CANADIAN SECURITIES EXCHANGE: WGC
WINNIPEG, Oct. 20, 2016 /PRNewswire/ - Winston Gold Mining Corp. ("Winston Gold" or the "Corporation") (CSE: WGC) (OTCQB: WGMCF) is pleased to announce that it received all the required permits to commence a Phase-1 drilling campaign on its wholly owned Winston gold project near Helena, Montana.
The 25-to-20 hole, (4,800 ft), Phase 1 program is designed to test the Custer Vein and Edna Vein Trend on Company's flagship Winston property.
"We have permitted a total of 13 drill sites and are currently mobilizing the drill rigs to the property, commented Murray Nye, CEO and Director. "We are very excited to commence this first drill program as a new public company and believe it will be the first of many successful campaigns."
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).
Historic drill data between 1984 and 1996 was useful to help direct current exploration but the data were designed to only support a bulk mining scenario. The holes were composited for assay and were not logged. Many of the holes were shallow and drilled vertically and so gold-rich high angle veins were under reported. The historically productive Custer Vein was never drilled and the Edna vein system was not logged for structure or continuity.
In 2014 Winston Mining Corp, then a private company, began restoring the Edna Number 2 and Hyantha adits. The Company drilled 13 angled core holes in late 2014 totaling 3,862 feet with the goal of confirming significant intercepts from historic drilling, consider geologic controls, and confirm continuity of the gold mineralization.
The results, published in an NI-43-101 report dated April 27th 2015, confirmed the gold mineralization that was seen in historic drill holes and discovered at least eight previously unknown mineralized veins. This drilling also indicated that the mineralized zones were both narrower and of higher grade than suggested by the historic composite samples.
The upcoming drill program should allow the company to infill and extend the strike length of the Edna Vein trend and determine whether high-grade sulphide mineralization exists below the water table at the Custer Vein.
The technical results contained in this press release have been reviewed and approved by Dr. Criss Capps PhD. P.Geol., and independent consultant to Winston Gold Corp. Dr. Capps is a Qualified Person as defined in National Instrument 43-101.
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.
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.
SOURCE Winston Gold Mining Corp.