VANCOUVER, BC / ACCESSWIRE / November 4, 2021 / CMC Metals Ltd. (TSX-V:CMB)(Frankfurt:ZM5N)(OTC PINK:CMCXF); (the "Company") announces that it has fulfilled all conditions and has subsequently extended the option period for the second anniversary year for four property agreements. Conditions including payments of cash and/or shares and expenditure requirements have been fulfilled for the Blue Heaven and Rancheria South properties in northern BC and Yukon and Bridal Veil and Terra Nova properties in Newfoundland.
Mr. John Bossio, Chairman notes: "These properties were quality assets which we acquired at very reasonable terms. We are finally getting to examine the potential of these properties and initiate preliminary work on them. CMC has a diversified portfolio of properties all of which were acquired due to our review of their geology, exploration history, and their overall exploration potential to host high grade polymetallic deposits."
Blue Heaven: The Company completed a SkyTEM airborne geophysical survey over the entire property which served to identify a geophysical anomaly coincident with an area of known north-easterly trending high grade polymetallic silver-lead-zinc veins. There are few outcrops in the area of the anomaly as it is heavily wooded. However limited prospecting in an area of new trail development resulted in the collection of two grab samples from new showings as follows:
|Location||Sample No.||Silver (g/t)||Lead (%)||Zinc (%)|
The Company is currently evaluating plans to further test the validity of this target given the high- grade nature of mineralization found in several showings (i.e., Blue, H, Hall, Triumph, Desire and Moar Showings) that are all in close proximity to the geophysical anomaly. Both the anomaly and geology being altered carbonates in close proximity to the contact with intrusives has led the Company to believe that the target has similar characteristics to that of mineralized areas at the adjacent Silver Hart property.
Rancheria South: The Company completed a SkyTEM airborne geophysical survey over the entire property which served to identify geophysical anomaly coincident with an area in the southwestern portion of the property. In this area there are at least four primary targets occur within the showings called Gunnar Berg which possibly represent:
1. A Silvertip style target: hosted in the McDame Group (dark blue) limestones, marbles and calcareous sedimentary rocks as evidenced by significant Pb, Zn and Ag soil anomalies;
2. Tungsten +/- Molybdenum skarns: significant tungsten values have been reported from partially tested trenches and sampling near the Gunnar Berg gossan and skarns zones;
3. Moly veinlets: molybdenum veinlets in stockworks have been noted to occur within 100-200 metres of contact of the Cassiar batholith in the area of the Gunnar Berg showing but are yet to be tested; and
4. Silver-Lead-Zinc Breccia's and Veins: high grade (up to 429 g/t Ag over 12 metres) have been noted at Gunnar Berg within an alteration area with a strike length of up to 900 meters
The Company intends to complete detailed prospecting of the Gunnar Berg area in the 2022 field season utilizing the historical data with the recent geophysical results to determine if the area merits further exploration by trenching and/or drilling activity.
Bridal Veil: The Company is in the process of completing channel sampling of the Bridal Veil showing and four soil survey grids. The four grids will provide a perspective on the extent of mineralization at the Bridal Veil area and in areas in the central and north-central portion of the property where regional government surveys identified three gold-in-till anomalies. This preliminary program is near completion and will help to determine the extent and nature of further exploration in 2022 and beyond.
Terra Nova: The Company has completed two site visits to the Property and the property optioners Nancy and Scott Rogers of Newfoundland completed additional prospecting and identified new showings in the area of exploration interest. Altered areas within the granites on the property contain mineralization within shear zones, stockwork-style vein systems, and disseminated mineralization. Previous sampling of several showings (i.e., the Copper Vein; Nancy's gold vein showing; New Alteration Zone; the Silver Pit; and, the Galena Vein Showing) that occur within a large alteration area of approximately 12 square kilometers are considered to have potential to host mesothermal gold-polymetallic deposits. The Company has sent several samples collected from limited prospecting this season for analysis. The Company also intends to pursue a permit to further explore the property in 2022 by constructing a trail into areas currently accessible only by foot at the Copper Vein, the new Alteration Zone and Nancy's gold vein showings to facilitate trenching and further exploration and to also conduct trenching at the road accessible Silver Pit Showing.
Kevin Brewer, a registered professional geoscientist in BC, Yukon and Newfoundland, is the Company's President and CEO, and Qualified Person (as defined by National Instrument 43101). He has approved the technical information reported herein. The Company is committed to meeting the highest standards of integrity, transparency and consistency in reporting technical content, including geological reporting, geophysical investigations, environmental and baseline studies, engineering studies, metallurgical testing, assaying and all other technical data.
About CMC Metals Ltd.
CMC Metals Ltd. is a growth stage exploration company focused on opportunities high graded polymetallic deposits in Yukon, British Columbia and Newfoundland and Labrador. Our silver-lead-zinc prospects in the Rancheria Silver District include the Silver Hart Deposit and Blue Heaven claims (the "Silver Hart Project") in Yukon, and Rancheria South, Amy and Silverknife claims (the "Rancheria South Project") in British Columbia. Our polymetallic projects with potential for copper-silver-gold and other metals include Logjam (Yukon), Bridal Veil and Terra Nova (both in Newfoundland).
On behalf of the Board:
"John Bossio"___ ____
John Bossio, Chairman
CMC METALS LTD.
For Further Information and Investor Inquiries:
Kevin Brewer, P. Geo., MBA, B.Sc.(Hons), Dip. Mine Eng.
President, CEO and Director Tel: (604) 670 0019 email@example.com
Suite 615-800 Pender St.
To be added to CMC's news distribution list, please send an email to firstname.lastname@example.org or contact Mr. Kevin Brewer.
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.
"This news release may contain certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. In this release disclosure regarding the potential to undertake future exploration work comprise forward looking statements. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects, to carry out the work and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, the impact of the constantly evolving COVID-19 pandemic crisis and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company's filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation."
SOURCE: CMC Metals Ltd.
View source version on accesswire.com: