VANCOUVER, British Columbia, Nov. 01, 2017 (GLOBE NEWSWIRE) -- Logan Resources Ltd. (TSX-V:LGR) (“Logan” or the “Company”) is pleased to provide an update of the ongoing analysis of the Viper and Angel Wing projects integrated database. The merged datasets have given Logan geologists a clearer and larger-scale perspective of the Viper District and its prospectivity. In addition, the Bureau of Land Management (“BLM”) has removed land use restrictions pertaining to sagebrush focal areas near the Viper District.
BLM Cancellation of 10 Million Acre Sagebrush Focal Area Withdrawal Proposal
On October 4, 2017, the BLM cancelled its withdrawal application and the withdrawal proposal relating to 10 million acres of public and National Forest system lands located within Sagebrush Focal Areas in Idaho, Montana, Nevada, Oregon, Utah and Wyoming. This release of lands from restricted mineral exploration activity, including lands within the Viper District, was based on a recent BLM analysis that showed future mining is not a significant threat to sage grouse habitat. The withdrawal cancellation allows for future mineral exploration and development in the Viper District without concern of adversely affecting habitat important to the sage grouse.
Ongoing Analysis of Viper District Integrated Database
Viper is an early-stage, low-sulfidation epithermal gold target, located in northeastern Nevada. Logan signed a Mining Lease and Purchase Option Agreement for the Angel Wing Project in March 2017 that effectively consolidated the greater part of the Viper District with the existing portion that was originally optioned from Liberty Gold. Analysis of the merged geological, geochemical and air magnetics datasets from the Viper and Angel Wing projects demonstrate that the main mineralized areas (Baja, Grassy Hollow, Da Vinci/Goya vein zones) lie within a five kilometer-long, north-south corridor, likely controlled by graben bounding faults. In addition to consolidating the property, thus eliminating the threat of competitor activity, analysis of the consolidated Viper/Angel Wing database provides a more extensive view of the Viper District. The combined dataset confirms mineralization at depth, under volcanic cover. Based on previous exploration work, three initial targets areas are identified:
- In-fill drilling of the Baja Zone and possible extensions to the north and south
- Drill testing of mercury and arsenic soil anomalies, hosted by chalcedonic breccias, northwest of the Baja Zone
- Initial drill testing of multi-element soil and rock chip anomalies in the Tancitaran Zone
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. Dr. Bow has verified the data underlying the exploration results disclosed in this news release.
About Logan Resources Ltd.
Logan Resources Ltd. (TSX-V:LGR) is a junior exploration company in the business of acquiring and advancing mineral properties. Logan’s focus is on actively exploring four gold properties in Nevada, USA. Logan has earned a 51% interest in the gold properties from a wholly-owned subsidiary of Liberty Gold 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 RESOURCES LTD.
On behalf of the Board
“Richard Grayston”
Interim Chief Executive Officer
Logan Resources Ltd. is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.
For further information regarding this news release, please contact:
Christina Baron, Manager of Corporate Development
T: 604-681-8030 x 289
E: info@loganresources.ca
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.