Winshear GOLD Discovers Multiple Mineralized Zones Within a 250m Wide Shear Zone IN First Field Campaign at Its Gaban GOLD Project, PERU
WINSHEAR GOLD DISCOVERS MULTIPLE MINERALIZED ZONES WITHIN A
250m WIDE SHEAR ZONE IN FIRST FIELD CAMPAIGN AT ITS GABAN
GOLD PROJECT, PERU
Vancouver, 20 January 2020
Winshear Gold Corp. (“Winshear Gold ” or the “ Company”) (TSX-V: WINS) reports its first
sampling results from the Gaban Gold Project located in the Puno Orogenic Gold Belt
(“POGB”) in south-eastern Peru.
Winshear is conducting exploratio n to locate the hard-rock source of alluvial gold in the
Yanamayo and Piquitiri rivers, which drain into the Madre de Dios basin. In 2018, a heli-borne
geophysical survey was flown over Gaban as pa rt of a systematic exploration program that
outlined regional structures with the potential to host gold mineralization. To date five shear
zones have been identified on the property.
The Company acquired the property in Sept ember 2019, and completed its first field
campaign in October 2019, with the goal of identifying the most prospective sections of these
newly identified structures. A second campaign was conducted in November / December
2019 and will be reported as results are received.
Key Points
• First field programme conducted by Winshear Gold focused on the Coritiri stream
sediment anomaly.
• 81 channel samples of bedrock (1.0-2.5m in length) were collected;
o 17 samples returned 0.1g/t – 0.49 g/t Au
o 6 samples returned 0.5 g/t – 0.99 g/t Au
o 7 samples returned 1.0 g/t – 4.99 g/t Au
o 2 samples returned 5.0 g/t – 9.99 g/t Au
o 1 sample assayed 15.75 g/t Au
• Highlights include 15.75g/t Au over 1m, 5.72g/t Au over 1.5m, 3.57g/t Au over 2.5m,
and 5.7g/t Au over 1m.
• The mineralized area correlates strongly with an east-southeast trending geophysical
target that is open to the east southeast and west northwest.
• Samples were collected from sheared sedimentary rocks, typically siltstones and
shales / slates, with varying amounts of quartz veining. The sediments are identified
as belonging to the Ordovician San Jose Gro up. Quartz veins vary in thickness from
1mm up to 80cm in width.
• Up to 3% sulphides (pyrite and arsenopyrite) are associated with the quartz veins
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• The geology in the target area correlates well with other known deposits in the POGB
including the Ollachea Project 40 km to the SW.
• Numerous old prospect adits were discovered in the area, some of which were up to
15m long.
Winshear Gold CEO, Richard Williams, commented “This is a great start to our work at Gaban.
The initial attraction of the project was the presence of anomalous gold-in-stream-sediment
anomalies over a 5km- section of the Yananmayo creek (Map 4) in an area that has had very
little historic exploration. These anomalies are located in a geological terrain that is quite similar
to the nearby Ollachea Project in the POGB, which contains an estimated 1 million oz of reserves
in a definitive feasibility study. It also is upstream from the 700km2 Madre de Dios alluvial gold
fields that support several tens of thousands of artisanal miners. The discovery of a 250m wide
shear zone hosting gold mineralization at Gaban is very encouraging.”
The Ollachea Project’s Feasibility Study dated November 29, 2012, is authored by AMEC Australia
Pty (Ltd). The Probable Mineral Reserve is 9.3Mt grading 3.4g/t Au. The full report can be found
on Minera’s website and Sedar.
It should be noted that the similarity of Gaba n’s geology to the Ollachea gold deposit does
not mean that the Gaban Gold Project will yield similar success.
Gaban Project Overview
Map 1 shows the location of the of the NW-SE tr ending POGB, located within the north part
of the Puno Region. The Gaban Gold Project is located at the northwesternmost part of the
POGB and is bisected by the Interoceanic Highway that runs from Juliaca to the south via the
towns of Ollachea and Gaban through Puerto Maldonado into Brazil. The project is also close
to the San Gaban hydroelectric power station, which supplies power to the region.
Map 2 shows the geological setting of the POGB . The Gaban project lies within a regional
anticline comprising the San Jose Group of Ordovician sedimentary rocks (siltstones and
bituminous shales), which has been cut by Devonian and Permian aged granitic and
intermediate intrusions.
The Coritiri Target
Map 3 shows the total magnetic field intensity results from the 2018 heli-borne geophysical
survey over the Gaban property. The Coritiri Ta rget was defined by interpretation magnetic
high with coincident deformation and subseq uent exploration by Winshear has initially
focused on this area.
Map 4 shows the results of the 2019 stream se diment sampling program with numerous
anomalous values obtained along the Yanamayo river as it crosses the geophysical target
area.
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Map 5 shows the locations of all channel samples taken within the target area grading over
0.5g/t Au within the 250m wide zone of sheari ng and deformation. Quartz veins trend in a
south east direction and dip to the southwest at approximately 40o.
Next Steps
A second field programme of channel sampling was completed in November / December
2019. Results are pending.
The Company has engaged a local Peruvian company to advise on advancing the Coritiri target
through the drill permitting pr ocess with the goal of obtaining permits and completing an
initial drill program in the 2020 field season.
William McGuinty P. Geo. of OTD Exploration Services Inc. and a Qualified Person as
designated by NI 43-101, has reviewed and approv ed the contents of th is news release. Mr.
McGuinty has visited Winshear’s Gaban exploration project and reviewed sampling methods
and quality assurance / quality control (QA/QC) programs for the project. Samples from this
exploration campaign were submitted to the laboratory in Peru with the inclusion of internal
QA/QC standards, duplicates and blanks. Sa mples were assayed at the CERTIMIN SA
Laboratory in Lima, Peru using a 30 gram fire assay charge with an AA finish.
About Winshear Gold Corp
In 2019 Winshear Gold Corp. acquired two exploration projects in Peru from Palamina Corp
(TSX-V: PA); the Gaban Gold Project, an orogenic shear zone hosted gold project in the Puno
region, SE Peru, and; the Tinka IOCG project near Ica in southern Peru.
The Company, formerly Helio Resource Corp., is also pursuing its rights to the SMP Gold
Project in Tanzania. The Company was active in Tanzania since 2006, exploring and developing
the SMP Gold Project. In 2017 the Tanzanian government changed the Mining Act whereby
the Retention Licence classification, under which the SMP project was held, was abolished. In
December 2019 the Tanzanian Government issued a Notice to Tender whereby new investors
could bid for projects formerly held under Retention Licence. Winshear has served a Notice
of Intent to submit a claim to arbitration under the Canada-Tanzania agreement for the
Promotion and Reciprocal Protection of Investments (see Winshear news release dated
January 10, 2020).
For more information please contact Irene Dorsman on (604) 210-8751 or by e-mail at
ON BEHALF OF THE BOARD OF DIRECTORS
“Richard D. Williams”
Richard D. Williams, P .Geo
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can be no assurance that such statements will prove to be accurate; actual results and future
events could differ materially from such statements. Factors that could cause actual results to
differ materially include, among others, metal pr ices, risks inherent in the mining industry,
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