VANCOUVER, BC--(Marketwired - August 22, 2017) - Logan Resources Ltd. (TSX VENTURE: LGR) ("Logan" or the "Company") is pleased to announce the completion of the initial earn-in on four gold properties from the Option Agreement (the "Option Agreement") dated July 7, 2016 between Liberty Gold (USA) Corp. ("Liberty Gold") and Logan. Logan has satisfied the conditions of the Option Agreement and has earned a 51% participating interest in the following four properties, all located in Nevada, USA: (i) Brik, (ii) Viper, (iii) Antelope, and (iv) Easter. Logan now has the option to earn a participating interest of up to 80% on the four properties.
The Brik property is located in the Cedar Range of Lincoln County, Nevada. The Hidden Treasure target on the Brik property contains multiple zones of gold mineralization in quartz veins, silicified andesite, and breccia zones. The November 2016 drill program at Brik confirmed the presence of significant oxide gold both in the near-surface and at depth (results previously announced in news release March 1, 2017).
The Viper property is located in eastern Elko County, Nevada. Gold mineralization on the Viper property is related to the presence of quartz-calcite veins and vein stockworks. Individual veins exhibit spectacular bladed and lattice epithermal textures and free gold is visible in a number of outcrops on the property. Logan has consolidated the greater part of the Viper District by signing a Mining Lease and Purchase Option Agreement (the "Angel Wing Agreement") to acquire a lease of the Angel Wing Property and the digital database for these claims.
The Antelope property is located in northern White Pine County, Nevada. Significant concentrations of gold occur in two sediment-hosted jasperoid zones with even higher concentrations of gold associated with dike margins and fault zones. The Antelope property is located within an 80 kilometer radius of four modern gold mines. The results of the recent drilling campaign at Antelope (announced in news release June 20, 2017) will be the subject of an upcoming news release.
The Easter property is located in the Eastern Calderas of Lincoln County, Nevada. Previous exploration programs on the Easter property focused on a limited segment of the outcropping epithermal vein system, eventually outlining a NI 43-101 resource, but the deposit remains unconfined and unexplored down-dip.
Logan has returned the following properties to Liberty Gold: (i) Drum, (ii) Griffon, (iii) Sandy, (iv) Stateline, and (v) Anchor.
Terms of the Option Agreement
- Logan can earn a 70% interest in the four selected properties by incurring additional expenditures of US$2 million within 36 months of the closing date, and arranging for one million common shares of Logan to be delivered to Liberty Gold.
- Logan will then have the additional option to earn an 80% interest in any of the selected properties for which it completes a pre-feasibility study.
Logan and Pilot Gold will form a joint venture once Logan earns 80% interest in a selected property, or earlier if Logan declines to exercise its additional interest options. Each party will thereafter be responsible for its pro rata share of expenditures on the selected property.
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.
About Logan Resources Ltd.
Logan Resources Ltd. (TSX VENTURE: LGR) is a junior exploration company in the business of acquiring and advancing mineral properties. Logan's focus is on actively exploring nine gold properties in Nevada and Utah, USA that are under option from Liberty Gold (USA) Corp. Logan also has a 20% carried interest in the Gorilla Lake uranium property, and has a 100% interest in the Redford iron ore property on Vancouver Island, Canada. Redford is a former producing iron ore mine.
For more information, please visit www.loganresources.ca.
Logan is part of the King & Bay West group of companies. King & Bay West is a merchant bank and management services company that specializes in identifying, funding, developing and managing growth opportunities in the resource and technology sectors.
LOGAN RESOURCES LTD.
On behalf of the Board
"Mark Morabito"
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 exploration potential and prospective nature of the properties disclosed in this news release, (ii) the details of future exploration plans and potential results, and (iii) potential gold mineralization on the properties.
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.