Angel Wing Metals Provides Exploration Update and Files NI 43-101 Geological Report at La Reyna Project
Angel Wing Metals Provides Exploration
Update and Files NI 43-101 Geological Report
at La Reyna Project
TSXV: AWM
WWW.ANGELWINGMETALS.COM
VANCOUVER, BC
,
Jan. 23, 2024
/CNW/ - Angel Wing Metals Inc. (TSXV: AWM) ("Angel Wing
Metals" or the "Company") is pleased to provide an exploration update at its
La Reyna
gold project
located in the southern extension of the Sierra Madre Occidental Belt (SMO) in Nayarit State,
Mexico
. The Company will file a National Instrument 43-101 report titled "Technical Report, The La
Reyna Project" under the Company's SEDAR profile and on its website.
The 106.69 square kilometre (km
2
) La Reyna Project is a contiguous block of fully titled mineral
claims in good standing that consolidates most of the historical
Aguila de Oro
mining district. Assay
results returned from nil to 27.12 grams per tonne gold (g/t Au) and nil to 2,938 g/t silver (Ag) from
outcrop chip samples. Other anomalous results were also obtained for lead and zinc, as well as for
copper, cobalt, bismuth, and molybdenum. Mineralization is hosted in an extensive area of alteration
that has been mapped over 70 square kilometres and is host to numerous past producing shallow
mine and gambusino workings (see Figure 1). To date, over 20 prospects with highly anomalous
gold and silver have been identified on the Project. This marks the first time this newly consolidated
district has seen systematic exploration.
Figure 1: Prospect Location Map - Shows trend of the SMO (grey), the Aguila de Oro Mining District
(red), and known and inferred veins. (CNW Group/Angel Wing Metals Inc.)
Ongoing exploration continues to advance the understanding of the Project, where three structural
domains expose different levels of a large Au (Ag, Cu) bearing epithermal-porphyry system that is
interpreted to underlie the Project and the source of the observed alteration and mineralization at
surface. The mineral potential of the district will initially be tested in three high priority target
areas; Aguila de Oro, El Polo-Dolorosa and Celeste (see Figure 2). Each area includes numerous
prospects, old mine workings or outcrop exposures of mineralization. Each target area remains open
where mineralization extends beyond the boundaries shown on the map in Figure 2, and each area
may be connected.
Figure 2: Target Areas Map - High priority target areas for initial drilling (shown as red rectangles).
Each area is open in all direction, known mineralization extends beyond each area, and each area
may be connected. (CNW Group/Angel Wing Metals Inc.)
A ground geophysics program including 11.2 line kilometres of Induced Polarization and 2 line
kilometres of HSMAT is underway over El Polo-Dolorosa. Data is being processed with a report
including the sections and maps due in early February. This information will be used to further refine
drill hole selection in anticipation of an early stage 4,000 metre shallow hole diamond drill program.
President & CEO of Angel Wing Metals,
Marc Prefontaine
stated:
"
La Reyna
hosts a very large
alteration zone with a large number of precious metal - bearing veins. One consistently observes
small scale historical workings when travelling around the Project. Several areas host extensive
zones with multiple sub parallel vein, breccias and disseminations, all mineralized. This size potential
is what excites us. Our initial drill holes will be oriented to drill across areas hosting subparallel veins
to see if they host gold grades over sufficient widths that are conducive to an open pit mineable
target."
EXPLORATION
During the 2023 exploration program, regional scale mapping and prospecting covered the Project
while areas with vein exposure and gold showings were mapped and sampled in detail.
A soil sample program on 100 metre centers covered about 2,100 hectares (1,860 samples) and
successfully identified coincident gold and copper soil anomalies for follow up exploration, especially
in the El Polo-Dolorosa area, currently the highest priority target for drilling. Anomalous gold values
ranged from a background of 30 ppb Au to a maximum of 3,690 ppb (3.69 g/t Au), with 100 samples
returning assays greater than 50 ppb Au, and 46 assays greater than 100 ppb Au (see Figure 3).
Figure 3: Soil Assay Contour Map - Gold in parts per billion (ppb) showing sample location grid
(black dots) and the El Polo-Dolorosa soil anomaly in pinks and reds. (CNW Group/Angel Wing
Metals Inc.)
Approximately 2,000 rock chip samples were collected from outcrop exposures since exploration
began. Assay results ranged from not anomalous to a maximum of 27.12 g/t Au, of these:
352 samples returned assays exceeding 0.25 g/t Au,
220 assays greater than 0.5 g/t Au,
130 assays greater than 1.0 g/t Au,
67 assays greater than 2.5 g/t Au and 22 assays greater than 5 g/t Au.
In addition, silver (Ag) assay results ranged from not anomalous to a maximum of 2,938 g/t Ag, of
these:
195 samples assayed greater than 10 g/t Ag,
90 samples assaying greater than 30 g/t Ag,
28 assays greater that 90 g/t Ag.
RESULTS
Three areas have been identified as the first priority targets to commence drilling:
1. Aguila de Oro
Veins and breccia occur in northeast trending corridors with individual corridors mapped
over approximately 500 to 750 metre widths, and open for extension in all directions within a larger 7
by 10 kilometre corridor. Veins vary from 0.15 to 1.8 metres in width, averaging about 1.2 metres,
and were traced at surface over a cumulative 10 kilometre strike length. The longest continuous vein
exposure measures 1.5 kilometres at surface (the Cristina vein). The untested strike potential of this
system of veins is multi-kilometre. Subparallel vein sets provide wide drill targets with near surface
bulk mineable potential.
