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VANCOUVER, British Columbia, July 20, 2018 (GLOBE NEWSWIRE) — Western Atlas Resources Inc. (“Western Atlas” or the “Company”) (TSXV:WA), is pleased to provide an update on the exploration program currently being conducted on its Meadowbank Project located in Nunavut, Canada.
The Company has completed its previously announced VTEM survey (1,518 line kilometres), and is continuing to advance its exploration program. Final results of the VTEM survey are expected within four weeks. Interpretation of the VTEM data combined with the results of the 2017 airborne magnetic survey and prospecting/sampling program, as well as with the 2018 exploration program will aid in the selection of ground geophysical survey areas and drill hole collar positioning.
In addition to the completion of the VTEM, an initial batch of 227 rock samples is being shipped for analysis to Activation Laboratories Ltd. (Actlabs) in Ancaster, Ontario.
Fabio Capponi, Chief Executive Officer of Western Atlas, stated, “We are very pleased with the way the exploration team is advancing in the field and with the encouraging new findings within Block B and the many other areas which, following the results of the 2017 year exploration, are already known to contain iron formation horizons anomalous in gold. We look forward to keeping our current and future investors updated as we progress with the Meadowbank exploration program.”
The Company continues to advance on the remaining portion of the previously announced 2018 Meadowbank exploration program, which includes:
- Prospecting, geological and structural mapping (scale ranging from 1:10,000 to 1,2000 over select targets), rock and till/soil sampling (currently underway)
- Approximately 3,000 meters of ground induced polarization (IP)
- Shallow Rotary Air Blast (“RAB”) drilling on specific target areas within Block B.
About Western Atlas
The Company is publicly listed on the TSX Venture Exchange under the symbol WA. Western Atlas is focused on the acquisition and development of scalable precious metals projects in premier mining jurisdictions. WA’s wholly-owned subsidiary, 5530 Nunavut Inc., which was incorporated under the laws of Nunavut, and registered under the Business Corporations Act (Northwest Territories) on November 24, 2016, holds its interest in the Meadowbank and the Committee Bay mineral properties located in Nunavut, Canada.
General Development of the Business
WA’s Meadowbank and Committee Bay properties include approximately 170,000 hectares of highly prospective and strategically located mining claims. In the Meadowbank area, WA’s properties are along trend with Agnico Eagle’s Meadowbank gold mine, Amaruq’s gold deposit, and Aura Silver’s Greyhound deposit. In the Committee Bay area, WA’s properties are along trend with Auryn Resources’ Three Bluffs deposit. Please visit the Company’s website at www.westernar.com for maps of the Company’s properties. Western Atlas’ properties benefit from existing local infrastructure and labour market. In the Meadowbank area, Baker Lake provides summer shipping access via Hudson Bay and year-round airport facilities. Agnico Eagle maintains an 1,100 m gravel airstrip and 110 km all-weather road, which passes through certain of WA’s claims, from Baker Lake to Agnico’s mine site. In the Committee Bay area, Baker Lake and Rankin Inlet are hubs for mining activities in the region, and WA looks forward to both accessing and enhancing labour and employment opportunities in these districts.
D. Graham Gill, P.Geo, is the Qualified Person as defined by National Instrument 43-101 and is responsible for reviewing the technical content of this news release.
For further information, please visit our website at www.westernar.com or contact:
Fabio Capponi, Chief Executive Officer
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Company’s objectives, goals or future plans; the receipt of the requisite approvals with respect to the business and operations of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in Western Atlas’s public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although Western Atlas believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, Western Atlas disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
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.