Angel Wing Metals Announces Completion of Purchase of 100% of the La Reyna Claim Group in Mexico
Angel Wing Metals Announces Completion of
Purchase of 100% of the La Reyna Claim
Group in Mexico
TSXV: AWM
WWW.ANGELWINGMETALS.COM
2022 Exploration Update, Assay Results and Drill Plans
The completion of the acquisition of
La Reyna
is key to the consolidation of the Company's 655
km
2
total claim package.
High-grade gold and silver mineralization confirmed in structural trends over more than forty
square kilometres (40 km
2
).
Assays from rock chip and soil samples returned up to 27.12 gm/T Au and 995.5 gm/T Ag.
TORONTO
,
Feb. 23, 2023
/CNW/ -
Angel Wing Metals Inc.
(TSXV: AWM) ("
Angel Wing Metals
"
or the "
Company
") is pleased to announce that it has closed the purchase of the 102.87 km
2
La
Reyna
claim group announced on
October 25, 2022
. The mineral rights in the name of Lago de Oro
Resources, SA de CV ("LOM") is formally approved by the Public Mines Registry –
Mexico
. With
this addition the Company now controls an aggregate of 655km
2,
of mineral rights – The El Grande
Project,
Nayarit, Mexico
("El Grande"). The
La Reyna
claim group is an important strategic
acquisition of which over 70 km
2
shows significant clay, silica and iron oxide alteration. Historical
mine workings occur wherever there is outcrop exposure.
The
La Reyna
claim group is located within the Aguila de Oro Mining District, in the 1,200km-
long Sierra Madre Occidental Mineral Province ("SMO"). The area is being explored and mined for
epithermal, porphyry and IOCG type deposits of gold, silver and copper. The district is host to
numerous shallow historical and recent artisanal mine workings, including open pits, tunnels and side
cuts. Mining used traditional hand cobbing and panning of supergene altered oxide breccia and veins,
as well as exploiting alluvial pits where free gold has accumulated into low lying areas.
"The Final approval of the registration of this large tenement has consolidated a major district scale
opportunity in
Mexico
, near several recent exciting discoveries,"
states
Bryan Wilson
, President
and CEO.
"Early surface exploration results received thus far demonstrate the presence of high-
grade gold and silver mineralization in structural trends over more than forty square kilometres (40
km
2
). We look forward to initiating a maiden drill program on the properties, with the aim of
making new discoveries in the region."
El Grande is located at the core of the +550 km long western coastal trend of the SMO, extending
south through
Sonora
to Jalisco State, see Figure 1. The Coastal Trend includes the
Panuco
,
Rosario
, and Aguila de Oro Mining districts, among others. It is host to some of the more active
exploration and development projects in the SMO today, including to the north (
Los Reyes
,
Panuco
,
and Plomosas); and to the south (Orion and Los Ricos). All these projects share a similar geology,
structural preparation, and emplacement of batholiths and intrusions related to the alteration,
precious and base metal mineralization that the SMO is known for.
Figure 1: El Grande Project location map within the Coastal Trend (CNW Group/Angel Wing Metals
Inc.)
2022 EXPLORATION PROGRAM
Early-stage exploration of El Grande was initiated after closing on the Lago de Oro Resources
acquisition (announced
March 30, 2022
). Exploration focused on outcrop mapping and soil sampling
in areas with shallow overburden. Over 2,800 samples were collected by the Company to prioritize
areas for detailed mapping, geophysics, and drilling. Five high priority drill targets have been
identified for the first phase of drilling.
Early exploration has identified a northwesterly trending corridor, within a 40 km
2
area, with
extensive hydrothermal alteration. The Company has identified several interpreted vein fields that
assayed for gold mineralization that strike, cumulatively, for approximately 8 kms, within this
corridor. Mineralization remains open for extension in all directions. Figure 2
Figure 2. El Grande and La Reyna’s conceptual alteration trend (CNW Group/Angel Wing Metals
Inc.)
