Five New Gold Licences In Central Newfoundland
Aurwest Resources Corporation (CSE: AWR) has acquired five gold exploration licenses referred to as the Stony Caldera property located within the “Golden Corridor” of Central Newfoundland.
The acquisition was completed under an Option Agreement with an Arm’s Length Vendor to earn a 100% in the project. The project covers 24,200 hectares, (242 sq. km) situated 20 km south of Grand Falls in Central Newfoundland and is contiguous with Aurwest’s existing Paradise Lake gold project covering 23,600 hectares. The two combined project areas now total 47,800 hectares (478 sq km). T
Stony Caldera Gold Project
The Stony Caldera property is situated along The Golden Corridor, which is a ~450 km long crustal scale fault/shear zone which hosts three gold deposits containing over six million ounces of gold and over 100 known gold showings along its length.
Several large high-grade gold systems are currently being explored along these major structural zones, including New Found Gold Corp.’s Queensway project, Marathon Gold Corporation’s Valentine Lake gold deposit (4M oz Au) to the south, the Sokomon Iron Inc.’s Moosehead gold project, and K9 Gold’s Stony Lake gold property to the north.
President and CEO, Colin Christensen, said the Stony Caldera property covers approximately 15 kmsof strike length of the interpreted trace of the Cape Ray-Valentine Lake fault system and subsidiary structures.
“With this strategic acquisition, Aurwest now controls one of the largest gold exploration blocks in this part of Central Newfoundland, including approximately 50km of strike length of the Golden Corridor in this emerging gold district,” Mr Christensen said.
“The Property exhibits large areas of alteration, sulfidation, pathfinder elements and anomalous gold concentrations overlying the interpreted trace of the Golden Corridor, and is considered to have the potential to host several styles of gold mineralisation including epithermal style gold mineralisation.”
The Property is located between the Pistol Lake and Paradise Lake Project areas, which were acquired by Aurwest in November 2020. The exploration model developed for these areas applies to the Stony Caldera project. The 2019 airborne geophysical survey supports the interpretation that the Cape Ray-Valentine Lake structural trend underlies the Stony Caldera property.
The volcanics of Stony Caldera are interpreted to be the extrusive equivalent of the syenites and gabbroic intrusions seen on the Paradise Lake and Pistol Lake projects. The occurrence of large areas of sericitic volcanics and associated pyrite/arsenopyrite mineralisation suggests a geological setting similar to epithermal low-sulfidation gold-silver deposits in Nevada, USA, the Sierra Madre region of Mexico, and the HI shikari deposits of Japan.
The exploration programme planned for the Project consists of:
- Prospecting & Sampling: Detailed prospecting and sampling in areas of anomalous gold values with associated pathfinder elements. The 2019 magnetic survey will be utilized to focus exploration along structural features and trends.
- Geological Mapping: Mapping of lithologies, alteration, mineralization, and structures to determine the source and controls on the anomalous gold concentrations and mineralized sericite alteration zones.
- Geochemical Testing: Property wide B-horizon till sampling to locate the source of the gold grains and anomalous gold concentrations in glacial till samples.
