TORONTO, ONTARIO--(Marketwired - Jul 27, 2017) - BWR Exploration Inc. (TSX VENTURE:BWR) ("BWR") is pleased to provide an update on its Little Stull Lake Gold Project, located in Northeastern Manitoba. BWR acquired the project from Puma Exploration Inc. (TSX VENTURE:PUM) ("Puma"), announced in December 2016 and has been invited to work with the Manitoba Ministry of Growth Enterprise and Trade ("MGET") in order to proceed with the issuance of two Mineral Exploration Licenses ("MEL") that Puma had previously applied for. After a period of Council and Community consultation between BWR, the Ministry and two First Nation Communities, the Ministry issued the two MEL'S to Puma on June 27, 2017, valid for three years, the portions of the MEL's that remain in good standing are renewable for another 3 years.
The two Puma MEL's are currently in the process of being transferred to BWR. Under the terms of the acquisition agreement with Puma, upon notification of the transfer of the MEL's to BWR by MGET, BWR must make a $50,000 payment to Puma for each MEL within 30 days. This process is now underway.
The two MEL's effectively cover the Manitoba extension of a vast area of favorable geology totaling 36,006 hectares, described as the Wolf Bay Shear Zone. The Wolf Bay Shear Zone has been likened to the Cadillac break in the Abitibi greenstone belt of Ontario and Quebec. The Wolf Bay Shear Zone is a very long (+80 km) geological structure that extends from Stull Lake in Ontario, across the Ontario - Manitoba border, surrounding and through the 20 staked claims already held by BWR for approximately 40 kilometers into Manitoba. The 20 staked claims cover the five main gold occurrences on the project comprise an area of 2,837 hectares, bringing the total exploration area to 38,843 hectares (388 square kilometers).
BWR is currently planning and preparing for an exploration program focussed on the West Zone that will replicate some selected holes as needed to validate the previous drill results, prior to incorporating the historical information into an updated resource estimate.
Neil Novak, President and CEO of BWR states: "It was about a year ago when we started the process of acquiring this exciting gold project from Puma. The 20 staked claims we initially acquired upon signing the agreement covered the historical exploration areas where five gold occurrences were identified, however the two MEL's were the real target for BWR's style of regional exploration. Acquiring the two MEL's was an interesting process, where BWR met many wonderful people both in the Ministry and the two First Nation communities that have traditional land entitlement in our area of interest. BWR looks forward to working with God's River First Nation and God's Lake First Nation and the Ministry as we begin our multi-year exploration program on the Little Stull Lake Gold Project."
As previously reported (December 6, 2016), historical drilling was carried out in three separate campaigns between 1984 and 2008, including; Westmin Resources Inc. (1984-89), Wolfden Resources Inc.(2001) and Puma Exploration Inc. (2007). 219 drill holes represent an aggregate of 37,421 metres were completed by these three explorers, the analysis of which resulted in the delineation of five separate zones of gold mineralization along a 6.2 kilometre geological structure. Most of the early drilling focussed on the West Zone that was reported by Westmin in 1991 to contain a potential resource estimate of 750,000 tons averaging 10.5 g/t Au as recorded in Open file 90-2 by Manitoba Department of Energy and Mines (p 58), this was also reported in Canadian Intergovernmental Working Group on Mineral Industry, in 2008. The Westmin resource estimate is considered historical in nature and was done prior to the implementation of NI 43-101 reporting requirements and adoption of CIM Guidelines for Estimation of Mineral Resources and Reserves, however the reported resource estimate is considered relevant as it has been used as reference to the gold potential of the region in various technical reports about the area by government agencies. A Qualified Person has not done sufficient work to classify this historical estimate and the Company is not treating this historical estimate as a current mineral resource estimate.
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 a number of 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 obtaining 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.
For information about BWR Exploration Inc. please visit our website: http://www.bwrexploration.com.