Calgary, Alberta–(Newsfile Corp. – June 13, 2022) –( ) (“Aurwest” or the “Company“) is pleased to report the analytical results for the remaining eight drill holes (see Table-1 below) from the 11-hole exploration drilling program at the Paradise Lake Project, central Newfoundland. The eleven-hole drilling program was completed to test a 4.5km target consisting of surface mineralization (ranging from 0.05 to 144.7g/t gold) associated with a strong chargeability signature within the Cape Ray Valentine Lake corridor.
- PL-22-07 intersected 3.57g/t over a core interval of 1.1m including 7.75 g/t Au over 0.5 meters and separate interval of 5.99 g/t Au over a core interval of 0.5m
- Phase II drill program is underway testing additional priority targets on the west side of Twin Ponds
Mr. Colin Christensen stated, “The Phase I drilling intersected a broad range of low, but significant gold concentrations hosted in altered syenite within the Cape Ray Valentine Lake (“CRVL”) corridor. The structural setting, host rock and range of gold values are similar to that what would be expected in a lower grade “Intrusion Related” style gold mineralization similar to the Valentine Lake gold deposit located to the southwest within the CRVL. Compilation of the Phase I drilling results suggest that the mineralization is hosted in a shallow, westerly dipping mineralized structure. The Phase II program now in progress, is testing this interpretation to determine the lateral and down-dip extensions of these mineralized intervals.”
The Phase I diamond drilling program consisted of 11 holes (PL-22-01 through PL-22-11) totaling 2,746m to test a broad range (0.05g/t to 144.7g/t gold) of gold concentrations in outcrop/subcrop/float hosted in quartz veined/stockwork/breccia exhibiting a quartz-pyrite-arsenopyrite mineral association hosted in altered syenite intrusive along the Cape Ray Valentine Lake corridor (See March 14, 2022, news release).
Compilation of the analytical and geotechnical results for the Phase I drilling in conjunction with the geophysical signatures (chargeability/resistivity) is underway to determine the control and if possible the trend of the mineralized system.
The Paradise Lake-Stony Caldera properties are considered to have potential to host “Orogenic” and “Intrusive Related” styles of gold mineralization. The Cape-Ray-Valentine Lake (“CRVL”) structural zone and subsidiary structures hosts several gold deposits including Valentine Lake, Cape Ray, Moosehead, and Queensway. Post Botwood intrusive activity (granodiorite/syenite) occurred in the vicinity of Twin Ponds-Paradise Lake indicating potential for an Intrusion Related style gold mineralization.
Table 1: Phase I mineralized interval.
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Notes: The cut-off selected for determining the weighted average for the mineralized intervals was 0.1g/t gold. No limitation placed on the sample interval. Gold grades are rounded. Intervals reported in table are core intervals and do not represent true width.
2022 Drilling Results:
The mineralized intervals exhibit a pyrite-arsenopyrite mineral association with higher gold values typically associated with higher arsenic concentrations. The mineralized intervals typically exhibit envelopes up to several meters wide of gold values ranging from 10 to 90 parts per billion.
Phase II Drilling Program:
The Phase II diamond drill program is underway. Two drill holes have been completed. Logging and sampling of these drill cores are in progress. The initial part of this program consists of five drill holes totaling approximately 1,500m.
Sample preparation and analytical work is being completed by Bureau Veritas Commodities Canada Inc. (“BV”) located in Vancouver B.C. BV has an ISO/IEC 17025 certification. Sample preparation followed BV’s code PRP70-1kg. Gold and 36 trace elements concentrations will be determined using BV’s code AQ202, ICP-ES/MS on a 30g sample. Aurwest’s QA/QC protocol includes geotechnical measurements, photographs, detailed geological logging and insertion of Standard Reference Material and blanks in the sample streams.
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
President and Chief Executive Officer
For additional information please contact:
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 28,294-hectare Stellar/Stars porphyry copper project, located approximately 25 kilometers southwest of Houston, British Columbia.
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 those relating to the Company’s future operations and business prospects, are subject to 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/127396
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