TORONTO, ONTARIO--(Marketwired - Aug 14, 2017) - BWR Exploration Inc. (TSX VENTURE:BWR) ("BWR") is pleased to provide an exploration update on its Little Stull Lake Gold Project, located in Northeastern Manitoba. BWR previously announced (July 27, 2017) the issuance of two Mineral Exploration Licenses to Puma that cover 388 square kilometers of favorable exploration land that essentially ties up most of the Manitoba portion of the Wolf Bay Shear Zone.
The two Puma MEL's have now been officially transferred to BWR, and pursuant to the agreement with Puma; upon notification of the transfer of the MEL's to BWR by Manitoba Ministry of Growth, Enterprise and Trade ("Manitoba MGET"), BWR must make a $50,000 payment to Puma for each MEL within 30 days. BWR is pleased to announce that it has now made these two payments to Puma totaling $100,000 as contemplated in the October 5, 2016 agreement.
During the MEL application process, BWR acted on behalf of the applicant (Puma) during discussions with Indigenous Communities in the project area, BWR proposed a low impact airborne aeromagnetic survey over the MEL defined project area, the survey to be of a size and scope as required to meet the exploration requirements on the MELs for the first year. A portion of the proposed survey was designed to focus on the historical drilled area referred to as the West Zone (located within MEL 1026A) with high density flight-line airborne coverage over 14 kilometer strike length, and with less dense flight-line coverage over the more distal outlying areas (MEL 426A) that lay along strike to the west-northwest for a further 26 kilometers. The airborne survey is scheduled to be completed over the next few weeks. Certain areas within the survey block will be excluded from the airborne survey at the request of the two communities, due to the presence of Traditional Lane Entitlement ("TLE") areas that are reserved for members of God's River and God's Lake First Nations. The results of the aeromagnetic survey will be used in planning future exploration work in the MEL's as well as over the five historical drilled areas. Upon completion of the survey, additional filing is required including a copy of the airborne survey report and expenditure amount to fulfill the year one exploration commitment.
BWR is currently planning and preparing for an exploration program focussed on the West Zone that will be designed to replicate some selected holes as needed to validate previous (historical) drill results, prior to incorporating the historical information into an updated resource estimate. Historical holes drilled by Westmin and others in the period 1985-2007 returned significant intersections of gold mineralization, as highlighted in the NI 43-101 report that has been filed on the project. (see December 22, 2016 SEDAR filing entitled "NI-43-101 Technical Report on the Little Stull Lake Gold Project, NE Manitoba" as prepared by Patrick N. Chance, M.Sc., P.Eng. dated December 2, 2016).
Neil Novak, President and CEO of BWR states: "The airborne survey has been awarded to a very reliable and reputable survey company, Tundra Airborne Surveys of St. Catharines, Ontario. The processing of the data will be done by Scott Hogg and Associates of Toronto, using their proprietary processes, to identify structures that have disrupted or re-aligned magnetically rendered formational features, as needed in understanding the structural elements of the region, all of which are related to the gold mineralizing event(s) at Little Stull Lake."
BWR Exploration Inc. is a public company focused on exploring for base and precious metals, with its flagship Little Stull Lake Gold Project in NE Manitoba along with other exploration projects in Northern Ontario, and Northern Quebec, Canada. Management of BWR includes an accomplished group of exploration/mining specialists with many decades of operational experience in the junior resource sector. There are currently 55,727,461 shares issued in BWR.
This press release may contain forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of BWR Exploration Inc. to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, except as required by law. BWR Exploration Inc. undertakes no responsibility to publicly update or revise any forward-looking statements. These risks and uncertainties include: the uncertainty of completing the airborne survey over the MELs or that actual results obtained by BWR in the future may differ materially from the historical results described in this press release, which historical results have not been verified by BWR. In addition, readers of this press release should review the risks and uncertainties that are described in the quarterly and annual reports and in the documents submitted to the securities administration. Neither the Toronto Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.