Chibougamau Independent Mines Completes Mont Sorcier (Fe, Ti02, V205) Acquisition
(firmenpresse) - ROUYN-NORANDA, QUEBEC -- (Marketwired) -- 09/22/16 -- Chibougamau Independent Mines Inc. (TSX VENTURE: CBG) (STUT: CLL) is pleased to announce to shareholders that it has acquired 100% interest in 12 claims thereby giving Chibougamau Independent Mines Inc. ("Chibougamau") 100% interest in the Mont Sorcier iron/titanium/vanadium deposit now consisting of 57 claims located in Roy Township (32G16) 18 km east of the Town of Chibougamau.
The Mont Sorcier property covers two strataform, sub-vertical magmatic separation type magnetite/titanium/ vanadium deposits associated with gabbroic and anorthositic rocks of the Lac Dore complex, termed the North and South Zones. The North Zone is 2.4 km long by up to 137 m wide and the South Zone is 2.1 km long by up to 61 m wide. Both zones are open to depth.
The Mont Sorcier zones have undergone several stages of drilling and metallurgical test work. Work by Campbell Chibougamau Mines Ltd. and Quebec Government Laboratories generated the following historic resource.
In addition to the zones of iron, titanium and vanadium, there are two sulphide horizons, the Sulphur Converting Zone, north of and parallel to the North Zone which extend for a strike length of at least 1,500 meters and having widths of up to 25 metres. The enclosing rocks are chloritized felsic tuff. The sulphide mineralization consists of massive and stringer pyrrhotite and pyrite with chalcopyrite (Cu) and sphalerite (Zn). Historical drilling also encountered gold and silver mineralization. Trenching was reported to have returned up to 1.22 gpt Au over 1.22 m with a grab sample at the same spot from a sulphide vein returned 21.81 gpt Au and 1.8% Cu. Grab samples from a magnetite vein returned up to 6.64% Zn and 4.07% Cu. Grab samples are selective by nature and are unlikely to be representative of average grades. Chibougamau staff has not yet returned to the showing in order to resample it.
As a result of the acquisition of the 12 claims which now give Chibougamau 100% interest in both the North and South Zones, Globex and Chibougamau have agreed that Globex's 3% Gross Metal Royalty (GMR) on the original Mont Sorcier claim group will be reduced to 1% GMR but will now apply to the expanded Mont Sorcier claim package.
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 the release.
This press release was written by Jack Stoch, P. Geo., President and CEO of Chibougamau Independent Mines Inc. in his capacity as a Qualified Person (Q.P.) under NI 43-101.
Forward Looking Statements
Except for historical information this News Release may contain certain "forward looking statements". These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the Companies expectations and projections. A more detailed discussion of the risks is available under "disclaimer" on the Company's website.
37,228,542 shares issued and outstanding
Contacts:
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
819.797.5242
819.797.1470 (FAX)
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Datum: 22.09.2016 - 17:50 Uhr
Sprache: Deutsch
News-ID 496524
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ROUYN-NORANDA, QUEBEC
Kategorie:
Mining & Metals
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