CIN-TSXV now in Urban Barry gold rush
Canadian Int'l Minerals acquires Au project in Quebec
2017-04-25 10:07 ET - News Release
Mr. Michael Schuss reports
CANADIAN INTERNATIONAL MINERALS INC. ACQUIRES ISKO GOLD PROJECT IN WINDFALL LAKE / URBAN-BARRY GOLD CAMP
Canadian International Minerals Inc. has acquired the ISKO gold project, located in the Windfall Lake/Urban-Barry gold district of the Abitibi subprovince in Quebec, host to the Windfall Lake, Zone 18, Barry, Gladiator and Nubar gold deposits.
ISKO gold project -- Windfall Lake/Urban-Barry camp
The ISKO property consists of 129 claim cells, with a total area of approximately 18,000 acres (7,284 hectares). It is accessible by all-season gravel forestry roads from the town of Lebel-sur-Quevillon, located 57 kilometres to the west.
The project is premised as a possible continuation of the Cameron deformation zone, which hosts a number of mineral deposits in Quebec, including the Nyrstar's Langlois mine approximately 40 km to the northwest, which produces zinc and copper concentrates with gold and silver byproducts.
A review of the SIGEOM (Systeme d'information geominiere) database has outlined prominent northwest-southeast-trending faulting, as evidenced by provincially sponsored high-resolution airborne magnetic surveys. Historical outcrop map data indicate the presence of andesitic, rhyolitic and metamorphosed volcanic units along the same trend, supporting an extension to the Urban-Barry greenstone belt, to the northwest and southeast of the project.
Previous exploration in the immediate area is extremely limited, with most of the property having never been included in mineral claims. The project is bordered by Osisko Mining Inc. to the northwest and North American Exploration Ltd. to the southeast. The company intends to complete geological mapping and geochemical soil sampling surveys in the summer of 2017.
"The Windfall/Urban-Barry gold camp has been the focus of significant market attention over the past few years, highlighted by Osisko's ongoing 400,000-metre drill campaign. Despite this substantial development, the region remains relatively underexplored. We are excited to have acquired sizable tenure along a prospective structural trend in a gold camp that is very much still emerging and are looking forward to getting boots on the ground this summer," commented Michael E. Schuss, president and chief executive officer of Canadian International Minerals.
To acquire a 100-per-cent interest in the project, the company will issue 3.5 million shares and grant a 2-per-cent royalty to the vendors. The transaction is subject to regulatory approval.
Qualified person
The technical data in this news release have been reviewed by Thomas Hasek, PEng, a qualified person under the terms of National Instrument 43-101.
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