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Re: Property News - Thursday, April 22, 2010
Logan Resources Completes Ground Magnetic Survey
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Vancouver, BC, April 22, 2009 - Logan Resources Ltd. (TSXV:LGR) (the "Company) is pleased to announce the results of the ground magnetic survey on its Redford Property carried out by Orequest Consultants Ltd. in March, 2010. The survey totaled 5.5 km and was carried out with two GEM GSM-19 magnetometers.
The purpose of the survey was to detail the magnetic high associated with the former Noranda, Brynnor Iron Mine. The Brynnor Mine is located approximately 15 km northeast from Ucluelet, B.C.
The survey outlined a magnetic body interpreted to be 400 metres long and up to 110 metres wide. A broad magnetic high is present from the edge of the now flooded Brynnor open-pit, to the limit of the survey. The amplitude of the high varies from 5,500nT to 9,000nT. At line 450E the amplitude of the high diminishes to 2500nT to indicate the end of the anomaly at or near line 450E. Steep, inaccessible terrain on the side of Mount Redford prevents extending the coverage to the east beyond L450E.
When the results are modeled to characterize the cause of the anomaly using induced magnetism with the current magnetic field (I = 70�N and D = 17�E), the following results are obtained. The modeling was done with Geosoft Magpoly V2.21.
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Location Width Depth Dip
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L0, 0 - 50N 50m 50m 90 degrees
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L50E, 0 - 50N 50m 50m 90 degrees
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Ll00E, 0 - 50N 50m 50m 90 degrees
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Ll50E, 0 - 50N 50m 50m 90 degrees
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L200E, 12.5S - 37.5N 50m 50m 80 degrees N
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L250E, 37.5S - 25N 87.5m 50m 60 degrees N
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L300E, 75 S - 37.5N 112.5m 50m 50 degrees N
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L350E, 75 S - 37.5N 112.5m 50m 45 degrees N
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L400E, 37.5S - 50N 87.5m 50m 35 degrees N
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These results compare favorably with regard to the width and depth of the known deposit.
Qualitatively, east of the creek on L0 to Ll50E, where most of the drilling and underground development has taken place, the anomalies (in profile) are similar but fall in amplitude from 8,500nT on L0E to 6,000nT on L150E.
>From L200E to the eastern limit of the survey, the symmetry of the anomalies changes such that the dip of the model gradually changes to the north and at the same time the amplitude increases to 9,000nT on L300E and L350E, the highest recorded.
In geophysical surveys, it is the top of the target closest to the instrument sensor that produces the majority of the signal and is best resolved. There is no evidence of the bottom of the magnetic body in this case so it would appear to have an appreciable depth extent.
Logan drilled four holes in 2008 to test the east side of the deposit. These holes hit a shallow north-dipping magnetite horizon, that is in part, consistent with the interpreted magnetic body. The remnant model has a dip of 20�N consistent with the drilling.
A map of the magnetic survey results can be viewed on Logan's website at www.loganresources.ca
J.L. LeBel, P.Eng, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
Logan Resources Ltd. is a mineral exploration company that specializes in acquiring, exploring and advancing Canadian mineral properties. The Company has a diversified portfolio of precious metal, base metal and uranium projects. For more information on the property portfolio and the Company, please visit www.loganresources.ca, www.sedar.com and www.sec.gov websites.
ON BEHALF OF THE BOARD
"Seamus Young"
Seamus Young
President and CEO
For Further Information Please Contact:
Seamus Young, President and CEO, 604-689-0299
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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Copyright (c) 2010 LOGAN RESOURCES LTD. (LGR) All rights reserved.
For more information visit our website at http://www.loganresources.ca/
or send mailto:info@loganresources.ca
Message sent on Thur Apr 22, 2010 at 6:00:00 AM Pacific Time
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Logan Resources Ltd
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CODE : LGR.V |
ISIN : CA5410953031 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Logan Resources is a silver and gold exploration company based in Canada. Logan Resources holds various exploration projects in Canada. Its main exploration properties are CHEYENNE, CASSIAR PLATEAU and HEIDI in Canada. Logan Resources is listed in Canada and in United States of America. Its market capitalisation is CA$ 2.6 millions as of today (US$ 2.0 millions, € 1.6 millions). Its stock quote reached its highest recent level on September 22, 2000 at CA$ 9.60, and its lowest recent point on February 19, 2016 at CA$ 0.03. Logan Resources has 42 740 000 shares outstanding. |