(TheNewswire)
Vancouver, BC. / TheNewswire / March 8, 2018 - CMC Metals Ltd. - (the “Company”) (TSX-V: CMB) – is moving forward with preparations for a second consecutive season of development, in June-September, at its wholly-owned Silver Hart property, encompassing more than 2,100 hectares in the Watson Lake Mining District, Yukon Territory [“YT”] which comprise 116 contiguous full and partial mineral claims. The diamond drilling program last year at Silver Hart, carried out by Longford Exploration (“Longford”) geologists under a $500,000 budget, enabled the Company to assay current and historical drill core, as a result of which - as previously reported - significant intervals using a 300g silver equivalent cut-off grade were determined successfully. Since close to 90% of the area comprising the CMC claims at Silver Hart has yet to be explored, potential for further high-grade silver-lead-zinc discovery remains considerable regarding this property.
Based upon both historic and recent Silver Hart exploration results, the Company has commissioned Longford to produce a 3D model based on the consolidation of extensive drill data in hand, and is applying for permitting to undertake further resource readiness drilling of up to 2,000 metres during the forthcoming 2018 mining season in the YT. In connection with its intention to advance plans to concentrate this year, and ongoing, towards proving out the resource scope, the Company will be working with the Yukon Government [“YG”] in making necessary improvements to ensure ready access by personnel and equipment to the 43 km. road to the property. A remediation agreement dealing with the existing camp and future probable reclamation requirements at Silver Hart also has been secured with the YG. Under its terms, the Company posted a $146,070 bond, to be released at such time as CMC obtains a new approval that includes authorization to make use of the historical infrastructure on site, and which also includes obligations to reclaim it (on-claim road upgrades, the camp, Quonset hut, mill and crusher pads, other disturbed areas, tanks, and other miscellaneous equipment and materials).
The Silver Hart Property is located within the Rancheria District, YT, Canada. Diamond drill holes completed in 2017 targeted the M, KL, and TM zones. Drilling was designed to confirm and infill historic results, and extend known mineralization. Fourteen holes were completed to depths ranging from 43m to 79m. One hole was vertical and the remaining were inclined, ranging from -45o to -70o. The Company has a 30-man camp on the property. Certain bulk samples have been taken historically, and float concentrates prepared and sold. The Company did not undertake work on the property from 2013– 2016 inclusive.
The Company refers to its February 26, 2018 Press Release, and wishes to correct information set out therein, in that reference was made to the cancellation of 714,000 incentive stock options granted to directors which options were exercisable at $0.12 per share and set to expire on June 16, 2018. Rather, reference should have reflected that 400,000 of the 714,000 options cancelled were set to expire June 16, 2018, and the remaining 314,000 options were set to expire June 12, 2019.
In addition, the expiration date of the newly reserved 3,300,000 incentive stock options referenced in our February 26, 2018 Press Release should reflect February 26, 2019, not February 22, 2019.
About CMC Metals.
CMC Metals Ltd. is a mineral exploration company focused on opportunities in the United States and Canada that offers potential for near-term cash flow. The Company is led by a seasoned team with experience developing assets to production. CMC holds a 100% interest in the Golden Point gold property bordering Teck Resources located in the Golden Triangle of British Columbia comprising of 87 claims totalling 1,518 Ha. 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:
“Michael C. Scholz”
Michael Scholz, Director
CMC METALS LTD.
For more information and to be added to CMC's news distribution list, please send an email to info@cmcmetals.ca or call Mr. Michael Scholz at 604-605-0166
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 potential to undertake future work 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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