VANCOUVER, Oct. 18, 2016 /CNW/ - Logan Resources Ltd. (TSX-V: LGR) ("Logan" or the "Company") announces that it has initiated a drilling program at its Brik gold property in Nevada. The project is subject to a previously-announced Option Agreement (see Logan news release July 7, 2016) with Pilot Gold Inc. ("Pilot").
The drilling program is planned to consist of at least ten reverse circulation drill holes totaling approximately 2,000 meters. 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 several exploration targets of which one, Hidden Treasure, is the current focus of Logan's exploration program.
Discovery outcrops at Hidden Treasure consist of gold-bearing quartz veins and breccias, which display evidence of multiple hydrothermal events in a structurally complex setting. 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. Drilling by Pilot in 2011 confirmed the presence of significant gold in the silica cap, returning results that averaged 1-3 g/t Au over 10-30 metres width (PB-17, PB 24, PB-25). Drill holes also encountered deeper, higher grade Au vein mineralization, with assay values to 15 g/t Au over 1.5 meters* (PB-19, PB 24). To see the complete Pilot drill results for the Hidden Treasure target click here or visit the Logan Resources website.
As reported in the September 20, 2016 News Release, both the silica cap and lower zone vein mineralization will be tested in the current program, together with geophysical targets interpreted to represent additional zones of silicification favorable for gold mineralization.
The Brik property is located in the Cedar Range of Lincoln County, Nevada. The nearest community is the town of Panaca, located 15 kilometers away. The property consists of 135 unpatented lode claims on public lands under BLM jurisdiction, owned by either Logan or Pilot.
To see a graphic with historic Pilot holes and the proposed Logan collars, click here or visit the Logan Resources website. 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 Certified Professional Geologist with the American Institute of Professional Geologists and a Qualified Person as defined in National Instrument 43-101.
Logan Resources Ltd. is a mineral exploration company that specializes in acquiring, exploring and advancing mineral properties. For more information on the property portfolio and Logan, please visit www.loganresources.ca.
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 timing and details of the drill program, (ii) the exploration potential and prospective nature of the properties, and (iii) the potential results of the drill program.
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.
SOURCE Logan Resources Ltd.
For further information: Investor Relations, T: 604-681-8030 x 240, F: 604-681-8039, E: [email protected], www.loganresources.ca