Nitinat Provides Progress Report On Carscallen And Jasper Properties
TORONTO, April 23, 2018 (GLOBE NEWSWIRE) -- Nitinat Minerals Corp. (the “Company”) (TSXV:NZZ) (Frankfurt:04U1) is pleased to announce that the work on its 100% owned Carscallen Property is underway and is going as planned. The Corporation will be providing details on an ongoing basis as the work progresses and details become available.
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The Corporations is also pleased to announce the initiation of a work program on its 100% owned Jasper Property which is located inland from the western shore of Vancouver Island, B.C., roughly 80 kilometers Northwest of Victoria, lying in the area of Nitinat Creek and Lake and is accessed by logging roads coming in from the North. The Jasper Property consists of the Jas 3 legacy mineral claim and eight unnamed cell mineral claims that together comprise nine contiguous claims that cover 3978 hectares. The Jasper Property is 100% owned and operated by the Company.
The Highly Visible mineralized showings on the Jasper claims lie in a rugged forested area accessible by logging roads. The item of significance which set the claim area apart is that, when cuts were being made for the logging roads, significant showings of copper sulfide mineralized rocks occurred.
The Company will be proceeding with a work program immediately and has contacted professionals to provide modeling and 3D inversion of the airborne magnetic and electromagnetic data was completed for a portion of the Jasper Property. Also, magnetic inversion established low susceptibility bodies coincident with polymetallic MINFILE occurrences surrounded by narrow, vertical high susceptibility pipes. Electromagnetic inversion established a 2 layer resistivity model - thick high resistivity layer from surface to 300-600 m. depth overlying a thin, sub-horizontal to undulating low resistivity (high conductivity) layer. The deep high conductivity layer could represent a sedimentary, replacement, epithermal or metallic sulphide horizon, and has never been tested by drilling. Two to four deep (750 m.) diamond drill holes are proposed to test the sub-horizontal conductive layer where it is coincident with the area of low magnetic susceptibility and underlies copper-zinc+/-lead-silver-gold soil geochemical anomalies and 14 of 15 known polymetallic mineral occurrences. Also, downhole EM surveys will be included as part of the drilling program.
Prior to the drilling program, a property-wide isopach map of the conductive horizon will be generated by a qualified and experienced geophysicist to better interpret the lateral extent, depth and varying thickness of that horizon.
“The Corporation is highly pleased with the progress on both properties.” Says Herb Brugh, President of the Company. “We are looking forward to getting the work done as quickly as possible and to a great drilling season”.
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.
The Qualified Person for the Jasper Property is Jacques Houle, B.A.Sc., University of Toronto – Geological Engineering – Min. Ex. Option P.Eng. since 1989 Association of Professional Engineers and Geoscientists of B.C.
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.
Three photos accompanying this announcement are available at
http://resource.globenewswire.com/Resource/Download/b591cc3a-393e-498e-80e7-d9ced695bd8e
http://resource.globenewswire.com/Resource/Download/ea967a1d-c95c-4265-9482-db5372b826bd
http://resource.globenewswire.com/Resource/Download/671e92b5-bf62-4cdc-82f9-d354ecf1f1a9