Northway Provides Exploration Update and Plans for 2020 Field Programs
Vancouver, British Columbia--(Newsfile Corp. - May 26, 2020) - Northway Resources Corp (TSXV: NTW) ("Northway" or the "Company") is pleased to provide an update regarding its planned 2020 exploration programs at the Healy and Napoleon Projects, located in central Alaska, USA.
The 2020 Healy exploration program, which will commence in July, includes detailed soil sampling, mapping, ground electromagnetic (VLF) and magnetic geophysical surveys, followed by an induced polarization (IP) survey on selected target areas. This work will focus on defining drill targets within known broad spaced gold-in-soil geochemical anomalies that are spatially related to prospective structures. Shallow reconnaissance reverse circulation (RC) drilling by Northway in 2019 discovered widespread gold mineralization (see October 21, 2019 news release) associated with disseminated pyrite at Bronk, one of seven target areas where exploration will be focused. The 2020 comprehensive geologic, geochemical and geophysics program will allow for detailed targeting for future drill programs.
To view an enhanced version of Figure 1, please visit:
About the Healy Project
The Healy Project was first identified and staked by Newmont Corporation ("Newmont") in 2012. Follow-up prospecting, mapping and systematic soil sampling defined numerous, kilometer-scale gold, arsenic and antimony in soil anomalies. Healy is located along a major northeast trending fault system, as well as the prospective regional contact between metasedimentary rocks and cretaceous intrusive rocks, similar to the neighbouring Pogo and Tibbs areas. The property scale structural geology is defined by numerous low-angle thrust faults cut by steeply dipping northeast trending faults. Gold anomalism seems to be spatially associated with both steeply dipping faults and low angle thrust faults. No recorded exploration work had been done on the Healy property prior to Newmont in 2012 and 2013. The recent 2019 track mounted RC drill program completed by Northway was the first ever drill test of this newly identified gold system in the Goodpaster Mining District of Alaska, host of the world class Pogo gold deposit (10+ million ounces of gold endowment).
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2019 Success: Gold Identified in Underlying Bedrock
Northway's 2019 reconnaissance drill program involved a total of 800m of drilling over 10 shallow holes that aimed to test bedrock beneath Bronk, one of the larger soil anomalies on the Healy property. This work led to the discovery of widespread gold mineralization hosted within a 150-200m wide steeply dipping shear zone. The style of mineralization and alteration is consistent with other orogenic gold systems in the Tintina gold belt and represents one of seven compelling target areas that require further exploration.
Zach Flood, CEO of Northway states "We are excited to follow up on the 2019 drill program which led to the discovery of the newest gold system in the Tintina Gold Belt. Our planned work in 2020 aims to build on this exciting new discovery and advance the project towards a more significant diamond drill program."
Planned 2020 exploration on Northway's 100% owned Napoleon property will include high resolution drone lidar and ground based VLF and magnetic geophysical surveys over areas where historical drilling encountered high grade gold mineralization. These datasets will complement historical data collected by previous exploration companies and will assist in delineating additional drill targets for future testing.
To view an enhanced version of Figure 3, please visit:
About the Napoleon Project
The Napoleon Project is located in the 40-mile placer district within the prolific Tintina Gold Belt; host of significant deposits such as Donlin Creek, Fort Knox, Pogo, Coffee, Sheelite Dome and Dublin Gulch. High grade gold mineralization at Napoleon is hosted in quartz veins which are related to a regional shear zone that intersects the Jurassic-aged Napoleon pluton. This pluton is located at the headwaters of several streams that have contributed to much of the placer gold production in the district, which is historically estimated at over 500,000 ounces of gold.
Between 1998 and 1999 soil sampling, prospecting, airborne and ground geophysics, and the excavation of 25 shallow trenches led to the discovery of five target areas: Main Zone, Saddle Zone, Trench 24 area, Twin Peaks and Burnt Ridge. Kennecott drilled 6 diamond drill holes and 10 reverse circulation holes and reported gold intercepts over 1.0 ppm in 8 of the 16 holes, with the best intercepts being 0.61m @ 34.71 g/t Au and 0.61m @ 14.74 g/t Au in the Main Zone, and 1.52m @ 6.56 g/t Au at Burnt Ridge.
From 2000 and 2001 The Napoleon property was explored by Teck Resources. Work during this time included an airborne magnetic and EM survey, soil and rock sampling and 11 diamond drill holes. The best diamond drill intercepts were 0.90m @ 20.59 g/t Au at Twin Peaks Zone, and 3.00m @ 8.49 g/t Au at the Saddle Zone.
"Northway's 100% owned Napoleon Property represents another exciting opportunity in Alaska; previous drill programs were successful at identifying high-grade gold mineralization associated with quartz veins. Our 2020 surface program at Napoleon should help better define structural controls on mineralization and aid in future drill targeting."
The technical content of this news release has been reviewed and approved by Thomas Hawkins P.Geo., VP Exploration for the Company, and qualified person as defined by National Instrument 43-101.
About Northway Resources Corp.
Northway is a Canadian gold exploration company focused in Alaska, USA. The Company is actively exploring the Healy Project, as well as its 100% owned Napoleon Project.
The Healy Project was optioned from Newmont in 2018. Northway has the right to earn up to 70% in the Healy Project by spending a total of USD$4m by Dec 31, 2022.
The Healy Project covers 18,470 ha within Alaska's Goodpaster Mining District. The Goodpaster District is host to the world-class Pogo gold mine, currently operated by Northern Star Mining.
The 100% owned Napoleon Project covers 6065 ha within the historical 40-mile Mining District. An estimated 500,000 ounces of placer gold has been produced from the district.
Further information can be found on the Company's website www.northwayresources.com
Northway Resources Corp.
President and CEO
Tel: +1 604 363 1779
Northway Resources Corp.
Vice President, Exploration
Tel: +1 604 379 3267
Cautionary Statement Regarding Forward Looking Statements
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance 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 times frames or at all. Except where required by applicable law, the Company 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.
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