ROUYN-NORANDA, QUÉBEC--(Marketwired - March 21, 2017) - Chibougamau Independent Mines Inc. (TSX
VENTURE:CBG)(STUT:CLL)(OTC PINK:CMAUF) continues to refine our understanding of the geological potential of our large
mining camp land package which includes five former mines, two unmined deposits (one copper-gold, one zinc-gold-silver) the down
dip of three former sizable producers and our large exploration position which includes numerous under explored drill
intersections of copper and/or gold.
On January 18, 2017 Chibougamau announced the results of two drill holes on the C3 copper-gold zone of our Bateman Bay mine
property. Hole BJ-16-15 intersected 6.33m (20.7ft) grading 3.65% copper and 0.82 g/t gold. Hole BJ-16-16 returned 12.5m
(41ft) grading 3.61% copper and 1.72 g/t gold. True widths are approximately 60-65% of intersection widths. We recently
tried to undertake a down hole geophysical survey to better define the strike of the mineralized zone, but the contractor was
unable to descend the equipment in the drill holes. We are currently studying the distribution of the recent and previous drill
intersections in order to plan additional drilling. Interestingly as reported in the press release, over the 90 meter down dip
distance between the two new drill holes, the width of the mineralized zone and gold grade have doubled. The robust copper grade
has remained constant.
This is significant in the overall context of the Chibougamau mining camp. Historically the mining camp has produced
approximately 45.35 million short tons of copper ore grading 1.74% copper and 2.24 g/t gold. Using a historic metal price of USD
$0.436 per pound for copper and USD $60.48 per ounce for gold, gold would represent 22.4% of the revenue from production. On the
other hand, using somewhat current and conservative prices of say USD $2.50 per pound for copper and USD $1,150 per ounce for
gold, would contribute 48.8% of the revenue. Historically exploration and production were focused on copper. The mining camp must
now be considered a copper-gold mining camp rather than a copper mining camp with emphasis placed upon the long-ignored gold
potential in addition to the historic copper focus.
On February 6, 2017, Chibougamau announced the results of five drill holes on our Berrigan zinc-gold-silver property. All five
holes intersected multiple mineralized zones at shallow vertical depths including individual assays of up to
11.34% Zn, 10.36 g/t Au and 83.00
g/t Ag over varying widths. Mineralization is widespread and the distribution of the mineralized zones complex
due to faulting and folding. The Berrigan mineralization is the only zinc-gold-silver zone in the Chibougamau mining camp and
more indepth work is clearly warranted on this large land package.
Lastly, Vanadium One Energy Corp. (TSX VENTURE:VONE) has completed its
financing and has paid Chibougamau Independent the $150,000 cash component and issued 2,750,000 Vanadium One shares to
Chibougamau as per our agreement. Chibougamau retains a 2% Gross Metal Royalty on their Mont Sorcier iron-vanadium deposit
located east of Chibougamau.
This press release was written by Jack Stoch, P. Geo., President and CEO of Chibougamau Independent Mines Inc. in his capacity
as a Qualified Person (Q.P.) under NI 43-101.
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 the release.
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Forward Looking Statements
Except for historical information this News Release may contain certain "forward looking statements". These statements may
involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of
activity and performance to be materially different from the Companies expectations and projections. A more detailed discussion
of the risks is available under "disclaimer" on the Company's website.
38,438,442 shares issued and outstanding