(TheNewswire)
Vancouver, BC. / TheNewswire / June 27, 2017: CMC Metals Ltd. - ("the Company") (TSX-V: CMB) (PK: CMCXF) (Frankfurt: ZM5N) - is pleased to announce that the summer 2017 drilling program at its 100% owned Silver Hart silver-zinc-lead property in the Yukon is progressing on budget and schedule. Drilling is being conducted per terms of a Class 1 Notification under an Allowance to Proceed granted by the Mineral Resources Branch of the Yukon Department of Energy, Mines and Resources. The drilling is being undertaken using a low-impact (24.8 kPa ground pressure) diesel hydraulic track mounted core drill rig, subject to certain track imprint remediation by the Company.
The Company announced (June 12, 2017) plans to drill up to 12 holes, including some confirmatory and some exploration work. The program has been expanded to comprise 14 holes, expected to entail about 800 - 850m of drilling.
In addition to the drilling the company has relocated some extensive intervals of historically drilled but previously un-sampled core to its off-site core sampling and logging base near Rancheria: quick-logging and sampling of this material is ongoing. The company also cleaned and secured the camp located on the Silver Hart property.
"We are pleased with the progress of work at Silver Hart: in addition to drilling we are sampling certain historic drill holes that were not sampled for assay, and we have evaluated the condition of the existing camp, equipment, core storage facilities and certain historic workings and road infrastructure to assist with future work plans," stated Ian Graham, CEO.
The Company further wishes to announce that it has repriced its originally announced 4,200,000 Unit Flow-Through private placement as announced pursuant to its June 1, 2017 press release, from $0.12 per Unit to $0.10 per Unit, and increased the number of Units available pursuant thereto from 4,200,000 Units to up to 5,000,000 Units. Other than the change in the Unit price and increase in the number of Units being offered, the remaining terms and conditions as set out in original June 1, 2017 release, remain unchanged. This transaction remains subject to TSX Venture Exchange approval.
About CMC Metals.
CMC Metals Ltd. is a mineral exploration company focused on opportunities in the United States and Canada that offer potential for near-term cash flow. The Company is led by a seasoned team with experience developing assets to production. CMC hold a 50% interest in the Radcliff Gold property (formerly the World Beater Mine) in California located 9 Miles (14 km) north of the Briggs Gold Mine in the Panamint range in Inyo county, Southwestern California. The Radcliff covers 1,654 acres (670 Ha) comprising 10 patented claims, 5 unpatented mill sites and 84 unpatented mine claims. The Company's Silver Hart Property is a Silver-Lead-Zinc asset located in the Yukon, 132 km west of Watson Lake, and covers 2,200 hectares and 116 Contiguous and partial claims.
On behalf of the Board:
CMC METALS LTD.
For further information please contact Mr. Michael Scholz at Tel: 604-605-0166 email: info@cmcmetals.ca
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 includes 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 number of planned holes, the anticipated drilling of 800 - 850 meters, and the expected completion of field-based work targeted to occur by June 30th, and that evaluating the condition of the existing camp, equipment, core storage facilities and historic workings and road infrastructure to assist with future work plans, all 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 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, 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."
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