EXPLORATION RESULTS
Assay results confirm the presence of highly anomalous gold and silver mineralization from multiple
exploration targets; more than 300 rock and soil samples returned gold in excess of 0.1 grams per
tonne gold ("gm/T Au"), 70 samples greater than 1.0 gm/T Au and 41 samples greater than 2.0
gm/T Au. Table 1 shows assay results greater than 2.0 gm/T Au. Results indicate that at least two
mineralizing events have affected the project area, a younger crosscutting Ag (Pb, Zn) event
(possibly basin and range in age) and an older Au (Ag, Cu) event (possibly Laramide?).
La Reyna
is
a gold dominant exploration project.
Five areas or "trends" that include historical mine workings, trenches and sampling are currently
prioritized for follow up exploration and drilling: The El Polo,
Aguila de Oro
, La Tauna trends and the
La Presa
and El Tule Basins.
Mapping and sampling programs continue to advance multiple targets to the drill ready phase and
introduce new prospects into the project pipeline. Mineralization is hosted in veins, hydrothermal and
tectonic breccias that are interpreted as indicators (pathfinders) for underlying bulk tonnage targets.
Figure 3: Geology Map detail of the El Grande project highlighting the five priority exploration – drill
targets, numbered 1 to 5 on the map. (Gold assay results from outcrop, as identified in the legend)
(CNW Group/Angel Wing Metals Inc.)
Table
1
: Select high grade assay results from outcrop chip and channel samples assaying
greater than 2gm/T, collected by the Company. Sample widths are not true widths and are
limited by outcrop exposures. Trenching across the target areas is required to define true
widths of mineralization.
Target
Prospect
Sample No
Easting
Northing
Type
Length (m)
Au gm/T
Ag gm/T
1
El Polo
28202
462661
2468520
Chip
0.50
5.66
5.0
1
El Polo
28258
462086
2466188
Chip
2.00
2.24
1.0
1
El Polo
28269
462750
2467103
Float
2.00
2.12
1.0
1
El Polo
28771
462543
2468368
Float
-
2.84
4.0
1
El Polo
28776
462504
2468383
Chip
1.40
4.99
13.0
1
El Polo
28777
462506
2468385
Chip
1.10
4.74
15.0
1
El Polo
28791
462506
2468446
Chip
1.30
3.29
17.0
1
El Polo
28792
462504
2468444
Chip
1.70
4.70
5.0
1
El Polo
28822
462501
2468485
Chip
1.70
2.84
9.0
1
El Polo
G207558
462810
2468480
Chip
0.45
27.12
92.0
1
El Polo
G207559
462810
2468480
Chip
1.35
5.76
39.0
1
El Polo
G207560
462810
2468480
Chip
0.60
4.69
26.0
1
El Polo
28772
462517
2468388
Chip
1.80
2.84
4.0
2
La Presa
G207744
462122
2471103
Chip
1.00
9.63
4.0
2
La Presa
28160
462472
2471286
Chip
1.30
0.37
682.0
2
La Presa
28493
462736
2471022
Chip
1.00
1.43
316.0
2
La Presa
28159
462440
2471374
Chip
1.30
0.11
247.0
3
Laguna El Tule
28219
463526
2465243
Chip
1.75
2.64
3.0
3
Laguna El Tule
28220
463526
2465240
Chip
1.00
6.34
2.0
3
Laguna El Tule
G207826
464499
2469174
Chip
1.10
4.08
1.0
3
Laguna El Tule
207888
465526
2472359
Grab
-
14.01
95.0
4
Aguila de Oro
24729
465683
2471784
Chip
0.20
1.16
995.5
4
Aguila de Oro
28322
465752
2471810
Trench
1.00
1.92
158.0
4
Aguila de Oro
28600
465080
2471246
Chip
0.30
5.16
94.0
4
Aguila de Oro
28921
464929
2472025
Chip
0.45
15.2
7.0
4
Aguila de Oro
29003
465077
2471241
Chip
0.30
3.77
5.0
4
Aguila de Oro
29016
465155
2471317
Chip
0.60
2.17
1.0
4
Aguila de Oro
29181
464901
2471990
Chip
1.20
1.94
1.0
4
Aguila de Oro
29182
464903
2471989
Chip
0.50
1.95
24.0
4
Aguila de Oro
29183
464903
2471990
Chip
0.70
3.03
1.0
4
Aguila de Oro
29184
464906
2471992
Chip
1.20
3.10
1.0
4
Aguila de Oro
G207562
465748
2471798
Chip
0.30
1.43
120.8
5
La Tauna
24584
465800
2472510
Chip
1.00
4.09
2.0
5
La Tauna
24586
465801
2472510
Chip
1.00
7.58
3.0
5
La Tauna
24588
465848
2472650
Chip
1.00
2.21
1.0
5
La Tauna
24712
465885
2471771
Chip
0.80
3.37
4.0
5
La Tauna
24713
465873
2471804
Chip
0.90
3.94
9.0
5
La Tauna
24720
465854
2471881
Chip
1.00
6.14
6.0
5
La Tauna
28071
465848
2471889
Chip
0.90
2.43
8.0
5
La Tauna
28333
465842
2471947
Chip
1.20
4.88
13.0
5
La Tauna
24714
485867
2471817
Chip
0.26
2.78
18.0
5
La Tauna
24715
485868
2471817
Chip
0.30
3.46
7.0
5
La Tauna
24717
485869
2471818
Chip
0.40
2.75
7.0
5
La Tauna
28343
464994
2471606
Chip
0.60
10.10
1.0
EXPLORATION TARGETS
1.
