Aurwest Commences a 67 Line KM IP Survey and Updates Exploration Activities at Paradise Lake Gold Project, Central Newfoundland

Calgary, Alberta--(Newsfile Corp. - October 7, 2021) - Aurwest Resources Corporation (CSE: AWR) ("Aurwest" or the "Company") is pleased to provide its shareholders with an update on its 2021 exploration program on its Paradise Lake gold project located in the Central Newfoundland Gold Belt.

Paradise Lake, Highlights:

  • a deep penetrating Induced Polarization survey has commenced at the Paradise Lake Project. A total of 67-line kilometers are planned over a strike length of 8km. The survey is designed to locate at depth, the source of a number of areas of coincident gold-pyrite-arsenopyrite mineralization and associated hydrothermal alteration in sub-crop and locally derived float.

  • out of 273 rock samples from Paradise Lake, thirty-one returned gold values ranging from 100 to 11,381 ppb gold (11.38 g/t Au), the highest rock assay yet recorded on the property. Further assays from these prospective areas are pending and prospecting is ongoing.

  • the Phase 1 exploration program continues to make new discoveries while expanding the area of gold mineralization in the area around Paradise Lake.

Colin Christensen, President and CEO of Aurwest, commented, "Our 2021 program has been successful in locating a number of areas of coincident alteration and gold mineralization in the Botwood sediments. Our exploration model is based on locating "leakage halos" in the Botwood sediments that indicate the potential for higher-grade gold mineralization at depth in the underlying volcanics. The gold-pyrite association provides the opportunity to use deep penetrating geophysical surveys to map the potential source of these leakage halos at depth. We are moving forward with our 2021 exploration program and confident that this work will lead us to a drill ready stage at Paradise Lake. The results to date indicate the potential for high-grade gold mineralization given our proximity to the Cape Ray-Valentine Lake structural zone."

Exploration Model:

The Paradise Lake Project is situated on the 450 km long, Cape-Ray-Valentine Lake ("CRVL") structural zone that is host to gold deposits including Valentine Lake, Cape Ray, Moosehead and Queensway. During orogenic events in Newfoundland, these primary and secondary structures were re-activated allowing hydrothermal fluids to emanate upward from deep seated faults in the basement rocks to form "leakage halos" within the overlying rocks including the Botwood Group sediments and Stony Lake volcanics. These leakage halos are characterized by various styles of quartz veining with associated sulfides (pyrite + arsenopyrite) and gold mineralization along these discrete structures. At Paradise Lake an intrusion of granodiorite likely belonging to the Mt. Peyton Intrusive suite is considered an important source for gold-bearing hydrothermal activity. Gold occurrences on the property are thus considered Orogenic and Intrusion related.

Mapping and Sampling:

Geological mapping and rock sampling from bedrock and locally transported float has identified several target areas with anomalous to high concentrations of gold, arsenic, antimony, and base metals. These are positive indications of "leakage halos" proximal to the CRVL structural zone.

At Paradise Lake out of a total of 273 rock samples thirty-one (31) samples yielded gold concentrations ranging from 100 to 11,381 (11.38g/t) ppb gold. Seventeen samples returned arsenic concentrations ranging between 117 to 1000 ppm, twelve samples returned lead values from 82 to 223ppm, and seventeen samples returned zinc values from 102 to 905 ppm. Assays are pending for a high priority batch of samples. The gold and associated elements appear to be concentrated around the Paradise Lake area of the property hosted in predominantly Botwood Group sediments and felsic intrusive rocks with varying degrees of quartz veining and iron carbonate alteration.

Analytical Procedures:

Sample preparation and analytical work was completed by Eastern Analytical ("Eastern") located in Springdale, Newfoundland Labrador. Gold concentrations were determined in parts per billion ("ppb") using 30g fire assay with atomic absorption finish. Trace elements concentration are determined in parts per million ("ppm") on 200 milligram samples, using four acid digestion and analyses by ICP-OES. Aurwest's QA/QC protocol includes insertion of Standard Reference Material and blanks in the sample streams. Eastern has an ISO/IEC 17025 accreditation.

Elmer B. Stewart, MSc. P. Geol., is the Company's independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, and has reviewed and approves the scientific and technical information disclosed in this news release.

On Behalf Of Aurwest resources Corporation

"Colin Christensen"
President and Chief Executive Officer

For additional information please contact:

Colin Christensen
Telephone: (403) 483-8363
Email: cchristensen@aurwestresources.com
Website: www.aurwestresources.com

About Aurwest Resources Corporation

Aurwest is a Canadian-based junior resource company focused on the acquisition, exploration, and development of gold properties in Canada. The Company currently has three Option Agreements to earn a 100% interest in Paradise Lake and Stony Caldera projects covering a 47,800-hectare (478 sq kms) package of gold exploration licenses within the emerging Central Newfoundland gold district. The Company also currently holds a 100% interest in the 24,533-hectare Stellar porphyry copper project, and an adjoining 50% interest in the recently acquired 2,136 hectare Stars porphyry copper property located approximately 25 kilometers southwest of Houston, British Columbia.

Forward-Looking Information

Statements included in this announcement, including statements concerning our plans, intentions, and expectations, which are not historical in nature are intended to be, and are hereby identified as "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation: positive rock sampling results; areas of quartz veined, sulfide bearing (pyrite-arsenopyrite) sandstone and commencement of a deep penetrating Induced Polarization survey.

In connection with the forward-looking information contained in this news release, Aurwest has made numerous assumptions regarding, among other things: the geological advice that Aurwest has received is reliable and is based upon practices and methodologies which are consistent with industry standards; and the reliability of historical reports. While Aurwest considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.

Additionally, there are known and unknown risk factors which could cause Aurwest's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, additional exploration of the Properties may not locate significant gold mineralization orthe exploration program may not be completed as planned or at all; exploration of the areas of anomalous metal concentrations may not locate significant mineralization; the deep penetrating Induced Polarization survey may not located chargeability or resistivity signatures associated with gold mineralization or may not be completed as planned or at all; receipt of permits to conduct the exploration plans and matters relating to the Company's future operations and business prospects; certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements. Any forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, except in accordance with the applicable laws.

The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/98854

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