Canadian Metals Outline Robust Pit-Constrained Mineral Resources Update at Langis
December 20, 2017 (Source) —
- High-grade silica sandstone deposit at surface pit-constrained resources:
- 3,900,000 tonnes Measured @ 99.01 % SiO2 and;
- 3,700,000 tonnes Indicated @ 98.92 % SiO2
- 7,600,000 tonnes M&I @ 98.96 % SiO2 at a cut-off grade of 97% SiO2;
- 14,000,000 tonnes Inferred @ 98.97 % SiO2
- Major increase in resource estimates 217% for Langis vs. October 2016 resources.
- Quarry permit in place with extraction of 674,000 tonnes in the M&I at 99% SiO2 fully permitted with the BEX and the Certificate of Authorization from the MDDELCC
Canadian Metals Inc. (The “Company”) (CSE:CME)(CSE:CME.CN)(CNSX:CME) is pleased to announce that the Company has received an updated Mineral Resource Estimate for its 100%-owned Langis Silica Property near Amqui, Quebec.
The updated resource calculation, accompanied by a revised interpretation and Block Model for the entire area drilled at Langis to date, is the most significant update since the Company’s initial works of 2013. It underscores the continuous nature of the sedimentary rocks at Langis where recent infill drilling and extension to the north-east suggests that there could be even more sandstone with grade of interest in extension and at depth of the actual mineral resource area.
The Langis project is fully permitted for initial mining of 674,000 tonnes of pit-constrained resources. The mineral resources incorporates the new 533m of drilling in 16 holes of 2017.
Note that mineral resources are not mineral reserves and do not have demonstrated economic viability. However, the reported mineral resources are considered by the qualified persons to have reasonable prospects for economic extraction as per CIM 2014 definitions.
- Original sample length varies from 1 to 1.5m, composites of 3m were used for the estimation of blocks.
- The density to convert volume to tonnage is now 2.33.
- The open-pit constrained resources were modeled on 5mE x 5mN x 3mZ block size within a 3D envelope.
- Search ellipsoid estimation ID3 are: 60x60x1.5m, 120x120x3m, 600x600x6m to enable connection of the structure of the south west holes to the highly drilled sector. Saucers dipping south-East at 3 degrees. 5 composites maximum in estimation.
- Classification: a minimum of 3 within 75m radius for Measured, 4 holes within 120m radius for Indicated, the remaining Inferred.
- The database used for this estimate includes drill results obtained from drill programs in 2013, 2015, 2017 and 1984 for geological contacts.
- The reasonable economic prospect of economic extraction is based on mining cost of 5$/t, processing cost of 10$, recovery of 95%, pit slope walls of 45 degrees and assumed selling price of Can$44/t with a COG of 97% SiO2.
- GoldMinds is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issues that could materially affect the mineral resource estimate.
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The National Instrument 43-101 Technical Report including the updated mineral resources for Langis contained in this news release will be delivered and filed on SEDAR within the next 45 days.
“This robust updated mineral resources puts the base to our next step in the development of the company: with important resources, a BEX and a Certificate of Authorisation from the MDDELCC, we are in very good position for the coming new year.” said Hubert Vallée, President & CEO of Canadian Metals Inc.
Quality Control / Quality Assurance (QA/QC) – Preparation
The samples were analyzed by at the independent laboratory at SGS Lakefield in Ontario. The half core sample are dried, crushed to have 75% passing 2mm and afterward riffle split to have 250grams which is pulverized with tungsten carbide puck pulverizer to have a pulp 85% passing 75 microns. Afterward an XRF borate fusion with 12 element analysis was done. The independent standards are in line with expected results as well as laboratory QA/QC and allow public disclosure of the results.
Claude Duplessis, Eng. of Goldminds Geoservices, a Qualified Person as defined by National Instrument 43-101, is responsible for the Langis Silica exploration program and has approved the technical information contained in this news release.
About Canadian Metals
Canadian Metals is focused on the development of its Langis project, a high-purity silica deposit located in the province of Quebec. The Company is rapidly positioning itself as a supplier of high purity silica and silicon alloy in North America. Silicon based materials can be formulated to provide a broad range of products from more durable, faster building materials with smarter electronic devices, solar panels and more efficient wind turbines. We expect to become a global supplier for a number of industries and applications but without limitation: glass, ceramics, lighting, oil and gas, paint, plastic and rubber. We also want to become an integrated supplier to metallurgical industries including foundries, and participate in a wide range of civil, industrial, environmental and related applications. These target markets are an integral part of the lives of millions of people every day.
Cautionary Statements Regarding Forward-Looking Information
Certain statements included herein may constitute “forward-looking statements”. All statements included in this press release that address future events, conditions or results, including in connection with the pre-feasibility study, its financing, the hybrid flex project, job creation, the investments to complete the project and the potential performance, production and environmental footprint of the silicon plant, are forward-looking statements. These forward-looking statements can be identified by the use of words such as “may”, “must”, “plan”, “believe”, “expect”, “estimate”, “think”, “continue”, “should”, “will”, “could”, “intend”, “anticipate” or “future” or the negative forms thereof or similar variations. These forward-looking statements are based on certain assumptions and analyses made by management in light of their experiences and their perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate in the circumstances. These statements are subject to risks, uncertainties and assumptions, including those mentioned in the Corporation’s continuous disclosure documents, which can be found under its profile on SEDAR (www.sedar.com). Many of such risks and uncertainties are outside the control of the Corporation and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In making such forward-looking statements, management has relied upon a number of material factors and assumptions, on the basis of currently available information, for which there is no insurance that such information will prove accurate. All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. The Corporation is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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