(TheNewswire)
Highlights
-
- First pass exploration programstrikes high grade gold.
- Visible gold noted while loggingverified by assays.
- Best intercepts, 2m @ 13.75 g/t(17.3g/t in one metre, 10.2 g/t in the 2 nd meter).
- These intercepts are in drill holes175m apart testing a 300m long prospect defined by surface pitscontaining gold.
- The gold package is hosted in adistinct mafic/magnetic unit with the gold being hosted instructurally controlled veins.
- This rock package has a 4kmstrike.
- A significant new gold find in theFlin Flon Belt. Good infrastructure, mining friendly.
- Follow up exploration planned withfurther drilling, prospecting and till sampling.
February 23, 2021 - TheNewswire - Vancouver, British Columbia - Lake Winn Resources Corp. (“Lake Winn”or the “Company”) ( TSXV:LWR ) ( OTC:EQTXF ) ispleased to announce it has received the assay results for its 8holes, 1,683 meter, phase 1 drilling campaign on the Cloudproject, in the Flin Flon Gold Belt, Manitoba.
The highlight results are from drill hole CP-2020-02where 0.69m returned 26.54 g/t from 179.7m to 180. 39m. The second drill hole CP-2021-03 where 2m @ 13. 7 5 g/t Au from 142m to 144m, thisintercept coincided with visible gold being noted in thecore . These 2 diamond drill holes are 175 metresapart and the high grade gold intercepts are hosted in bucky white quartz veins.
Table 1 lists the intercepts in each hole using a>0.5g/t cut-off.
Drill hole | From | To | Interval | Comments |
CP-2020-01 | 159 | 160 | 1m @ 0.69 g/t Au | |
169 | 170 | 1m @ 1.5 g/t Au | ||
CP-2020-02 | 60 | 61 | 1m @ 2.69g/t Au | |
115 | 116 | 1m @ 0.93 g/t Au | ||
179.70 | 180.39 | 0.69m @ 26.54 g/t Au | ||
CP-2021-01 | 53.95 | 54.95 | 1m @ 0.97 g/t Au | |
126.00 | 128.00 | 2m @ 0.88 g/t Au | ||
137.00 | 138.00 | 1m @ 0.62 g/t Au | ||
CP-2021-02 | No Intercepts above 0.5 g/t | |||
CP-2021-03 | 136.00 | 138.00 | 2m @ 2.17 g/t Au | |
141.00 | 145.00 | 4m @ 7.45 g/t Au | Includes 1m @ 17.3 g/t and 1m @ 10.2 g/t , visible gold noted in core, or 2m @ 13.75 g/t Au | |
CP-2021-04 | No Intercepts above 0.5 g/t | |||
CP-2021-05 | 80.80 | 81.80 | 1m @ 0.61 g/t Au | |
CP-2021-06 | 141.00 | 142.00 | 1m @ 0.51 g.t Au | |
143.00 | 144.00 | 1m @ 1.18 g/t Au |
Samples were sent to TSLLaboratories of Saskatoon, an independent laboratory using a chain ofcustody. Gold was measured by fire assay using 30 g aliquots of halfNQ sized core and an AAS finish. Samples assaying >3 g/t Au were inaddition subject to gravimetric finish where the resultant bead isweighed on a micro-balance. In the >10g/t cases the company electedto do a total digestion of the remaining ½ NQ core sample weighingapprox., 1.8kg for a screened gravimetric finish. These larger morerepresentative samples are reported in table 1. In these samples over60% of the gold reported to the greater than 150 micron screen. Foreach 24 sample batch, the lab used 4 internal standards. For each ofthe 40 samples the company submitted one duplicate, one blank, and onestandard. The results for the standards showed good precision andaccuracy.
Table 2 gives the geographic co-ordinates for eachdrill hole and their dip and azimuth. Figure 1 is a plan view of thedrill holes noting the gold intercepts.
The drilling tested a number of targets, which includedIP anomalies, resistivity anomalies, and drilling beneath historicprospecting pits. It was those drill holes that tested beneath thepits and the magnetic, mafic, host unit that successfully encounteredgold. As mentioned above, the gold intercepts were hosted inlate-stage cross cutting buck white quartz veins (post-peakmetamorphism) that had variable amounts of sulphides. The quartz veinsshowed brittle shear and multiple histories. The down hole surveysshowed the holes flattened to 40-45 o dip where theyencountered the quartz veins and contacts were near perpendicular. Thetrue widths will therefore be 70%-100% of those reported here.
Lake Winn is encouraged by these high-grade goldintercepts in the very first phase of exploration, initiatedimmediately after completing the option on the property from W. S. Ferreira Ltd andreceipt of the work permit. They require immediate follow-up and, Lake Winn plansto return the project to conduct further 2,000m of drilling focused onthe mafic unit and high grade zones between around drill holesCP-2020-02 and CP-2021-03. This will commence once the permit isrenewed. The mafic/magnetic unit that hosts thegold continues 4km to the west based on the magnetic data and thisunit is now considered highly prospective. In Spring the company willalso conduct prospecting and till sampling.
Table 2. NQ sized drill holelocation and orientation
Drill hole | Easting | Northing | Depth | Dip | Bearing |
CP-2020-01 | 342400 | 6083550 | 200 | -50 | 345 |
CP-2020-02 | 342660 | 6083530 | 206 | -50 | 345 |
CP-2021-01 | 342730 | 6083636 | 209 | -50 | 345 |
CP-2021-02 | 342300 | 6083470 | 200 | -50 | 345 |
CP-2021-03 | 342485 | 6083525 | 230 | -50 | 345 |
CP-2021-04 | 342640 | 6083525 | 209 | -50 | 165 |
CP-2021-05 | 342850 | 6083650 | 209 | -45 | 285 |
CP-2021-06 | 342100 | 6083600 | 200 | -50 | 200 |
Figure 1 Is aPlan View of the drill holes reported in this news release. Yellowdots are the drill hole collars. Drill hole traces are shown in black.A histogram showing gold grade, also in black, approx. 1mm per gram.Text, highlights the better gold intercepts. The coloured backgroundis the total magnetic intensity, red, hot colours are themagnetic/mafic unit that hosts the gold.
Qualified Person
The Qualified Persons 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. The project Geologist isCarey Galeschuk, P. Geo Manitoba, in charge of the chain of custody,standards, and field work he has also reviewed the technicalinformation in this news release.
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 LakeRoad.
The company also has the Quartz property 76 kilometreseast of Flin Flon where there are historic high grade gold drillintercepts. Lake Winn is waiting for exchange approval from the TSX:V.
On Behalf of the Board of Directors of Lake WinnResources Corp.
Patrick Power, President & CEO
+1 (604) 218-8772
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 sell or asolicitation of an offer to buy any of the securities described inthis news release in the United States. Such securities have not been,and will not be, registered under the United States Securities Act of1933, as amended (the “ U.S. Securities Act “), or any state securities laws, and,accordingly, may not be offered or sold within the United States, orto or for the account or benefit of persons in the United States or“U.S. Persons”, as such term is defined in Regulation Spromulgated under the U.S. Securities Act, unless registered under theU.S. Securities Act and applicable state securities laws or pursuantto an exemption from such registration requirements.
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