Nov 24 2016
Logan Resources Ltd., (TSX VENTURE: LGR) ("Logan" or the "Company"), announces that it has completed drilling at the Brik gold project in Nevada, USA. A total of eight holes were drilled for 1,380 meters. Samples have been submitted to ALS Chemex in Reno, Nevada, with results anticipated in January 2017. Consistent with previous drilling completed by Pilot Gold Inc. ("Pilot") in 2011, significant intervals of strong iron oxide, silicified andesite, and quartz veining were encountered in drilling.
The Brik project ("Brik") is located in the Cedar Range of Lincoln County, Nevada. Brik is one of several, low sulfidation epithermal gold and silver systems in southeastern Nevada that occur in an area of nested volcanic calderas. The claim block includes multiple exploration targets of which one, Hidden Treasure, is the focus of Logan's current exploration program. The target centers on a prominent silicified knob that includes phases of milky quartz, chalcedonic quartz, and quartz breccia, covering an area roughly 200 x 200 meters. As previously reported, the targets tested include the gold-bearing silica cap, deeper, and potentially higher grade gold mineralization thought to be controlled by steep structures, and geophysical targets likely to represent additional zones of silicification favorable for gold mineralization (See Logan news release September 20, 2016).
Concurrent with drilling at Brik, permit applications for Logan's planned drill program at the Drum project ("Drum") have been submitted to the BLM and State of Utah authorities. Drum is located in the Drum Mountains, 50 km west-northwest of Delta, Utah. Drum consists of 87 unpatented federal lode claims (BLM jurisdiction) and one Utah State lease. The claims are in near proximity to the past producing Drum Mine, which used two open pit mines to produce 85,000 oxide ounces of disseminated, sediment-hosted gold deposits during the 1980's. Bedrock geology on Drum includes the same Lower to Middle Cambrian shale and limestone units which are prospective elsewhere in the district, and mineralization conforms generally to a sedimentary rock-hosted, "Carlin-type" gold model. Exploration by Pilot defined five distinct targets, four of which have never been drilled. Each target is defined on the basis of outcropping, gold-bearing jasperoid bodies which occur in structural and stratigraphic settings similar to the adjacent Drum Mine.
Both Brik and Drum are subject to a previously-announced Option Agreement (see Logan news release July 7, 2016) with Pilot. Under the Option Agreement, Logan can earn a 51% participating interest in four of nine Properties by incurring US$1.0 million in total expenditures in the first 12 months after closing and by issuing 9.9% of its issued and outstanding common shares to Pilot upon completion of the first financing (see Logan news release August 18, 2016). Additional mechanisms are in place that would allow Logan to earn up to 80% in the selected projects.
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 Certified Professional Geologist with the American Institute of Professional Geologists and a Qualified Person as defined in National Instrument 43-101.