Burlington, Ontario--(Newsfile Corp. - November 30, 2017) - Wabi Exploration Inc. (CSE: WAB) ("Wabi") provides details on the
gold and copper assets to be acquired by Wabi as part of the previously disclosed Arrangement Agreement with Buena Vista Gold Inc.
("BVG"). As part of the Arrangement and to better reflect the location of the assets, it is contemplated that Wabi will be renamed
"Getchell Gold Corporation".
"Wabi disclosed the Arrangement Agreement earlier this week and the response has been tremendous," said Mr. Clausi, currently
CEO of Wabi. "We are confident that BVG will be well-financed by the closing of the Arrangement Agreement and will be ready for an
aggressive 2018 exploration program."
Those assets are five (5) project areas containing six (6) identified targets located in the highly mineralized Northern Nevada
Rift in northwest Nevada which hosts a number of large gold deposits. Management believes these targets are highly prospective for
gold and copper. The six targets, property description and management's opinion of the target mineralization type are:
- Hot Springs Peak Property
- 108 claims — 104 controlled via staking and 4 via option agreement.
- There is evidence of historic, but undocumented, exploitation of near surface gold by numerous steeply dipping
shafts.
- Exploration model is a Carlin Type Au.
- Star Property
- 76 claims with two distinct mineralized areas — 57 claims controlled via mining lease and 19 claims via staking.
- Star Point
- Copper mineralization at the Star Point Mine in the northern part of the Star claims was discovered in the 1920's.
The mine was developed with three adits. A small shipment of high-grade copper ore was made in 1929. A second shipment
was made in 1943. The property was re-activated in the 1950's when a large number of prospect pits and bulldozer trenches
were cut. There is no record of ore production during this period.
- Modern exploration includes mapping and sampling. The sampling is not documented as NI43-101 compliant.
- Exploration model is a Cu skarn.
- Star South
- Historic artisan mining of copper is visible but there is no record of ore production.
- Modern exploration includes mapping and sampling. The sampling is not documented as NI43-101 compliant.
- Exploration model is a Phoenix Type Cu & Au skarn.
- Gold Knob Property
- 109 claims controlled via mining lease.
- Historic and modern exploration including mapping, sampling, geophysics and drilling. The historic sampling and drilling
is not documented as NI43-101 compliant.
- Exploration model is Carlin Type Au.
- Jasperoid Peak Property
- 169 claims — 136 controlled via mining lease and 33 via staking.
- Historic and modern exploration including mapping, sampling and drilling. The historic sampling and drilling is not
documented as NI43-101 compliant.
- Exploration model is Hot Springs vein type Au.
- French Boy Property
- 22 claims controlled via mining lease including the historic Henrietta Mine
- It is reported that "the mineralization was originally discovered in the 1890's but production records were not
available until 1903. Total recorded production for the Henrietta Mine during the period 1903-1950 (from the Pershing Co.
Report) is 6,311 tons@ 0.62 opt Au, 13.4 opt Ag, 0.80% Pb. Estimated total production from the mine is therefore generally
estimated at roughly 10,000 tons of similar grade." (Brady Report on French Boy Property October 5, 2007)
- Occurrence is a fragment of a massive sulfide (Pb-Ag-Au).
- Exploration model would be finding other fragments of massive sulfide pieces to contribute to other production.
Hot Springs Peak is located 55 kilometres north-northeast of Winnemucca. A current NI 43-101 Technical Report was
commissioned by BVG and completed in June of 2017 on the Hot Springs Peak property and will be filed on SEDAR. The other 5 assets
are located 60 kilometres south-southwest of Winnemucca and east of Mill City along the East Range of the Buena Vista Valley. See
Figure 1 "Location Map" below.
Location Map
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Figure 1
The Hot Springs Peak Property will be explored for a "Carlin Style" gold deposit using Turquoise Ridge as the nearby deposit
model. The Turquoise Ridge (TR) deposit has similar alterations and the property is aligned magnetically to the Getchell Fault
Trend that hosts the TR deposit.
