Calgary, Alberta--(Newsfile Corp. - September 27, 2021) - Aurwest Resources Corporation (CSE: AWR) ("Aurwest" or the "Company") is pleased to announce that it has signed a Purchase and Sale Agreement with Pacific Empire Minerals Corp (TSXV: PEMC) (or the "Vendor") for their 50% interest in the Stars Property, a copper porphyry project, covering 2,136 hectares ("ha") contiguous to Aurwest's Stellar Property in central British Columbia. (See figure 1) The historical exploration activities and analytical results reported in this news release were taken from assessment reports filed with the department of Mines and Energy for British Columbia, BC MINFILES, and public company disclosure. Neither Aurwest nor a qualified person has verified the sampling, analytical, and exploration data contained in this news release.
Colin Christensen, President & CEO of Aurwest Resources commented, "The Stars Property has proven itself to be an exciting early-stage copper discovery. The Property is contiguous with our 24,533 hectare Stellar porphyry copper property, and provides Aurwest significant strategic participation in an early-stage porphyry copper discovery, complimenting the exciting upside we see developing on our Stellar Property. It makes a very compelling exploration package."
Acquisition Terms
Aurwest acquired the Vendor's 50% interest in the Stars Property by way of a Purchase and Sale Agreement, with an effective closing date of September 30, 2021. Terms of the transaction included a cash payment of C$350,000, and also grants to the Vendor a 2% net smelter return ("NSR"). Aurwest has the right to repurchase at any time one per cent of the Royalty (1.0%) for consideration of C$1 million dollars.
The Stars Property
The Stars Property consists of three mineral tenures (2,136 ha), located in the Omineca Mining District, located approximately 65 km southwest of Houston, British Columbia. The Property is located at UTM coordinates 612,900 mE and 6,010,400 mN, on NTS map sheet 093L / 03 and can be accessed by all-season forest roads, including the Chisholm Mainline FSR, which runs directly through the southern portion of the Property.
The area comprising and surrounding the Stars property has been explored intermittently since the early 1970's. Historical exploration consisted of mapping, sampling, prospecting, airborne and ground magnetic surveys, Induced Polarization surveys, and several reverse circulation and diamond drilling programs.
Selected mineralized intervals from the 2017-2018 diamond drilling program completed on the Stars property is set out below.
2017 - 2018 "Tana Zone" Drilling Highlights
DD18SS004 - 204 m of 0.45 % Cu from 23.5 m to 227.7 m, including 40.2 m of 0.93% Cu and 3.27 g/t Ag.
DD18SS010 - 405 m of 0.20 % Cu from 29.6 m to 435.0 m, including 30.5 m of 0.40% Cu and 1.34 g/t Ag.
DD18SS013 - 73 m of 0.30 % Cu from 54.3 m to 127.4 m, including 15.5m of 0.40% Cu and 1.46 g/t Ag.
DD18SS015 - 67 m of 0.35 % Cu from 231.0 m to 298.1 m, with an additional 9.9m (444.4 m - End of Hole)
interval of 0.45 % Cu.
Source: BC Geological Survey, Assessment report #38189, dated April 1st, 2019.
The property is underlain by Hazelton Group volcanic and subordinate sedimentary units, intruded by stocks and other intrusions attributed to the Late-Triassic to Early-Jurassic Topley Intrusions as the oldest, followed by the Late-Cretaceous Bulkley Intrusions, and finally the youngest Eocene-aged Babine Plutonic Suite.
The mineralization on the Stars property consists of porphyry style vein hosted and disseminated chalcopyrite/bornite, and quartz vein hosted molybdenite, with low but significant concentrations of gold and silver. The mineralization is hosted in both volcanic and intrusive rocks, exhibiting variable alteration suites and silicification. The mineralization intersected in the 2017-2018 drilling program is referred to as the "Tana Zone", and remains open in several directions and down dip.
Figure 1: Expanded land position with the 50% interest in the Stars Property
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/7275/97583_4c5a40f8a4a82b4b_001full.jpg
Future work
Aurwest intends to model all available historical exploration data including 3D modelling of the Tana zone. The results of these work programs will be used to prepare a proposed recommended program and budget to continue exploration of the larger Stellar/Stars Property package.
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 plus an additional 2,136 hectares of contiguous claims in the acquired 50% interest in the Stars property, located approximately 25-65 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: historical exploration results; positive diamond drilling results; styles of copper-molybdenum mineralization; and future work programs.
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 copper-molybdenum mineralization, : historical exploration results may not be; accurate; exploration of the areas of copper mineralization may not locate significant mineralization; the positive diamond drilling results may not be accurate; styles of copper-molybdenum mineralization; and future work programs may not result in the location of significant copper-molybdenum mineralization future work programs may not be completed as planned or at all; 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/97583
