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Aurwest Completes Initial Till Sampling Program and Prospecting Confirms Gold Values up to 6.4 g/t Au at Paradise Lake, Central Newfoundland

·6 min read

Calgary, Alberta--(Newsfile Corp. - July 7, 2021) - Aurwest Resources Corporation (CSE: AWR) ("Aurwest" or the "Company") is pleased to provide its shareholders with an update on its 2021 exploration program on its Paradise Lake gold project located in the Central Newfoundland Gold Belt.

Highlights:

a) The project wide glacial till sampling survey (1,899 samples) has been completed and samples sent in for analysis.

b) Rock sampling results have returned 11 samples with gold values ranging from 50 to 6,412 parts per billion ("ppb") gold (6.4 g/t Au).

c) The prospecting and mapping identified two areas of quartz veined, sulfide bearing (pyrite-arsenopyrite) sandstone. The sulfides occur as dissemination, in sulfide veinlets and with quartz veins.

d) A project wide glacial till sampling program has been approved by the Department of Industry, Energy & Technology Mineral Lands Division for the Stony Caldera project which is expected to get underway in August.

e) An application to the same government department to conduct a deep penetrating Induced Polarization surveys is in progress.

Colin Christensen, President and CEO of Aurwest commented; "We are in the early stages of the 2021 program and our exploration team has already located a number of locations that returned significant concentrations of gold and silver in sulfide and sulfide bearing quartz veins in sandstone along the interpreted surface trace of re-activated basement faults related to the Cape Ray-Valentine Lake structure."

Exploration Model:

The model has been developed to explore for structurally controlled, Orogenic and Intrusive styles of gold mineralization along the Cape-Ray-Valentine Lake ("CRVL") trend, and related secondary structures covered by sediments of the Botwood Formation. Post Botwood sedimentation, re-activation of these structures created "leakage halos" related to hydrothermal activity whereby gold bearing hydrothermal fluids emanated upward from the basement forming areas of quartz veins and veinlets with associated sulfides (pyrite + arsenopyrite) and gold mineralization in discrete areas along these structures.

Mapping and Sampling:

The mapping and sampling program; focusing on the surface trace of the CRVL and related structures has located, in addition to the historical gold concentrations, several samples with anomalous to high concentrations of gold, copper, nickel and silver. To date, analytical results for 85 rock samples have been received. Eleven (11) quartz veined pyritic sandstone samples yielded gold concentrations ranging from 50 to 6,412 (6.4g/t) ppb gold. Three samples returned silver concentrations ranging between 35.4 and 62.6g/t, two samples returned nickel concentrations of 855 and 1,200 parts (0.12%) per million ("ppm"), and two samples returned from 3,394 (0.339%) to 4,274 ppm (0.427%) copper. Two areas of pyrite and arsenopyrite bearing Botwood sediments have been located in the vicinity of Paradise Lake. The metal concentrations and sulphide bearing sandstones are interpreted to represent leakage halos, an indicator of hydrothermal processes at depth.

Glacial till Sampling Programs:

The glacial till sampling program has been completed over the Paradise Lake-Miguels Lake and Pistol Lake areas. Wide spaced, historical glacial till sampling programs previously identified 11 gold in till anomalies within these areas. These anomalies show strong correlation to narrow, linear positive magnetic features interpreted to be either deep seated faults and/or intrusive activity such as the large intrusive bodies in the vicinity of Paradise Lake. It is expected that the detailed sampling would better locate the sources of the gold anomalies and identify additional gold anomalies within these areas. Analytical results for the till sampling program will be released when available.

A project wide glacial till sampling program for the Stony Caldera project has been approved by the Department of Industry, Energy & Technology Mineral Lands Division, which is expected to get underway in August.

Analytical Procedures:

Sample preparation and analytical work was completed by Eastern Analytical ("Eastern") located in Springdale, Newfoundland Labrador. Gold concentrations were determined using 30g fire assay with atomic absorption finish. Trace elements concentration are determined on 200 milligram samples, using four acid digestion and analyses by ICP-OES. Aurwest's QA/QC protocol includes insertion of Standard Reference Material and blanks in the sample streams. Eastern has an ISO/IEC 17025 accreditation.

Elmer B. Stewart, MSc. P. Geol., is the Company's independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.

On Behalf Of Aurwest resources Corporation

"Colin Christensen"
President and Chief Executive Officer

For additional information please contact:

Colin Christensen
Telephone: (403) 483-8363
Email: cchristensen@aurwestresources.com
Website: www.aurwestresources.com

About Aurwest Resources Corporation

Aurwest is a Canadian-based junior resource company focused on the acquisition, exploration, and development of gold properties in Canada. The Company currently has three Option Agreements to earn a 100% interest in Paradise Lake and Stony Caldera projects covering a 47,800-hectare (478 sq kms) package of gold exploration licenses within the emerging Central Newfoundland gold district. The Company also currently holds a 100% interest in the 22,255-hectare Stellar copper/gold Project, located approximately 25 kilometers southwest of Houston British Columbia.

Forward-Looking Information

Statements included in this announcement, including statements concerning our plans, intentions, and expectations, which are not historical in nature are intended to be, and are hereby identified as "forward-looking statements". Forward looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation: the project wide glacial till sampling survey; positive rock sampling results; areas of quartz veined, sulfide bearing (pyrite-arsenopyrite) sandstone; approval to conduct glacial till sampling on the Stony Caldera project and application to the Ministry of Mines to conduct deep penetrating Induced Polarization surveys.

In connection with the forward-looking information contained in this news release, Aurwest has made numerous assumptions regarding, among other things: the geological advice that Aurwest has received is reliable and is based upon practices and methodologies which are consistent with industry standards; and the reliability of historical reports. While Aurwest considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.

Additionally, there are known and unknown risk factors which could cause Aurwest's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, additional exploration of the Properties may not locate significant gold mineralization, the exploration program may not be completed as planned or at all; the Stony Caldera glacial till sampling survey may not be completed as planned or at all; exploration of the areas of anomalous metal concentrations may not locate significant mineralization; receipt of permits to conduct the exploration plans and matters relating to the Company's future operations and business prospects; certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements. Any forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, except in accordance with the applicable laws.

The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/89644