Aurwest Announces Drill Core Confirms Visible Gold at the Paradise Lake Gold Project, Central Newfoundland

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Aurwest Resources Corporation (“Aurwest” or the “Company”) (CSE: AWR) is pleased to provide an update of the ongoing drilling program at the Paradise Lake Gold Project, located approximately 20 kms southwest of Grand Falls, in the central Newfoundland gold belt.

Drill holes PL-22-01 to PL-22-04; intersected multiple intervals exhibiting quartz-pyrite-arsenopyrite mineralization over an 800m strike length and tested the down dip extension of gold mineralization in float/subcrop/outcrop that ranged from 11.2g/t to 144.7 g/t gold. (see March 14, 2022 news release),

Highlights:

  • The six drill holes (Pl-05-2022 to PL-10-2022) reported in this news release are step out drill holes to test the strike extension of the quartz-pyrite-arsenopyrite mineralized intervals intersected in the first four drill holes.
  • The drilling completed to date has tested approximately a 2,800m strike length of the interpreted Cape Ray-Valentine Lake Structural Zone,
  • Two grains of visible gold are associated with the quartz-pyrite-arsenopyrite mineral association hosted in a dark gray quartz vein in drill hole Pl-07-2022 at a depth of 16.7m.
  • All 10 drill holes (totaling 2.423m) intersected multiple intervals of quartz veining, quartz veinlets and quartz breccia of variable thickness with combined pyrite+/- arsenopyrite concentrations ranging from trace to 10%.
  • Preliminary observations suggest a crude mineralogical zoning with arsenopyrite occurring in five of the 10 drill holes, suggesting a higher temperature environment, possibly proximity to the hydrothermal center.
  • In addition to the quartz-pyrite-arsenopyrite association, trace concentrations of chalcopyrite-galena-sphalerite hosted in quartz veins and quartz breccia have been observed in two drill holes.

Mr. Colin Christensen stated, “The drilling continues to intersect multiple intervals of varying thickness exhibiting the quartz-pyrite-arsenopyrite association hosted in altered syenite over a considerable strike length.  This mineral association, surface gold showings, crude mineral zonation, extensive alteration of the syenite intrusive and the occurrence of visible gold in drill hole PL-07-2022 are very encouraging. Assay results for the first batch of core samples are expected in the middle of April. Several priority drill targets remain to be tested and will likely lead to a Phase 2 follow-up drill program this summer”.

The reader is cautioned that the description of the intervals of quartz-pyrite-arsenopyrite and visible gold reported in this news release are visual descriptions of diamond drill core by professional geologists. While these features are considered encouraging, there is no guarantee that these intervals will return significant gold values.

2022 Phase I drilling program:

The intervals of quartz-pyrite-arsenopyrite mineralization intersected to date show continuity along strike within the highly altered syenite intrusion. Details of the 2022 Phase 1 drilling activities are summarized in

Table 1 below:

Drill hole locations are summarized in the plan map 1 below:

Drill Hole Descriptions:

PL-22-05 (313m, 300 o / -65 o) is located approximately 330m east of holes PL-22-01 and PL-22-02, targeting a shallow resistivity high and deep chargeability anomaly. The hole collared into interbedded maroon wacke and argillite from 11.5-61.5m. Syenite and mafic dyke was intersected from 61.5-86.5m. This interval contains 1% pyrite over 2 to 11m wide intervals associated with white and grey quartz-ankerite veins up to 3cm thick. Interbedded argillite and wacke were intersected from 86.5m to end of hole at 313m including a 10m wide pebble conglomerate at 126m. The conglomerate is sheared, sericite altered and contains trace amounts of pyrite. The remainder of the hole is maroon argillite and exhibits a moderate amount of ankerite veining.

