Calgary, Alberta--(Newsfile Corp. - August 3, 2023) - Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) ("Canadian Critical Minerals" or the "Company") is pleased to announce completion of a successful summer exploration drilling program at the Thierry Mine Project near Pickle Lake, Ontario. The Company completed seven NQ diamond drill holes and 2,598 metres of drilling with all holes encountering visual mineralization including copper, nickel and zinc. All drill holes intersected mineralized structures over similar widths and at depths from surface that are consistent with previous drilling results. The Company recently completed holes CCM-23-56 and CCM-23-57. 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 was focused on expanding upon the K1-1 deposit which is a large tonnage, near surface copper-nickel 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. Five of the seven drill holes were drilled outside of the current pit shell and orientated to intersect down dip extensions of extrapolated mineralized structures. The drill holes were designed to intersect structures at an approximate true width.
CCM-23-56 Complete
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 and 0.09% Ni beginning 207 metres from surface. CCM-23-56 was drilled parallel to K-11-13 and K-12-47 and outside the conceptual pit shell. This hole was collared in barren mafic volcanics and entered zones of mafic flows, ultramafics and mafic tuffs at a depth of 210 metres from surface until the hole was terminated at 425 metres. Mineralization was consistently present throughout the entire hole once it left the mafic volcanics. Chalcopyrite (Cu) and pyrrhotite are the primary sulphides with traces of pentlandite (Ni) and sphalerite (Zn).
CCM-23-57 Complete
CCM-23-57 was collared approximately 130 metres north of K-11-03 which was previously drilled by Cadillac Ventures in 2011 (see press release on SEDAR by Cadillac Ventures of May 5, 2011). K-11-03 yielded 177 metres at 0.39% Cu beginning 172 metres from surface. CCM-23-57 was drilled parallel to K-11-03 and outside the conceptual pit shell to a depth of 465 metres to test for down dip extensions of known mineralization. This hole was collared in barren mafic volcanics and entered zones of mafic flows, ultramafics and mafic tuffs at a depth of 248 metres from surface until the hole was terminated at 465 metres. Mineralization was consistently present throughout the entire hole once it left the mafic volcanics. Chalcopyrite (Cu) and pyrrhotite are the primary sulphides with traces of pentlandite (Ni) and sphalerite (Zn).
Figure 1 - Plan map of historic and current/ongoing DDH at K1-1.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2187/176040_1098bba024d7fa42_001full.jpg
Ian Berzins, President and CEO commented, "We are pleased to complete this initial drill program at K1-1 representing the first drilling at Thierry since 2012. Our geological team visually observed copper, nickel and zinc mineralization in all seven holes in our 2023 drilling program. All seven holes intersected mineralized structures consistent with our geological interpretation. We look forward to receipt of assay results to confirm our visual observations."
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.
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