Matamec, Canada Strategic drill 7.9 m of 4.11 g/t Au
2017-05-18 10:35 ET - News Release
See News Release (C-MAT) Matamec Explorations Inc
Mr. Andre Gauthier of Matamec Explorations reports
MATAMEC INTERSECTS 4.11 G/T AU OVER 7.90 M ON ZONE 25, EXTENDING THE ZONE BY 70 M ON THE SAKAMI PROPERTY
Matamec Explorations Inc. and Canada Strategic Metals Inc. have completed the 2017 spring drilling campaign on the Sakami property, of which the two companies each owns 50 per cent. A total of 2,925 m of drilling was completed in 7 drill holes along the shore of Sakami Lake to extend the known mineralized body to the west. Drilling completed in 2016 suggests that the mineralization is thicker and locally richer in this direction.
The extension of the mineralized body was confirmed visibly in the drill core, with disseminated sulphides occurring on either side of the tectonic contact between the Opinaca and La Grande Provinces. Drill holes were planned to intersect the contact in 90 m step-outs to the west. The fact that each of the holes intersected mineralized intervals at or near the expected depth is a testament to the apparent continuity and extent of Zone 25.
To date, only analytical data for PT-17-100 and PT-17-101 has been received; additional results will be released once they have been received and compiled. The best intersections are displayed in the table below.
Drill Hole From To Length* Au (g/t) PT-17-100 295.50 307.50 12.00 1.02 including 304.50 307.50 3.00 2.07 PT-17-101 311.60 340.30 28.70 1.96 including 313.10 321.00 7.90 4.11
*Core length; the true thickness is between 70 to 95% of the core length.
Both of these intervals were intersected at the predicted depth, confirming the orientation of the mineralization towards the west.
Figure 1 : Results to date confirm the extension of Zone 25 by at least 70 m to the west. Matamec is awaiting analytical results for drill holes shown in red. (https://www.marketwire.com/library/20170518-fig1enmatamec_800.jpg)
CSM recently exercised an option to acquire another 20% of the Sakami property from Matamec in exchange for 1 million shares in the company and a commitment to spend 2M$ per year on exploration over 5 years and complete an independent bankable feasibility study. Please see the press release from February 14th, 2017 for more details of the option agreement and the ownership structure of the property. During the period covered by the option agreement, CSM will remain the operator of the exploration work, supervised by a management committee comprising two representatives of CSM and two representatives of Matamec.
Guy Desharnais, P.Geo., Ph.D. (OGQ No.1141), is a Qualified Person as per NI 43-101; he is employed by SGS Canada Inc., is independent of Matamec, designed the drill program and has reviewed and approved the technical content of this press release. "We have always believed there to be significant gold potential at Sakami, and these results seem to support that," said Andre Gauthier, President and CEO of Matamec. "We look forward to receiving and sharing the other results from this most recent drill program once they become available."
About Matamec
Map showing location of Matamec Gold and Energy properties. (https://www.marketwire.com/library/20170518-mapeng_matamec_800.jpg)
Located in Montreal (Quebec), Matamec Explorations Inc. is a junior mining exploration company in which activities are based on two main axes of development: gold, and key elements for technologies related to energy with properties containing, among others, lithium (Tansim-owned at 100%), Cobalt (Fabre-100% owned), nickel (Vulcain-100% owned) and rare earths (Kipawa-72% owned by Matamec).
Matamec's main focus is the development of the Kipawa Heavy Rare Earth Elements (HREE) deposit, a joint venture owned at 72% by Matamec and 28% by Ressources Quebec (acting as agent of the Government of Quebec); Toyota Tsusho Corp. (Nagoya, Japan) holds a 10% royalty on net profit in the deposit.
In addition to the activities in energy sector, Matamec is exploring for gold, with three properties (HMR (1% NSR), Matheson JV (50%) and Pelangio (100%)) located in the area of the Hoyle Pond Mine in Timmins, ON, as well as four in the Quebec Plan Nord region in similar geological settings as established gold-producing mines. These include two in proximity to the Eleonore Mine (in James Bay, QC): Sakami (50%) and Opinaca Gold West (100%).
© 2017 Canjex Publishing Ltd. All rights reserved.