Shallow Historic Drilling Returns 29m @ 662ppm Co at Trident Prospect, Bass River Nova Scotia Including 15m @ 812ppm Co
(TheNewswire)
Toronto, ON / TheNewswire / July 23rd 2018: Chilean Metals Inc. (“Chilean Metals,” “CMX” or the “Company”)(TSX.V:CMX, OTCQB: CMETF, SSE:CMX, MILA:CMX, FRA: IVV1, BER : IVV1). Chilean Metals Inc is pleased to announce the assay results from two historic drillholes at the Trident prospect at Bass River in Nova Scotia.
Core from two historic holes drilled in 1987 at the Trident prospect was located at the Department of Natural Resources core library at Stellarton. The holes were drilled to test a subcropping magnetite occurrence. The entire length of the holes was resampled by Chilean at 1m intervals and assay results have now been received. The holes were very shallow, being 39.9m and 36.6m deep respectively and were angled at 45o. The collar locations of the holes are approximate as they have been scaled off a historic map.
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Results from the assays are :
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- BR-87-1
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oo25m @ 547ppm Co and 20.9% Fe from 5m depth
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- BR-87-2
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oo29m @ 662ppm Co and 21.9% Fe from 3m depth
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Including
Cobalt mineralisation commences immediately below the base of overburden in both holes. The holes intersected a mafic quartzite which has been flooded with magnetite and disseminated pyrite. This unit hosts the Cobalt mineralisation and appears to be dipping steeply to the south. Both holes terminated in a barren metasediment. Given the observed correlation between intense magnetite alteration and Cobalt mineralisation magnetics is considered a primary tool for target identification and mapping.
Data has also been received from the recent, very detailed helimag survey over the Trident prospect. This data has been modelled in 3D and a north-south section through the model at 438925E is presented. Two large, intensely magnetic bodies are apparent on the section. The historic drilling appears to have intersected a small apophysis protruding from a significantly thicker magnetic body labelled Target 1 whose southerly dip is consistent with field observations. A depth slice through the 3D magnetic model is also presented which indicates that the magnetic bodies have significant strike length.
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Mick Sharry, President and COO of Chilean Metals commented as follows : “We are very pleased and encouraged by both the assay results from the historic drill core which shows that we have a Cobalt mineralising system present associated with strong magnetite alteration and the results of the 3D magnetic modeling which indicate the very significant scale potential of the magnetic bodies. The cumulative strike length of the interpreted magnetic bodies is 1,100m and the model indicates significant depth extent as well. So we have both grade potential and tonnage potential. We are committed to driving these projects forward and building value for our shareholders. The next step in that process is a 3D IP survey at Trident to map the spatial distribution and intensity of the pyrite mineralisation which contains the Cobalt. That will commence over the next few days. Once we have that model, all available data will be combined to define multidisciplinary drill targets and we will move to drill test those soon after.
We are also moving forward with 3D magnetic modeling and IP at our recently announce Economy East project which is located only 10km from Trident and which we believe has very similar geological potential. Our focus is to deliver a portfolio of projects which add value and we are moving towards that systematically and as quickly as possible.”
The widths of mineralisation intersected are interpreted based on all available data to be close to true widths. Chilean follows systematic and rigorous sampling and analytical protocols which meet and exceed industry standards. All drill holes are diamond core holes with NQ core diameters. Drill core was stored at the DNR facility at Stellarton since the holes were drilled in 1987. The core is then cut in half with a diamond saw blade with half the sample retained in the core box for future reference and the other half placed into a pre-labelled plastic bag, sealed with a plastic zip tie, and identified with a unique sample number. The core is typically sampled over a 1 to 2 meter sample interval unless the geologist determines the presence of an important geological contact. The bagged samples are then stored in a secure area and are then sent by batch to the Actlabs laboratories in Ancaster for assay. Chilean independently inserts certified control standards, coarse field blanks, and duplicates into the sample stream where appropriate to monitor data quality. These standards are inserted “blindly” to the laboratory in the sample sequence prior to shipping. Laboratory duplicates are also analyzed. At the laboratory samples are dried, crushed, and pulverized and then analyzed using INAA .
About Chilean Metals,
Chilean Metals Inc. is a Canadian
Junior Exploration Company focusing on high potential Copper Gold
prospects in Chile & Canada.
Chilean Metals Inc is 100% owner of five properties comprising over 50,000 acres strategically located in the prolific IOCG (“Iron oxide-copper-gold”) belt of northern Chile. It also owns a 3% NSR royalty interest on any future production from the Copaquire Cu-Mo deposit, recently sold to a subsidiary of Teck Resources Inc. (“Teck”). Under the terms of the sale agreement, Teck has the right to acquire one third of the 3% NSR for $3 million dollars at any time. The Copaquire property borders Teck’s producing Quebrada Blanca copper mine in Chile’s First Region.
Chilean Metals Inc is the 100% owner of five Copper Gold Cobalt exploration properties in Nova Scotia on the western flank of the Cobequid-Chedabucto Fault Zone (CCFZ); Fox River, Parrsboro, Lynn, Economy and Bass River North respectively. It has also optioned two additional projects Trident at Bass River and Economy East. Chilean Metals is exploring, analyzing and drilling these properties in the summer of 2018.
ON BEHALF OF THE BOARD OF DIRECTORS OF
Chilean Metals Inc.
“Terry Lynch”
Terry Lynch, CEO
Contact: terry@chileanmetals.com
The Qualified Person for Chilean Metals Inc., as defined by National Instrument 43-101, is Mick Sharry, M.Sc. Consultant
Forward-looking Statements: This news release may contain certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that CMX expects to occur, are forward looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this document include statements regarding current and future exploration programs, activities and results. Although CMX believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capital and financing, inability to obtain required regulatory or governmental approvals and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.
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.
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