Angel Wing Metals Completes Geophysics at LA Reyna Project - Mexico
ANGEL WING METALS COMPLETES
GEOPHYSICS AT LA REYNA PROJECT -
MEXICO
TSXV: AWM
WWW.ANGELWINGMETALS.COM
PHASE 1 DRILL TARGETS SELECTED
TORONTO
,
June 4, 2024
/CNW/ - Angel Wing Metals Inc. (TSXV: AWM) ("Angel Wing Metals" or
the "Company") is pleased to report the results for two recently completed geophysical surveys over
a 1.5 by 3.0 kilometre (km) portion of the Polo-Dolorosa drill target area (see
January 23, 2024
press release) at the Company's La Reyna Gold Project ("La Reyna" or the "Project") in Nayarit
State,
Mexico
. Results from the initial Induced Polarization survey ("IP") and HSAMT survey have
provided valuable information to improve the Company's understanding of this priority target area.
Assay results of rock chip samples collected by the Company from the survey area returned from nil
to best assays of 27.12 grams per tonne gold (g/t Au) with 90.0 grams per tonne silver (g/t Ag) over
a 0.45 metre (m) channel chips sample, and a grab sample with 2.42 g/t Au and 399 g/t Ag, (see
Figure 1). Historic trench results from this area include 5.03 g/t Au gold over 21.0 metres and 0.92
g/t Au over 15.52 metres.
1
_____________________________
1
Nevada Pacific Gold Ltd. Press Release dated April 20, 2006
Figure 1: (a) Polo-Dolorosa Target Area. Plan view showing the location of the geophysical survey
grid in blue.
Overlaid with selected gold assay results over 0.1 g/t Au. Assay results vary from nil to
a maximum of 27.12 g/t Au in this area. This also locates two of the historic trenches that will be drill
tested to confirm historic grades, see T2 and T4; (b) IP Line 5, Section view looking westerly
through the La Feña-Celeste prospects and showing some of the interpreted geology. See IP Line 5
location on (a) (CNW Group/Angel Wing Metals Inc.)
Geophysical Surveys
Multiple anomalies were identified by the IP survey for follow up drilling, the strongest of which
underlies outcrop exposures of mineralized and altered rocks that host anomalous disseminated
gold. IP has also identified or confirmed several new prospects for drilling that correlate well with
noted mineralization along structural trends at surface including La Feña. El Zorillo,
San Ramon
,
Dolorosa, El Polo, Celeste, and
La Reyna
2.
The HSAMT (Hybrid Controlled Source Audio Magneto-Telluric) survey has successfully refined the
location and attitude of several important structural controls to mineralization that were observed at
surface. In addition, it has identified several buried anomalies between a depth of 50 to 300 metres
and has identified the location of a potential intrusion and feeder zone that may be of importance to
the district scale mineralization (see Figure 2).
Figure 2: HSAMT Survey Results. Cross section looking west. A single line regional scale survey
with stations reading every 100 metres, Line 1 is located in yellow on the inset map. (CNW
Group/Angel Wing Metals Inc.)
Drill Proposal
A two-phase diamond drill program is proposed for a total of approximately 5,000 metres to test the
first five (5) widely spaced prospects that share mineralized geology, alteration and structures
corroborated by coincident geophysical, soil and rock assay anomalies. The first drill phase of 2,500
metres will be to confirm continuity and orientation of observed surface mineralization at depths
ranging from near surface to about 175 metres vertical depth. This first phase will also test beneath
historical trenches to confirm their reported assay results that include the 5.03 g/t Au over 21.0
metres and 0.92 g/t Au over 15.52 metres. Positive results from the first phase of drilling will trigger
moving to the second phase, currently anticipated to consist of a series of step out holes from
positive phase 1 drill results and will add other prospects already advanced for drilling.
This program does mark the first ever drill program for the underexplored Distrito Minero Aguila de
Oro (Gold Eagle Mining district.). All drill results will be used towards planning additional geophysics
and drilling. The first phase drill program is expected to commence in Q3 2024 with the anticipated
2,500 meters in 12 to 14 drill holes focused on the first five (5) prospects. All necessary permits for
drilling have been received from SEMARNAT, providing ample sites to complete all exploration plans
for several years.
