VANCOUVER, British Columbia, Oct. 14, 2020 (GLOBE NEWSWIRE) — Winshear Gold Corp. (TSX-V: WINS) has received gold assay results from an additional 69 channel samples at the Coritiri Target within the Gaban Gold Project in south-eastern Peru. Gaban is located in the Puno Orogenic Gold Belt (“POGB”) at the juncture of the San Gaban and Inambari Rivers, which then drain into the Madre de Dios basin where extensive alluvial gold mining covers a 700 square mile area (Figure 1). Winshear is investigating Gaban as a potential hard-rock source for the alluvial gold being mined at Madre de Dios.
Dr. Mark Sander, President of Winshear, commented: “The first exploration campaign of 2020 on our Gaban gold project has served to increase the size of the main Coritiri anomaly to 400 m by 1,200 m and defined another emerging gold anomaly several hundred metres to the north. With Covid19 restrictions easing, we are now back in the field with one team and planning to add a second in the coming weeks to accelerate progress in covering more ground with high quality channel samples. We are also beginning the permitting process for our first drill holes, intending to collect all required field data this year.”69 channel samples were collected from creek-side and excavated outcrops in Winshear’s first campaign of 2020. Of the 69 channel samples reported in this press release:5 samples returned between 0.50 – 3.53g/t Au2 samples returned between 0.10 – 0.50 g/t Au50 samples returned between 0.005 – 0.10 g/t Au12 samples returned below detection (0.005 g/t Au)Of the total 299 samples collected to date:42 samples returned between 0.50 – 15.8 g/t Au37 samples returned between 0.10 – 0.50 g/t Au200 samples returned between 0.005 – 0.10 g/t Au20 samples returned below detection (0.005 g/t Au)Winshear has defined multiple mineralized structures within the 400m x 1,200m area of the main Coritiri anomaly associated with a shear / deformation zone dipping to the southwest at approximately 40º.  In addition, there are isolated, outlier high grade samples to the east and south of Coritiri reflected in the Winshear and Palamina samples.Coritiri Gold ZoneCoritiri was initially identified from interpretation of airborne magnetic data, flown in 2018, which inferred the presence of an 8 km x 1 km NW-SE linear target adjacent to a 6.5 km x 3.0 km northwest-southeast trending magnetic high. The geophysical anomaly / target is coincident with a 5 km long series of gold-in-stream sediment anomalies located within the Yanamayo River catchment. The underlying geology in the area comprises sheared and deformed siltstones and slates with foliation typically striking northwest-southeast and dipping moderately to the southwest.William McGuinty P. Geo. of OTD Exploration Services Inc., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the contents of this news release. Mr. McGuinty has visited Winshear’s Gaban exploration project and reviewed sampling methods and quality assurance / quality control (QA/QC) programs for the project.In 2019 Winshear Gold Corp. acquired the Gaban Gold Project in the Puno region, SE Peru and the Tinka IOCG project in the Ica district, southern Peru, from Palamina Corp. The Company, formerly Helio Resource Corp., has also delivered notice to the Tanzanian government to commence arbitration to recover its investment in the SMP gold project in Tanzania.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.

Cautions Regarding Forward-Looking Statements

This news release includes certain statements and information that may contain forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including, if any, those related to the likelihood of commercial mining or the ability to fund future mine development are forward-looking statements and contain forward-looking information. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements concerning: Company plans at the Gaban or Tinka projects, the Company’s ability to fund either of those projects, and any Company plans in relation to any interest it has or may have in the SMP project in Tanzania.

Generally, forward-looking information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including the risks normally involved in the exploration, development and mining business or as may be otherwise set out in the Company’s filings with Canadian securities regulatory agencies.  Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. For more information please contact Irene Dorsman at (604) 210-8751 or by e-mail at .

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