Vancouver, British Columbia - (October 11, 2017) - CMC Metals
Ltd. - (TSXV:
CMB) ("the Company") - is pleased to announce results
from the summer 2017 drilling program at the Company's 100% owned Silver
Hart silver-zinc-lead property in southwest Yukon. The drilling program
was completed in July 2107 and consisted of 843m of drilling. Core
samples were collected and significant intervals are summarized in the
following release.
2017 Program
A total of 843 m of diamond drilling was completed at the Silver Hart
property. The drilling program was executed by Longford Exploration
Services Ltd. of Vancouver, BC. Drill holes were designed to target the M,
KL, and TM zones. Drilling was designed to confirm and infill historic
results and extend known mineralization. Fourteen holes were completed to
depths ranging from 43 to 79 m. One hole was vertical and the remaining
were inclined, ranging from -45 to -70o.
A total of 153 half-core samples were collected. Samples averaged 1.15 m
in length. Seventeen QC samples consisting of CRMs and coarse blanks were
inserted into to the sample stream prior to shipping samples to the
prep-lab.
Drilling was completed by Paycore Enterprises Ltd. out of McBride, BC
utilizing a low-impact track mounted diamond drill rig.
Significant intersections from 2017 sampling of 2017 drill core:
*
The reader is cautioned that all the above tabled intercepts are
as-drilled intercepts and are not equivalent to true widths.
Significant intervals were determined using a 300g silver equivalent cut-off
grade calculated using the following assumptions: Ag $18/oz, Zn $1.20/lb, Pb
$1.00/lb. The Silver Equivalent Formula assumes 100% recovery of all metals.
All samples collected in 2017 were sent to Bureau Veritas Mineral
Laboratories in Whitehorse, Yukon. Samples were crushed, split and
pulverized to -200 mesh, underwent aquaregia digestion and multielement
ICP-ES analysis as well as lead collection fire assay using a 30g charge.
Overlimit lead was assayed using classical titration.
Michael Scholz, Director of CMC stated: "We now know we are in the right
area in this world class mining district. The previous drill program
confirmed that we are on the right track and we are currently formulating
plans to continue drilling this project. We have recently met with a third
party consulting group to engage in the design and subsequent ramp up of an
underground mining operation, with the on-site mill and pad having already
been completed."
2010 Program
A diamond drill program was completed at the Silver Hart property in 2010.
The assay results have been obtained from the laboratory, ALS Chemex, North
Vancouver, B.C. and will be released shortly.
About the Silver Hart Property
The Silver Hart Property is located within the Rancheria District, YT,
Canada. Diamond drill holes drilled in 2017 targeted the M, KL, and TM
zones. Drilling was designed to confirm and infill historic results and
extend known mineralization. Fourteen holes were completed to depths ranging
from 43m to 79m. One hole was vertical and the remaining were inclined,
ranging from -45o to -70o. The Company has a 30-man camp on the property.
Certain bulk samples have been taken historically, and float concentrates
prepared and sold. The Company did not undertake work on the property from
2013 - 2016 inclusive.
The property is located approximately 60km north of the Silvertip mine in
BC. The Silvertip mine has been recently bought by Coeur Mining of Chicago,
IL for initial consideration of approximately US$200 million, consisting of
approximately US$146.5 million of cash, and approximately US$38.5 million of
Coeur shares (approximately 4.3 million new shares) an assumption of US$15
million of existing debt (announced September 11th, 2017).
Management Changes
Ian Graham, has resigned as a Board member, President and CEO in order to
pursue other opportunities. Ian will provide project support services to the
company until October 31st.
The company is also pleased to announce Mr. Salim Tharani as the new
President, CEO and member of the Board of Directors effective immediately.
Stock Options
The company has also applied for the reservation of 2M stock options for
Officers, employees and consultants at 9 cents per share for a period of 2
years.
About CMC Metals.
CMC Metals Ltd. is a mineral exploration company focused on opportunities in
the United States and Canada that offer potential for near-term cash flow.
The Company is led by a seasoned team with experience developing assets to
production. CMC hold a 50% interest in the Radcliff Gold property (formerly
the World Beater Mine) in California located 9 Miles (14 km) north of the
Briggs Gold Mine in the Panamint range in Inyo county, Southwestern
California. The Radcliff covers 1,654 acres (670 Ha) comprising 10 patented
claims, 5 unpatented mill sites and 84 unpatented mine claims. The Company's
Silver Hart Property is a Silver-Lead-Zinc asset located in the Yukon, 132
km west of Watson Lake, and covers 2,200 hectares and 116 Contiguous and
partial claims.
On behalf of the Board:
Michael Scholz, Director
CMC METALS LTD.
For further information please contact Mr. Michael Scholz at Tel:
604-605-0166 email: info@cmcmetals.ca