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VANCOUVER, British Columbia, June 21, 2018 (GLOBE NEWSWIRE) -- Western Atlas Resources Inc. (“Western Atlas” or the “Company”) (TSXV:WA), is pleased to provide details regarding the Company’s 2018 exploration program currently being conducted on its Meadowbank Project located in Nunavut, Canada. The Meadowbank Project, Western Atlas’ primary project, covers over 58,000 hectares (580 square km) and lies adjacent to, and along trend of, Agnico Eagle’s Meadowbank producing gold mine and Amaruq gold deposit.
The winter program in Meadowbank took place in February and May 2018 with the organization of all the logistics necessary to execute on the 2018 summer exploration program, which started in June and will continue through to late September.
Highlights of the 2018 proposed Meadowbank exploration program include:
- 1,500 line-kms of helicopter-borne VTEM (currently underway)
- Approximately 3,000 meters of ground induced polarization (IP)
- Prospecting, geological and structural mapping (scale ranging from 1:10,000 to 1,2000 over select targets), rock and till/soil sampling
- Shallow Rotary Air Blast (“RAB”) drilling on specific target areas within Block B.
During 2017, Western Atlas completed a compilation of previous exploration results in the area, a 3,800 km detailed helicopter-borne, high resolution, magnetic survey, and a comprehensive rock sampling program focused on target areas identified by both the compilation and the geophysical survey (for more information regarding the past exploration program and project history please refer to documents and reports available on the Company’s website at www.westernar.com).
The Company’s 2018 Meadowbank summer exploration program aims to advance last year’s encouraging results by way of additional geophysical surveys, mapping and sampling and potentially drill testing priority targets later in the field season. Grab samples up to 13.3 g/t gold were discovered within Block B and many other areas are known to contain iron formation horizons anomalous in gold. Other areas of interest that were not fully investigated during last year’s summer field program will be followed up with mapping, rock and till sampling.
Figures 1 to 4 below show the location of the Company’s Meadowbank Project and this year’s main targets.
Figure 1 – Company Claim Blocks – Meadowbank Project
VTEM Airborne Survey
The 1,518 line km VTEM survey, using a 100 meter line spacing, is being conducted over target areas as defined by the 2017 airborne magnetic survey.
Figure 2 – Detail flight plan image of survey areas (Blocks A, B and C)
Ground induced polarization survey (IP)
The induced polarization survey is expected to be carried out using a pole-dipole array. The survey aims at initially testing targets A1 to A4 and B1, B4, B5 and B7 – with five lines across the targets of greatest potential (Figures 3 and 4 below).
Figure 3 – Meadowbank Block A showing highlighted exploration targets
Figure 4 – Meadowbank Block B showing highlighted exploration targets
About Western Atlas
Western Atlas (“WA”) is a Canadian company listed on the TSX Venture Exchange. It was incorporated on October 9, 2013 under the Business Corporations Act (British Columbia) (“BCBCA”) and became active in December 2016. WA has one wholly-owned subsidiary, 5530 Nunavut Inc., which was incorporated under the laws of Nunavut, and registered under the Business Corporations Act (Northwest Territories) on November 24, 2016. 5530 Nunavut Inc. holds WA’s interest in the Meadowbank and the Committee Bay mineral properties located in Nunavut, Canada.
General Development of the Business
WA’s Meadowbank and Committee Bay properties include approximately 170,000 hectares of highly prospective and strategically located mining claims. In the Meadowbank area, WA’s properties are along trend with Agnico Eagle’s Meadowbank gold mine, Amaruq’s gold deposit, and Aura Silver’s Greyhound deposit. In the Committee Bay area, WA’s properties are along trend with Auryn Resources’ Three Bluffs deposit. Please visit the Company’s website at www.westernar.com for maps of the Company’s properties. Western Atlas’ properties benefit from existing local infrastructure and labour market. In the Meadowbank area, Baker Lake provides summer shipping access via Hudson Bay and year-round airport facilities. Agnico Eagle maintains an 1,100 m gravel airstrip and 110 km all-weather road, which passes through certain of WA’s claims, from Baker Lake to Agnico’s mine site. In the Committee Bay area, Baker Lake and Rankin Inlet are hubs for mining activities in the region, and WA looks forward to both accessing and enhancing labour and employment opportunities in these districts.
Thomas Pollock P.Geo, is the Qualified Person as defined by NI 43-101 standards responsible for reviewing the technical content of this news release.
For further information, pleasevisit our website at www.westernar.com or contact:
Fabio Capponi, Chief Executive Officer
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Company’s objectives, goals or future plans; the receipt of the requisite approvals with respect to the business and operations of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in Western Atlas’s public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although Western Atlas believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, Western Atlas disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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