Winston Gold Mining Corp.

January 23, 2017 07:30 ET

Winston Gold Outlines New High-Grade Gold Vein

WINNIPEG, MANITOBA--(Marketwired - Jan. 23, 2017) - Winston Gold Mining Corp. ("Winston Gold" or the "Corporation") (CSE:WGC)(OTCQB:WGMCF) is pleased to announce that it has been able to outline a high-grade gold vein which could be amenable to underground mining.

"New drill results, outlined below, combined with earlier reported assays from the Edna Trend released in December (press release Dec 13th 2016) indicate that we have outlined a potentially minable vein which we are calling the Edna-West Vein," stated Murray Nye, CEO and Director of Winston Gold Mining. "The steeply dipping Edna-West vein currently has a strike length of 407 ft. (124 metres) and a vertical extent of up to 150 feet (45.7 metres). Our next step will be to further define the vein with the goal of sighting an exploration adit to access it."

The key drill intercepts that outline the vein include:

  • W1633 intersected 2.3 ft. averaging 1.3 ounces per ton (opt) or (44.57 grams/tonne) gold. (Press Release Dec 13, 2016).
  • W1635 cut 4.8 ft. averaging 0.303 opt (10.39 g/t) gold. (Press Release Dec 13, 2016).
  • W1647 hit 4 ft. averaging 0.226 opt (7.75 g/t) gold.
  • W1650 intersected 1 ft. averaging 0.427 opt (14.64 g/t) gold.

The Historic Edna mine produced ore from North-East oriented flat veins (dipping minus 20 degrees to the Northwest) and steep veins (dipping minus 60 degrees to the Northwest). The new Edna-West Vein is oriented in an East-West direction and dips steeply to the North at an angle of about minus 75 degrees.

"We believe the Edna-West vein may be a late-stage mineralized vein that is younger than the both the Edna and Custer vein systems. As a result, it may continue eastward past the point where it intersects the Custer vein," commented Mr. Nye. "The vein remains open for expansion at depth and along strike to the East and also to the West for a few hundred feet where it's most likely cut off by a significant regional fault."

Holes W1646, W1647 and W1648 were drilled from Pad 8, located 300 feet (91.4 metres) west of the historic Edna Mine. Hole W1649 was drilled from Pad 7, a 100 ft. (30 metres) step-out to the west of Pad 8 and hole W1650 was drilled from Pad 6, another 100 ft. (30 metres) step-out west of Pad 7.

The width of the Edna-West Vein appears to vary from 1 ft. to over 5 ft. over its currently known strike length. The phase-1 drill program has intersected many narrow veins within the Edna Trend and true width has been difficult to determine since many of these veins are associated with fault breccia and fault gouge and it is not possible to determine a proper core angle.

Refer to chart below for details of the drill holes discussed in this release.

Hole UTM North (m) UTM East (m) Elevation (m) Azimuth degrees Dip
From (ft.) To (ft.) Interval
Gold (OPT) Gold
W1646 448434 5143803 1506 184 -90 NSI NSI
W1647 448434 5143803 1506 180 -72 86 88 2 0.61 0.155 5.31
306 308 2 0.61 0.278 9.53
356 360 4 1.22 0.226 7.75
W1648 448434 5143803 1506 180 -52 NSI NSI
W1649 448404 5143795 1508 180 -60 NSI NSI
W1650 448371 5143792 1510 180 -76 125 126 1 0.30 0.521 17.86
382 383 1 0.30 0.427 14.64

*NSI = No Significant Intercepts

The company expects to receive final assay results from the remaining few holes of the Phase-1 drill program shortly. A total of 33 holes were drilled totaling 12,428 ft. (3,788 metres). A Phase-2 drill program is now underway. It is designed to further define the Edna-West vein and will ultimately aid in the placement of an exploration adit.

The Winston Gold Project is central to a historic precious and base metal mining district in which most of the ore was mined from tightly structurally controlled high angle fissure veins and lode/replacement zones. Reports indicate that more than 100,000 ounces of gold was recovered from these underground mines in the late 19th to early 20th century from about 150,000 tons of ore. (Earle, 1964; Schell, 1963).

Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance

All sampling was conducted under the supervision of the Company's project geologists and the chain of custody from the drill to the sample preparation facility was continuously monitored. A blank or certified reference material was inserted approximately every tenth sample. The samples were delivered to Norris Labs Inc., in Norris Montana where they were crushed, pulverized and the sample pulps digested and analyzed for gold using fire assay fusion and a 50g gravimetric finish.

Qualified Person

The scientific and technical content and interpretations contained in this news release have been reviewed, verified and approved by Dr. Criss Capps PhD. P.Geol., an independent consultant to Winston Gold Corp. Dr. Capps is a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About Winston Gold

Winston Gold is a junior mining company focused on advancing high-grade, low cost mining opportunities into production. Towards that end, the Corporation has acquired two under-explored and under-exploited gold/silver mining opportunities, being the Winston Gold project near Helena, Montana, and the Gold Ridge project, near Willcox, Arizona.

On behalf of the Board of Directors of the Company,

Murray Nye, Chief Executive Officer

The CSE has neither approved nor disapproved the information contained herein.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Forward-Looking Information

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Winston Gold Mining Corp. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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