Logan Resources Announces Consolidation of the Viper District, Nevada
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Logan Resources Announces Consolidation of the Viper District, Nevada
March 16, 2017
VANCOUVER, BRITISH COLUMBIA, Logan Resources Ltd. (LGR: TSX -V) (“Logan” or the
“Company”) is pleased to announce that it has signed a Mining Lease and Purchase Option Agreement
(“Angel Wing Agreement ”) pursuant to which Logan will acquire a lease over certain unpatented mining
claims located in Elko County, Nevada known as the Angel Wing Property. This transaction will effectively
consolidate the great er part of the Viper Distri ct in northeastern Nevada, USA . With the addition of the
Angel Wing Property, the size of the consolidated Viper Project is 1,756.6 hectares.
This transaction will for m part of the Option Agreement with Pilot Gold Inc. (“Pilot”) that Logan entered
into, pursuant to which it may acquire up to an 80% interest in up to four of nine gold mineral exploration
properties located in Nevada and Utah, USA (see news release dated July 7, 2016 ). One of the nine Pilot
Gold properties, the Viper Project, consists of 40 unpatented mining claims on public lands under BLM
jurisdiction, together with additional third party ground. The Angel Wing Agreement brings an additional
87 adjacent and interlocking claims into the project area , effectively merging the two focus areas of
historic work. This will allow exploration of the entire four-kilometer strike length of the main mineralized
trend. To see the consolidated land status of the Viper Project, please click here.
As a part of the Angel Wing Agreement, Logan has also been granted access to the historic work
completed on the Angel Wing P roperty. An extensive database exists, including results of rock chip
sampling, soil sampling, geophysical surveys, hyperspectra l and isotopic studies . Over 6,700 meters of
drilling has been confirmed at this time, with additional historic drilling under review . Past exploration
carried out on the Viper Project by Pilot Gold includes geologic mapping, geophysical surveys, soil
sampling, rock chip sampling, and over 3,350 meters of drilling. Exploration by Pilot Gold on the Viper
Project claim block returned surface rock samples to 11.8 g/t Au, and significant drill intercepts . The
Logan team is currently reviewing this information and performing QA/QC checks and will report results in
a future news release.
Logan’s CEO & Director, Mark Morabito, commented, “The consolidation of the adjacent Angel Wing
claims will provide important access to a greater continuity of land that has significant expansion and
development potential. Based on the geology and historic work, further exploration of the Viper Project is
warranted. Additional work will include focusing on assembling a comprehensive, 3D district scale model ,
designed to better define the main feeder structures. Logan anticipates this program of work will be
successful in generating future drill targets.”
Viper is an early -stage, low -sulfidation epithermal gold target, located in northeastern Nevada. The
nearest community is the town of Montello, located approximately 60 kilometers to the southwest. The
Viper property is unique in that mineralization is ho sted by Permian/Triassic silty limestone and silicified
conglomerate which are overlain by unmineralized Miocene rhyolite and dacite. The gold system is
believed to be coeval with the felsic volcanic rocks, and similar in age and character to the nearby
Jarbidge district. Gold mineralization at the Viper property is closely related to the presence of quartz -
calcite veins and vein stockworks. Individual veins exhibit exceptional bladed and lattice epithermal
textures, and free gold is visible in a number of outcrops.
Details of the Angel Wing Agreement
• All dollar amounts listed below are in United States dollars.
• Logan, through its wholly -owned subsidiary Logan Resources USA, Inc. , has been granted a lease
over the Angel Wing Property and all rights to the use of the surface and subsurface of the Angel
Wing Property held by the current owner. The lease is for an initial term of 20 -years.
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• Logan has also been granted the option to purchase the Angel Wing Property outright for a purchase
price of US$500,000. Subject to certain conditions, up to 50% of the purchase price may be paid in
common shares of Logan.
• The vendor has been granted a Net Smelter Return Royalty (the “Royalty”) over the claims at a rate
of 2.0%. The Royalty has a buy-down pro vision pursuant to which the Royalty may be reduced to
1.0% in return for a payment of $1 million.
