Chibougamau Mines Update
17 Juni 2014 - 7:07PM
Marketwired
Chibougamau Mines Update
ROUYN-NORANDA, QUEBEC--(Marketwired - Jun 17, 2014) -
Chibougamau Independent Mines Inc.("Chibougamau Mines")
(TSX-VENTURE:CBG)(STUT:CLL) wishes to update shareholders about the
status of work on our Chibougamau area properties.
Chibougamau Mines has completed a three dimensioned digital
compilation of the Grandroy copper gold mine property incorporating
historical drill data and recorded infrastructure (pit and ramp) in
order to better understand the ore body's structure and depth
potential. Geophysical surveys were completed over certain areas
deemed to be "on strike" of the mineralized body and additional
claims were acquired.
On September 9th and 18th as well as October 3rd, 2013, we
reported wide widths of copper silver mineralization in a series of
drill holes on our Jaculet #3 area claims. The new drill data as
well as historical drill data were compiled and built into sections
which allowed us to interpret the potential up dip projection of
the zone. A shallow penetration electromagnetic survey using a
"beep mat" was completed, which indicated a conductive body in the
area of the up dip projection of the copper silver zone intersected
in the drilling. A permit has been issued and we intend to trench
the area of the geophysical anomaly which has a shallow overburden
cover.
On the Berrigan property, which has extensive areas of zinc,
gold and silver mineralization indicated in diamond drilling and
underground sampling in a ramp, as reported to shareholders in a
press release dated February 4th, 2013 and in a NI 43-101 Technical
Review posted on our website, we have compiled the historical
drilling and our recent drilling in order to better understand the
structural controls of the mineralization and have produced a
series of new sections and plans. In addition, we have undertaken
induced polarization and magnetic surveys on our Lac Élaine
property to the west. The Lac Élaine property covers several
kilometers of the same rock units as contains the Berrigan zinc,
gold and silver mineralization but masked by a late sedimentary
rock unit. Our surveys were able to see through the late
sedimentary rock cover and indicated several strong geophysical
anomalies.
Geophysics and rock sampling were undertaken on areas of our
Kokko Creek property. Areas of anomalous copper mineralization will
be followed up upon.
Further study of the Mont Sorcier iron, titanium, vanadium
deposit (see press release dated December 2, 2013) were undertaken
including an analysis of all historical drill data, surface
sampling and metallurgical test work. A program has been developed
to upgrade the significant historical resource.
A number of deep and shallow penetration induced polarization
surveys and magnetometer surveys were undertaken over areas of know
copper and copper gold mineralization in Lake Chibougamau. The
results showed that the areas of mineralization intersected in
historical drilling were detected and indicated the potential
strike and dip extensions of the mineralization. A series of drill
targets have been prioritized for follow up drilling.
Two stock options totalling 425,000 shares, with 400,000 to a
director and senior project manager and 25,000 to a support person
which had lapsed, have been reissued at the current market price of
$0.06 per share. The options expire in five years. Senior officers
continue to take no salary in light of the current market
conditions.
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 the release.
Jack Stoch, P.Geo. President and CEO of Chibougamau Independent
Mines Inc. wrote this press release. Ray Zalnieriunas, P. Geo., in
the capacity as Qualified Person has reviewed and approved the
content of this press release.
We Seek Safe Harbour. |
CUSIP Number 167101 10 4 |
Forward Looking Statements
Except for historical information this News Release may contain
certain "forward looking statements". These statements may involve
a number of known and unknown risks and uncertainties and other
factors that may cause the actual results, level of activity and
performance to be materially different from the Companies
expectations and projections. A more detailed discussion of the
risks is available under "disclaimer" on the Company's website.
32,477,248 shares issued and outstanding
Jack Stoch, P.Geo., Acc.Dir.President & CEOChibougamau
Independent Mines
Inc.819.797.5242819.797.1470info@chibougamaumines.comwww.chibougamaumines.com
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