April 20, 2021
Western Atlas Resources Inc. (TSXV:WA, Not Rated, David A. Talbot) announced the results from its additional logging and full sampling program conducted at its 100%-owned Meadowbank gold project located in Nunavut, Canada. The project is strategically located along trend and to the south of Agnico Eagle’s (TSX:AEM, Not Rated) Amaruq and Meadowbank mines and adjacent to the Greyhound project. Exploration drilling has only scratched the surface with only one of six target areas having been tested to date. An initial sampling program from its reconnaissance drill program (read more) was completed in January 2021. Results for additional sampling from those holes were provided and are quite positive given that it greatly expanded the near-surface thickness of Zone 2. Hole WA20-004 returned 0.12% Ni, 0.008% Co, and O.23% Cr over 95.02m (was previously 7.75m), while Hole WA20-005 returned 0.12% Ni, 0.008% Co, 0.20% Cr over 78.05m (was previously 8.45m). Results from an additional 700m from WA20-004 and WA20-005 are pending, as are new results from holes WA20-006 and WA20-013. While initial precious and base metal grades are relatively low, the zones targeted a multi-km long ultramafic corridor and remain open and we believe follow-up drilling is warranted. The 2020 drilling of 13 holes (3,545m) was also the first-ever on these properties and preliminary logging targeted banded iron formation and shear zones. The B1 target comprised of at least five zones from >15km banded iron formation with 6km worth of shear zones within an 8km-long ultramafic corridor, and successfully highlighted favourable geological conditions for orogenic gold deposits and identified anomalous nickel and chromium. Logistics are now underway for 2021 drilling on Block A and plans are to drill another 8,000m, where WA will be asking for AEM support again. Read more
