VANCOUVER, BC--(Marketwired - May 04, 2017) - Logan Resources Ltd. (
Historic rock chip and soil sampling were conducted by Amselco, Phelps Dodge, and Dumont Nickel*. Amselco and Phelps Dodge together completed 138 shallow drill holes totaling 12,024 meters during the 1980's which targeted outcropping gold mineralization. These programs identified a zone of highly anomalous gold that is approximately 2,000 x 900 meters in extent. Based on the historical data interpretations, the system is open both at depth and to the west.
Gold is concentrated in the lower portion of the Pilot Shale in highly silicified sedimentary rocks (jasperoid). Significant concentrations of gold occur in two jasperoid zones which are part of a gently west-dipping sequence of limestone, siltstone and dolomite. Tertiary igneous rocks are present as narrow, northwest trending quartz monzonite dikes. Gold grades are elevated along dike/sediment contacts as well as in proximity to steep, northwest-striking faults.
The jasperoid targets project down-dip under shallow cover to the west, where gravity data suggests that the pediment cover remains shallow for at least 1 kilometer. Geologic potential also exists at depth beneath very shallow historic drilling, where interpreted low angle normal faults allow for thinning and/or repetition of stratigraphy.
A 5 to 7 hole, 1,800-meter RC drill program has been designed to confirm results from selected historic drill holes and to test the northwest extension of near-surface mineralization.
*Although all of the data was developed prior to the requirements of National Instrument 43-101, the companies and analytical labs involved in the work are established and reputable firms, and Logan deems the historical data suitable to develop interpretive drill targets and to guide future exploration.
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. (
For more information, please visit www.loganresources.ca.
www.kingandbay.com - 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.