Canadian Metals Inc. completes its summer 2018 diamond drilling campaign at its TV Tower Property in New Brunswick and intersect 3.2%Zn over 2 meters in TV-18-02 and 2.35 g/t Au over 2 meters in TV-18-14
MONTRÉAL, Oct. 02, 2018 (GLOBE NEWSWIRE) -- Canadian Metals Inc. (The “Corporation”) (CSE: CME) is pleased to announce it has completed its summer 2018 diamond drilling campaign at its TV Tower property in New Brunswick. The company is pending additional drill assay results from the latest 4 holes (TV-18-15, TV-18-16, TV-18-17 & TV-18-18) as well as extension of a fifth hole TV-18-14.
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The company has drilled an additional 789.5 meters in addition to the 744 meters announced in July for a total of 1533.5m in 18 holes. 13 out of the 18 holes have intersected disseminated, massive to semi-massive sulfide mineralization.
The polymetallic grades as well as gold values are interesting and the mineralization with texture and associated grades suggest that what has been drilled so far would be on perimeter of the mineralized system.
Initial interpretation of the sulfide mineralization by the QP based on the short holes and outcrop VMS surface contact suggested sub-horizontal sulfide lenses. The vertical hole 14 has been extended to 359m deep and has intersected sulfides (mainly: Pyrite, Arsenopyrite, Pyrrhotite, Sphalerite and Chalcopyrite) at various depth and the last deepest intersection of massive sulfides is from 303.5 to 307.8m and do not support the initially taught of a sub-horizontal single lens.
Afterward the hole 15 was collared right on a geophysical target (provided by the latest airborne survey) to the north of the discovery. The hole was drilled down to 152m, it intersect disseminated sulfides and note as much massive zones as expected. Decision was made by CME field team to test directly on the showing with a vertical hole, trench needed to be backfilled prior to drilling right on the discovery. In the meantime a short hole TV-18-16 of 50.5m was drilled at 45 degrees southward east of TV-18-01 to extent near surface and has intersected as well sulfide mineralisation. The Hole TV-18-17 was then drilled sub-vertical right on the discovery down to 197m. The hole has intersected continuous mineralisation of massive, semi massive, and disseminated of various composition Po, Py and Cpy with zones of Sericitic Schist with quartz and bluish quartz eyes in schist. This hole has probably followed the sulfide main lens discovered at surface. Based on that finding another vertical hole was collared south of the TV-18-7 which intersected VMS lens approximately 20m west of the discovery. This last hole TV-18-18 drilled sub-vertical down to 200m intersected as well significant sulfide mineralisation showing the East-West trend of the main sulfide lens and extension at depth.
Actually the sector is believed to host different lenses, a main lens have a recognized with extension of 200m vertical by 70 m East-West with variable thickness of 2 to 4.5m. The other smaller lenses extensions are unknown for the moment.
The drill hole logging has been completed by Merouane Rachidi Ph.D. P.Geo registered in New-Brunswick and QP of GoldMinds for Canadian Metals Inc. Samples after splitting in half in St-Quentin, N.B. have been sent to AGAT laboratory in Ontario for analysis. The results will be disclosed once received, validated and interpreted.
The holes have been surveyed by a registered surveyor to survey collars and drill hole directions at TV-Tower. The tables present drill hole coordinates and intersections with grades. Hole TV-18-14 is partial, holes 9, 10, 11, 12 & 13 where short holes drilled away from the showing and intersected anomalous grades without economic significance.
The attached images provide property location and neighbours (Figure 1), selected core pictures of the various holes (Figure 2 to 6).
Stephane Leblanc, Chief Executive Officer Comments:
"This summer exploration campaign at TV Tower has been fulfilled of positive surprises, there is still obviously work to do but we have a better understanding now of the main lens geometry than a month ago. We are anxious to receive the assay results of the remaining holes to guide us in the building of our next exploration program. We probably have not intersected the TV-Tower iceberg yet."
