Angel Wing Metals to Acquire a 100% Interest in the La Reyna Claim Group Covering 102.87 km2 in Nayarit, Mexico Combined with La Reyna , the El Grande Project increases to 652 km 2
Angel Wing Metals to Acquire a 100% Interest in
the La Reyna Claim Group Covering 102.87 km2
in Nayarit, Mexico
Combined with
La Reyna
, the El Grande Project increases to 652 km
2
TORONTO
,
Oct. 25, 2022
/CNW/ -
Angel Wing Metals Inc. (TSXV: AWM) ("Angel Wing Metals" or
the "Company",
formerly Huntington Exploration Inc.) is pleased to announce it has entered into a
binding agreement with a private entity to acquire a 100% interest in the 102.87 square kilometre ("km
2"
)
La Reyna Property and package held in six titled claims adjoining the El Grande Project to the southeast.
The claims cover the Aguila de Oro Mineral District, with its long history of small-scale production for
gold, silver, and copper, not ever systematically explored with drilling. See Figure 1. The new larger
La
Reyna
claim surrounds several claims already owned by the Company, providing important exploration
continuity in an underexplored precious and base metals mineral district within
Mexico's
prolific Sierra
Madre Occidental mineral province ("SMO").
TERMS OF THE AGREEMENT
Pursuant to a Purchase and Assignment Agreement ("The Agreement"), Angel Wing Metals, through its
subsidiary Lago de Oro S.A. de C.V., will make a total payment of
US$700,000
upon completion of three
performance milestones
1
.
US$150,000
upon signing of The Agreement (paid)-
Complete
2
.
US$150,000
upon presentation of The Agreement to, and acceptance for registration by the Public
Registry of Mining of
Mexico
, and -
Complete
3
.
US$400,000
upon Registration of the Agreement by the Public Registry of Mines of
Mexico
., which
Is deemed to be regulatory approval In
Mexico
.
Submitted for Approval
A further payment of
US$50,000
will be due upon Angel Wing Metals identifying each 1.0 million ounces
of gold in the Measured and Indicated categories of a Mineral Resource as defined by the Canadian
National Instrument 43-101 ("NI 43-101") Standards of Disclosure for Mineral Projects on the La Reyna
Property, and a 1.5% net smelter return royalty with Angel Wing Metals retaining a right of first refusal to
purchase the royalty for
US$2.0 million
.
"The Angel Wing Metals team is excited to have acquired the 102 km
2
La Reyna
claim group as part of
the district scale
consolidation of the historic
Aguilas de Oro
mining district containing multiple
alteration zones in a highly prospective underexplored part of the SMO, with it's well-known mineral
potential and mining history. We have already Identified prospective geology with multiple drill-ready
targets. The newly acquired
La Reyna
claims increase the El Grande Project to over 650 sq km
2
,
covering an area slightly greater than that of Metro Toronto."
stated
Bryan Wilson
, President and
CEO of Angel Wing Metals Inc
.
Figure 1- El Grande claim location map showing the location of the La Reyna Claim group.jpg (CNW
Group/Angel Wing Metals Inc.)
PERMITTING AND SURFACE ACCESS AGREEMENTS
The Company has entered into agreements for minimum 5-year terms (extendable) with the Ejidos
controlling surface access to the expanded El Grande Project, which is necessary for the current phase
of exploration that include surface access for exploration, drilling and water usage. The company is
committed to sound exploration and social practices, and it highly values the excellent relations shared
with the local communities. Our social and community liaison professionals continue to build long term
relations and advance surface access requirements as needed.
PROJECT SETTING
With the newly acquired claims, the Company's land holdings now cover 652 km2 in the Northern part of
Nayarit State
, and part of Sinaloa State, in
Mexico
. The combined
La Reyna
and El Grande Properties
will be operated collectively as the El Grande Project ("El Grande" or the "Project")
El
Grande
is located in hilly topography in the westernmost Sierra Madre Occidental ("SMO") adjacent to
the flat agricultural lands of the Pacific Coastal Plain. The 1,200 km-long SMO gold-silver belt is host to
numerous historical and current producing mines and remains one of the most actively explored regions in
Mexico
, primarily for epithermal, porphyry and IOCG type mineral deposits. The Project area is underlain
by geology typical of the SMO lower volcanic series.
