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Lake Winn Resources Strikes Gold, 0.69 m @ 26.54 g/t Au, 2m @ 13.75 g/t Au in separate drill holes, Cloud Project, Manitoba

23.02.2021  |  The Newswire
Lake Winn Resources Corp. ("Lake Winn" or the "Company") (TSXV:LWR) (OTC:EQTXF) is pleased to announce it has received the assay results for its 8 holes, 1,683 meter, phase 1 drilling campaign on the Cloud project, in the Flin Flon Gold Belt, Manitoba.

The highlight results are from drill hole CP-2020-02 where 0.69m returned 26.54 g/t from 179.7m to 180.39m. The second drill hole CP-2021-03 where 2m @ 13.75 g/t Au from 142m to 144m, this intercept coincided with visible gold being noted in the core. These 2 diamond drill holes are 175 metres apart and the high grade gold intercepts are hosted in bucky white quartz veins.

Table 1 lists the intercepts in each hole using a >0.5g/t cut-off.

 ------------------------------------------------------------------------------------- |Drill     |From  |To    |Interval        |Comments                                | |hole      |      |      |                |                                        | |-----------------------------------------------------------------------------------| |CP-2020-01|159   |160   |1m @ 0.69 g/t Au|                                        | |-----------------------------------------------------------------------------------| |          |169   |170   |1m @ 1.5 g/t Au |                                        | |-----------------------------------------------------------------------------------| |CP-2020-02|60    |61    |1m @ 2.69g/t Au |                                        | |-----------------------------------------------------------------------------------| |          |115   |116   |1m @ 0.93 g/t Au|                                        | |-----------------------------------------------------------------------------------| |          |179.70|180.39|0.69m           |                                        | |          |      |      |@26.54          |                                        | |          |      |      |g/t Au          |                                        | |-----------------------------------------------------------------------------------| |CP-2021-01|53.95 |54.95 |1m @ 0.97 g/t Au|                                        | |          |      |      |                |                                        | |-----------------------------------------------------------------------------------| |          |126.00|128.00|2m @ 0.88 g/t Au|                                        | |          |      |      |                |                                        | |-----------------------------------------------------------------------------------| |          |137.00|138.00|1m @ 0.62 g/t Au|                                        | |          |      |      |                |                                        | |-----------------------------------------------------------------------------------| |CP-2021-02|      |      |                |No Intercepts above 0.5g/t              | |-----------------------------------------------------------------------------------| |CP-2021-03|136.00|138.00|2m @ 2.17 g/t Au|                                        | |          |      |      |                |                                        | |-----------------------------------------------------------------------------------| |          |141.00|145.00|4m @ 7.45 g/t Au|Includes1m @17.3g/tand1m@10.2g/t,       | |          |      |      |                |visible gold noted incore, or 2m @ 13.75| |          |      |      |                |g/t Au                                  | |-----------------------------------------------------------------------------------| |CP-2021-04|      |      |                |No Intercepts above 0.5g/t              | |-----------------------------------------------------------------------------------| |CP-2021-05|80.80 |81.80 |1m @ 0.61 g/t Au|                                        | |-----------------------------------------------------------------------------------| |CP-2021-06|141.00|142.00|1m @ 0.51 g.t Au|                                        | |          |      |      |                |                                        | |-----------------------------------------------------------------------------------| |          |143.00|144.00|1m @ 1.18 g/t Au|                                        | |          |      |      |                |                                        | -------------------------------------------------------------------------------------

Samples were sent to TSL Laboratories of Saskatoon, an independent laboratory using a chain of custody. Gold was measured by fire assay using 30 g aliquots of half NQ sized core and an AAS finish. Samples assaying >3 g/t Au were in addition subject to gravimetric finish where the resultant bead is weighed on a micro-balance. In the >10g/t cases the company elected to do a total digestion of the remaining ½ NQ core sample weighing approx., 1.8kg for a screened gravimetric finish. These larger more representative samples are reported in table 1. In these samples over 60% of the gold reported to the greater than 150 micron screen. For each 24 sample batch, the lab used 4 internal standards. For each of the 40 samples the company submitted one duplicate, one blank, and one standard. The results for the standards showed good precision and accuracy.

