(TheNewswire)
January 26, 2017 / TheNewswire / Vancouver, British Columbia - Canadian International Minerals Inc. (the "Company") (TSX-V: CIN; FRANKFURT: 25C1) is pleased to provide an update on the Company's 100% owned Wicheeda Alkaline-Carbonatite project (the "Project"), located approximately 80 kilometers northeast of Prince George, B.C., in the heart of the Rocky Mountain Rare Metal Belt.
In 2011, the Company completed an 11 hole helicopter-supported diamond drill program on the Project. This program was designed to follow up on the 2010 drill program, which intercepted significant rare earth mineralization in all 9 holes, the most notable intercept being 37.3 meters of 1.43% TREO (Total Rare Earth Oxides) encountered in hole CA-10-006.
While the 2010 drill program was focused on the northwest portion of the claim block, in the vicinity of the Wicheeda Rare Earth deposit owned by Spectrum Mining Corp. (a private company), the 2011 drill program targeted a number of geophysical and geochemical targets approximately 1.8 km to 4.3 km to the southeast of the 2010 drilling.
The 2011 drilling campaign encountered rare earth mineralization in the majority of holes with most falling in the range of 0.2% - 0.5% TREO. The drill program confirmed that the alkaline intrusive body is mineralized in rare earths and rare metals over a 4.7 km strike length.
A preliminary reevaluation has affirmed that the project has significant Niobium potential which was not considered material at the time. The Company wishes to report the following Niobium assays from the 2011 drill program:
2011 Wicheeda
Drilling
** Intercept also returned 2.2 meters of 158 ppm Ta2O5
The Company continues to reevaluate the
exploration targets for the Wicheeda Project and will be investigating
a number of partnership avenues in the coming weeks.
About the Rocky Mountain Rare Metal Belt
The Rocky Mountain Rare Metal Belt is a 2,500 kilometer trend with geological conditions suitable for the emplacement of both rare earth elements and rare metals. The Belt is host to 3 main rare earth/metal deposits:
-Blue River/Upper Fir Tatalum-Niobium Deposit
Commerce Resource Corp. (TSX-V: CCE)
Approximately 330km southeast of Wicheeda
Indicated
Resource: 48.41 mt of 0.161% Nb2O5, and 197 g/t Ta2O5
-Aley Carbonatite Niobium Deposit
Taseko Mines Ltd. (TSX: TKO)
Approximately 240km northwest of Wicheeda
Proven
& Probable Resource: 83.8 mt of 0.5%
Nb2O5
-Wicheeda Rare Earth Elements
Deposit
Spectrum Mining Corp. (private company)
Directly adjacent to Wicheeda to the northwest
Inferred
Resource: 11.3 mt of 2.5% TREO (total rare earth
element oxides)
About Niobium
Niobium is used in super-alloys, in particular the aerospace industry. Its primary production and pricing is dominated by private producers who operate in an opaque market environment. These primary producers are dominated by CBMM, privately owned by the Salles family in Brazil. It produces approximately 85% of the world's niobium. Other Brazilian producers include China Molybdenum.
In April 2016, Anglo American plc. announced it had reached an agreement with China Molybdenum Company Ltd. to sell its Niobium and Phosphate businesses for a total cash consideration of $1.5 billion. The Niobium business comprises one mine and three processing facilities, two non-operating mines, two further mineral deposits, and sales and marketing operations in the United Kingdom and Singapore. Together, the businesses generated EBITDA of $146 million in the year ended 31 December 2015. Niobec is another primary niobium producer, located in Quebec and formerly owned by Iamgold Corp.
Former Barrick Gold's chief executive Aaron Regent, through his private equity-backed Magris Resources Inc., bought the Niobec mine for US$530 million in 2015.
Qualified Person
The technical data in this news release has been
reviewed by Thomas Hasek, P. Eng., a Qualified Person under the terms
of N.I. 43-101.
For further information, please contact:
Canadian International Minerals Inc.
Michael E. Schuss
President and CEO
Phone: 604-241-2254
Website: www.cin-v.com
Forward-looking Information
This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements; the uncertainty of future profitability; and the uncertainty of access to additional capital. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
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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