(TheNewswire)
January 27, 202 1 – TheNewswire - Vancouver, British Columbia – Lake WinnResources Corp. (“Lake Winn” or the “Company”) ( TSXV:LWR ) ( OTC:EQTXF ) hasobtained a new 100% owned gold project in the Flin Flon gold belt,Manitoba. The project was obtained in part by staking and in part bycompleting a purchase agreement described below.
The Quartz project lies near the southern shores inReed Lake between the Reed Lake and Four Mile Island VMS deposits.
The Quartz project contains multiple drill holeintercepts containing gold. See Tables 1, 2, 3, and 4 below. In 1975, diamond drill hole Eel-258, intersected 1.28m @ 19.9 g/t Au, whilst targeting a 1.45 km long EM conductor.The hole was drilled by Hudson Bay Exploration and Development Co.Ltd. (“Hudson Bay”) who were exploring for copper-zinc massivesulphide deposits at the time. Subsequently, Hudson Bay drilled 19diamond drill holes into this gold bearing zone between 1975 and 1988.14 of the 19 holes were drilled in 200m long sections of theconductor, leaving most of the 1.45 km long conductor untested. Figure1 depicts the location of the Hudson Bay drill holes and the drillhole intercepts. In 2007 the area was further drill tested by TribuneUranium Corp., (“Tribune”). Their work is summarized in Table 2.They also encountered multiple gold intercepts but again theyconcentrated the drilling in the 200m zone already shown to containgold by Hudson Bay. Highlights of the Tribune drilling include 5.8m @ 12.8g/t Au, and 1.43m @ 12.0 g/t Au. The drill intercepts showthat the conductor is represented by a shear with sulphides andgraphite hosted in felsic volcanics. The Tribune drilling intersectedmultiple gold bearing shears and a cross section is provided in figure2 to demonstrate this.
Lake Winn’s main exploration objective is to drilltest the entire 1.45 km length of the conductor for extensions of theproven zone which is defined by the historic drilling open to theeast, to the west, and at depth. To expedite this the company hascommissioned a heliborne time domain EM survey (TDEM). This surveywill be used to accurately locate the conductive horizon, allowing 3Dmodeling of the conductor to aid drill targeting. The plan is to begindrilling before the ice melts prior to April depending on permittingand the weather. Permit applications have been submitted.
Table 1: Hudson Bay Gold Drill Hole Locations.
Drill Hole | Easting | Northing | Bearing | Dip | Total Depth |
RL-2007-1 | 398615 | 6052323 0 | -60 | 151.52 | |
RL-2007-2 | 398615 | 60523230 | -60 | 154.57 | |
RL-2007-3 | 398615 | 60523230 | -70 | 90.55 | |
RL-2007-4 | 398615 | 60522730 | -70 | 276.52 | |
RL-2007-5 | 398615 | 60522420 | -70 | 291.77 | |
RL-2007-6 | 398615 | 60522170 | -70 | 364.94 | |
RL-2007-7 | 398565 | 60522480 | -70 | 273.48 |
Table 2: Hudson Bay Gold Intercepts
Drill Hole | From (m) | To (m) | Intercept (m) | Gold Au g/t |
RL-2007-1 | 55.18 | 56.71 | 1.52 | 1.27 |
RL-2007-2 | 58.15 | 60.6 | 1.91 | 2.3 |
64.94 | 67.3 | 2.36 | 1.8 |
Table 3: Tribune, 2007 Drill Collar Locations andOrientation
Drill Hole | Easting | Northing | Bearing | Dip | Total Depth | Comments |
RL-2007-1 | 398615 | 6052323 0 | -60 | 151.52 | ||
RL-2007-2 | 398615 | 60523230 | -60 | 154.57 | ||
RL-2007-3 | 398615 | 60523230 | -70 | 90.55 | No core recovered | |
RL-2007-4 | 398615 | 60522730 | -70 | 276.52 | ||
RL-2007-5 | 398615 | 60522420 | -70 | 291.77 | ||
RL-2007-6 | 398615 | 60522170 | -70 | 364.94 | ||
RL-2007-7 | 398565 | 60522480 | -70 | 273.48 | ||
RL-2007-8 | 398565 | 60522730 | -70 | 230.79 | ||
RL-2007-9 | 398565 | 60523230 | -70 | 113.72 | ||
RL-2007-10 | 398515 | 60522730 | -70 | 206.4 | ||
RL-2007-11 | 398463 | 60522500 | -70 | 214.94 | No gold intercepts | |
RL-2007-12 | 398663 | 60523130 | -70 | 242.99 | ||
RL-2007-13 | 398663 | 60523130 | -80 | 285.67 |
Table 4: Gold Intercepts >1 g/t Tribune Holes.
Drill Hole | From (m) | To (m) | Intercept (m) | Gold Au g/t |
RL-2007-1 | 55.18 | 56.71 | 1.52 | 1.27 |
RL-2007-2 | 58.15 | 60.6 | 1.91 | 2.3 |
64.94 | 67.3 | 2.36 | 1.8 | |
81.4 | 82.32 | 0.91 | 3.73 | |
85.06 | 85.67 | 0.61 | 8.87 | |
88.11 | 91.16 | 3.05 | 8.1 | |
150.61 | 151.52 | 0.91 | 4.07 | |
RL-2007-4 | 104.9 | 105.5 | 0.61 | 2.67 |
195.4 | 201.2 | 5.8 | 12.8 | |
212.3 | 213.4 | 1.07 | 3.2 | |
RL-2007-5 | 264.6 | 266.6 | 1.98 | 1.53 |
RL-2007-6 | 42.84 | 43.29 | 0.46 | 1.17 |
108.8 | 111 | 2.13 | 1.35 | |
136.3 | 136.6 | 0.3 | 1.41 | |
276.5 | 276.9 | 0.43 | 2.57 | |
RL-2007-7 | 261.2 | 264.5 | 3.27 | 3.38 |
RL-2007-8 | 223 | 224.68 | 1.68 | 1.80 |
RL-2007-9 | 56.71 | 57.62 | 0.91 | 23.7 |
103.4 | 104.3 | 0.91 | 3.33 | |
RL-2007-10 | 58.54 | 59.76 | 1.22 | 1.33 |
145.4 | 147.9 | 2.45 | 1.96 | |
164.4 | 166.2 | 1.79 | 4.10 | |
RL-2007-12 | 134.6 | 135.2 | 0.62 | 4.13 |
RL-2007-13 | 215.9 | 218.6 | 2.74 | 2.95 |
Figure 2 Tribune historic 2007drilling, plan and cross section.
Transaction
Lake Winn will pay William Ferreira, $50,000 and100,000 shares for the 100% purchase of the Quartz Claims, namedQuartz 1 and Quartz 2 totaling 254 hectares, along with granting a 2%Gross overriding Royalty (“GOR”) of which 1% may be purchased for$1 million. The transaction is subject to TSX approval. The companyhas spent approximately $30,000 staking 100% owned ground around thesecore claims, totaling approximately 5,000 hectares, to create anexploration buffer around the core. The Royalty will apply to aportion of this ground in an area of interest.
Qualified Person
The Qualified Person for this news release is BuddyDoyle, AUSIMM, a Geologist with over 30 years’ experience in mineralexploration, discovery, and evaluation. A Qualified Person under theprovisions of National Instrument 43-101. There has been no site visitas the property is under a lake. Efforts have been made to locate thehistoric core which will be viewed when located and Covid restrictionallow.
About Lake Winn
Lake Winn Resources Corp., is a Vancouver based goldcompany, listed on the TSX Venture Exchange (Symbol: LWR) focusing onexploration and development of gold projects in Canada. Thecompany’s flagship property, the Cloud Project is in the province ofManitoba, in the Flin Flon Gold Belt approximately 40 kilometersnorth ? east of the townof Flin ? Flon. Access tothe property is provided by Manitoba highway 10 to the all ? weather Kississing Lake Road. Thecompany is currently diamond drilling on this property. The companynow has a second gold property in Manitoba, the Quartz project in ReedLake reported in this release.
On Behalf of the Board of Directors of Lake WinnResources Corp.
Patrick Power, President & CEO
+1 (604) 218-8772
https://www.lakewinnresources.com
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
Cautionary Statement Regarding“Forward-Looking” Information
Certain statements contained in thispress release may constitute forward-looking statements. Suchforward-looking statements are based upon the Company’s reasonableexpectations at the date hereof, which are subject to change dependingon economic, political and competitive circumstances andcontingencies. Readers are cautioned that such forward lookingstatements involve known and unknown risks, uncertainties and otherfactors that may cause a change in such assumptions and the actualoutcomes and estimates to be materially different from those estimatedor anticipated future results, achievements or position expressed orimplied by those forward-looking statements. Risks, uncertainties andother factors that could cause the Company’s plans or prospects tochange include changes or disruptions in the securities markets;legislative, political or economic developments. The Company disclaimsany intention or obligation to update or revise any forward-lookingstatements whether as a result of new information, future events orotherwise.
This news release does not constitute an offer to sellor a solicitation of an offer to buy any of the securities describedin this news release in theUnited States . Such securities have notbeen, and will not be, registered under the United States SecuritiesAct of 1933, as amended (the " U.S. Securities Act "), or any state securities laws, and, accordingly, maynot be offered or sold within theUnited States , or to or for the accountor benefit of persons in theUnited States or "U.S.Persons", as such term is defined in Regulation S promulgatedunder the U.S. Securities Act, unless registered under the U.S.Securities Act and applicable state securities laws or pursuant to anexemption from such registration requirements.
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