News I was talking about just released, but MONTRAL, QUBEC--(Marketwired - April 4, 2016) - Matamec Explorations inc. ("Matamec" or the "Company") (TSX VENTURE:MAT)(OTCQX:MHREF) and Canada Strategic Metals ("CSM") (TSX VENTURE:CJC)(FRANKFURT:YXEN)(OTCBB:CJCFF) are pleased to announce that the La Pointe zone of the Sakami property shows evidence of significant gold potential. The property is optioned by CSM (see below: Option agreement - Sakami Property) and is situated in James Bay (Qubec). The La Pointe zone is located in the southern part of the property (See figure 1: Sakami Property Geology).
Significant gold potential in the La Pointe Zone (Sakami Property)
The most significant drillhole intervals of the La Pointe zone are located along the northwest limit of the model, which remains open in that direction. Recent remodeling of the La Pointe zone revealed two superimposed main structures (vein 22 and 25), which have a relatively predictable continuity, as well as potential for additional veins (see figure 3: Vertical section).
Previously summarized details of the La Pointe zone (See figure 3: Longitudinal section):
- the zone is continuous along a lateral distance of at least 250 m;
- the zone extends beyond 500 m depth down the dip of the structures;
- the mineralization remains open to the northwest, as well as at depth, with the best intersects along the northern edge (See figure 2: Plan view).
These mineralised horizons are sub-parallel to the major tectonic contact, which spans more than 15 km on the Sakami property (see figure 1 Sakami Property Geology).
The orogenic gold deposits of the Sakami sector contain significant gold mineralisation occurrences that present similar characteristics as the same deposit types of the Abitibi and James Bay sectors. They consist of quartz and brown tourmaline with minor arsenopyrite mineralisation hosted within various lithologies (for example, the Opinaca sediments, the La Grande mafic volcanics, and iron formations) in association with a strong deformation zone, notably near the tectonic contact of the La Grande-Opinaca sub-provinces. The mineralisation style and tectonic setting share considerable similarities with the Eleonore mine and the Cheechoo showing.
Guy Desharnais, go., Ph.D. (OGQ No.1141), is a Qualified Person as per NI 43-101; he reviewed and approved the technical content of this press release.
"The La Pointe zone of the Sakami property has not yet revealed its full potential," said Andr Gauthier, President and CEO of Matamec. "Moreover, the breadth of the Company's gold property portfolio clearly demonstrates that Matamec's strategy "From gold to rare earths", is an added value for shareholders of the company".
Option Agreement - Sakami Property
On August 16th, 2013, Matamec signed an option agreement with CSM in which the latter could acquire a 50% interest in the Sakami gold project by spending $2,250,000CAD in exploration work over a period of three (3) years and before August 16th, 2016. CSM has spent nearly $1,600,000CAD on the property to date.
About Matamec
Matamec Explorations Inc. is a junior mining exploration company whose main focus is in developing the Kipawa HREE JV deposit owned at 72% by the Company and 28% by Ressources Qubec; Toyota Tsusho Corp. (Nagoya, Japan) holds a 10% royalty on net profit in the deposit. Furthermore, the Company is exploring more than 35 km of strike length in the Kipawa Alkalic Complex for rare earths-yttrium-zirconium-niobium-tantalum mineralization on its Zeus property.
The Company is also exploring for gold, base metals and platinum group metals. Its gold portfolio includes the Hoyle-Matheson Royalties, Matheson JV and Pelangio properties located along strike and in close proximity to the Hoyle Pond Mine in the prolific gold mining camp of Timmins, Ontario. Also, the Company holds a 1% NSR royalty in the Montclerg Property located 48 km northeast of Timmins along the Pipestone Fault.
In Qubec, the Company is exploring for rare metals on its Tansim property and for precious and base metals on its Sakami, Valmont and Vulcain properties.
This news release contains "forward-looking information" within the meaning of Canadian securities legislation. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "scheduled", "anticipates", "expects" or "does not expect", "pursue", "is expected", "scheduled", "targeted", or "believes", or variations of such words and phrases that state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Although, Matamec has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to, those risk factors set out in the Corporation's year-end Management Discussion and Analysis dated December 31, 2014 and other disclosure documents available under the Corporation's profile at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Matamec disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
"Neither 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."
Sakami Property Geology (Figure #1) is available at the following link : https://media3.marketwire.com/docs/Sakami_Property_Geology_Fig1_ANG.jpg
La Pointe Zone - Plan View of Vein 25 (Figure #2) is available at the following link : https://media3.marketwire.com/docs/LaPointeZone_PlanViewofVein%2325_Fig2_ANG.jpg
La Pointe Zone -Vertical Section (Figure #3) is available at the following link : https://media3.marketwire.com/docs/LaPointeZone_VerticalSection_Fig3_ANG.jpg
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