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.
About Logan
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
"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 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.