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Logan Resources Ltd.
Summary
| Project: | Brik | |
|---|---|---|
| Deposit: | Brik | |
| Location: | United States | |
| Commodities: | Gold | |
| Date: | 3/1/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 1-3-2017: Logan Resources Ltd. announces an Exploration/Drilling Update report for its Brik deposit at the Brik project. JV with Pilot Gold Inc. - Drilling results incl. 33.52m @ 1.15g/t Au from 695m. Logan Resources Ltd. (LGR: TSX-V) (“Logan” or the “Com | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Craig S. Bow (Internal) | |
| ABSTRACT: | Logan Resources Ltd. (LGR: TSX-V) (“Logan” or the “Company”) is pleased to announce that it has received encouraging results for an initial, eight hole RC program at its Brik gold property in Nevada. The Brik property is subject to a previously-announced Option Agreement (news release July 7, 2016) with Pilot Gold (USA) Inc. (“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 (news release August 18, 2016). Additional mechanisms are in place that would allow Logan to earn up to 80% in the selected properties. The Brik property 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, was the focus of Logan’s 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 reported in the news release dated September 20, 2016, targets tested include the gold-bearing silica cap, deeper mineralization thought to be controlled by steep structures, and geophysical targets likely to represent additional zones of silicification favorable for gold mineralization. | |
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