Winshear Gold Corp.
(TSX-V: WINS) is pleased to report that it has
received gold assay results from an additional 216 bedrock channel
samples taken in late June, July and September of 2021 at the Gaban
Gold Project in southeastern Peru.
Gaban is located in the Puno Orogenic Gold Belt
("POGB") at the juncture of the San Gaban and lnambari Rivers. The
two rivers drain into the Madre de Dios basin 38 kilometres
(“km”) to the north where extensive alluvial gold
mining covers a 960 square kilometre area (Figure 1). Outcropping
gold-bearing veins and shear zones at Gaban are hard-rock sources
for the alluvial gold being mined by informal miners on the Gaban
concession itself, and possibly for the alluvial gold being mined
from the large Madre de Dios basin downstream. The Company
continues to map and sample in the vicinity of its proposed drill
sites to improve targeting of the drill holes currently being
permitted.
Highlights
- Of the 216 new samples, 32 samples
contain anomalous gold (greater than 0.05 grams per tonne gold
(“g/t Au”));
- The highest value among the new samples
is 4.18 g/t Au.
- The Yanamayo target contains a
bituminous, pyritic and auriferous shear zone that is at least 80 m
wide by 250 m long which may merge with the main Coritiri anomaly
to the southeast (Figure 3).
- The Yanamayo target is only about 5 km
from the town of San Gaban.
- Downstream along the Yanamayo River
from the mineralized outcrops artisanal miners are recovering
alluvial gold nuggets (Figure 2).
- The new sampling has also added
important details about the gold-bearing shear zones which will
help improve drill hole targeting.
- This project has never been
drill-tested; permitting is underway and on track.
Dr. Mark Sander, President of Winshear,
commented: "The 216 new samples at Gaban were taken to improve our
understanding of gold distribution in and around the Yanamayo and
Coritiri anomalies. We have found strongly anomalous gold
mineralisation in a bituminous, pyritic shear zone hosted by slates
in the Yanamayo target area which has been extended to at least 80
m wide by 250 m long. We believe that the Yanamayo and Coritiri
anomalies could well be contiguous, defining a single broad anomaly
that is now over 2,200 m long and open to the northwest (Figure 3).
No drilling has ever been performed at Gaban.
"Winshear intends to drill the first holes ever drilled in the
Coritiri anomaly as soon as possible after permits have been
received.”
Coritiri Gold Zone
Coritiri was initially identified from
interpretation of airborne magnetic data from a survey flown in
2018, which inferred the presence of an 8 km x 1 km NW-SE linear
target adjacent to a 6.5 km x 3.0 km northwest southeast trending
magnetic high (Figure 1). The geophysical anomaly is coincident
with a 5 km long series of gold-in-stream sediment anomalies
located within the Yanamayo River catchment. The underlying geology
in the area comprises sheared and deformed siltstones and slates
with foliation typically striking northwest-southeast and dipping
moderately to the southwest.
There are numerous artisanal workings in the
Yanamayo catchment that exploit placer gold deposits, where
Winshear field crews have observed local alluvial miners extracting
numerous nuggets weighing up to 54 g, including the 35 g specimen
recovered from the Yanamayo River just downstream from auriferous
bedrock sampled for this press release (Figure 2). There are
several prospect pits and adits developed on outcropping quartz
veins, some exposing visible gold in quartz veins and veinlets.
A total of 216 new bedrock channel samples were collected from
creek-side and excavated outcrops in Winshear's field campaigns of
July and September, 2021. Sample grades were returned as
follows:
- 8 samples returned between 0.50 – 4.18
g/t Au
- 9 samples returned between 0.10 - 0.50
g/t Au
- 15 samples returned between 0.05 - 0.10
g/t Au
- 146 samples returned between 0.005 -
0.05 g/t Au
- 38 samples returned below detection
(0.005 g/t Au)
Locations and grade ranges of the new 216 bedrock samples are
plotted on Figure 2.
