HALIFAX, Nov. 30, 2016 /CNW/ - Northwest Arm Capital Inc.
("NWA") (TSX-V: NWA), is pleased to announce that Mr.
Paul Sparkes has joined its Board of
Directors effective immediately. Mr. Sparkes' appointment is
subject to TSX Venture Exchange approval.
Board of Directors Changes
Mr. Sparkes is an accomplished business executive and entrepreneur
with more than 25 years of experience in media, finance and
politics. He spent a decade as a leader in the broadcast and new
media industry as CTVglobemedia's Executive Vice President,
Corporate Affairs. He also held senior positions in public service,
including with the Government of Canada as Director of Operations to Prime
Minister, Jean Chretien, and as a
senior aide to two Premiers of Newfoundland and Labrador, Clyde
Wells and Brian Tobin. Mr.
Sparkes also co-founded Difference Capital Financial Inc. and
currently serves on a number of private and public boards.
Dan Whittaker, CEO of NWA,
commented, "We're extremely pleased to have Paul join our Board of
Directors. His varied experience and knowledge will no doubt be a
significant asset as we grow. We look forward to Paul's
involvement."
Mr. Jamie Davison has resigned
from the Board of Directors, also effective immediately. Mr.
Davison is a founder of NWA and the Board wishes to express their
gratitude and appreciation for his efforts and participation from
NWA's inception.
Mr. Dan Whittaker has also been
appointed Chairman and President.
Exploration Progress
As announced previously on November 8,
2016, NWA has completed the acquisition of an option from
Altius Resources Inc., to earn a 100% interest in the Wilding Lake
Gold Project (the "Project") in central Newfoundland. As a result of the transaction,
Altius is now NWA's largest single shareholder holding 19.95% of
NWA's outstanding common shares.
The Project hosts new high grade gold mineralization within
shear-related orogenic style quartz veins and quartz stockworks
underneath shallow overburden in an area that has not previously
been systematically explored for gold and covers more than 50
kilometres of strike length of the projected structure that is
believed to control the regional gold mineralization at Marathon
Gold's Valentine Lake property and
Wilding Lake.
Recent exploration work on the Project has primarily consisted
of excavator trenching, mapping and rock channel sampling while
soil sampling and reconnaissance mapping has been undertaken
regionally. To date, gold mineralization has been identified along
approximately 3.5 km of the 50 km prospective structural trend.
Samples have been submitted for assay and will be released
following interpretation of the results.
In addition, line cutting has commenced to establish 82
kilometers of exploration grid lines to cover a region of 2.6km by
1.4km in preparation for ground based magnetic and induced
polarization geophysical surveys over the main region of currently
known gold occurrences.
Howard Bird, P.Geo., a member of
the Board of Directors of NWA, is the qualified person as defined
by NI 43-101 responsible for the scientific and technical data
presented herein and has reviewed and approved this release.
Cautionary Statements
This press release may contain forward-looking information, such
as statements regarding NWA and the planned work program for the
Project. This information is based on current expectations and
assumptions (including assumptions relating to general economic and
market conditions) that are subject to significant risks and
uncertainties that are difficult to predict, including risks
relating to adverse weather and other conditions affecting work
programs at the Project. Actual results may differ materially from
results suggested in any forward-looking information. NWA does not
assume any obligation to update forward-looking information in this
release, or to update the reasons why actual results could differ
from those reflected in the forward-looking information unless and
until required by securities laws applicable to NWA. Additional
information identifying risks and uncertainties is contained in the
filings made by NWA with Canadian securities regulators, which
filings are available at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Northwest Arm Capital Inc.