VANCOUVER, BC--(Marketwired - March 01, 2017) - Logan Resources Ltd. (
- Hole 16-01 intersected significant oxide gold presence near-surface and returned 33.53m grading 1.11 g/t Au
- Hole 16-02 intersected heavily oxidized vein material at depth and returned 33.52m grading 1.15 g/t Au
The Brik property is subject to a previously-announced Option Agreement (news release July 7, 2016) with Pilot Gold (USA) Inc. ("Pilot"). Under the Option Agreement, Logan can earn a 51% participating interest in four of nine properties by incurring US$1.0 million in total expenditures in the first 12 months after closing and by issuing 9.9% of its issued and outstanding common shares to Pilot upon completion of the first financing (news release August 18, 2016). Additional mechanisms are in place that would allow Logan to earn up to 80% in the selected properties.
The Brik property is located in the Cedar Range of Lincoln County, Nevada. Brik is one of several, low sulfidation epithermal gold and silver systems in southeastern Nevada that occur in an area of nested volcanic calderas. The claim block includes multiple exploration targets of which one, Hidden Treasure, was the focus of Logan's exploration program. 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. As reported in the news release dated September 20, 2016, targets tested 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.
A total of eight holes were drilled for 1,380 meters. Hole 16-01 demonstrated the presence of significant oxide gold in the near-surface and returned 33.53m @ 1.11 g/t Au (1.52 - 35.05m). Holes 16-01 and Hole 16-03 also intersected deeper, oxidized gold mineralization controlled by NW trending structures. An important result of the program is the expansion of the permissive stratigraphy to the east; hole 16-03 was prematurely terminated in rhyolite grading 1.37 g/t, for the first time demonstrating grade beyond the andesite contact. Perhaps most significantly, hole 16-02 tested a deep CSAMT resistor and returned 33.52m grading 1.15 g/t Au in heavily oxidized vein material (211.84 - 245.36m). Logan regards this hole as a significant "proof of concept" providing solid evidence that cost-effective ground geophysical surveys will generate additional drill targets.
Logan has completed limited additional test work on the drill chip rejects, including CN soluble gold analyses, metallic sieve analyses, and a study of the distribution of gold in different size fractions. Results support the presence of coarse gold in higher grade samples, and preferential occurrence of gold in the coarser size fraction materials. This, along with the brecciated character of the host rock, is believed to contribute to relatively high, intrinsic variability in this deposit.
Taken together, these results enhance our understanding of the basic geometry of the gold-mineralizing system at Brik, and give us confidence that the system extends to depth and can be effectively targeted utilizing ground geophysical surveys.
Logan is now incorporating these results into the existing 3D Leapfrog model, and considering options for further exploration of the property.
Complete assay results for the Logan 2016 RC drilling program can be found in the table below.
|BK1606||741943||4173032||240||-65||500||152.40||No Significant Results|
Composite assays for the 2016 Logan drilling program at Hidden Treasure (note: widths are down hole; true widths may be less)
All samples are prepared from drill cuttings processed through a rotary splitter on site in Nevada. Split drill cutting samples are then sent to ALS Chemex Laboratories, an independent laboratory located in Reno, Nevada for total gold, sequential gold, and multi-element analyses. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control Program.
The technical information within this news release 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 by reviewing the data archive for completeness and confirming the adequacy of the procedures related to sampling, sample preparation, sample security, as well as reviewing the qualifications of the laboratories providing the sample results and analytical procedures.
About Logan Resources Ltd.
Logan Resources Ltd. (
Logan Resources Ltd. 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.