Wabi Changes Name to “Getchell Gold Corp.” and Files NI 43-101 Report on Nevada Target
May 7, 2018 (Source) — Wabi Exploration Inc. (CSE: WAB) (“Wabi”) provides a corporate and operational update on the previously announced Arrangement Agreement with Buena Vista Gold Inc. (“BVG”).
BVG has delivered its audited financial statements for the year ended December 31, 2017 to Wabi. Under the Arrangement Agreement Wabi can now address any outstanding due diligence review and then, assuming such review is positive, prepare the normal-course documentation required by the regulators to complete the Arrangement. Wabi has no reason to believe that its final due diligence review will not be supportive of the Arrangement Agreement.
After having reviewed the audited statements and in anticipation of closing the transactions contemplated by the Arrangement Agreement with BVG, Wabi has formally changed its name to “Getchell Gold Corp.”
Wabi/Getchell has filed at SEDAR the NI 43-101 report (the “HSP Report”) commissioned by Buena Vista Gold Inc. (“BVG”) on the Hot Springs Peak property near Winnemucca, Nevada. Hot Springs Peak is one of the six assets in BVG’s portfolio being acquired by Wabi/Getchell under the Arrangement Agreement.
The HSP Report was completed in June of 2017. Readers are invited to download a copy from SEDAR at https://bit.ly/2JJYTzR .
BVG has carried out field work at Hot Springs Peak since the HSP Report was finalized and in 2018 at BVG’s other assets in the Buena Vista Valley.
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As previously reported, during the preparation of the HSP report, a discovery of gold and high arsenic mineralization was found in the historic mine shaft dumps within a 2-kilometer trend of hornfels altered shale-argillite and sandstone. The highest gold value found was 24 grams gold/ton (0.701 opt) and all samples contained high arsenic, with the highest value being 1025 ppm*. In BVG’s opinion, this discovery shows similarity to “Carlin Type” alteration and mineralization. The proximate Turquoise Ridge Deposit was adopted by BVG as the occurrence type to use for an exploration model.
[*Sampling was carried out by the Qualified Person. Preparation of samples were performed by ALS Minerals Labs, according to certified standards for reporting results. Internal standards were completed by ALS. All samples were assayed by fire-AA finish. A gravimetric assay was required by ALS to determine the grade for samples above 10ppm gold. Inductively Coupled Plasma (ICP) analyses were completed on all samples for other metals. Readers are cautioned that sampling is selective by nature and may not be representative.]
BVG in August, 2017 flew a detailed airborne magnetic survey of 450 kilometers on 50-meter line spacing at Hot Springs Peak. This survey was interpreted by BVG to be a very large structural intersection of 2 kilometers square, with the northeast structural direction containing the historic mine shafts and gold-arsenic mineralization and extending another kilometer to the southwest. The structural intersection contains a deep magnetic low which in BVG’s opinion correlates to the pervasive hornfels alteration mapped at the surface.
The results from the magnetic survey provided the focus for a follow-on detailed Induced Polarization (IP) / Resistivity Survey of approximately 12.6 kilometers of total line length, to detect potential concealed sulfide mineralization and silicification at Hot Springs Peak. Dipole-Dipole spacings were set at 75m, 150m and 250m to reach depths of 150-500 meters for high quality data collection. This IP survey was carried out in January, 2018.
The IP results identify a very strong chargeability defining the structural intersection and extending along the hornfels altered and mineralized trend to the southwest. A very strong resistivity high crosses northwest through the structural intersection, unrelated to the stratigraphic trend and plunging to the southeast, into the deep magnetic low. This high resistivity trend is a likely drill target for the silicified central core of the system. In BVG’s opinion, the size of the chargeability high allows for a major Carlin size discovery comparable to Turquoise Ridge, which is the exploration model. The primary un-tested drill target is the concealed Triassic and Permian Age Limestone beneath the surface altered and mineralized Triassic Age argillite-shale and sandstone, which is known to be an excellent host rock for a Carlin-Type Deposit Discovery.
BVG has advised Wabi/Getchell that BVG is securing the necessary permits to carry out a 2018 drill program at Hot Springs Peak.
The other five assets in BVG’s Nevada portfolio are in the Buena Vista Valley, south of Winnemucca, northeast of Reno, and east of Mill City. BVG recently completed an airborne magnetic survey on the northern half of the Buena Vista Valley Project. The survey consisted of flying 518 line kilometers with flight lines on 75 meter spacing and tie lines on 375 meter spacing. Magnetic and radiometric data is now being processed and layered with gravity data, geological mapping, geochemistry and drill data to target future drilling. Future geophysical surveys are also being evaluated for refinement of the drill targets. Additional information will be released when appropriate.
The technical part of this report was written by Timothy Master, author of the HSP Report and a Qualified Person for Buena Vista Gold Inc. as that term is defined in NI 43-101.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release. Not for distribution to U.S. news wire services or dissemination in the United States.
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