Aurwest Prepares for 2021 Exploration Program Central Newfoundland
Calgary, January 12, 2021 - Aurwest Resources Corp. (CSE: AWR) ("Aurwest" or the "Company") is pleased to provide an update on its planned 2021 exploration activities in Central Newfoundland. In November 2020 Aurwest announced the acquisition of its first project in the emerging central Newfoundland gold belt; a 23,600-hectare (236 km2) package of gold exploration licenses situated approximately 10 kms south of Grand Falls in Central Newfoundland and is referred to as the Paradise Lake project.
About the Paradise Lake Project
The Paradise Lake Project lies within the Exploits Subzone along the center of the Dunnage tectonic zone within the emerging Golden Corridor Structural Zone, a ~450 km long crustal scale fault/shear zone system that hosts a number of recently discovered high-grade and low-grade gold systems including New Found Gold Corp.'s Queensway project, Marathon Gold Corporation's Valentine Lake gold deposit to the southwest, the Sokomon Iron Inc.'s Moosehead gold project and K9 Gold's Stony Lake East property, which offsets the Paradise Lake property to the north. Exploration in the Central Newfoundland gold belt continues to intersect high-grade gold mineralization and is now being compared to the world class Abitibi greenstone belt in Canada and the Fosterville gold camp in Australia.
Aurwest is also pleased to announce that it has retained the services of Mr. Brian Willett, P.Geo., to manage the Company's exploration activity on its Paradise Lake gold project. Mr. Willett is a resident of Newfoundland and has over thirty years of extensive mineral exploration experience in a variety of geological environments. He worked extensively with Capstone Mining Corporation as a senior geologist on various advanced and grass roots exploration programs within North and South America, and most recently as a contract geologist with Maritime Resources Corp. in Newfoundland. Mr. Willett's duties will include working with management to plan the 2021 exploration activities, assembling the exploration team and managing the daily operations of the 2021 field program. Brian's experience will complement the proposed exploration activities currently in the planning stage on its Paradise Lake and Miguels Lake properties in central Newfoundland. Additional information specifically relating to 2021 exploration plans will be announced shortly.
Mr. Colin Christensen stated "Retaining Mr. Willett is our first step in assembling a seasoned exploration team as we prepare for the 2021 field season. Mr. Willett's experience in Newfoundland and operational expertise will be instrumental in conducting an efficient and cost-effective exploration program. Aurwest's objective over the next few weeks will be to assess and prioritize all the known exploration targets and select the highest priority targets for exploration with the expectation of developing targets for drilling in late 2021. The limited amount of exploration completed on our properties to date have yielded a significant number of exploration targets that cover a 30 km long portion along the under-explored western side of the Golden Corridor in central Newfoundland".
Paradise Lake Project Geological Highlights:
- An underexplored area covering approximately 30 km strike length of the main structural corridor on western margin of the central Newfoundland gold belt
- The Project is underlain by Ordovician and Silurian sediments (Botwood Group and Badger Group) within the Exploits Subzone of the Dunnage tectonic zone.
- Gold mineralization has been located in Botwood Group sedimentary rocks and in intrusive rocks (syenites, monzodiorites & gabbro) intruding the sediments.
- Ten areas of silicified low-sulfidation mineralization exhibiting epithermal textures and less than 3% total sulphides (fine-grained disseminated pyrite, arsenopyrite and sulfosalts (boulangerite & bournonite); with highly anomalous Au and As, Ag & Sb values (path finder elements) have been located to date.
Project Exploration Highlights:
The Project has only seen sparse and erratic exploration since 1989 that resulted in the discovery of numerous gold showings, gold grains in-till anomalies and anomalous geochemical gold targets. Exploration results are summarized below;
- In the Paradise Lake Project 68 rock float samples have been sampled with 12 rocks assaying >45 to 8,963 ppb Au; 14 till samples assaying >500 to 1,640 ppb Au; 61 tills with 5 to 48 gold grains per sample and 5 panned till samples assaying from 900 to >10,000 ppb Au.
- In the Miguels Lake Project 14 rock samples have been sampled with two rocks assaying from 60 to 381 ppb Au; 40 tills assayed from >75 to 22,209 ppb Au, with 98 tills containing 1 to 36 gold grains, 40 panned tills assayed from >25 to 9,040 ppb Au.
- In the Pistol Lake Project 49 rocks from three prospects assayed >100 to 5,160 ppb Au and 6 tills assayed >50 to 7,340 ppb Au. Fine visible gold grains have been panned in tills adjacent to sub crop and quartz stockwork with visible gold has been located in outcrop. The samples containing visible gold assayed 3.1 g Au/t. Eleven angular boulder samples assayed >750 ppb Au and averaged 2.3 g Au/t; and 8 boulder samples assayed >1,000 ppb Au and averaged 2.9 g Au/t.
In 2019, the Vendors completed a detailed airborne geophysical survey (magnetics, gradient mag, spectrometry, and VLF-EM at 100 m spaced lines) over the Properties. The fault zones interpreted from this survey exhibit a strong spatial association with the exploration targets identified to date and has been instrumental in defining key structural targets for immediate follow up prospecting, mapping, till sampling and geochemical sampling with the objective of establishing drill targets.
The historical exploration data and analytical results reported in this news release were taken from assessment reports filed with the Department of Natural Resources, now the Department of Industry, Energy and Technology Newfoundland and Labrador and the vendors. Neither Aurwest nor a qualified person has verified the historical sampling, analytical, and test data contained in this news release. The historical grab sampling results reported in this news release are selected samples and are not necessarily indicative of the mineralization hosted on the property.
Elmer B. Stewart, MSc. P. Geol., a director is the Company's non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.
On Behalf Of Aurwest Resources Corp.
"Colin Christensen"
President and Chief Executive Officer
For additional information please contact:
Colin Christensen
Telephone: (403) 483-8363
Email: cchristensen@aurwestresources.com
Website: www.aurwestresources.com
About Aurwest Resources Corporation
Aurwest is a Canadian-based junior resource company focused on the acquisition, exploration, and development of gold properties in Canada. The Company currently has two Option Agreements to earn a 100% interest in Paradise Lake a 23,600 hectare (236 km2) package of gold exploration licenses within the emerging Central Newfoundland gold district. The Company also currently holds a 100% interest in the Stellar copper/gold Project, located approximately 25 kilometers southwest of Houston British Columbia.
Forward-Looking Information
Statements included in this announcement, including statements concerning our plans, intentions, and expectations, which are not historical in nature are intended to be, and are hereby identified as "forward-looking statements". Forward looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation: additional exploration of the Properties may not located significant gold mineralization, the exploration program may not be completed as planned or at all; the Company may not be able to assemble a season exploration team, the path finder elements may not be indicative of gold mineralization; the western margin of the Dunnage zone may not be located within the Property; the structural elements of the central newfoundland gold belt and not be similar to the Abitibi and Fosterville gold camps; the Company's ability to raise additional funding to conduct exploration; receipt of permits to conduct the exploration plans and matters relating to the Company's future operations and business prospects; certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements. Any forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, except in accordance with the applicable laws.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/71773