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Logan Resources completes drilling at Brik project

Wednesday, November 23, 2016 13:41
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(Before It's News)

Logan Resources Ltd. (CVE:LGR) said on Wednesday it has completed drilling at the Brik gold project in Nevada, United States.

A total of eight holes were drilled for 1,380 metres. Samples have been submitted to ALS Chemex in Reno, Nev., with results anticipated in January, 2017. Consistent with previous drilling completed by Pilot Gold Inc. in 2011, significant intervals of strong iron oxide, silicified andesite and quartz veining were encountered in drilling.

The Brik project is located in the Cedar range of Lincoln county, Nevada. Brik is one of several, low-sulphidation 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, is the focus of Logan’s current exploration program.

The target centres on a prominent silicified knob that includes phases of milky quartz, chalcedonic quartz and quartz breccia, covering an area roughly 200 metres by 200 metres. As previously reported, the targets tested include the gold-bearing silica cap, deeper and potentially higher-grade gold mineralization thought to be controlled by steep structures, and geophysical targets likely to represent additional zones of silicification favourable for gold mineralization.

Concurrent with drilling at Brik, permit applications for Logan’s planned drill program at the Drum project have been submitted to the Bureau of Land Management (BLM) and state of Utah authorities. Drum is located in the Drum Mountains, 50 kilometres west-northwest of Delta, Utah. Drum consists of 87 unpatented federal lode claims (BLM jurisdiction) and one Utah state lease.

The claims are in near proximity to the past-producing Drum mine, which used two open-pit mines to produce 85,000 oxide ounces of disseminated, sediment-hosted gold deposits during the 1980s. Bedrock geology on Drum includes the same Lower to Middle Cambrian shale and limestone units which are prospective elsewhere in the district, and mineralization conforms generally to a sedimentary rock-hosted, Carlin-type gold model. Exploration by Pilot defined five distinct targets, four of which have never been drilled. Each target is defined on the basis of outcropping, gold-bearing jasperoid bodies which occur in structural and stratigraphic settings similar to the adjacent Drum mine.

Both Brik and Drum are subject to a previously announced option agreement with Pilot. Under the option agreement, Logan can earn a 51-per-cent participating interest in four of nine properties by incurring $1mln in total expenditures in the first 12 months after closing and by issuing 9.9 per cent of its issued and outstanding common shares to Pilot upon completion of the first financing. Additional mechanisms are in place that would allow Logan to earn up to 80% in the selected projects.

Story by ProactiveInvestors

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