About TV Tower
The TV Tower property is composed of a total of 53 claim units covering approximately 1,157 hectares. The TV Tower property hosts potential Zn-Cu-Au massive sulphide lens. A new target for mineral exploration, located only 14 km south of the Trevali Caribou mines. The geological unit comprises dacitic to rhyolitic quartz-feldspar crystal tuff, dark grey iron formation and massive sulphides of the Tetagouche group.
Quality Control / Quality Assurance (QA/QC)
The samples were analyzed by the independent laboratory AGAT in Mississauga Ontario. The half core samples are dried, weighted and are crushed to have d80 passing 2mm and afterward riffle split to have 250 grams which is pulverized to have a pulp d80 of 75 microns and pulp is taken in Sodium Peroxide Fusion ICP-OES/ICP-MS Finish for the metals and the gold by done by Fire assay with ICP. Specific Gravity by Pycnometer is done on every sample at AGAT at this stage. The standards and blanks inserted by GoldMinds as well as internal AGAT quality control are in line with expected results and allow public disclosure of the results.
Qualified Persons
The technical information in this news release was prepared and approved by Claude Duplessis, P. Eng., and Merouane Rachidi P.Geo. of Goldminds Geoservices Inc. both independent Qualified Persons as defined by National Instrument 43-101 based on information provided by CME field team.
About Canadian Metals Inc.
Canadian Metals is a diversified resource company focused on creating shareholder value through the development of large-scale industrial mineral portfolios in specific commodities and jurisdictions that will fuel the new energy economy. The company is uniquely positioned to pursue this strategy in silicon, precious and base metal assets.
For more information, please contact:
René Boisvert
President,
Email: rboisvert@canadianmetalsinc.com
Stéphane Leblanc
Chairman and Chief Executive Officer
Email: sleblanc@canadianmetalsinc.com
Sean Tufford
Vice President, Corporate Development
Email: Sean@canadianmetalsinc.com
Phone: (902) 818 -8807
Website: www.canadianmetalsinc.com
Cautionary Statements Regarding Forward-Looking Information
Certain statements included herein may constitute “forward-looking statements”. All statements included in this press release that address future events, conditions, or results, including in connection with the prefeasibility study, its financing, job creation, the investments to complete the project and the potential performance, production, and environmental footprint of the ferrosilicon plant, are forward-looking statements. These forward-looking statements can be identified by the use of words such as “may”, “must”, “plan”, “believe”, “expect”, “estimate”, “think”, “continue”, “should”, “will”, “could”, “intend”, “anticipate”, or “future”, or the negative forms thereof or similar variations. These forward-looking statements are based on certain assumptions and analyses made by management in light of their experiences and their perception of historical trends, current conditions, and expected future developments, as well as other factors they believe are appropriate in the circumstances. These statements are subject to risks, uncertainties, and assumptions, including those mentioned in the Corporation’s continuous disclosure documents, which can be found under its profile on SEDAR (www.sedar.com). Many of such risks and uncertainties are outside the control of the Corporation and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In making such forward-looking statements, management has relied upon a number of material factors and assumptions, on the basis of currently available information, for which there is no insurance that such information will prove accurate. All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. The Corporation is under no obligation, and expressly 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 law.
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Tables and Figures accompanying this announcement are available at:
http://www.globenewswire.com/NewsRoom/AttachmentNg/da7c17ea-9f80-43d9-8c62-36af67e2dc2f
http://www.globenewswire.com/NewsRoom/AttachmentNg/5afddb23-ceb3-4d16-9941-48a1bd1fce06
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http://www.globenewswire.com/NewsRoom/AttachmentNg/84360ef7-74f4-4a58-b7f6-34ad83422fa1
http://www.globenewswire.com/NewsRoom/AttachmentNg/f97644cf-dce5-4763-9f5d-53e8ab011860
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