Winshear Receives Authorisation to Initiate Activities at Its Gaban GOLD Project IN Puno, PERU
WINSHEAR RECEIVES AUTHORISATION TO INITIATE ACTIVITIES AT ITS GABAN
GOLD PROJECT IN PUNO, PERU
Vancouver, May 16, 2023
Winshear Gold Corp. ( TSX-V: WINS), (“Winshear” or “the Company”) is pleased to report that it
has received approval of its Authorization to Initiate Exploration Activities (“AIEA”) from the
Ministry of Energy and Mines of P eru and is fully permitted to carry out a drilling program at its
Gaban gold project in the Puno Orogenic Gold Belt of Peru. The environmental impact study or
Declaración de Impacto Ambiental permit (DIA) for the project, previously received in October
2022, allows for the construction of up to 40 drill platforms in the Coritiri gold anomaly area. Gaban
is being investigated as a possible hard rock source of the extensive alluvial goldfields being mined
downstream at Madre de Dios which now cover over 1,900 square kilometers.
Richard Williams, Winshear ’s CEO, commented , “Winshear’s r eceipt of the authorization to
initiate activities is the last major permitting milestone in order to carry out a drill program on the
Coritiri gold target area at the Gaban Gold Project. Winshear is contemplating bringing in a joint
venture partner while it awaits a judgement on its arbitration case against the government o f
Tanzania which concluded in February of 2023. Winshear is seeking damage in excess of CDN$130M
with the tribunal’s decision expected in the fall of 2023 . The Company has just completed an
oversubscribed $585,000 financing with a view to receiving the arbitration judgement before it
seeks a larger financing to drill at Gaban.”
GEOLOGY OF THE GABAN GOLD PROJECT
The Gaban gold project is located in the Puno Orogenic Gold Belt (POGB) on the east side of the
Andes. The geology of the area comprises fine -grained sedimentary rocks, locally carbonaceous,
which show evidence of lo w-grade regional metamorphism. Gold-bearing shear zones are
commonly located near granitic intrusions found throughout the belt.
The Coritiri Target was originally identified through the discovery of gold in stream sediment
anomalies along the Yanamayo river basin which were coincident with a l arge aeromagnetic
anomaly. Follow-up field work led to the discovery of outcropping shear zones containing gold-
bearing quartz veins in areas with evidence of historic hard-rock mining activity and current
artisanal placer gold mining.
To date, Winshear has defined a 1 kilometer by 2.2 kilometer area containing numerous outcrops
of shear zone hosted gold mineralization (see Figure 1). Channel sampling across the quartz-veined
shear zones has returned up to 32.35 grams per tonne gold over 1 metre. The target delineated at
Coritiri has never been drill tested.
About Winshear Gold Corp.
Winshear holds 100% ownership in the Gaban Gold, Yang Gold and Ica I.O.C.G. projects in Peru. At
Gaban, Winshear is fully permitted to carry out an inaugural drill program in the Coritiri zone. In
February of 2023, Winshear concluded arbitration proceeding s against the Government of
Tanzania for the expropriation of its SMP gold project in Tanzania . Winshear’s claim now exceeds
CDN $130 million with accrued interest. Any settlement or judgement paid to Winshear from the
Tanzanian government is subject to a formula whereby a portion of any proceeds are paid to
Winshear’s funders and legal counsel. T he Company expects a judgement to be issued by the
Tribunal in the fall of 2023.
For more information please contact:
Irene Dorsman (604) 200-7874 or [email protected].
ON BEHALF OF THE BOARD OF DIRECTORS
“Richard D. Williams”
Richard D. Williams, P.Geo
Neither the 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.
Cautions Regarding Forward-Looking Statements:
This news release includes certain statements and information that may contain forward- looking information within
the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of
historical facts, including, if any, those related to the likelihood of commercial mining or the ability to fund future mine
development are forward -looking statements and contain forward- looking information. Such forward- looking
statements and forward -looking information specifically include, but are not limited to, statements concerning:
Company plans at the Gaban, Yang or Ica pr ojects, the Company’s ability to fund either of those projects, and any
Company plans in relation to any interest it has or may have in the SMP project in Tanzania. Generally, forward-looking
information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations
of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or
“occur”. Forward -looking statements are based on the opinions and estimates of management as of the date such
statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements of the Company to be materially different fr om those
expressed or implied by such forward -looking statements or forward-looking information, including the risks normally
involved in the exploration, development and mining business or as may be otherwise set out in the Company’s filings
with Canadian securities regulatory agencies. Although management of the Company has attempted to identify
important factors that could cause actual results to differ materially from those contained in forward- looking
statements or forward- looking information, there may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such stat ements. Accordingly, readers should not place
undue reliance on forward-looking statements and forward- looking information. The Company does not undertake to
update any forward- looking statements or forward- looking information that are incorporated by reference herein,
except in accordance with applicable securities law.