Regionally the Mexican Geological Survey (Servicio Geológica de
Mexico
, or SGM), in a 2019 report (
https://www.gob.mx/sgm/es/articulos/descarga-las-cartas-impresas-editadas-por-el-sgm-70622?idiom=es
) describe an anomalous area for gold and silver results in the Aguila de Oro Mineral District where free
gold mineralization is observed at surface, in mineralized veins and tectonic hydrothermal breccia, as well
as from panning alluvium. The gold and silver mineralization is thought to be related to a large underlying
low sulfidation system associated with a shallow buried intrusion; with its potential for porphyry
mineralization (bulk tonnage). The district has never seen systematic exploration or drilling and is at an
early stage of exploration.
A selection of the SGM assay results for gold greater than 1 gram per tonne ("g/t") is shown in Table 1
and Figure 2.
Table
1
: Select samples for Gold (Au) and Silver (Ag) in grams per tonne (g/t) returning greater
than 1.0 g/t Au, After SGM Aguila District Report T18_2019_RORJ0001_01
Conlab
FieldID
Easting
Northing
Au g/t
Ag g/t
259899
EM-01
462,776
2,468,486
16.87
48
258636
EN-01
464,871
2,471,501
41.7
49
259909
ET-01S
462,823
2,471,574
12.43
5
Figure 2- SGM Assay Sample Locations on La Reyna Concession Claim Group (CNW Group/Angel Wing
Metals Inc.)
The newly acquired claims for El Grande consolidates for the first time an extensive +70 sq km
2
in area
of alteration and mineralization, and with geology comparable to that of the projects of our immediate
neighbours, GR Silver Mining Ltd's Plomosas Project, (TSX-V: GRSL), and to the adjacent Orian Project
currently being developed by Minera Frisco SAB de CV. El
Grande
shares structural comparisons with
Vizsla Silver Corp's Panuco Project (TSX-V: VZLA) and First Majestic Silver Corp's San Dimas Mine
(TSX: FR).
The area is notable for outcroppings of mineralized hydrothermal breccia, veins and intrusion hosted in a
stratigraphy comparable to the lower volcanic series of the SMO. Mineralization is thought to be
associated with a large underlying low sulphidation and/or porphyry mineralizing system.
2022 EXPLORATION PROGRAM
Angel Wing Metals has engaged Pacific Mining Services to assist with the Company's exploration plans
which has been underway since
May 2022
The first phase of greenfield exploration has focused on the near surface low sulphidation exploration
potential, starting with regional geological mapping and prospecting, structural and alteration mapping,
outcrop chip and channel sampling rock sampling, and environmental baseline studies. Detailed mapping
and sampling of selected targets are prioritised for grid soil and outcrop sampling programs and drilling.
An airborne geophysical survey is proposed with follow-up ground geophysics on selected targets
pending receipt of permits. The results from this work will be used to design a Phase One 3,000 metre
diamond drill program to commence in late Q4 2022 or Q1 2023, once updated drill permits including the
newly acquired claims are received.
REVIEW OF TECHNICAL INFORMATION
Dr.
Craig Bow
is the Company's designated Qualified Person for this news release within the meaning of
National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Dr. Bow has
reviewed and validated that the geotechnical information contained in the release is accurate. Dr.
Craig
Bow
is a consultant to the Company.
ABOUT ANGEL WING METALS
Angel Wing Metals (TSXV: AWM) is an exploration and development company with a portfolio of precious
metals properties in
Mexico
and
Canada
. The Company's flagship El Grande project covering 652 km
2
is
located in the
State of Nayarit, Mexico
. The Project's underlying geology demonstrates significant
anomalous gold and silver mineralization that is part of the prolific Sierra Madre Occidental province,
considered one of the worlds most well-endowed mineral belts for gold and silver.
The Company also owns two early-stage gold exploration projects in
Northwestern Ontario
, in which the
Company is engaged in ongoing exploration. The Winora Project is located near Lingman lake, 325 km
north of
Red Lake
and consists of 17 patented mining claims in that are estimated to be within
500 m
and
on strike with the Lingman Lake gold occurrence. The Quartz Lake Project (11,280 ha) is located 50km
east of the prolific
Red Lake
district and demonstrates many similar geological features of other
successful exploration plays in the region. The company is currently evaluating the Results of a basal till
sampling program completed in
October 2021
.
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. The Company has adopted the e3 Plus operations standard of the Prospectors and
Developers Association of
Canada
as a minimum base for its operational standard on its projects.
For more information, please visit the Company's interim 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 the completion of the
acquisition referred to in this release. 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.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/October2022/25/c4148.html
%SEDAR: 00004503E
For further information:
Katherine Pryde, Investor Relations, Tel: 646-354-9375, Email:
CO: Angel Wing Metals Inc.
CNW 06:30e 25-OCT-22