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Meadowbank Gold Project: Keeps on expanding

Jon Brown Jon Brown, Stockhouse
1 Comment| February 26, 2019


Click to enlarge
Canadian mineral Company Western Atlas Resources Inc. (TSX: V.WA, OTC:PPRZ, Forum) has defined new drill targets at its fully permitted (inclusive drilling) Meadowbank Gold Project.

The Company's Meadowbank project, located in Nunavut, Canada, boasts a district-scale area of 580 sq. km distributed over three Blocks (A, B and C). These claims staked between 2016 and 2017 are situated next to Agnico Eagle's Meadowbank gold producing mine and Amaruq deposit. The definition and prioritization of these sets of drill targets was the result of a comprehensive work completed by the Company’s expert panel which included a rigorous analysis and interpretation of the 2017 and 2018 exploration results. Several targets had yielded gold values up to 13.3 g/t gold and 44.7 g/t silver.
 
 
Just a month ago, WA located its first set of drill targets, with the assistance of Geotech Ltd. (helicopter-borne VTEM survey) and Peter E. Walcott & Associates Ltd. (ground IP survey over specific targets), this second set of drill targets has been identified in both existing and new target areas, significantly expanding the prospecting areas of interest targeted by the Company.
 
The targets:
 
Early indications show that the Company’s gold project-Block B hosts similar geological settings as Agnico’s Meadowbank gold producing mine and Amaruq deposit.
 
Target B1: Located 35 km and 85 km from Agnico Eagle’s project and Amaruq’s deposit, it has been defined along same geological formations such as banded iron formation (BIF) and shear zones with current total strike lengths of 15 km and 6 km, respectively
 
Target B2: Located 27 km and 76 km, south of the Agnico Eagle’s mine and Amaruq deposit, it has been defined along same geological formations such as BIF and shear zones with current total strike lengths of 3 km and 2 km, respectively.

Click to enlarge
(Western Atlas Properties - Block B, Targets B1 and B2, Newly Defined Drill Target locations. Click to enlarge.)
 
Click to enlarge
(Western Atlas Block B, Target B2, Newly Defined Drill Targets and VTEM. Click to enlarge.)
 
Click to enlarge
(Western Atlas Block B, Target B1, Newly Defined Drill Targets and VTEM. Click to enlarge)
 
The Opportunity:
 
Western Atlas CEO Fabio Capponi stated for investors that the definition of this additional set of drill targets represents a significant expansion of the target areas at the Company’s Meadowbank Project.
 
“Given the underlying prospective geology of the Project, the systematic exploration program undertaken by Western Atlas could potentially lead to a significant discovery. Also, as previously announced and in order to enhance its position as a diversified junior exploration company and eliminate the seasonal factor, the Company is concurrently working on the potential addition of one or more properties, located in different jurisdictions, to its exploration portfolio.”
 
Nunavut is a prime mining jurisdiction where CEO Fabio Capponi saw this project as an opportunity that was too good to pass up. Given the recent and rapid exploration and expansion happening there, Western Atlas appears to be onto something. The Nunavut area already hosts a combined, certified 12 million ounces of gold in proven and probable reserves, along with 14 million ounces of gold in measured and indicated resources and 9 million ounces of gold in inferred resources. With gold prices performing well in recent months, this Company is making the right moves at just the right time.
 
This is the first Canadian project advanced by Western Atlas Resources and it will begin drilling once it secures exploration funding. Western Atlas’ equity has ranged from $0.5 to $0.30 (CAD) over the past year and has roughly 56.38 million shares outstanding for a $5.64 million market capitalization. More than 46% of the Company’s shares are held by management and close associates, with 7% held by institutional shareholders and the remaining 47% held by public float.


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




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