Canadian Orebodies Acquires Strategic Goodchild Lake Property
TORONTO, Feb. 20, 2018 (GLOBE NEWSWIRE) -- Canadian Orebodies Inc. (the “Company”) or (“Orebodies”) (TSX-V:CORE) is pleased to announce that it has purchased the “Goodchild Lake” mining property (the “Property”) which covers a strategic and highly prospective land holding in the middle of the Company’s 100% owned Black Raven project. The Property consists of 25 claim units totaling approximately 400 hectares, increasing the Company’s land holding in the immediate area to over 20,000 hectares.
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The Company purchased the claims from the court-appointed receiver of Century Mining Corporation (“Century”) for a cash payment of $40,000, the assumption of Century’s three percent (3%) net smelter returns royalty obligations in respect of the Property and the payment of a portion of the receiver’s expenses associated with the transaction.
In connection with the purchase, Orebodies also entered into an agreement with Teck Resources Limited (“Teck”) to terminate certain rights Teck had in relation to the Property in exchange for the granting to Teck of a one-half of one percent (0.5%) net smelter returns royalty in respect of the Property. The Company also entered into an agreement with the existing net smelter returns royalty holders on the Property to vary the terms on which the royalty may be bought down. In exchange for the issuance of 40,000 shares of the Company, Orebodies has obtained the right to purchase up to two-thirds of the royalty for $1,500,000.
“The Goodchild Lake acquisition covers a highly prospective property that hosts numerous high grade historical showings. Due to the bankruptcy proceedings these claims have not seen any follow up exploration in over a decade and a half,” said Gordon McKinnon, President and Chief Executive Officer of Canadian Orebodies. “With this acquisition the Company has solidified its land position in the area, which will allow for an aggressive and systematic 2018 exploration program of this gold bearing system.”
A map of the property is available at: https://canadianorebodies.com/site/assets/files/2011/beggs_lake_flt_centurym_geol.png
The Property is underlain by mafic volcanics with minor interflow sediments which have been intruded by the Goodchild serpentinite. The Beggs Lake Stock, an elliptical intrusion approximately 3.2 km by 1.5 km in size, of quartz monzonite to trondhjemite composition intrudes the metavolcanic rocks and the serpentinite.
Initial exploration on the Property during the 1950’s and 1960’s was focused on the nickel-copper potential of the Goodchild serpentinite and values of up to 2% Cu and 0.5% Ni over 2.5 metres were reported from diamond drilling. After the discovery of the Super G Gold Vein in 1993, located immediately southwest of the Property, the area was re-evaluated for its gold potential. Two styles of gold mineralization were subsequently recognized: (i) northwest trending, 2-8 metre wide pyritic, ankerite +/- albite altered shear zones in mafic volcanics (Moses Main); and (ii) quartz veining and associated disseminated pyrite within the Beggs Lake Stock along north to north-east trending structures (Lucky 13 and the UGM Trend).
The Moses Main Occurrence has been exposed by a series of trenches over a 200 metre strike length and samples collected in the 1990’s returned values of up to 8.6 gpt Au. The Lucky 13 is hosted within a strongly altered NNE trending shear within the Beggs Lake Stock from which grab samples returned values grading up to 100.8 gpt Au. The UGM Trend consists of three showings over a 500 metre strike length. Gold associated with elevated bismuth, molybdenum and tungsten values occurs along a northeast trending lineament within the Beggs Lake Stock, and values up to 3.0 gpt Au in outcrop and 10.8 gpt Au in boulders have been returned.
In addition, the Property covers a portion of the projected possible source area for the gold bearing float that comprises the Beaver Pond Boulder Train located just to the south of the Property. The Beaver Pond Boulder Train consists of abundant angular, syenitic-monzonite float material that are similar in appearance to the Beggs Lake Stock, and contains quartz veinlets and stockworks with 1-2% finely disseminated pyrite. Historic grab samples have returned results up to 47.66 gpt Au*.
Technical Information
This press release has been prepared under the supervision of Mr. Bruce Mackie (P.Geo.), who is a consultant to the Company and a “qualified person” (as such term is defined in National Instrument 43-101). Mr. Mackie has verified the technical data disclosed in this press release.
* Readers are cautioned that grab samples are selective by nature. The grades and mineralization present are unlikely to represent future average grades on the property.
About Canadian Orebodies Inc.
Canadian Orebodies is a Canadian-based mineral exploration company with a portfolio of properties in Ontario and Nunavut. Canadian Orebodies is focused on generating shareholder value through the advancement of its two Hemlo area properties: Wire Lake and the North Limb.
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, the timing of future exploration work or drilling, and the expansion of the mineralization. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Canadian Orebodies Inc., including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
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.
For more information please visit www.canadianorebodies.com or contact:
Gordon McKinnon, President & CEO
Canadian Orebodies Inc.
Tel: (416) 644-1747
A photo accompanying this announcement is available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/eabf5f9f-5469-400c-83fb-232351865489