VANCOUVER, BC–(Marketwired – May 17, 2017) – Logan Resources Ltd. (TSX VENTURE: LGR) (“Logan” or the “Company”) is pleased to announce that the Company has commenced detailed planning for a second phase of drilling on the Brik property, located in the Cedar Range of Lincoln County, Nevada. The plan for Phase Two drilling is estimated to total approximately 1,995 meters in 10 core holes, to be carried out in Q3/Q4 2017. Logan considers hole BR16-02 from the Phase one program (33.52m grading 1.15 g/t Au) as “proof of concept” that CSAMT resistivity anomalies previously identified constitute priority targets for discovery drilling.
Phase One drilling comprised of eight reverse-circulation (“RC”) holes, for a total of 1,380 meters at the Hidden Treasure target area (see news release dated March 1, 2017 for complete results). Logan has incorporated the drill results into the existing model and has utilized the merged data to prepare for the next stage of exploration on the property. Brik is one of several, low sulfidation epithermal gold and silver systems in southeastern Nevada that occur in an area of nested volcanic calderas. Brik is part of the previously-announced Option Agreement (see news release dated July 7, 2016) with Liberty Gold (USA) Corp. (“Liberty Gold”) (formerly Pilot Gold (USA) Inc).
Based on the results of this initial Phase One drill program, a Phase Two program is being planned with the intent to drill 10 core holes totaling approximately 1,995 meters in three target areas: Hidden Treasure, Sinter, and Maui Wash. Six holes have been designed within and adjacent to the main mineralized zone at Hidden Treasure, and two holes have been designed each at Sinter and Maui Wash in order to better understand the geologic and structural setting for gold mineralization.
At Hidden Treasure, the target centers on a prominent silicified knob that includes phases of milky quartz, chalcedonic quartz, and quartz breccia, covering an area roughly 200 x 200 meters. Tested targets include the gold-bearing silica cap, deeper mineralization thought to be controlled by steep structures, and geophysical targets likely to represent additional zones of silicification favorable for gold mineralization.
The Sinter target area is on the north side of Miller Springs Wash, approximately two kilometers west-northwest from Hidden Treasure. Anomalous gold in surface samples occurs in a zone that trends roughly east-west and is approximately 150 meters long with exposed widths of the order of 40 meters. This zone contains discontinuous dikes, veins, and a mixture of carbonate and silica deposits typical of very high levels in epithermal systems. Anomalous gold in rock-chip samples with concentrations greater than 100 ppb occurs in a variety of rock types including oxidized dikes, silicified andesite breccias, and quartz veinlets. Milky quartz veins and associated breccias have yielded the strongest gold values, with a maximum of 2.94 ppm.
Liberty Gold drilled four RC holes into the Sinter prospect with a best result of 4.6 meters with an average grade of 1.51 g/t Au starting at a depth of six meters (hole PB16). Liberty Gold completed a CSAMT survey post-drilling, which defined a series of strong resistive anomalies at Sinter. One of the anomalies sits directly beneath hole PB16 and will be the initial target for Logan drilling in this target area.
The Maui Wash target area is located in the southeastern portion of the Brik claim block, approximately 1.5 kilometers south of Hidden Treasure. It is a subordinate target defined by relatively low grade gold anomalism in rock chips and soil samples.
Liberty Gold drilled two RC holes into the Maui Wash target area, intersecting several intervals of anomalous gold; PB26 penetrated a 1.2-meter intercept with an average grade of 0.41 g/t Au at a depth of 91 meters. As at Sinter, the subsequent CSAMT survey defined multiple strong CSAMT resistors within the target footprint which are deemed to warrant discovery drilling.
With respect to the Liberty Gold drill results disclosed in this press release, all drill samples were collected with an RC drill rig using 5-foot (1.5 meter) sample intervals and following standard industry practice. QC/QA included the insertion and continual monitoring of numerous standards and blanks on a regular basis. Independent laboratory, ALS Global of Reno, Nevada, performed all sample preparation and geochemical analyses.
The full drill results from the 2011 Liberty Gold drill program can be found on the Logan website: http://loganresources.ca/images/pdf/brik/Brik_Pilot_2011_Drill_Results.pdf.
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 National Instrument 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 Liberty Gold (USA) 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. www.kingandbay.com
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 248
E: [email protected]