El Polo
This target area includes a range of hills that is host to many historical shallow mine workings,
including the past producing El Polo mine, Figure 4. The trend hosts widespread argillic (clay-
sericite-pyrite) alteration that is associated with precious metals mineralization identified in numerous
discontinuous outcroppings along a 3.5 km north-south trend that is up to 1.0 km wide (open).
Outcrop chip and channel samples from this trend returned a best sample of 27.12 gm/T Au and
92.0 gm/T Ag from an oxidized low angle tectonic hydrothermal breccia (the red zone) collected
from the El Polo Mine, see, Table 1. The red zone marks a contact between felsic volcanics and an
underlying altered andesite. While El Polo is essentially drill ready, it continues to be prepared with
detailed mapping, sampling, and ground geophysics to fine tune an initial exploratory drill program in
the planning stages for the 2023 exploration year.
Figure 4: The El Polo mine, showing the approximate location of the red zone (white dashed line),
and potential drill hole locations for a phase 1 drill program (yellow dots) (CNW Group/Angel Wing
Metals Inc.)
2.
La Presa
Basin
This is a topographic depression that lies north and west of the El Polo mine, initially interpreted as a
circular feature from Aster satellite imagery. This 2 km by 1.5 km area displays widespread clay
("argillic") alteration and is considered prospective for porphyry style, intrusion hosted or epithermal
mineralization. The basin is host to shallow lakes and cultivated fields with sparse outcrop exposure.
The best samples from widely spaced, low density sampling of available outcrop around the
periphery returned 9.63 gm/T Au and 4 gm/T Ag, another returned 0.37 gm/T Au and 682 gm/T Ag.
This target requires additional mapping, and ground and airborne geophysics to assist with drill hole
planning.
3.
Laguna
El Tule
Laguna
El Tule
is a large topographic depression to the east of El Polo, the site of a shallow
seasonal lake and cultivated fields, about 4.0 km by 2.0 km in circumference. Like the
La Presa
Basin,
El Tule
has a potential for bulk tonnage exploration. The surrounding area is obscured by
shallow overburden with sparse outcroppings of altered and mineralized rhyolite, andesite and
magnetic dacite.
Some of the better assays from this area include 6.34 gm/T Au, 4.08 gm/T Au and 2.64 gm/T Au
from sparse outcrops surrounding the Laguna. This target requires additional work to advance to the
drill ready stage.
Figure 5: Laguna El Tule (CNW Group/Angel Wing Metals Inc.)
4.
Aguila de Oro
Named after the former Aguila de Oro Mining district, this target is host to numerous past producing
artisanal mine workings and prospects along a north-easterly trend of discontinuous outcrop within a
2.4 km by 1.8 km area. Gold and silver mineralization is found in numerous exposures of veins and
hydrothermal breccia and may represent a structural target ("dilational zone") prospective for bulk
tonnage targets - including veins or vein systems up to 700 metres wide (open).
5.
La Tauna
A recent discovery, La Tauna follows a northerly trending range of hills that parallels the El Polo
trend and is currently mapped over 750 meters (open) from the La Tauna to Nortesur prospects.
The best assay from this area returned 7.58 gm/T gold (Table 1). Mapping and sampling is ongoing.
