3,000 m campaign on Zone 25 seeks to confirm the extension of gold mineralization to the west and follow up on previous results that include 21.05 m of 4.94 g/t Au
Montreal, Quebec – March 28, 2017 – Canada Strategic Metals Inc. (“Canada Strategic Metals” or “the Company”) (TSX.V: CJC; FSE: YXEN; OTC-BB: CJCFF) and Matamec Explorations Inc. (TSX-V: MAT, OTC-QB: MHREF) are pleased to announce the commencement of drilling on the Sakami property. A total of 3,000 m of drilling is planned on Sakami to extend the known mineralized body to the west. Drilling in 2016 suggests that the mineralization is thicker and locally richer in this direction. It also confirms the relatively consistent orientation of the mineralization, which allows for more aggressive step-outs of 90 m.
The figure below illustrates the distribution of mineralized intervals and planned drilling.
Figure 1. Oblique image of Zone 25 showing the distribution of mineralized intervals created using a 1g/t lower limit and shown as spheres according to the thickness. Red traces represent the planned drilling.
Figure 2. Vertical section looking west, showing the proposed drill traces in red with respect to the possible extensions to Zone 25 (grey polygon).
At this time, each company owns 50 % of the Sakami project. Canada Strategic Metals recently exercised an option to acquire an additional 20% of the Sakami property from Matamec in exchange for 1 million shares in the Company and a commitment to spend CDN$ 2,000,000 in exploration work per year for the next five years, during which time it must also 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, Canada Strategic Metals will remain the operator of the exploration works, supervised by a management committee comprising two representatives of Canada Strategic Metals and two representatives of Matamec.
Canada Strategic Metals is well funded, having recently closed a round of funding for a total of $1,329,690 hard cash and $2,502,500 flow-through.
The drilling program has designed by Guy Desharnais, Ph.D. (OGQ No.1141), employed by SGS Canada Inc. and independent of Matamec and Canada Strategic.
Jean-Sebastien Lavallée (OGQ #773), geologist, shareholder and Chief Executive Officer of the Company and a Qualified Person under NI 43-101, has reviewed and approved the technical content of this release.
About Canada Strategic Metals
Canada Strategic Metals is an emerging company focused on the exploration and development of a number of projects in Quebec. With broad management experience in green technology and junior resource exploration and development, Canada Strategic Metals is well positioned to aggressively advance this promising property portfolio for its shareholders.
For more information on the Company, please visit www.csmetals.ca.
Jean-Sébastien Lavallée, P. Geo
President and Chief Executive Officer
Paradox Public Relations
Momentum Public Relations Inc.
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.
- September 20, 2023 Quebec Precious Metals Congratulates Harfang Exploration on its Spodumene Discovery near the Sakami Project, James Bay, Quebec
- August 22, 2023 Quebec Precious Metals Identifies High Priority Lithium Targets on James Bay Projects
- August 09, 2023 Quebec Precious Metals Grants Stock Options and Deferred Share Units, Issue Shares in Payment of Debts
- July 28, 2023 Quebec Precious Metals Closes Second and Final Tranche of $1.4 M Private Placement, Announces Results of Annual Shareholders Meeting, Appoints Geneviève Ayotte as director
- July 12, 2023 Quebec Precious Metals Closes first tranche of Private Placement
- June 27, 2023 Quebec Precious Metals Announces Private Placement
- May 05, 2023 Quebec Precious Metals to Issue Shares in Payment of Debts and Deferred Share Units
- March 27, 2023 Quebec Precious Metals to Reveal Lithium Potential on James Bay Projects and Hires IR Firm Paradox
- February 03, 2023 Quebec Precious Metals to Issue Shares in Payment of Debts and Deferred Share Units
- December 15, 2022 Quebec Precious Metals to Issue Shares in Payment of Debts and Deferred Share Units
- November 11, 2022 Idaho Champion and Quebec Precious Metals Closes Acquisition of Prospective Lithium Projects in Pegmatite-Rich James Bay region, Quebec
- November 07, 2022 Quebec Precious Metals receives $ 1 M payment
- October 12, 2022 Quebec Precious Metals announces results of Annual shareholders meeting
- October 10, 2022 Quebec Precious Metals continues sales process for Kipawa & Zeus projects following termination of agreement by Vital