Calgary, Alberta--(Newsfile Corp. - July 24, 2023) - Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) ("Canadian Critical Minerals" or the "Company") is pleased to provide a further update on the exploration drilling program which began at the Thierry Mine Project near Pickle Lake, Ontario on July 6, 2023. To-date the Company has completed five NQ diamond drill holes and 1,752 metres of drilling with all holes encountering visual mineralization including copper, nickel and zinc. The Company recently completed CCM-23-55 which is the fifth hole in the 2023 drill program and the deepest hole drilled to-date. The Company cautions readers that visual identification of mineralization does not guarantee, or replace, assay results. Assay results may not meet or exceed results from earlier drill programs. Drill core samples have been selected for assay and the results will be reported once available.
The 2023 summer program is designed for approximately 2,500 metres of diamond drilling and will focus on expanding upon the K1-1 deposit which is a large tonnage, near surface deposit located approximately 3 km east of the past producing Thierry Mine. The K1-1 deposit has a current Inferred Mineral Resource within an optimized Whittle pit shell consisting of the following: 53,614,000 tonnes grading 0.38% Cu, 0.10% Ni, 1.8 g/t Ag, 0.03 g/t Au, 0.05 g/t Pt and 0.14 g/t Pd at a NSR of C$12/tonne (see NI 43-10 Technical Report filing on SEDAR dated February 22, 2021). The K1-1 deposit consists of approximately seven en echelon stacked lenses dipping at approximately 55 degrees to the north. The Company has outlined 40 drill targets intended to improve information on strike and down dip mineralized lens extensions relative to the pit shell. The 2023 program with focus initially on seven to eight priority targets. Based on planned drill angles the majority of drill holes should intersect structures at approximate true width.
CCM-23-55 Complete
CCM-23-55 was collared approximately 60 metres north of K-12-48 which was previously drilled by Cadillac Ventures in 2012. (See press release on SEDAR by Cadillac Ventures of September 13, 2012). K-12-48 intersected multiple stacked lenses beginning 200 metres from surface and terminating 409 metres from surface while still in mineralized material. One lense in K-12-48 yielded 68 metres at 0.48% Cu and 0.11% Ni beginning 231 metres from surface. CCM-23-55 was drilled parallel to K-12-48 and the hole was stopped after 479 metres while still in mineralized material. The hole was stopped to conserve financial resources so two additional holes can be completed in the 2023 summer program. Mineralization is consistently present throughout the entire hole. Chalcopyrite (Cu) and pyrrhotite are the primary sulphides with traces of pentlandite (Ni) and sphalerite (Zn). Both CCM-23-55 and K-12-48 have intersected mineralized structures outside of and below the current Whittle pit shell.
CCM-23-56 In Progress
CCM-23-56 was collared approximately 160 metres north of K-11-13 which was previously drilled by Cadillac Ventures in 2011 (see press release on SEDAR by Cadillac Ventures of September 13, 2011) and 120 metres north of K-12-47 which was previously drilled by Cadillac Ventures in 2012 (see press release on SEDAR by Cadillac Ventures of September 13, 2012). K-11-13 yielded 14 metres at 0.36% Cu and 0.13% Ni (including 4 metres at 0.52% Cu and 0.18% Ni) beginning 172 metres from surface. K-12-47 intersected multiple lenses including 32 metres at 0.35% Cu an 0.09% Ni beginning 207 metres from surface. CCM-23-56 is being drilled parallel to K-11-13 and K-12-47 and outside the conceptual pit shell to test for down dip extensions of known mineralization. This hole is collared in barren mafic volcanics.
Figure 1 - Plan map of historic and current/ongoing DDH at K1-1
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2187/174646_f488e65be4e44a9d_001full.jpg
Ian Berzins, President and CEO commented, "Our geological team, led by Brian Newton, is pleased with the visual observation of copper, nickel and zinc mineralization in all five holes of our 2023 drilling program at the Thierry Mine project and hole number CCM-23-55 appears visually to have the best mineralization yet. All five holes have identified mineralized structures consistent with our current Resource model. We believe there is significant potential to expand upon the current Inferred Resource at K1-1."
Qualified person
CCMI's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Brian H. Newton P.Geo., of Minroc Management Limited who serves as a Consultant to the Company and is a Qualified Person under the definition of National Instrument 43-101.
About Canadian Critical Minerals Inc.
Canadian Critical Minerals Inc. is a mining company primarily focused on two near-term copper production assets in Canada. CCMI's main asset is the 100% owned Bull River Mine project (>135 million lbs of copper) near Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver. CCMI's latest acquisition is the 100% owned Thierry Mine project (>1.3 billion lbs of copper) near Pickle Lake, Ontario which has a Mineral Resource containing copper, nickel, silver, palladium, platinum and gold.
Contact Information
Canadian Critical Minerals Inc.
Ian Berzins
President & Chief Executive Officer
M: +1-403-512-8202
E: iberzins@canadiancriticalmineralsinc.com
Website: www.canadiancriticalmineralsinc.com
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; and other risks.
Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/174646
