Calgary, Alberta–(Newsfile Corp. – January 6, 2022) – Aurwest Resources Corporation (CSE: AWR) (“Aurwest” or the “Company“) is pleased to announce that it has received approval from the Newfoundland and Labrador Mineral Lands Division for a 33-hole, 10,000-meter drilling program on its Paradise Lake gold project in central Newfoundland. The phase one stage of this overall program will include 13 drillholes based on approximately 3,000 meters of drilling which is scheduled to commence in late January subject to weather conditions.
Mr. Colin Christensen stated, “Our 2021 field program was designed to explore for gold bearing structures associated with the interpreted major structural zone that underlies the project, evidenced by “leakage halos” in outcrops and sub-crops of the Botwood sediments. Our field program located several leakage halos in the Paradise Lake – Twin Ponds area of the property that exhibit a spatial correlation with the chargeability anomalies outlined by the recent IP survey and interpreted basement structures. The leakage halos are interpreted to represent late-stage structures that acted as channel ways for hydrothermal solutions emanating from depth depositing gold and pyrite in the Botwood sediments. The planned drilling program will be designed to test these leakage halos at depth exploring for gold in the volcanic rock underlying the Botwood sediments. We’re excited to finally get started in testing these targets for their gold potential.”
Priority targets for the drilling program will be selected based on a compilation of previous airborne geophysical surveys, mapping, and geochemical surveys as well as the recently completed IP survey. The objective is to identify the source of high-grade gold in quartz rich boulders that coincide with buried geophysical anomalies surrounding Paradise Lake. The 2021 field program successfully identified a 3km long structural zone evidenced by up to 14.3g/t Au in outcrop/sub-crop, intense late stage silicification, ankerite alteration and prominent chargeability anomalies associated with two post sediment intrusives in the Paradise Lake-Twin Ponds area of the project. The program will last a couple months, and results are expected in spring 2022.
Elmer B. Stewart, MSc. P. Geol., is the Company’s independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.
ON BEHALF OF AURWEST RESOURCES CORPORATION
President and Chief Executive Officer
For additional information please contact:
Telephone: (403) 483-8363
About Aurwest Resources Corporation
Aurwest is a Canadian-based junior resource company focused on the acquisition, exploration, and development of gold properties in Canada. The Company currently has three Option Agreements to earn a 100% interest in Paradise Lake and Stony Caldera projects covering a 47,800-hectare (478 sq kms) package of gold exploration licenses within the emerging Central Newfoundland gold district. The Company also currently holds a 100% interest in the 28,294-hectare Stellar/Stars porphyry copper project, located approximately 25 kilometers southwest of Houston British Columbia.
Statements included in this announcement, including statements concerning our plans, intentions, and expectations, which are not historical in nature are intended to be, and are hereby identified as “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation: historical exploration results; positive diamond drilling results; styles of copper-molybdenum mineralization; and future work programs.
In connection with the forward-looking information contained in this news release, Aurwest has made numerous assumptions regarding, among other things: the geological advice that Aurwest has received is reliable and is based upon practices and methodologies which are consistent with industry standards; and the reliability of historical reports. While Aurwest considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause Aurwest’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, additional exploration of the Properties may not locate significant copper-molybdenum mineralization; historical exploration results may not be; accurate; additional exploration of the areas of copper mineralization may not locate significant mineralization; the positive diamond drilling results may not be accurate; styles of copper-molybdenum mineralization; and future work programs may not result in the location of significant copper-molybdenum mineralization future work programs may not be completed as planned or at all; receipt of permits to conduct the exploration plans and matters relating to the Company’s future operations and business prospects; certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements. Any forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, except in accordance with the applicable laws.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.