P
E
R
MI
TT
I
N
G AND SURFACE ACCESS AGREEMENTS
The Company has entered into 14 agreements with the relevant Ejidos controlling surface access to
the El Grande Project. Terms are for a minimum 5-year term (extendable), sufficient for all
exploration, including drilling and water use for all the exploration targets.
The company is committed to sound exploration and social practices, and highly values and
appreciates the excellent relations shared with the local communities. Our social and community
liaison professionals continue to build long term relations and advance the surface access and
permitting requirements as needed. A new environmental impact study was submitted to the
Mexican authorities at Semarnat to include drill plans for the
La Reyna
claim group acquisition. The
permit was received in
December 2022
.
REVIEW OF TECHNICAL INFORMATION
Dr.
Craig Bow
(Ph.D) is the Company's designated Qualified Person for the purposes of National
Instrument 43-101. As a consultant to the Company, he has reviewed and validated that the
geotechnical information contained in this news release is accurate.
ABOUT ANGEL WING METALS
Angel Wing Metals (TSXV: AWM) is focused on the exploration and development of its portfolio of
precious metals properties in
Mexico
and
Canada
. The Company's flagship El Grande Project
covers 655km
2
in the southern extension of the prolific Sierra Madre Occidental gold-silver belt in the
state of
Nayarit, Mexico
and demonstrates significant gold and silver mineralization.
Angel Wing Metals is committed to sustainable and responsible exploration and business activities in
line with industry best practices, supportive of all stakeholders, including the local communities in
which the Company operates.
For more information, please visit the Company's website at
www.angelwingmetals.com
.
ON BEHALF OF THE BOARD OF ANGEL WING METALS INC.
"Bryan Wilson"
President & CEO
Email:
Neither 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.
Forward-Looking Information: This news release contains "forward-looking information" within the
meaning of applicable Canadian securities legislation. All statements, other than statements of
historical fact, included herein are forward-looking information. Generally, forward-looking
information may be identified by the use of forward-looking terminology such as "plans", " expects"
or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and
phrases, or by the use of words or phrases which state that certain actions, events or results may,
could, would, or might occur or be achieved. In particular, this news release contains forward-
looking information regarding: the outlook on the properties and projects of Angel Wing Metals
including planned exploration. There can be no assurance that such forward-looking information will
prove to be accurate, and actual results and future events could differ materially from those
anticipated in such forward-looking information. This forward-looking information reflects Angel Wing
Metals' current beliefs and is based on information currently available to Angel Wing Metals and on
assumptions Angel Wing Metals believes are reasonable. Forward-looking information is subject to
known and unknown risks, uncertainties and other factors that may cause the actual results, level of
activity, performance, or achievements of Angel Wing Metals to be materially different from those
expressed or implied by such forward-looking information. Such risks and other factors may include,
but are not limited to: general business, economic, competitive, political and social uncertainties;
general capital market conditions and market prices for securities; delay or failure to receive board
or regulatory approvals; the actual results of future operations; competition; changes in legislation,
including environmental legislation, affecting Angel Wing Metals; the timing and availability of external
financing on acceptable terms; and lack of qualified, skilled labor or loss of key individuals. A
description of additional assumptions used to develop such forward-looking information and a
description of additional risk factors that may cause actual results to differ materially from forward-
looking information can be found in Angel Wing Metals' disclosure documents on the SEDAR website
at
www.sedar.com
. Although Angel Wing Metals has attempted to identify important factors that
could cause actual results to differ materially from those contained in forward-looking information,
there may be other factors that cause results not to be as anticipated, estimated or intended.
Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further
cautioned not to place undue reliance on forward-looking information as there can be no assurance
that the plans, intentions, or expectations upon which they are placed will occur. Forward-looking
information contained in this news release is expressly qualified by this cautionary statement. The
forward-looking information contained in this news release represents the expectations of Angel
Wing Metals as of the date of this news release and, accordingly, is subject to change after such
date. However, Angel Wing Metals expressly disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new information, future events or otherwise,
except as expressly required by applicable securities law.
SOURCE
Angel Wing Metals Inc.
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For further information:
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CO: Angel Wing Metals Inc.
CNW 17:01e 23-FEB-23