PL-22-06 (236m, 120 o / -78 o) is located approximately 278m west of PL-22-03 and tested a steeply dipping chargeability/resistivity anomaly, and corresponding rock samples at surface with abundant quartz veining. The hole intersected syenite from surface to the end of hole at 236m. Quartz veins up to 3cm thick occurs sporadically throughout the hole as do weakly brecciated zones. Alteration of the syenite is patchy chlorite-carbonate over weakly brecciated intervals up to 1m wide. Trace amounts of fine-grained pyrite are disseminated throughout and is more concentrated in chlorite fractures, and quartz vein margins.

PL-22-07 (197m, 295 o /-45 o) is located 1600m south of hole PL-22-03 and tested a coincident resistivity/chargeability anomaly that corresponds with the syenite magnetic trend. The hole collared into syenite from 7.7m until 60m depth and contains twelve intervals with up to 10% fine-grained pyrite and arsenopyrite. These intervals exhibit 1-2 cm thick, quartz-ankerite-sericite veining in strongly altered syenite up to 5m wide. Two visible gold grains were noted in one such vein at 16.7m depth. Interbedded argillite and wacke were intersected to end of hole at 197m depth. Local quartz-calcite veins up to 10cm thick host trace amounts of galena-chalcopyrite-pyrite over a 0.8m interval at 69.4m depth.

PL-22-08 (164m, 290 o /-55 o) is a step-out hole 50m to the east, targeting the down-dip extension of the quartz-arsenopyrite veins intersected in PL-22-07, by approximately 60m. The hole collared into syenite from 11.7-160m depth. Quartz-calcite veins up to 10cm wide occur in strongly altered syenite, in intervals between 1-10m wide, containing up to 5% disseminated fine-grained arsenopyrite and pyrite. The syenite in these intervals vary from strongly chlorite-carbonate altered to strongly quartz-sericite-ankerite altered. The hole ended at 167m depth in siltstone.

PL-22-09 (149m, 110 o /-45 o) drilled form the same pad as PL-22-08 in the opposing direction. It targeted the upper contact of the syenite and a corresponding resistivity high. It collared into syenite from 9.2-68m depth. Quartz veins are typically <1cm thick, hosted in strongly fractured and altered syenite occur over intervals ranging from 1-10m wide. Up to 2% pyrite is disseminated in the syenite with trace amounts of arsenopyrite occurring locally in veins. Numerous chlorite rich fractures and faults crosscut the veins and commonly host pyrite. The hole ended at 149m depth in maroon argillite with sporadic carbonate veining.

PL-22-10 (218m, 292o/-45 o) is located 800m along strike to the south of holes PL-22-07, -08 and -09. It targeted the syenite intrusion and associated resistivity and chargeability anomalies. The hole collared into siltstone and several syenite intrusions between 6.8m to 62m. Strongly altered, fractured and quartz veined syenite contain up to 2% fine-grained pyrite. Thirteen intervals of altered syenite, between 1m to 8m wide occur between 18m and 200m depth. Quartz veins are <0.5cm thick, numerous and oriented into a structural fabric. Pyrite is finely disseminated in bleached, quartz-sericite-carbonate altered syenite in these intervals. Trace amounts of galena+/-sphalerite were observed with pyrite infilling fractures at 198.9m depth. The hole ended in maroon argillite at 218m depth.

Analytical Procedures:

Sample preparation and analytical work is being completed by Bureau Veritas Commodities Canada Inc. (“BV”) located in Vancouver B.C. BV has an ISO/IEC 17025 certification. Sample preparation followed BV’s code PRP70-1kg. Gold and 36 trace elements concentrations will be determined using BV’s code AQ202, ICP-ES/MS on a 30g sample. Aurwest’s QA/QC protocol includes geotechnical measurements, photographs, detailed geological logging and insertion of Standard Reference Material and blanks in the sample streams.

Qualified Person:

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: aurwestresources.com

Renmark Financial Communications Inc.

Robert Thaemlitz: rthaemlitz@renmarkfinancial.com
Tel: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.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 28,294-hectare Stellar/Stars porphyry copper 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 those relating to the Company’s future operations and business prospects, are subject to 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.


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