Of the total 1120 bedrock samples collected to date:
- 76 samples returned between 0.50 -
32.35 g/t Au
- 102 samples returned between 0.10 -
0.50 g/t Au
- 69 samples returned between 0.05 - 0.10
g/t Au
- 692 samples returned between 0.005 -
0.05 g/t Au
- 181 samples returned below detection
(0.005 g/t Au)
Locations and grade ranges of all bedrock
samples in the Coritiri area are plotted on Figure 3.
On June 10, 2021, Winshear announced that it has
completed and submitted its Declaración de Impacto
Ambiental (DIA), the suite of environmental and social
studies required to be completed ahead of drilling the
Coritiri zone at its Gaban gold project. Since then, the Company
has received 61 comments (“observations”) from the regulatory
agencies and has responded to all of them by October 7.
The Company is carrying out further mapping and
sampling to expand its understanding of the Coritiri Zone slated
for drilling and to further define the extent of the gold
mineralization in the Yanamayo Zone. Both zones are a hard rock
source of local alluvial gold deposits at Gaban and perhaps of the
more significant Madre de Dios alluvial gold fields downstream.
Technical Information
William McGuinty P. Geo. of OTD Exploration
Services Inc., a Qualified Person as defined by National Instrument
43-101, has reviewed and approved the contents of this news
release. Mr. McGuinty has visited Winshear's Gaban exploration
project and reviewed sampling methods and quality assurance /
quality control (QA/QC) programs for the project.
Channel samples typically 0.1 to 3 m long are
taken from exposed outcrops and cut to capture the best available
angle to the orientation of the sampled structure. Samples
collected in the field are accompanied by third party, certified
gold standards, sample blanks and duplicates, then transported by
Winshear personnel to the Certimin S.A. laboratory in Juliaca,
Peru. Samples are processed by Certimin S.A. in Juliaca and
prepared sample splits are transported and assayed by the Certimin
S.A. Laboratory in Lima, Peru. Samples are assayed for gold using
fire assay with an AA finish. Assays currently use a 50 g charge.
Samples are also tested using a multi-element ICP-OES package. No
standards were inserted for the multi-element suite. All samples
are returned to the Company and stored at secure facility in
Juliaca.
About Winshear Gold Corp
Winshear Gold Corp. is a Canadian-based minerals
exploration company that is currently advancing the Gaban Gold
Project in the Puno region of Peru. Gaban is a possible hard-rock
source for the modern-day alluvial gold rush underway in the Madre
de Dios basin downstream; Winshear is investigating the project for
potential to host significant volumes of potentially minable gold
resource.
The Company is also conducting fully funded
arbitration proceedings against the Tanzanian Government to recover
its investment and damages for the expropriated SMP gold project in
Tanzania.
For more information, please contact Irene
Dorsman at +1 (604) 200 7874 or by e-mail at
irene@winshear.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Mark V. Sander"
Mark V. Sander, President
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautions Regarding
Forward-Looking Statements
This news release includes certain statements
and information that may contain forward-looking information within
the meaning of applicable Canadian securities laws. All statements
in this news release, other than statements of historical facts,
including, if any, those related to the likelihood of commercial
mining or the ability to fund future mine development are
forward-looking statements and contain forward-looking information.
Such forward-looking statements and forward looking information
specifically include, but are not limited to, statements
concerning: Company plans at the Gaban or Tinka projects, the
Company's ability to fund either of those projects, and any Company
plans in relation to any interest it has or may have in the SMP
project in Tanzania.
Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"intends" or "anticipates", or variations of such words and phrases
or statements that certain actions, events or results "may",
"could", "should", "would" or "occur". Forward-looking statements
are based on the opinions and estimates of management as of the
date such statements are made and they are subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking statements or forward-looking
information, including the risks normally involved in the
exploration, development and mining business or as may be otherwise
set out in the Company's filings with Canadian securities
regulatory agencies . Although management of the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements or forward-looking information, there
may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements and forward-looking information. The
Company does not undertake to update any forward-looking statements
or forward-looking information that are incorporated by reference
herein, except in accordance with applicable securities laws.
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