Winston Gold Doubles Strike Length of The Parallel Vein
WINNIPEG, MANITOBA – October 26, 2017 – Winston Gold Corp. (“Winston Gold” or the “Corporation”) (CSE: WGC) (OTCQB: WGMCF) is pleased to announce initial drill results from its 10-hole drilling campaign it commenced in August on the Company’s wholly-owned Winston Gold Property, near Helena Montana.
Recent drill results have more than doubled the strike of the Parallel Vein to 385 ft. and the vertical extent has increased from 65 ft. to 277 ft.
“We are very pleased with the drill results received to date,” commented Murray Nye, CEO and Director of Winston Gold Mining. “The results have not only significantly expanded the strike length of the Parallel vein but also identified a number of previously unknown veins between the Block 93 and the Parallel veins.”
Hole W78 was recently completed and assays are pending. It was collared on the same drill pad as hole W77 and tested the southwestern extension of the Parallel Vein. Hole W79 has just been collared on a new drill pad to the west and drilling is now underway. The last two holes of the drill program should be completed within the next month.
Hole W75 was drilled to test the northeastern extension of the Parallel Vein intersected high-grade gold mineralization in the structure and effectively doubled its strike length from 150 ft. to almost 330 ft. Refer to attached drill plan map. The vertical extent of the vein was also increased from 65 ft. to 277 ft.
Hole W75 intersected 1 ft. averaging 1.756 ounces per ton (60.2 g/t) gold within a 4-ft. section of the Parallel vein. This intersection occurred 114 ft. down hole. Two other holes (W74 and W76) were drilled from the same pad to test the northeastern extension of the Parallel vein but intersected previously unknown workings at 47 ft. down-hole and were abandoned. Due to the variable nature of vein orientation, the true width of mineralization is not known at this time.
Hole W75 also intersected a vein at 53 ft. down-hole located just above the workings where holes W74 and W76 were lost. It averaged 0.281 oz./ton (9.63 g/t) gold over 3 ft. including a 1 ft. interval averaging 0.656 oz./ton (22.5 g/t) gold over 1 ft.
Hole W77 was drilled to test both the Parallel Vein and the Block 93 vein west of previously reported hole W1728 (March 1st 2017 press release). It intersected a 6-ft. interval of the Parallel Vein at a down-hole depth of 344 ft. that averaged 0.338 oz./ton (11.59 g/t) gold. This intercept increased the strike length of the Parallel Vein by about 55 ft. to the west bringing the total strike length to about 385 ft.
In the footwall zone of the Parallel vein, hole W77 intersected a previously unknown vein averaging 0.124 oz./ton (4.25 g/t) over 7 ft. This included a 2-ft. interval averaging 0.385 oz./ton (13.2 g/t) gold.
Hole W77 also intersected three separate mineralized zones in the Block 93 vein system stretching across 16 ft. of core from 121 to 137 ft. down hole. These three zones together averaged 0.214 oz./ton (7.34 g/t) gold over 16 ft. The true width of this zone is estimate at about 6.5 ft. Highlights within this zone included a 1 ft. section averaging 0.568 oz./ton (19.47 g/t) gold.
A new vein was discovered in the hanging wall between the Block 93 and Parallel veins at a down-hole depth of 183 ft. It averaged 0.199 oz./ton (6.82 g/t) gold over 1 ft.
“In addition to drilling the Block 93 and Parallel Veins, we tested the Upper Hyantha vein 100 ft. west and 75 ft. below historic workings and determined that mineralization was still present but it was low grade,” commented Mr. Nye. “Nevertheless, the intercept was very encouraging since the structure remains well defined and we believe there is still excellent potential to identify higher-grade mineralization below the old workings.”
Highlights of significant results are outlined in the table below.
The Company has also closed the last tranche of its 10% non convertible notes with the final tranche of $130,000.00 USD. The total dollars of notes was $790,000.00 USD and are due in 2020.
In addition, the Company reports that certain issued options outstanding to directors and officers have been voluntarily surrendered. The options were issued at a price of $0.20 and exercisable until August 24, 2021.
Updated Drill Plan Map
The Winston Gold Project is central to a historic precious and base metal mining district in which most of the ore was mined from tightly structurally controlled high angle fissure veins and lode/replacement zones. Reports indicate that more than 100,000 ounces of gold was recovered from these underground mines in the late 19th to early 20th century from about 150,000 tons of ore. (Earle, 1964; Schell, 1963).
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance
All sampling was conducted under the supervision of the Company's project geologists and the chain of custody from the drill to the on-site sample preparation facility was continuously monitored. The samples are crushed, pulverized and the sample pulps digested and analyzed for gold in the Company’s on-site Assay Lab using fire assay fusion and a 50 gram gravimetric finish. Blank or certified reference materials are inserted randomly. Check Assays are sent to Bureau Veritas Minerals, in Reno Nevada.
The scientific and technical content and interpretations contained in this news release have been reviewed, verified and approved by Dr. Criss Capps PhD. P.Geol., an independent consultant to Winston Gold Corp. Dr. Capps is a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Winston Gold
Winston Gold is a junior mining company focused on advancing high-grade, low cost mining opportunities into production. Towards that end, the Corporation has acquired two under-explored and under-exploited gold/silver mining opportunities, being the Winston Gold project near Helena, Montana, and the Gold Ridge project, near Willcox, Arizona.
On behalf of the Board of Directors of the Company and for further information, please contact:
Murray Nye, Chief Executive Officer and a director of Winston Gold, at:
Suite 201-919 Notre Dame Avenue
Winnipeg, Manitoba, R3E 0M8
Telephone: (204) 989-2434
The CSE has neither approved nor disapproved the information contained herein.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Winston Gold Mining Corp. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
*Due to the variable nature of vein orientation, the true width of mineralization is not known at this time unless specifically stated.