• Minimum Royalty annual payments are required as follows:
Due Date Annual Minimum Royalty Payment
Effective Date $25,000
First Anniversary Date $35,000
Second Anniversary Date $45,000
Third Anniversary Date $55,000
Each Anniversary Date thereafter $65,000
The technical information within this news release has been reviewed and approved by Dr. Craig S. Bow,
Vice President Exploration for Logan. Dr. Bow is a Qualified Person as defined in NI 43 -101. Dr. Bow has
verified the data underlying the exploration results disclosed in this news release by reviewing the data
archive for completeness and confirming the adequacy of the procedures related to sampl ing, sample
preparation, sample security, as well as reviewing the qualifications of the laboratories providing the
sample results and analytical procedures.
The Angel Wing Agreement is subject to the approval of the TSX Venture Exchange.
About Logan Resources Ltd.
Logan Resources Ltd. (LGR: TSX -V) is a junior exploration company in the business of acquiring and
advancing mineral properties. Logan ’s focus is on actively exploring nine gold properties in Nevada and
Utah, USA that are under option from Pilot Gold Inc. Logan also has a 20% carried interest in the Gorilla
Lake uranium property , and has a 100% interest in the Redford iron ore property on Vancouver Island,
Canada. Redford is a former producing iron ore mine. For more information, please visit
www.loganresources.ca.
www.kingandbay.com
Logan is part of th e King & Bay West g roup of companies. King & Bay
West is a merchant bank and management services company that
specializes in identifying, funding, developing and managing growth
opportunities in the resource and technology sectors.
LOGAN RESOURCES LTD.
On behalf of the Board
“Mark Morabito”
Chief Executive Officer
For further information regarding this news release, please contact:
Jennifer Paterson, Manager of Corporate Development
T: 604-681-8030 x 248
www.loganresources.ca
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Cautionary Note Regarding Forward-Looking Information
This news release contains "forward -looking information" concerning anticipated developments and events that may occur in the future. Forward
looking information contained in this news release includes, but is not limited to, statements with respect to (i) the exploration potential and prospective
nature of the properties disclosed in this news release , (ii) the details of future exploration plans and potential results , (iii) potential gold mineralization
on the properties; and (iv) the potential results of the drill program.
In certain cases, forward -looking information can be identified by the use of w ords such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variati ons of such words and phrases
or state that certain actions, e vents or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" suggesting future outcomes,
or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking
information contained in this news release is based on certain factors and assumptions regarding, among other things, the est imation of mineral
resources, the realization of resource and reserve estimates, gold and other commodity prices, the timin g and amount of future exploration and
development expenditures, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and
develop the Company’s properties in the short and long -term and to acquire new properties, the progress of exploration and development activities, the
receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency flu ctuations, environmental
risks, title disput es or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information
currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertaint ies and other factors which may cause the actual results, performance or
achievements of the Company to be materially different from any future results, performance or achievements expressed or impl ied by the forward -
looking information. Such factors inclu de risks inherent in the exploration and development of mineral deposits, risks relating to variations in mineral
resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the abili ty to access infr astructure,
risks relating to changes in gold and other commodity prices and the worldwide demand for and supply of gold and related prod ucts, risks related to
increased competition in the market for gold and related products and in the mining industry gen erally, risks related to current global financial
conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel , operational risks inherent
in the conduct of mining activities, including the r isk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or
increased costs that might be encountered during the development process, regulatory risks, including risks relating to the a cquisition of the necessary
licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund t he exploration and development
activities on the Company’s properties, or to acquire new properties, may not be available on satisf actory terms, or at all, risks related to disputes
concerning property titles and interest, environmental risks and the additional risks identified in the "Risk Factors" sectio n of the Company's reports and
filings with applicable Canadian securities regulators.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those
described in forward -looking information, there may be other factors that cause actions, events or re sults not to be as anticipated, estimated or
intended. Accordingly, readers should not place undue reliance on forward -looking information. The forward -looking information is made as of the date
of this news release. Except as required by applicable securi ties laws, the Company does not undertake any obligation to publicly update or revise any
forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) h as
reviewed or accepts responsibility for the adequacy or accuracy of this release.