VANCOUVER, BC / ACCESSWIRE / July 13, 2022 / CMC Metals Ltd. (TSXV:CMB) (Frankfurt:ZM5P) (OTC PINK:CMCXF) (“CMC” or the “Company”) is pleased to announce that McKeown Exploration Services (“MES”) has initiated a gravity survey on our Silverknife Property in northern British Columbia. MES is a specialist in gravity surveys. The design of the program was prepared in consultation with MES by Dr. Chris Hale and Mr. John Gilliatt of Intelligent Exploration who are the Company’s geophysical contractors.
Approximately 15.4 line kilometers of gravity survey will be completed in the northern part of the Property (see Figure 1) to further evaluate the significant conductors previously identified by the airborne SkyTEM survey (see CMC Press Release of May 11, 2022, and Figure 2). The survey is expected to take about 3 weeks to complete.
The Silverknife property is located immediately west of the Silvertip Mine property owned by Coeur Mining (“Coeur”). The Silvertip Mine is one of the highest-grade underground silver-lead-zinc deposits in the world and is currently under care and maintenance. Recent announcements by Coeur relating to a new discovery at Camp Creek West are very encouraging results and improve the prospectivity of the Silverknife Property. The Camp Creek West zone is approaching the Company boundary claim. The combination of this recent discovery by Coeur and other features such as the significant airborne conductors identified on the Silverknife property, the right geological setting for CRD’s, the existence of the Silverknife Prospect, and regional northeast fault structures that are likely key control mechanisms for mineral deposition, all indicate a high level of prospectivity at Silverknife.
Further analysis of the previously identified conductors through the construction of a 3D Geosoft Model by CMC’s geophysical contractor Intelligent Exploration, appears to indicate that previous drilling on the Silverknife Prospect (back in the mid 1980’s) was conducted on the edge of the conductors (see Figures 3 and 4).
That program resulted in an historical resource which has not been verified in any manner by the Company. However, it does provide encouragement to the Company as mineralization is existent in close proximity to the conductors. In addition, the conductors have a large areal extent indicated by various cross sections prepared by Intelligent Exploration, ranging from the most easterly flight line (line 401201) thence 700 meters westwards (line 400501). They also appear to have a good lateral extent and thickness (see Figures 5-7 at end of this release)
A gravity survey is a good technique to compliment the data from the SkyTEM airborne survey. It provides useful information, particularly in the case where there is no outcrop present as is the case in the northern part of the property that has up to 50 meters of quaternary cover. Gravity surveys are known to work well in the Rancheria Silver District to aid in pinpointing drill targets. Generally speaking, gravity surveys can show where areas of greater density exist. These areas of higher density are potentially targets for silver-lead-zinc mineralization exists as they would typically have a higher density than surrounding geological strata.
Mr. John Bossio, Chairman noted, “The increasing level of prospectivity at the Silverknife property is very exciting. Our systematic exploration approach on all of our properties in the Rancheria Silver District utilizes a combination of geological, geochemical and geophysical information combined with some of the best expertise and knowledge of carbonate replacement deposits (“CRD’s”). All of this culminates to maximize the probability for exploration success. We are optimistic that the gravity survey at Silverknife will serve to pinpoint drill targets that we can then pursue once we have project permits in place.”
Mr. Kevin Brewer, President and CEO noted, “We are in active discussions with British Columbia regarding a permit for a range of exploration activities including drilling at the Silverknife Property. Which we hope will culminate in a permit issuance in the foreseeable future. We will also soon be updating our plans to engage First Nations and local affected communities on our proposed activities as this current work will further enable us to finalize the exploration plan for Silverknife for the next few years.”
Qualified Person Kevin Brewer, a registered professional geoscientist, is the Company’s President and CEO, and Qualified Person (as defined by National Instrument 43-101). He has given his approval of the technical information pertaining reported herein. The Company is committed to meeting the highest standards of integrity, transparency and consistency in reporting technical content, including geological reporting, geophysical investigations, environmental and baseline studies, engineering studies, metallurgical testing, assaying and all other technical data.
About CMC Metals Ltd.
CMC Metals Ltd. is a growth stage exploration company focused on opportunities for high grade polymetallic deposits in Yukon, British Columbia and Newfoundland. Our polymetallic silver-lead-zinc CRD prospects include the Silver Hart Deposit and Blue Heaven claims (the “Silver Hart Project”) and Rancheria South, Amy and Silverknife claims (the “Rancheria South Project”). Our polymetallic projects with potential for copper-silver-gold and other metals include Logjam (Yukon), Bridal Veil, Terra Nova and Rodney Pond (central Newfoundland).
On behalf of the Board:
John Bossio, Chairman
CMC METALS LTD.
For Further Information and Investor Inquiries:
Kevin Brewer, P. Geo., MBA, B.Sc.(Hons), Dip. Mine Eng.
President, CEO and Director
Tel: (709) 327 8013
Suite 1000-409 Granville St.
Neither the 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.
“This news release may contain certain statements that constitute “forward-looking information” within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. In this release disclosure regarding the potential to undertake future exploration work comprise forward looking statements. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects, to carry out the work and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, the impact of the constantly evolving COVID-19 pandemic crisis and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company’s filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company 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 securities legislation.”