About 1,025 rock samples have been collected along this trend, which is still at an early stage of
exploration. Assay results range from nil to 15.2 g/t Au but consistently return 2 – 15 g/t Au in the old
workings (see Figure
4). Of these samples:
Approximately 210 assays were greater than 0.25 g/t Au,
134 assays greater than 0.5 g/t Au,
75 samples greater than 1.0 g/t Au,
40 assays greater than 2.5 g/t Au,
14 greater than 5.0 g/t Au. Silver values varied.
19 samples collected from inside old mine workings ranged from 110 g/t Ag to 2,938 g/t Ag,
including some hand cobbed material.
120 samples assayed greater than 10 g/t Ag,
55 assays greater than 30 g/t Ag,
20 assays greater than 90 g/t Ag.
Figure 4: Lago de Oro - Plan map showing geology, selected gold assay results and associated
rock specimens collected at site. (CNW Group/Angel Wing Metals Inc.)
2. El Polo - Dolorosa
This prospect extends at least 2.3 kilometres and varies up to 750 metres wide, and includes
numerous other prospects and showings, worked primarily for free gold. Prospects in this area
include the past producing El Polo open pit mine and Dolorosa (see Figure 5). No production records
are available.
Figure 5: El Polo Open Pit Mine - Shows the extent of the historic operations and selected high
grade assay results for gold. The Asterix marks samples collected on an internal third-party claim.
Oblique drone view looking northwesterly. (CNW Group/Angel Wing Metals Inc.)
Mineralization at the El Polo pit is structurally controlled by an east westerly trending reverse fault.
The fault is a 5 metre thick gold-bearing breccia with a high-grade core (approx.
0.5 m
to
2.5 m
thick) where a
0.45 m
channel sample returned 27.1 g/t Au and 92.0 g/t Ag. Disseminated low
grade mineralization occurs across the fault structure and in the surrounding rock estimated to be at
least 5 to 8 metres wide. Additional structures are observed in the highwall of the small pit. These
could not be systematically sampled due to access issues, but drill holes will be designed to
crosscut them.
The El Polo fault crosscuts a northwest structural trend of mineralized veins, breccia's and
disseminated mineralization. This zone can be traced southeasterly over 2.3 kilometre to the
Dolorosa prospect, where it is up to
750 m
wide. Gold mineralization occurs in veins, breccis and is
disseminated in the wall rocks. It is also the location of a strong coincident gold soil anomaly (see
Figure 3).
A total of 490 rock samples have been collected from this area. Assay results range from nil to
27.12 g/t Au, with:
110 samples returning greater than 0.25 g/t Au,
62 samples greater than 0.5 g/t Au,
21 samples greater than 2.5 g/t Au,
6 samples greater than 5 g/t Au.
Silver assays returned:
59 assays with greater than 10 g/t Ag,
25 assays with greater than 30 g/t Ag,
6 assays with greater than 90 g/t Ag.
(See Figure 6)
The Company's first drill campaign will begin in this high priority area.
Figure 6: El Polo-Dolorosa - Plan map showing geology, selected gold assay results and associated
rock specimens collected at site. (CNW Group/Angel Wing Metals Inc.)
3. Celeste
Celeste is an early-stage exploration target where alteration and mineralization has been mapped
over a 1.8 kilometre by 800 metre area that remains open in all directions. The prospect contains
zones of intense massive silica alteration crosscut by quartz veins 0.2 to 2 metres in width. Samples
from this area returned consistent low grade disseminated gold. Deposits in
Mexico
with comparable
settings to Celeste include the Cerro de Gallo gold porphyry located in Guanajuato State,
Mexico
(see Argonaut Gold website) or the Tepal gold-copper porphyry deposit in Michoacán State (see
Defiance Silver website).
A total of 196 samples were collected here that are almost exclusively anomalous in gold. Assay
results range from nil to 2.24 g/t Au.
Samples from this area also returned:
50 assays greater than 0.1 g/t Au,
25 assays greater than 0.25 g/t Au,
14 assays greater than 0.5 g/t Au
6 assays greater that 1.0 g/t Au
This prospect presents a large bulk tonnage exploration target for gold that requires further
mapping, sampling, and geophysics prior to drilling (see Figure 7).
Figure 7: Celeste - Plan map showing geology, selected gold assay results and associated rock
specimens collected at site. (CNW Group/Angel Wing Metals Inc.)
ESG
In consultation with the local communities, two drill permits 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 communities and ratified by the agrarian authorities. Additional access
agreements with individual parcel owners will be needed as drilling on the Project advances.
QA/QC
All rock and soil samples were shipped to SGS Lab in Durango,
Durango, Mexico
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.
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
.
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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%SEDAR: 00004503E
For further information:
ON BEHALF OF THE BOARD OF ANGEL WING METALS INC.: Marc
Prefontaine, President & CEO, Email: [email protected];Katherine Pryde,
Investor Relations, Tel: 646-354-9375, Email: [email protected]
CO: Angel Wing Metals Inc.
CNW 07:00e 23-JAN-24