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Logan consolidates land position in prospective Nevada gold district

Thursday, March 16, 2017 10:25
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(Before It's News)

Logan Resources Ltd ( "_blank">CVE:LGR) said it has signed a mining lease and
purchase option agreement pursuant to which it will acquire a lease
over certain unpatented mining claims located in Elko county,
Nevada, known as the Angel Wing property.

This transaction will effectively consolidate the greater part
of the Viper District in northeastern Nevada, USA. With the
addition of the Angel Wing Property, the size of the consolidated
Viper Project is 1,756.6 hectares.

This transaction will form part of the Option Agreement with
Pilot Gold Inc.,
under which Logan may acquire up to an 80% interest in up to four
of nine gold mineral exploration properties located in Nevada and
Utah.

One of the nine Pilot
Gold
properties, the Viper Project, consists of 40 unpatented
mining claims on public lands under BLM jurisdiction, together with
additional third party ground.

The Angel Wing Agreement brings an additional 87 adjacent and
interlocking claims into the project area, effectively merging the
two focus areas of historic work. This will allow exploration of
the entire four-kilometer strike length of the main mineralized
trend.

"http://www.proactiveinvestors.com/upload/CKEditor/viper.png"
style="width: 393px; height: 497px;" />

As a part of the Angel Wing Agreement, Logan has also been
granted access to the historic work completed on the Angel Wing
Property. An extensive database exists, including results of rock
chip sampling, soil sampling, geophysical surveys, hyperspectral
and isotopic studies. Over 6,700 meters of drilling has been
confirmed at this time, with additional historic drilling under
review.

Past exploration carried out on the Viper Project by "nofollow" href="" target="_blank">Pilot Gold includes geologic
mapping, geophysical surveys, soil sampling, rock chip sampling,
and over 3,350 meters of drilling. Exploration by href="" target="_blank">Pilot Gold on the Viper Project claim
block returned surface rock samples to 11.8 g/t Au, and significant
drill intercepts. The Logan team is currently reviewing this
information and performing QA/QC checks and will report results in
a future news release.

“The consolidation of the adjacent Angel Wing claims will
provide important access to a greater continuity of land that has
significant expansion and development potential. Based on the
geology and historic work, further exploration of the Viper Project
is warranted. Additional work will include focusing on assembling a
comprehensive, 3D district scale model, designed to better define
the main feeder structures. Logan anticipates this program of work
will be successful in generating future drill targets,” said
Logan’s CEO & Director, Mark Morabito.

Viper is an early-stage, low-sulfidation epithermal gold target,
located in northeastern Nevada. The nearest community is the town
of Montello, located approximately 60 kilometers to the southwest.
The Viper property is unique in that mineralization is hosted by
Permian/Triassic silty limestone and silicified conglomerate which
are overlain by unmineralized Miocene rhyolite and dacite.

The gold system is believed to be coeval with the felsic
volcanic rocks, and similar in age and character to the nearby
Jarbidge district. Gold mineralization at the Viper property is
closely related to the presence of quartz-calcite veins and vein
stockworks. Individual veins exhibit exceptional bladed and lattice
epithermal textures, and free gold is visible in a number of
outcrops.

 

Details of the Angel Wing Agreement

  • Logan, through its wholly-owned subsidiary Logan Resources USA,
    Inc., has been granted a lease over the Angel Wing Property and all
    rights to the use of the surface and subsurface of the Angel Wing
    Property held by the current owner. The lease is for an initial
    term of 20 years.
  • Logan has also been granted the option to purchase the Angel
    Wing Property outright for a purchase price of US$500,000. Subject
    to certain conditions, up to 50% of the purchase price may be paid
    in common shares of Logan.
  • The vendor has been granted a Net Smelter Return Royalty (the
    “Royalty”) over the claims at a rate of 2.0%. The Royalty has a
    buy-down provision pursuant to which the Royalty may be reduced to
    1.0% in return for a payment of $1 million.
  • All dollar amounts are in United States dollars.

Story by target="_blank">ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/174934/logan-consolidates-land-position-in-prospective-nevada-gold-district-174934.html

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