Mineralization and Alteration
The Polo-Dolorosa area is the first of three large high priority targets within the La Reyna Project to
be tested by drilling. The nearby
Aguila de Oro
and Celeste targets continue to be advanced to the
drill ready stage. Polo-Dolorosa was prioritized for the initial drilling because of the extensive
mineralized structural controls observed across a 2.3-kilometre strike length (open) that displays
extensive alteration and anomalous multistage gold mineralization and interpreted to be located
within a dilational jog. Gold and visible gold is hosted in veins, hydrothermal breccia, and an altered
quartz eye rhyolite crystal tuff with disseminated gold mineralization. Magnetic diorite is observed to
intrude the host rocks. The surface geology displays extensive regional iron oxide, clay and silica
alteration, along with local sericite, muscovite, siderite and chlorite alteration. A soil grid survey
completed in 2023 in this area has further defined an extensive northwest trend of anomalous gold
and copper.
STOCK OPTIONS
Angel Wing
also announces that pursuant to Company's stock option plan, 1,055,000 stock options
at an exercise price of
$0.15
, a premium to market price, were granted to employees and
consultants of the Company. The stock options granted will vest in two equal instalments over one
year and are exercisable for a period of five (5) years from date of grant.
The Company relied on sections 5.5 (a) and (b) and 5.7(a) and (b) of MI 61-101 as the exemption
from the minority approval requirements of MI 61-101 in respect of the grant of options to the
directors of the Company as neither the fair market value of the subject matter of, nor the fair
market value of the consideration for, the grant of the options to the director of the Company
exceeded 25% of the Company's market capitalization.
ESG
In consultation with the local communities, two drill permits and a permit for trenching were applied
for and received from SEMARNAT, providing ample sites to complete all exploration plans for
several years. Five-year renewable surface access agreements for exploration, drilling and water
use have also been signed with the necessary local Ejidos. Additional surface access agreements
will become necessary with individual parcel owners as exploration proceeds. However, the
Company currently has permission to complete all holes in the proposed drill program. The Company
has received all permits required to complete Phase 1 and 2 of the proposed drill program at the
Polo-Dolorosa target.
QA/QC
All rock and soil samples were shipped to SGS Lab in Durango, Durango, México for sample
preparation and analysis. SGS lab is ISO/IEC 17025 certified. Silver and 32 elements were
analyzed using an exploration grade aqua regia digestion with an ICP finish for rock samples. Silver
and base metals were analyzed using a four-acid digestion with an ICP finish for soil samples. Gold
was assayed by 30-gram fire assay with an atomic absorption spectroscopy finish. Over limit
analyses for gold and silver were re-assayed using an ore-grade 30-gram fire assay with gravimetric
finish. Lead and zinc over limits were re-assayed using a sodium peroxide fusion. Control samples
comprising certified reference samples, duplicates and blank samples were systematically inserted
into the sample stream and analyzed as part of the Company's quality assurance and quality control
protocol. Geofísica TMC, based in
Val D'Or Quebec
with a branch office in Mazatlán,
Sinaloa
, was
contracted for the geophysical survey.
QUALIFIED PERSON
Marc Prefontaine
, M.Sc. P.Geo., President and CEO, is a qualified person for the purposes of
National Instrument 43-101 and has reviewed and approved the technical content in this news
release.
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 La Reyna Project covers
106.89 km
2
in the southern extension of the prolific Sierra Madre Occidental gold-silver belt in the
state of
Nayarit, Mexico
. 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.
Marc Prefontaine
President & CEO
Katherine Pryde
Investor Relations
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.sedarplus.ca
. 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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%SEDAR: 00004503E
For further information:
Marc Prefontaine, President & CEO, Email:
[email protected]; Katherine Pryde, Investor Relations, Tel: +1 646-354-9375,
Email: [email protected]
CO: Angel Wing Metals Inc.
CNW 07:00e 04-JUN-24