Nitinat Initiates the Geological Work Program on Carscallen
TORONTO, April 09, 2018 (GLOBE NEWSWIRE) -- Nitinat Minerals Corp. (TSXV:NZZ) (Frankfurt:04U1 (the “Company”) is pleased to announce that the Company has commenced work on the proposed work program on its 100% owned Carscallen Gold Property (also known as the Lalonde-Allaire claims) located in Northern Ontario. The Carscallen Gold Property is located 25 kms west of the City of Timmins and 7 kilometers north of the Lakeshore Gold’s Timmins Mine, which produced an aggregate of 185,600 ounces in 2014.
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Geological Work Program
Historical information suggests the presence of iron carbonate mafic to intermediate volcanic rock type with the stratigraphic aligned feature trending NW to SE. This unit has been the target of historical gold exploration and workings. The geological feature has an approximate 2km strike length and about 200m wide as exposure on or near surface.
Previous small scale mining is reported to have occurred towards the SE of the strike extent. The approximate shaft position (three in total) are located within and along the same strike as the mafic unit. Although small scale mining and the remnants of the shafts are found on the property, the extent of the mining activity is not known.
The Company has initiated an exploration program with the following activities to be undertaken:
- Cutting of access lines (shown in the diagram below) that cover the extent of the property and specifically the target area. A total of 23km of lines are planned to be cut.
A diagram accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/43a25df9-d253-4b26-8f69-d423e85486de - A geomagnetic survey will be carried out over the property at 12.5m intervals and at line spacing of 100m.
- An induced polarization (IP) survey will be carried out over the property with a pole-dipole electrode array and a dipole spacing of 50m.
- The total cost of the program is estimated at $60,000.
The program will start immediately and the initial results from the program are expected by mid-June.
“After this short inexpensive program, the Company should be able to identify drill targets,” stated Herb Brugh, President of the Corporation, “and with that the Company will initiate an extensive drill program on all of its claims in order to maximize shareholder value. The Company’s main objective is to find an economical ore body much the same as Lakeshore (Tahoe) has done.”
The Qualified Person for the Carscallen Property is John A. Gould, B.Sc. University of the Witwatersrand (Geology, Physics and Chemistry) Potchefstroom University of Higher Christian Education: BSc (Hons) (Geology) SACNASP Registration: 400022/10.
Corporation contact:
Herb Brugh, President and Director
Tel: 416.216.0964
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “anticipated”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Nitinat is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this release. Nitinat cannot assure investors that actual results will be consistent with these forward-looking statements and Nitinat assumes no obligation to update or revise the forward-looking statements contained in this release to reflect actual events or new circumstances.