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VANCOUVER, Feb. 18, 2020 /CNW/ - Western Atlas Resources
Inc. ("Western Atlas" or the "Company") (TSXV:
WA), is pleased to announce plans for its upcoming initial
diamond drill program of up to 4,000 meters (the "Program") at its
100% owned Meadowbank Gold Project - Block B, target B1 (the
"Project"), located in Nunavut,
Canada. The Project is adjacent to Agnico Eagle's Meadowbank
and Amaruq producing gold mines (please see figure 1) and is
fully permitted for exploration (inclusive of drilling).
The Program will start late April/beginning of May this year,
will primarily be discovery focused and will target previously
identified geological features such as banded iron formation (BIF)
and shear zones with interpreted total strike lengths of 15 km and
6 km, respectively (please see figure 3). The definition of
these drill targets is the result of the interpretation of the 2017
to 2019 exploration program data sets, which include geological and
geochemical results, data from the high-resolution geophysical data
including aeromagnetic survey, helicopter-borne VTEM and ground
IP.
This area has never been drilled before and early indications
show that the Company's Meadowbank Gold Project hosts similar
geology settings as the Agnico Eagle's Meadowbank and Amaruq gold
producing mines. Western Atlas intends to test other prospective
target areas within Block B, Targets B1 to B3 and within Block A,
Targets A1 to A3 in future drill programs (please see
figures 2 and 4).
Fabio Capponi, CEO stated:
"This initial drill program represents an important milestone
for Western Atlas and is the beginning of a
significant exploration opportunity due to the Project district
scale, the numerous drill target areas that may lead to major
discoveries and the proximity to the major gold producer, Agnico
Eagle."
Paul Chamois, P.Geo, is the Qualified Person as defined by
National Instrument 43-101 and is responsible for reviewing and
supervising the preparation of the scientific and technical
disclosure in this news release.
About Western Atlas
The Company's common shares are listed on the TSX Venture
Exchange under the symbol WA. Western Atlas is focused on the
acquisition and development of scalable precious metals projects in
premier mining jurisdictions. Western Atlas's wholly-owned
subsidiary, 5530 Nunavut Inc., holds its interests in the
Meadowbank Gold Project located in Nunavut, Canada.
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.
Reader Advisory
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Western Atlas Resources