Table 2 gives the geographic co-ordinates for each drill hole and their dip and azimuth. Figure 1 is a plan view of the drill holes noting the gold intercepts.

The drilling tested a number of targets, which included IP anomalies, resistivity anomalies, and drilling beneath historic prospecting pits. It was those drill holes that tested beneath the pits and the magnetic, mafic, host unit that successfully encountered gold. As mentioned above, the gold intercepts were hosted in late-stage cross cutting buck white quartz veins (post-peak metamorphism) that had variable amounts of sulphides. The quartz veins showed brittle shear and multiple histories. The down hole surveys showed the holes flattened to 40-45o dip where they encountered the quartz veins and contacts were near perpendicular. The true widths will therefore be 70%-100% of those reported here.

Lake Winn is encouraged by these high-grade gold intercepts in the very first phase of exploration, initiated immediately after completing the option on the property from W. S. Ferreira Ltd and receipt of the work permit. They require immediate follow-up and, Lake Winn plans to return the project to conduct further 2,000m of drilling focused on the mafic unit and high grade zones between around drill holes CP-2020-02 and CP-2021-03. This will commence once the permit is renewed. The mafic/magnetic unit that hosts the gold continues 4km to the west based on the magnetic data and this unit is now considered highly prospective. In Spring the company will also conduct prospecting and till sampling.

Table 2. NQ sized drill hole location and orientation

 ---------------------------------------------------- |Drill     |Easting |Northing|Depth |     |        | |hole      |        |        |      |  Dip| Bearing| |--------------------------------------------------| |CP-2020-01|342400  |6083550 |200   |-50  |345     | |--------------------------------------------------| |CP-2020-02|342660  |6083530 |206   |-50  |345     | |--------------------------------------------------| |CP-2021-01|342730  |6083636 |209   |-50  |345     | |--------------------------------------------------| |CP-2021-02|342300  |6083470 |200   |-50  |345     | |--------------------------------------------------| |CP-2021-03|342485  |6083525 |230   |-50  |345     | |--------------------------------------------------| |CP-2021-04|342640  |6083525 |209   |-50  |165     | |--------------------------------------------------| |CP-2021-05|342850  |6083650 |209   |-45  |285     | |--------------------------------------------------| |CP-2021-06|342100  |6083600 |200   |-50  |200     | ----------------------------------------------------

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Figure 1 Is a Plan View of the drill holes reported in this news release. Yellow dots are the drill hole collars. Drill hole traces are shown in black. A histogram showing gold grade, also in black, approx. 1mm per gram. Text, highlights the better gold intercepts. The coloured background is the total magnetic intensity, red, hot colours are the magnetic/mafic unit that hosts the gold.

Qualified Person

The Qualified Persons for this news release is Buddy Doyle, AUSIMM, a Geologist with over 30 years' experience in mineral exploration, discovery, and evaluation. A Qualified Person under the provisions of National Instrument 43-101. The project Geologist is Carey Galeschuk, P. Geo Manitoba, in charge of the chain of custody, standards, and field work he has also reviewed the technical information in this news release.

About Lake Winn

Lake Winn Resources Corp., is a Vancouver based gold company, listed on the TSX Venture Exchange (Symbol: LWR) focusing on exploration and development of gold projects in Canada. The company's flagship property, the Cloud Project is in the province of Manitoba, in the Flin Flon Gold Belt approximately 40 kilometers north?east of the town of Flin?Flon. Access to the property is provided by Manitoba highway 10 to the all?weather Kississing Lake Road.

The company also has the Quartz property 76 kilometres east of Flin Flon where there are historic high grade gold drill intercepts. Lake Winn is waiting for exchange approval from the TSX: V.

On Behalf of the Board of Directors of Lake Winn Resources Corp.

Patrick Power, President & CEO
+1 (604) 218-8772

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.

Cautionary Statement Regarding "Forward-Looking" Information

Certain statements contained in this press release may constitute forward-looking statements. Such forward-looking statements are based upon the Company's reasonable expectations at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause the Company's plans or prospects to change include changes or disruptions in the securities markets; legislative, political or economic developments. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

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