graben-bounded fault zone. Projection of significant, deep gold deposit intercepts from the Angel Wing drilling along these controlling structures into shallower structural and stratigraphic settings will be fundamental to further exploration. Likewise, another area for further targeting is the northern projection of the Viper Baja Zone into the subsurface, intersecting with untested gold and arsenic anomalies. Logan anticipates that ground resistivity surveys (CSAMT) will then be used to identify more extensive silicified zones for a first phase drilling program.
As previously reported, Viper is an early-stage, low-sulfidation, epithermal gold target, which is subject to the Option Agreement between Logan and Liberty USA. The Angel Wing project comprises a block of adjacent and interlocking unpatented lode claims which were acquired by Logan under a previously announced Option Agreement (see Logan news release March 16, 2017). These two Agreements effectively consolidate the greater part of the Viper District, located in northeastern Nevada, USA. The nearest community is Montello, located approximately 60 kilometers to the southwest.
Gold mineralization in both project areas is intimately related to the presence of quartz-calcite veins and vein stockworks. Individual veins exhibit spectacular bladed and lattice epithermal textures and free gold is visible in a number of outcrops. Exploration on the Liberty USA claim block returned surface rock samples of 11.8 g/t Au, and significant drill intercepts, including 1.1 g/t Au over 33.5 meters (PV-003). Rock chip sample results from Angel Wing database include vein samples with up to 25.2 g/t Au over three meters and significant Au values in RC drilling, such as 2.36 g/t Au over 13.1 meters (AW13-05).
The technical information within this document has been reviewed and approved by Dr. Craig S. Bow, Vice President Exploration for Logan. Dr. Bow is a Qualified Person as defined in NI 43-101. Dr. Bow has verified the data underlying the exploration results disclosed in this news release.
About Logan Resources Ltd.
Logan Resources Ltd. (TSX VENTURE: LGR) is a junior exploration company in the business of acquiring and advancing mineral properties. Logan’s focus is on actively exploring nine gold properties in Nevada and Utah, USA that are under option from a wholly-owned subsidiary of Liberty Gold Corp. Logan also has a 20% carried interest in the Gorilla Lake uranium property, and has a 100% interest in the Redford iron ore property on Vancouver Island, Canada. Redford is a former producing iron ore mine.
For more information, please visit www.loganresources.ca.
Logan is part of the King & Bay West group of companies. King & Bay West is a merchant bank and management services company that specializes in identifying, funding, developing and managing growth opportunities in the resource and technology sectors.
LOGAN RESOURCES LTD.
On behalf of the Board
Chief Executive Officer
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to (i) the exploration potential and prospective nature of the properties disclosed in this news release, (ii) the details of future exploration plans and potential results, and (iii) potential gold mineralization on the properties.
In certain cases, forward-looking information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of mineral resources, the realization of resource and reserve estimates, gold and other commodity prices, the timing and amount of future exploration and development expenditures, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Company’s properties in the short and long-term and to acquire new properties, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access infrastructure, risks relating to changes in gold and other commodity prices and the worldwide demand for and supply of gold and related products, risks related to increased competition in the market for gold and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities on the Company’s properties, or to acquire new properties, may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s reports and filings with applicable Canadian securities regulators.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
For further information regarding this news release, please contact:
Manager of Corporate Development
T: 604-681-8030 x 289
E: [email protected]
Thu, 24 Aug 2017 13:00:00 GMT