Canadian Orebodies Commences Airborne Magnetic Survey Over New High Grade Gold-Bearing Structure
TORONTO, May 14, 2018 (GLOBE NEWSWIRE) -- Canadian Orebodies Inc. (the “Company”) (TSX-V:CORE) is pleased to announce the commencement of a High Resolution Tri-Axial Magnetic Airborne Survey (“Airborne Survey”) being flown over the northern portion of the Company’s Black Raven Project by Scott Hogg & Associates Ltd. of Toronto, Ontario.
The Airborne Survey, consisting of approximately 800 line kilometres, will cover the area surrounding the Beggs Lake Stock, where multiple new high grade gold occurrences were discovered last year (see Press Release dated March 1, 2018). Survey lines will be flown at 50 metre line spacing in both North-South and East-West directions in order to provide detailed mapping over the multiple cross-cutting structures that were encountered last field season.
“We are pleased to commence our 2018 exploration program by flying this detailed airborne survey, as it will provide additional structural and geologic information over the Beggs Lake Stock and along trend of several of the high grade discoveries made on the property. Data generated from the survey will be used to help guide our field crews over the 2018 field season to locate new gold bearing structures and expand on those discovered last year,” said Gordon McKinnon, President and Chief Executive Officer of Canadian Orebodies. “We are very encouraged by the high grade gold grab samples from last year that assayed up to 109 gpt Au, as they cover a significant strike length with limited sampling and no historical drilling. Completing this airborne survey now is the kick off to what will be a busy field season consisting of extensive prospecting, mapping, and sampling that will lead into a drilling program.”
In addition, during the month of April the Company staked a further 136 claim cells totaling approximately 2,400 hectares. These claims cover 12 kilometres of the interpreted extension of the structural corridor that was the focus of exploration last year. In total, Canadian Orebodies now controls over 20 kilometres in strike length of this prospective area.
Technical Information
Canadian Orebodies has implemented a quality-control program to comply with best practices in the collection and analysis of rock samples. Samples were transported in security-sealed bags to Activation Laboratories Ltd. in Thunder Bay, ON for preparation and assay.
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 three Hemlo area properties: Wire Lake, Black Raven 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