VANCOUVER, BC--(Marketwired - November 23, 2016) - Logan Resources Ltd., (TSX VENTURE: LGR) ("Logan" or the "Company"), announces that it has completed drilling at the Brik gold project in Nevada, USA. A total of eight holes were drilled for 1,380 meters. Samples have been submitted to ALS Chemex in Reno, Nevada, with results anticipated in January 2017. Consistent with previous drilling completed by Pilot Gold Inc. ("Pilot") in 2011, significant intervals of strong iron oxide, silicified andesite, and quartz veining were encountered in drilling.
The Brik project ("Brik") is located in the Cedar Range of Lincoln County, Nevada. 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, is the focus of Logan's current exploration program. 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. As previously reported, the targets tested include the gold-bearing silica cap, deeper, and potentially higher grade gold mineralization thought to be controlled by steep structures, and geophysical targets likely to represent additional zones of silicification favorable for gold mineralization (See Logan news release September 20, 2016).
Concurrent with drilling at Brik, permit applications for Logan's planned drill program at the Drum project ("Drum") have been submitted to the BLM and State of Utah authorities. Drum is located in the Drum Mountains, 50 km west-northwest of Delta, Utah. Drum consists of 87 unpatented federal lode claims (BLM jurisdiction) and one Utah State lease. The claims are in near proximity to the past producing Drum Mine, which used two open pit mines to produce 85,000 oxide ounces of disseminated, sediment-hosted gold deposits during the 1980's. Bedrock geology on Drum includes the same Lower to Middle Cambrian shale and limestone units which are prospective elsewhere in the district, and mineralization conforms generally to a sedimentary rock-hosted, "Carlin-type" gold model. Exploration by Pilot defined five distinct targets, four of which have never been drilled. Each target is defined on the basis of outcropping, gold-bearing jasperoid bodies which occur in structural and stratigraphic settings similar to the adjacent Drum Mine.
Both Brik and Drum are subject to a previously-announced Option Agreement (see Logan news release July 7, 2016) with Pilot. Under the Option Agreement, Logan can earn a 51% participating interest in four of nine 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.
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 Resources
Logan Resources Ltd. (TSX VENTURE: LGR) is a junior exploration company in the business of acquiring and advancing mineral properties prospective for gold. For more information on the project portfolio and the Company, 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, (iii) potential gold mineralization on the properties; and (iv) 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.