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Canadian Gold Company Set to Dig Deep in 2019

Jon Brown Jon Brown, Stockhouse
1 Comment| January 29, 2019

2019 is off to an exciting start for Western Atlas Resources Inc. (TSX: V.WA). The Canadian mining exploration Company 
Click to enlargerecently announced the definition of its first set of drill targets, at its Meadowbank Gold Project.

Located in the prime mining jurisdiction of Nunavut, Canada, the Meadowbank Project, is fully permitted for exploration (inclusive of drilling). This represents a significant advancement made in a rather short period of time. When Stockhouse last covered the Company's operations in November, its 2018 field survey had just reported sample results ranging up to 4.01 g/t Au (in addition to the results ranging from nil to up to 6.6 g/t Au and 44.7 g/t Ag announced on September 28, 2018 and from nil up to 13.3 g/t Au with the 2017 sampling program).
Meanwhile, the 2018 drill program included:

  • Completion of over 1,500 line-kms of helicopter-borne VTEM (survey was carried out by Geotech Ltd.)
  • Completion of over 32 line-kms of ground IP survey over specific targets located in Block B (survey was carried out by Peter E. Walcott & Associates Ltd.)
  • Completion of a detailed mapping and sampling program
  • Completion of an Electromagnetic Anomaly Picking (EM) and AIIP processing report (by Geotech Ltd.)

Situated in the Meadowbank Project Block B (see images below), the drill targets have been defined within geological formations such as banded iron formation (BIF) and shear zones with current total strike lengths of 15 km and 6 km respectively. This is significant, as the area has never been drilled, representing a target with deep potential. Adding to this potential is the success found from nearby projects, located roughly 35 km and 85 km south are Agnico Eagle’s Meadowbank gold producing mine and Amaruq deposit, respectively. Early indications lead management to believe that the Meadowbank gold project hosts similar geology settings as the Meadowbank gold producing mine and Amaruq deposit.

Click to enlarge
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(Click to enlarge.)

Company CEO Fabio Capponi noted for investors that these continued positive results are encouraging for Western Atlas’ ongoing efforts.
“The Meadowbank Gold Project continues to develop into a significant exploration opportunity due to its district scale, un-drilled opportunities and proximity of targets to the major gold producer, Agnico Eagle. Equally exciting is the focus of the Company on growth which could lead to the potential addition of one or more projects of interest to its exploration portfolio.”
CEO Capponi leads an experienced management team hailing from the mining and investment sectors. Just over a month ago, WA announced that mining engineer David Laing was appointed as the Company’s Corporate Development and Technical Advisor. This move bolstered its mining and banking experience, specifically construction and operations, as well as engineering studies, mining finance, investor relations, mergers and acquisitions, and corporate development. He was most recently Chief Operating Officer of Equinox Gold and has also held executive roles with resources companies such as True Gold Mining and Endeavour Mining. David Laing is currently a Director of Fortuna Silver Mines and Sandspring Resources and has also held senior positions in investment banking and debt advisory at Endeavour Financial and Standard Bank in New York.
Looking ahead, results of the 2018 exploration program which includes geological and geochemical results, data from the high-resolution aeromagnetic survey, helicopter-born VTEM and ground IP survey conducted over specific targets located in Block A, B and C are currently being reviewed and the Company expects to define additional drill targets within other prospective areas at its Meadowbank project.
This is good news for shareholders, as adding potential properties and projects in different jurisdictions further reduces the seasonal factor, making Western Atlas Resources a likely year-round revenue generating operation.

FULL DISCLOSURE: This is a paid article by Stockhouse Publishing.

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