Logan Resources provides update on Redford iron ore/gold project on Pacific west coast of Vancouver Island
Tue Jun 3, 9:02 AM
ca.news.finance.yahoo.com
VANCOUVER, June 3 /CNW/ - Logan Resources Ltd. (TSXV: LGR.V) today announced an exploration program on its 100%-owned Redford iron ore/gold property (British Columbia) and confirms preparations for the upcoming field season in the Yukon.
The Redford property hosts the Brynnor Iron (magnetite) deposit, located 15 km east of Ucluelet on the Pacific west coast of Vancouver Island, BC. It is situated 12 km (7.5 miles) from tidewater which can be accessed directly via an existing, well maintained 2-lane road.
Two distinct ore bodies have been identified to date on the property. The smaller, near surface ore body was open pit mined by Noranda Exploration Ltd. from 1962 to 1967. During that period a total of 3.0 million tonnes of iron concentrate containing an average of 63.8% iron was recovered from 4.48 million tonnes of ore mined. The second ore body, located east of the old pit, was outlined by diamond drilling and underground development. No reserves for the east ore body have been documented in public records; however they likely contain a grade comparable to the deposit mined at the open pit (BC Ministry of Energy, Mines & Petroleum Resources; Minfile Report 092F 001). Logan Resources is currently assessing the economic potential of this resource.
The Company is in the process of conducting a reconnaissance soil survey over the entire Redford property (432 claim units, 10,800 hectares). This is the first time a soil survey of this magnitude has been performed on the property, and will enable Logan to target areas for further investigation. The current program will also include prospecting and sampling of some of the historic showings on the property. These include the Fact showing, where a grab sample returned values of 14.26 g/t gold, 13.7 g/t silver, 1.6% copper, and 35.3% iron (BC Ministry of Energy, Mines & Petroleum Resources - Assessment Report No.14704).
Upon completion of the exploration program on Redford, Logan Resources will begin field operations to evaluate its other projects in the Yukon and northern British Columbia.
Peter T. George, P.Geo, Consulting Geologist, is the Qualified Person as per NI43-101, responsible for the technical information contained herein.
Logan Resources Ltd. is a mineral exploration company that specializes in acquiring, exploring and advancing early-stage Canadian mineral properties. For more information on the Company's diversified property portfolio and the Company, please visit www.loganresources.ca, www.sedar.com and www.sec.gov websites.
Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in our forward-looking statements. Although we believe that the expectations in our forward-looking statements are reasonable, actual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.
Contacts
Earl Hope
Investor Relations
(604) 689-0299 x 232
Seamus Young
President and CEO
(604) 689-0299 x 223 |
