VANCOUVER, BC–(Marketwired – April 25, 2017) – Logan Resources Ltd. (TSX VENTURE: LGR) (“Logan” or the “Company”) is pleased to announce that it has completed cataloging and vetting of the digital database for the Angel Wing claims, and will now begin to integrate results into the existing Viper project database for the purpose of generating targets for a comprehensive drill program.
Viper is an early-stage, low-sulfidation epithermal gold target, which is subject to the Option Agreement between Logan and Pilot Gold, Inc. (“Pilot”). Logan recently announced that it had signed a Mining Lease and Purchase Option Agreement (“Angel Wing Agreement”) pursuant to which Logan would acquire a lease over certain unpatented mining claims located in Elko County, Nevada known as the Angel Wing Property (see news release dated March 16 2017). These two Agreements effectively consolidate the greater part of the Viper District, which is located in northeastern Nevada, USA. The nearest community is the town of Montello, located approximately 60 kilometers to the southwest.
Gold mineralization on 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 conspicuous in a number of outcrops. Exploration on the Pilot claim block returned surface rock samples to 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 the Angel Wing files include vein samples with up to 25.2 g/t Au over three meters, and significant Au values in RC drilling, such as 2.61 g/t Au over 13.72 meters (AW13-05)*.
Full historical drill results for the Viper and Angel Wing properties are available on the Logan Resources website: http://loganresources.ca/index.php/projects/usa-gold-projects/viper
Logan’s CEO and Director, Mark Morabito, commented, “The consolidated Viper Project enables Logan to explore the entire four-kilometer strike length of the main mineralized trend with significant expansion and development potential. Historic results in the Viper District are encouraging and warrant another phase of targeting, based on the merged Viper and Angel Wing datasets. We anticipate this program of work will be successful in generating future drill targets.”
Logan’s geological staff have reviewed the available data, including drill logs, assay certificates and additional supporting information sources. Data was verified through a database check that included a review of drill collar coordinates, down-hole surveys, geologic log data, gold assay data, multi-element assay data and terraspec spectral data. Logan is of the opinion that previous exploration on the Angel Wing project by the Miranda Gold / Ramellius Joint Venture was conducted in a workmanlike and professional manner, and that the geological, geophysical, and geochemical results are suitable for detailed modelling, and the generation of future drill targets. Earlier exploration efforts within the project area, as conducted by Teck Resources, are only partly documented and will not be relied upon.
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 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 Pilot Gold Inc. 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
“Mark Morabito”
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:
Jennifer Paterson
Manager of Corporate Development
T: 604-681-8030 x 248
E: [email protected]
