Aurwest Applies for Diamond Drilling Permit at the Paradise Lake Gold Project, Central Newfoundland
Calgary, December 6, 2021 - Aurwest Resources Corp. (CSE: AWR) ("Aurwest" or the "Company") is pleased to provide its shareholders with an update on its proposed drilling program at its Paradise Lake gold project located in the Central Newfoundland Gold Belt.
Highlights:
a) A two-phase 10,000m diamond drilling program has been submitted to government agencies for approval.
b) Phase 1 consists of 3,000m in 13 holes and is set to begin in late January 2022 contingent on receipt of the required permits.
c) The Phase 2 program is expected to commence in the spring of 2022 once assays from the Phase I program have been received.
d) The main drilling target is a 1.3 km long trend of high-grade gold (up to 14.22 g/t Au) in angular pyritic boulders of quartz breccia.
e) The 1.3 km trend exhibits a strong spatial association with a series of linear granodiorite-syenite bodies within a complex structural zone marking a volcanic/sedimentary contact that extends over 4.5 km strike length.
f) The recently completed 74 line-km IP survey has successfully delineated the near surface hydrothermal sulfide mineralization/alteration corresponding with high-grade gold in rocks samples.
g) An interpreted splay off the Cape Ray Valentine Lake structural zone passes through the Paradise Lake area and exhibits a strong spatial correlation to the gold mineralization located in 2021.
Colin Christensen, President and CEO of Aurwest, commented, "We have concluded our 2021 exploration program at Paradise Lake with several high priority drilling targets being identified. This area has no historical drilling and is situated along the Cape Ray Valentine Lake structure with up to 14.22 g/t gold at surface. The IP results have detected the gold-pyrite mineralization associated with several leakage zones and successfully mapped these targets at depth. The correlation of the geophysical results, structural relationships and gold-pyrite association displayed by these near surface gold targets, could lead to a new gold discovery at Paradise Lake. Our systematic exploration strategy in 2021 has been very successful in delineating this newly recognized gold-bearing structure."
The Paradise Lake Project:
The Paradise Lake gold project includes 23,600 hectares (804 claims) of contiguous ground situated within the Central Newfoundland Gold belt. The 2019 airborne magnetic surveys identified key geological structures related to gold mineralization and the post-sedimentary linear intrusions at Paradise Lake. Mapping along these structures has located quartz breccias containing up to 14.22 g/t gold, the highest yet recorded on the property. The recent IP survey along this structural corridor has identified positive chargeability signatures that show a strong correlation to the low-sulfidation, structurally controlled gold mineralization.
Preliminary IP Results:
The recently completed IP survey covers approximately 8km of combined strike length over the CVRL structure. Positive chargeability and resistivity anomalies correspond with linear intrusive contacts suggesting the presence of disseminated pyrite and hydrothermal quartz within these complex contacts. This is supported at surface by a strong concentration of rocks displaying low-sulphidation, gold-quartz-pyrite mineralization with gold concentrations up to 14.2 g/t Au. These zones are modelled from surface to nearly 500m at depth. The first phase of diamond drilling will target this combination of features to a maximum of 400m drilling depth.
Exploration Model:
The Paradise Lake Project covers a 45km long portion of the 450 km long, Cape-Ray-Valentine Lake ("CRVL") structural zone that is host to gold deposits including Valentine Lake, Cape Ray, Moosehead, and Queensway. During orogenic events in Newfoundland, these primary and secondary structures were re-activated allowing hydrothermal activity to emanate upward from deep seated faults in the basement rocks to form "leakage halos" within the overlying rocks including the Botwood Group sediments and Stony Lake volcanics. Various styles of quartz veining with associated sulfides (pyrite + arsenopyrite) and gold mineralization formed along these discrete structures which is exposed on surface. At Paradise Lake an intrusion of granodiorite likely belonging to the Mt. Peyton Intrusive suite is considered an important source for gold-bearing hydrothermal activity.
Analytical Procedures:
Sample preparation and analytical work was completed by Eastern Analytical ("Eastern") located in Springdale, Newfoundland Labrador. Gold concentrations were determined in parts per billion ("ppb") using 30g fire assay with atomic absorption finish. Trace elements concentration are determined in parts per million ("ppm") on 200 milligram samples, using four acid digestion and analyses by ICP-OES. Aurwest's QA/QC protocol includes insertion of Standard Reference Material and blanks in the sample streams. Eastern has an ISO/IEC 17025 accreditation.
Elmer B. Stewart, MSc. P. Geol., is the Company's 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 three Option Agreements to earn a 100% interest in Paradise Lake and Stony Caldera projects covering a 47,800-hectare (478 sq kms) package of gold exploration licenses within the emerging Central Newfoundland gold district. The Company also currently holds a 100% interest in the 24,533-hectare Stellar porphyry copper project, and an adjoining 50% interest in the recently acquired 2,136-hectare Stars porphyry copper property, 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: a proposed 2 phase 10,000m diamond drilling program; positive rock sampling results; areas of quartz veined, sulfide bearing (pyrite-arsenopyrite) sandstone; results of the deep penetrating Induced Polarization survey; and correlation between gold mineralization, chargeability signatures and interpreted structures.
In connection with the forward-looking information contained in this news release, Aurwest has made numerous assumptions regarding, among other things: the geological advice that Aurwest has received is reliable and is based upon practices and methodologies which are consistent with industry standards; and the reliability of historical reports. While Aurwest considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Aurwest's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include; additional exploration of the Properties may not locate significant gold mineralization, the proposed drilling program may not be completed as planned or at all; the correlation of the gold mineralization, chargeability signatures and interpreted structure may not be accurate; 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.
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