Matamec intersects 1.7 g/t Au over 30 m, including 4.26g/t over 4.5m, extending the strike length of Zone 25 to 700 m on the Sakami Property
June 19, 2017 (Source) –
Highlights of the 2,925 m spring drill campaign on Zone 25 extension:
- 1.70 g/t Au over 30m, including 4.26 g/t Au over 4.5m
- 1.96 g/t Au over 28.7m, including 4.11 g/t Au over 7.9m
- 3.82 g/t Au over 3.0m
- Hole PT-17-105 halted in mineralization with 0.73 g/t Au over 6m
Matamec Explorations Inc. (“Matamec” or the “Company”) (TSX VENTURE:MAT)(OTCQB:MHREF) and Canada Strategic Metals (“CSM”) (TSX VENTURE:CJC)(FRANKFURT:YXEN)(OTCBB:CJCFF) are pleased to announce the complete results from the 2017 spring drilling campaign on the Sakami property, of which the two companies each own 50%. A total of 2,925 m of drilling was completed in 7 drill holes (PT-17-100 to PT-17-106) along the shore of Sakami Lake to extend the known mineralized body to the west and at depth. This drilling successfully extended the strike length of the zone to 700m, and appears to support the theory of higher grade subdomains with rakes trending west-south-west (see figure 1). The broken core in drill hole PT-17-104A and the disjointed nature of PT-17-105 highlight the increasing geological complexity to the west. PT-17-105 was halted in mineralization, having reached drill rig depth capacity at a vertical depth of 450m. Further investigation will be required to understand its relation with Zone 25 and define its full width.
The highlights of this lot of results are from PT-17-102 with 1.7g/t over 30m including 4.26g/t over 4.5m and PT-17-106 with 1.17g/t over 10.5m. Drill hole PT-17-104 was recollared (PT-17-104A) and did not reach the target depth due to poor rock quality; possibly related to a fault zone (white dot on figure 1). However it did intersect 3.82g/t over 3m at a shallower level and in a similar geological context as Zone 25. Drill holes PT-17-103 and PT-17-105 did not intersect any significant Au mineralization at the expected intervals in the drilling, which highlights the potential geological complexity at the western extent (grey dots on figure 1). Further interpretation and geochemistry on the nature of a new diorite intrusion in the sequence should give a better understanding of the geological model as it will confirm the rock composition as a diorite or a highly altered paragneiss. This potential diorite could add to a growing list of similarities with the Goldcorp’s Eleonore Deposit. Mineralized intervals for PT-17-100 and PT-17-101 have previously been announced. The best intersections for the entire 2017 drill campaign are displayed in the table below.
*Core length; the true thickness is between 70 to 95% of the core length.
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.
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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, and has reviewed and approved the technical content of this press release.
“These results appear to support our belief that there is significant gold potential at Sakami,” said André Gauthier, President and CEO of Matamec. “The extension of Zone 25 to the west is encouraging, and we look forward to further investigation of this area of mineralization.”
Located in Montreal (Québec), 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 Québec (acting as agent of the Government of Québec); 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 two properties (Matheson JV (50%) and Pelangio (100%)) located in the area of the Hoyle Pond Mine in Timmins, ON, as well as three in the Quebec Plan Nord region in similar geological settings as established gold-producing mines. These include two in proximity to the Éléonore Mine (in James Bay, QC): Sakami (50%) and Opinaca Gold West (100%).
Neither 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 this release.
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