TORONTO, ONTARIO--(Marketwired - Dec. 6, 2016) - BWR Exploration Inc. (TSX VENTURE:BWR) ("BWR" or the "Company") is pleased to announce that it has received final approval from the TSX.V Exchange ("Exchange") for the acquisition of a 100% interest in the Little Stull Lake Gold project in Northern Manitoba from Puma Exploration Inc. (TSX VENTURE:PUM) ("Puma"). This transaction was previously announced on October 7, 2016.
The Little Stull Lake Gold project consists of 20 mining claims originally staked by Westmin Resources Inc. in 1985-86, covering approximately 2,387 hectares that cover the main exploration sites for the project. The 20 claims are surrounded by two Mineral Exploration License applications covering an area of approximately 35,948 hectares. The Little Stull Lake Project covers exploration rights over a total of 38,335 hectares (approximately 384 square kilometers), including the 20 claims and the two Mineral Exploration Licenses.
As announced on October 7, 2016, the payment elements of the acquisition agreement for the Little Stull Lake Gold Project from Puma include cash payments to Puma of $150,000, of which $50,000 has been paid, and the issuance of up to 10 million BWR common shares.
Historical drilling has been carried out in three separate drill campaigns between 1984 and 2008, including Westmin Resources Inc., Wolfden Resources Inc. and Puma Exploration Inc. 219 drill holes represent an aggregate of 37,421 metres were completed by these three explorers, the analysis of which resulted in the delineation of five separate zones of gold mineralization along a 6.2 kilometre geological structure. Most of the early drilling focussed on the West Zone that was reported by Westmin in 1991 to contain a potential resource estimate of 750,000 tons averaging 10.5 g/t Au as recorded in Open file 90-2 by Manitoba Department of Energy and Mines (p 58), this was also reported in Canadian Intergovernmental Working Group on Mineral Industry, in 2008. The Westmin resource estimate is considered historical in nature and was done prior to the implementation of NI 43-101 reporting requirements and adoption of CIM Guidelines for Estimation of Mineral Resources and Reserves, however the reported resource estimate is considered relevant as it has been used as reference to the gold potential of the region in various technical reports about the area by government agencies. A Qualified Person has not done sufficient work to classify this historical estimate and the Company is not treating this historical estimate as a current mineral resource estimate.
"BWR is very excited about this new and pivotal exploration and development opportunity that it has acquired from Puma. The Board of BWR will be welcoming Marcel Robillard as a new director and look forward to his corporate input as a director and experience as a geologist, as the Little Stull Lake Gold Project matures from an exploration project into what BWR hopes to be an advanced exploration and development project. As a result of the transaction, Puma will become a significant and valued shareholder of BWR, allowing them to continue focusing their exploration efforts on their base metal assets in New Brunswick while BWR focuses on this exciting gold project," notes Neil Novak, President and CEO of BWR Exploration Inc.
BWR is a public company (TSX VENTURE:BWR) focused on exploring early stage projects for base and precious metals, with exploration projects in Northern Ontario, and more recently one in Northern Quebec, Canada. The recently acquired Little Stull Lake Project in Manitoba will become the focus project for BWR. Management of BWR includes an accomplished group of exploration/mining specialists with many decades of operational experience in the junior resource sector. There are currently 39,191,961 shares issued in BWR prior to this transaction.
The contents of this press release were prepared by Neil D. Novak, P.Geo., a Qualified Person as defined in NI 43-101 reporting guidelines.
This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of BWR Exploration Inc. to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, except as required by law. BWR Exploration Inc. undertakes no responsibility to publicly update or revise any forward-looking statements. These risks and uncertainties include: that actual results obtained by BWR in the future may differ materially from the historical results. In addition, readers of this press release should review the risks and uncertainties that are described in the quarterly and annual reports and in the documents submitted to the securities administration. Neither the Toronto Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
BWR's website is currently being updated to include information about the new project and will be launched over the next few weeks.