VANCOUVER, BC--(Marketwired - September 20, 2016) - Logan Resources Ltd. (TSX VENTURE: LGR) ("Logan" or the "Company") announces the commencement of exploration and planned drill programs for the Brik and Drum Projects, located in southeast Nevada and western Utah, respectively. The projects are the subject of a previously-announced Option Agreement (see Logan news release July 7, 2016) with Pilot Gold Inc. ("Pilot"). Under the Option Agreement, Logan can earn a 51% participating interest in four of nine properties (the "Properties") by incurring US$1.0 million in total expenditures in the first 12 months after closing and by issuing 9.9% of its issued and outstanding common shares to Pilot upon completion of the first financing (see Logan news release August 18, 2016). Additional mechanisms are in place that would allow Logan to earn up to 80% in the selected projects.
Brik Project, Nevada
The Hidden Treasure target at the Brik Project represents a high priority exploration target for Logan; drilling is anticipated to begin before the end of October, 2016. An eleven-hole, 2,000 meter reverse-circulation drill program is planned with the objective to follow up on strong gold intercepts from the 2011 Pilot Gold drill program, as well as to test deeper resistivity targets generated by the CSAMT survey.
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.
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 multiple exploration targets of which one, Hidden Treasure, will be the 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 a significant, sub-horizontal mineralized zone at surface that averages 1-3 g/t gold over 10-30 meters width (PB-17, PB 24, PB-25)*. Drill holes also encountered deeper, higher grade gold mineralization probably controlled by steep structures (PB-19, PB 24)*. Please refer to Logan's website to see the full results of the drill holes completed by Pilot Gold.
Taken together, evidence from outcrop and drilling indicates the Hidden Treasure target is open for expansion in all directions with good potential for additional mineralization at depth and along strike.
Drum Project, Utah
The Drum Project is located 50 kilometers northwest of Delta, Utah. The property consists of 87 unpatented lode claims, located on public lands under BLM jurisdiction. Five distinct targets have been defined on the basis of rock and soil geochemistry and detailed geologic mapping. Each target is associated with the presence of outcropping jasperoid, with sub-gram gold concentrations common and maximum values in the range of 3-6 g/t. Host rocks are Cambrian shale and limestone that correspond to the same stratigraphic sequence at the adjacent Drum Mine, which produced in the order of 85,000 oxide ounces in the 1980s. Logan is planning to commence a 15-hole, 2,150 meters reverse-circulation drill program in Q1 of 2017.
Logan believes the Drum property to be under-explored and highly prospective for discovery of a sedimentary rock-hosted, "Carlin-type" gold system. It represents a rare example of a recent, grassroots gold discovery with multiple, undrilled targets at surface.
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 Qualified Person as defined in NI 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 of the exploration program, (ii) the exploration potential and prospective nature of the properties, and (iii) the potential results of the exploration 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 uranium 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.