VANCOUVER, BC, Jan. 22, 2025 /CNW/ - Angel Wing Metals Inc. (TSXV: AWM) ("Angel Wing Metals" or the "Company") is pleased to report the commencement of a phase 1 - 1,500 metre ("m") diamond drill program at the La Reyna Gold Project in Nayarit, Mexico.
Figure 1: La Reyna Proposed Drill Holes (CNW Group/Angel Wing Metals Inc.)
The first phase of the program will include 10 -12 holes aimed at confirming historical surface sampling grades, on strike continuity, orientation and depth of known mineralization, and artisanal mine workings.
Highlights include:
La Reyna represents a new greenfields gold project that has never been drill tested.
1,500 metre diamond drill program has commenced.
Drilling will test 6 – 8 target areas with known surface gold mineralization and historic artisanal mining operations.
Historic trench results from some of the targets include 5.03 g/t Au gold over 21.0 metres, 1.21 g/t Au over 12.7 metres and 0.92 g/t Au over 15.52 metres.
Outcrop assay results collected by the Company also confirms the gold mineralization and include 27.12 g/t Au and 90.0 g/t Ag over a 0.45 metre channel, 6.58 g/t Au and 4.25 g/t Au over 1.0 metre panels, and a grab sample with 2.42 g/t Au and 399 g/t Ag.
Drilling will initially be focused on the Dolorosa, Zorrillo, San Ramon, and El Polo targets. (Figure 1)
Overall, the Company is optimistic about the potential for new discoveries at La Reyna given it remains currently relatively underexplored yet boasts indications of a significant mineral system located within a prolific gold mining district.
STOCK OPTIONS
Angel Wing also announces that pursuant to Company's stock option plan, 1,700,000 stock options at an exercise price of C$0.10, were granted to directors of the Company. The stock options granted will vest in two equal instalments over one year and are exercisable for a period of five (5) years from date of grant.
The Company relied on sections 5.5 (a) and (b) and 5.7(a) and (b) of MI 61-101 as the exemption from the minority approval requirements of MI 61-101 in respect of the grant of options to the directors of the Company as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the grant of the options to the director of the Company exceeded 25% of the Company's market capitalization.
QUALIFIED PERSON
Marc Prefontaine, M.Sc. P.Geo., President and CEO, is a qualified person for the purposes of National Instrument 43-101 and has reviewed and approved the technical content in this news release.
ABOUT ANGEL WING METALS
Angel Wing Metals (TSXV:AWM) is focused on the exploration and development of its portfolio of precious metals properties in Mexico and Canada . The Company's flagship La Reyna Project covers 106.89 km2 in the southern extension of the prolific Sierra Madre Occidental gold-silver belt in the state of Nayarit, Mexico.
Angel Wing Metals is committed to sustainable and responsible exploration and business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which the Company operates.
Neither 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.
Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", " expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this news release contains forward-looking information regarding: planned drilling and exploration program of the Company. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Angel Wing Metals' current beliefs and is based on information currently available to Angel Wing Metals and on assumptions Angel Wing Metals believes are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Angel Wing Metals to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting Angel Wing Metals; the timing and availability of external financing on acceptable terms; and lack of qualified, skilled labor or loss of key individuals. A description of additional assumptions used to develop such forward-looking information and a description of additional risk factors that may cause actual results to differ materially from forward- looking information can be found in Angel Wing Metals' disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although Angel Wing Metals has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions, or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Angel Wing Metals as of the date of this news release and, accordingly, is subject to change after such date. However, Angel Wing Metals expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
Angel Wing Metals Inc. logo (CNW Group/Angel Wing Metals Inc.)
