CMC Metals Ltd. Identifies Drill Targets at Amy and Completes Mapping and Sampling Efforts at Silverknife In Preparation for its Proposed 2025 Drilling Program
VANCOUVER, British Columbia, Oct. 03, 2024 (GLOBE NEWSWIRE) -- CMC Metals Ltd. (TSX-V: CMB) (Frankfurt: ZM5P) (OTCQB: CMCXF) (“CMC” or the “Company”) is pleased to announce that the Company has completed a recent site visit at Amy where drill targets were identified for our proposed 2025 drill program. In addition, our geological team completed a detailed mapping and prospecting program on the Silverknife Property.
Amy is a high-grade silver-lead-zinc CRD target located just 8 kilometers to the west of Coeur Mining’s Silvertip mine in north-central British Columbia and is 100% owned by the Company. Historically the property has been subject to considerable exploration work including two adits (4450 and 4200 levels) with over 700 meters of development, 300,000-line feet of geochemical and geophysical surveys, 31,000 cubic feet of trenching (in over 20 trenches) and 10,498 feet (3,200 meters) of drilling. At the 1280-foot level, the historical adit was reported to have intersected 140 feet of highly mineralized vein material and a mineralized vein with over 10 meters in length and 1.2 meters in width that assayed 19.08 oz/t silver, 0.64% lead and 7.78% zinc. It is noted that the Company and the Qualified Person has not been able to verify these historical results so they should not be relied upon in any manner.
In 2022, SRK completed a compilation of historical data for the Company that included several episodes of exploration. That review served to identify a large geochemical anomaly over 4 kilometers in strike length and 500-1300 meters in width immediately adjacent to a sediment-intrusive contact that is an ideal setting for a CRD style deposit. This large anomalous area is yet to be explored with modern exploration techniques. Recent mapping efforts by CMC have identified a massive sulphide mantle and several gossanous areas on surface just south of the 4450 level portal location that are thought to have been the target of historical drilling and adit development efforts (see Plates 1-3). Samples were collected from the surface mantle as well as from the 4450 dump and have been submitted for assaying. CMC is preparing a permit application for the property which will include the reopening of former trenches (>20) and an extensive drill program proposed for the 2025 season.
Portal 4200 level
Plate 1: Portal 4200 level
Outcrop of the oxidized massive sulfide manto in contact with the gossan zone
Plate 2: Outcrop of the oxidized massive sulfide manto in contact with the gossan zone
Hand sample collected from the 4450 level dump, massive sulfides in contact with intrusive with disseminated galena
Plate 3: Hand sample collected from the 4450 level dump, massive sulfides in contact with intrusive with disseminated galena
Previous sampling results from the Amy property
Our geological team also completed a 1;2,500 scale mapping effort on the Silverknife Property. Areas that encountered alteration and gossanous zones were mapped in greater detail at 1:1,000 scale. The work was completed in cooperation with Coeur Mining Inc. who own the adjacent Silvertip Mine property. Mapping efforts in the Silverknife South Zone identified the presence of fugitive calcite and zones of strong pervasive oxidation in sandstones of the Tapioca Formation. Fugitive calcite is considered to be an indicator mineral for CRD deposition. Sandstones are typically not reactive and hence are often not altered. But in the Silverknife South Zone they have been altered which suggests that alteration may also occur in the underlying limestone units. Therefore, this presents a valid target for CRD mineralization. Our Senior Geologist, Cesar Symonds had the opportunity to present his findings to Dr. Peter Megaw, a renowned expert on CRD deposits, who urged the Company to continue its current approach to exploration efforts on the Silverknife Property. Mapping efforts also served to confirm the presence of limestone in the Tootsee North Zone that overlie the previously identified geophysical anomaly presenting another favorable target for CRD mineralization. The property is already permitted for drilling and further work will be undertaken to pinpoint drill targets for drilling in the foreseeable future.
Mr. Kevin Brewer, P.Geo. and President and CEO of the Company noted that “We are very excited with the continued positive results and advancement of our Amy and Silverknife properties. Our immediate plans are to finalize the plan for advanced exploration efforts which we expect will include reopening of trenches, new trenches, drill road and pad development, drilling and possibly other activities for current permitting efforts. We promised to take these projects to drill ready stage and we are close to achieving that objective. Both Amy and Silverknife have significant potential to host high grade silver-lead-zinc carbonate replacement deposit(s).”
Qualified Person
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 in the Rancheria Silver District include the Silver Hart Deposit and Blue Heaven claims (Yukon), Amy and Silverknife claims (British Columbia). Our polymetallic projects with potential for copper-silver-gold and other metals include Bridal Veil (central Newfoundland) and Logjam (Yukon). CMC also continues to have a significant holding in the Bishop Mill gold processing facility that is currently undergoing refurbishment and test processing by North Bay Resources Inc.
On behalf of the Board: “Kevin Brewer” Kevin Brewer, President, CEO and Director CMC METALS LTD.
For Further Information and Investor Inquiries:
Kevin Brewer, P. Geo., MBA, B.Sc.(Hons), Dip. Mine Eng.
To be added to CMC's news distribution list, please send an email to [email protected] or contact Mr. Kevin Brewer directly.
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.”
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