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    AWR   CA05208Y1043


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Aurwest Updates Exploration Program at Paradise Lake, Central Newfoundland -Prospecting Confirms Assay up to 11.3 g/t Au

09/09/2021 | 09:05am EDT

Calgary, Alberta--(Newsfile Corp. - September 9, 2021) - Aurwest Resources Corporation (CSE: AWR) ("Aurwest" or the "Company") is pleased to provide its shareholders with an update on its 2021 exploration program on its Paradise Lake gold project located in the Central Newfoundland Gold Belt.


  • Rock sampling has returned 34 samples with gold values ranging from 51 to 11,381 ppb gold (11.38 g/t Au), the highest rock assay yet recorded on the property.
  • Glacial till sampling (1,147 samples) has identified 52 samples with greater than 10 parts per billion ("ppb") Au, five of which returned between 51.1 to 1,114 ppb (1.11gpt Au) gold.
  • Prospecting and mapping have confirmed that the gold mineralization is related to quartz veined sulfide bearing (pyrite-arsenopyrite) sandstone and intrusive related hydrothermal breccia. Quartz veining is most intense near interpreted linear faults and intrusive contacts.
  • A glacial till sampling program has been approved by the Department of Industry, Energy & Technology Mineral Lands Division for the Stony Caldera project.
  • An application to the same government department to conduct a deep penetrating Induced Polarization survey is in progress. Once approved this survey will start immediately to assist in identifying drill targets for the Paradise Lake Area.

Colin Christensen, President and CEO of Aurwest, commented, "We are in the middle of the 2021 program at Paradise Lake and our exploration team continues to uncover positive indications that the property contains significant concentrations of gold. The most recent results show the potential for high-grade gold mineralization in structurally controlled quartz veins as well as intrusive hosted gold mineralization, both related to the Cape Ray-Valentine Lake structure underlying the property."

Exploration Model:

The model has been developed to explore for structurally controlled, Orogenic and Intrusive styles of gold mineralization along the Cape-Ray-Valentine Lake ("CRVL") trend, and related secondary structures covered by sediments of the Botwood Group. Later re-activation of these structures created "leakage halos" related to hydrothermal activity whereby gold bearing hydrothermal fluids emanated upward from the basement rocks forming areas of quartz veins and veinlets with associated sulfides (pyrite + arsenopyrite) and gold mineralization in discrete areas along these structures.

Mapping and Sampling:

The mapping and sampling program, focusing on the trend of the CRVL and related structures, has located anomalous to high concentrations of gold, copper, nickel and silver. To date, analytical results for 347 rock samples have been received. Thirty-Four (34) quartz veined pyritic sandstone samples yielded gold concentrations ranging from 51 to 11,381 (11.38g/t) ppb gold. Four samples returned silver concentrations ranging between 21.4 and 62.6g/t, twelve samples returned nickel concentrations of 855 and 18,000 parts (1.8%) per million ("ppm"), and eleven samples returned from 1,109 (0.11%) to 27,400 ppm (2.74%) copper. Sampling has identified anomalous gold in the Botwood Group sediments in the vicinity of Paradise Lake over an area ~10km long. These metal concentrations and sulphide bearing sandstones are interpreted to represent leakage halos, an indicator of hydrothermal processes at depth. The intrusive stocks beneath Paradise Lake is believed to be of the similar age as the Mt. Peyton Intrusive suite and is likely an important source for anomalous gold identified at surface.

Glacial till Sampling Program:

A glacial till sampling program has been completed over the Paradise Lake/Miguel's Lake areas. For reporting purposes, a gold concentration of greater than 10ppb is considered anomalous. Results from the survey identified 52 samples with greater than 10 ppb Au. The highest of these returning 1,114 ppb Au. These anomalies show strong correlation with outcrop of Botwood Group sediments and correspond with northeast trending linear magnetic high features identified from airborne geophysical surveys. These features are interpreted to be either deep seated faults and/or intrusive activity such as the large intrusive bodies in the vicinity of Paradise Lake. Follow up prospecting is ongoing to better locate the sources of the gold anomalies and potentially identify additional areas of gold mineralization within these areas.

A project wide glacial till sampling program for the Stony Caldera project has been approved by the Department of Industry, Energy & Technology Mineral Lands Division, with a start date yet to be determined this fall.

Analytical Procedures:

Sample preparation and analytical work was completed by Eastern Analytical ("Eastern") located in Springdale, Newfoundland Labrador. Gold concentrations were determined in parts per billion ("ppb") using 30g fire assay with atomic absorption finish. Trace elements concentration are determined in parts per million ("ppm") on 200 milligram samples, using four acid digestion and analyses by ICP-OES. Aurwest's QA/QC protocol includes insertion of Standard Reference Material and blanks in the sample streams. Eastern has an ISO/IEC 17025 accreditation.

Elmer B. Stewart, MSc. P. Geol., is the Company's independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.

On Behalf Of Aurwest resources Corporation

"Colin Christensen"
President and Chief Executive Officer

For additional information please contact:

Colin Christensen
Telephone: (403) 483-8363
Email: cchristensen@aurwestresources.com
Website: www.aurwestresources.com

About Aurwest Resources Corporation

Aurwest is a Canadian-based junior resource company focused on the acquisition, exploration, and development of gold properties in Canada. The Company currently has three Option Agreements to earn a 100% interest in Paradise Lake and Stony Caldera projects covering a 47,800-hectare (478 sq kms) package of gold exploration licenses within the emerging Central Newfoundland gold district. The Company also currently holds a 100% interest in the 24,533-hectare Stellar copper/gold Project, located approximately 25 kilometers southwest of Houston British Columbia.

Forward-Looking Information

Statements included in this announcement, including statements concerning our plans, intentions, and expectations, which are not historical in nature are intended to be, and are hereby identified as "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation: the project wide glacial till sampling survey; positive rock sampling results; areas of quartz veined, sulfide bearing (pyrite-arsenopyrite) sandstone; approval to conduct glacial till sampling on the Stony Caldera project and application to the Ministry of Mines to conduct deep penetrating Induced Polarization surveys.

In connection with the forward-looking information contained in this news release, Aurwest has made numerous assumptions regarding, among other things: the geological advice that Aurwest has received is reliable and is based upon practices and methodologies which are consistent with industry standards; and the reliability of historical reports. While Aurwest considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.

Additionally, there are known and unknown risk factors which could cause Aurwest's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, additional exploration of the Properties may not locate significant gold mineralization, the exploration program may not be completed as planned or at all; the Stony Caldera glacial till sampling survey may not be completed as planned or at all; exploration of the areas of anomalous metal concentrations may not locate significant mineralization; receipt of permits to conduct the exploration plans and matters relating to the Company's future operations and business prospects; certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements. Any forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, except in accordance with the applicable laws.

The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/95945

© Newsfilecorp 2021
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Sales 2020 - - -
Net income 2020 -0,36 M -0,29 M -0,29 M
Net cash 2020 1,08 M 0,87 M 0,87 M
P/E ratio 2020 -4,62x
Yield 2020 -
Capitalization 12,1 M 9,76 M 9,75 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float 80,5%
Duration : Period :
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Managers and Directors
Colin Byrne Christensen President, Chief Executive Officer & Director
Amy Lai Mey Stephenson Chief Financial Officer
Elmer B. Stewart Independent Director
Cameron Macdonald Independent Director
Brian A. Prokop Independent Director
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