The Buena Vista Property includes Star (Star Point and Star South), Gold Knob, Jasperiod Peak and French Boy, all of which are
located on the West Central Rift of the Northern Nevada Rift. Across the valley, to the west of the Buena Vista Property, is the
Spring Valley porphyry-hosted gold system deposit.
The Sleeper Deposit is west of Hot Springs Peak and north of the Buena Vista Property, on the rift trend. From 1986 until 1996,
Sleeper produced 1.66 million ounces of gold and 2.3 million ounces of silver. See Figure 2 "Proximity to Rifts and Other Deposits"
map below.
Proximity to Rifts and Other Deposits
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Figure 2
During the past year, BVG has carried out the following work on the properties:
- Hot Springs Peak
- Mapping — Identified a 1.5 km long hornfels altered trend at the surface.
-
- Field work — Locating of past core drilling and identification of the historic trend. Core description and analyses by
the Qualified Person and identified mercury mineralization in a mica altered mafic intrusion.
- Sampling of historic mine dump areas — one sample returned 0.701 opt Au (24 grams/ton). All mine samples contain high
arsenic. Chip aggregate sampling of mine dumps was completed to average the grade for the dumps. Sampling is NI43-101
compliant by the Qualified Person.
- Preparation of samples were performed by ALS Minerals Labs, according to certified standards for reporting results.
Internal standards were completed by ALS. All samples were assayed by fire-AA finish. A gravimetric assay was required by
ALS to determine the grade for samples above 10ppm gold. ICP analyses were completed on all of the samples for the other
metals.
- Historic drilling is not NI43-101 compliant and there are no drill records on the historic mine trend now being
explored by BVG. Historic drill results on the western edge of the property contain 3 drill holes, each containing a 5
feet interval of 0.113 opt gold, 0.226 opt gold and 0.120 opt gold, all in jasperoid silicification. Readers are
cautioned that the third party historic information may not be reliable.
- NI 43-101 Technical Report
- Completed airborne Magnetic and Radiometric surveys and interpretation subsequent to the Technical Report
- Gold Knob
- Two 400-foot-long reverse circulation holes were drilled to offset a historic drill hole Au mineralization intercept
-
- Both holes intersected Au mineralization, but the results have not been interpreted and incorporated into the historic
drill database. The following results are using a cut-off grade of 0.1 ppm gold:
- Hole BVM2017-01
- From 140' to 150' intersected 0.143 ppm Au
- From 215' to 220' intersected 0.167 ppm Au
- Hole BVM2017-02
- From 170' to 180' intersected 0.324 ppm Au
- Rock chip samples were taken on 5-foot intervals. The samples were delivered to Bureau Veritas Minerals, Sparks,
Nevada (BV Minerals) (ISO 9001) for analysis. BV Minerals analyzed approximately 126 samples, including blanks, standards
and duplicates. Samples were prepared under BV Minerals' protocol, and analyzed for gold and silver using fire assay and
33 element ICP ES.
Management cautions that this opportunity involves risks normally involved with a mining exploration venture including but not
limited to currency exchange, geologic, environmental, corporate social responsibility, completion of the transaction, accuracy of
historic data, an inability to raise all or some of the required financing and future capital, management's business judgment,
board governance, an inability to find any or sufficient mineralization to advance the project further, an inability to secure the
necessary infrastructure, title, sovereign, regulatory and metallurgic. Management will take all steps necessary to identify risk
and implement such measures as are necessary in the circumstances to reduce the possibility of such risk occurring and if it does
to minimize its impact.
This release was reviewed for accuracy of the technical data by Timothy Master, who is a Qualified Person as defined in
NI43-101.
For further information contact:
Peter M. Clausi
CEO
1 416 890 1232
pclausi@brantcapital.ca
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or
accuracy of this news release. Not for distribution to U.S. news wire services or dissemination in the United
States.
