Idaho Champion Gold Mines Canada Inc. (CSE: ITKO) (“Champion” or
the "Company"), is pleased to report that the Company has completed
the purchase of 822 federal US mining claims in four blocks
(approximately 6,871 hectares) in Lemhi County, Idaho from American
Cobalt Corp. in the Idaho Cobalt Belt, collectively known as the
“Champion Projects.”
(See Figure 1 below for an Idaho Cobalt Belt map
with individual project locations).
The acquisition of the four Champion Projects
represents a transformative acquisition for the Company. The
acquisition places Idaho Champion with key land in the Idaho Cobalt
Belt.
The Company believes that the Idaho Cobalt Belt
represents the premier district for primary Cobalt discoveries in
North America. The region hosts a rich endowment of mineral
resources only beginning to be unlocked due to recent exploration
activity driven by the price of Cobalt. Modern exploration
techniques have proven fruitful in expanding historic resources and
making new discoveries.
The four projects are summarized as follows:
Victory Project – (Dup Claims)
201 claims totaling 1,627 Hectares
The DUP Claims, located 6 km south of the
Blackbird Mine, sit adjacent to, on-trend and immediately south of
International Cobalt’s Blackbird Creek Project. Three
copper-cobalt occurrences exist on the project; the French Gulch
Mine, Victory, and Dupuis.
Fairway Project (SC Claims) 144
Claims totaling 1,165 Hectares
The SC Claims are located one km north of
eCobalt’s Blackpine copper-cobalt Project. The SC Project is host
to stratiform sulphide mineralization found in massive sections
which typically contain pyrite and chalcopyrite. Aside from the
copper rich strata, there are several narrower cobalt-gold rich
arsenopyrite-bearing beds present in the copper mineralized
section.
Twin Peaks Project – (TP and
Badger Claims) 377 Claims totaling 2,600 Hectares
The TP claims are host to the Twin Peaks Copper
mine and are surrounded by the Badger claims located in Badger
Basin. The historical Twin Peaks mine has been described as
having broad shear zones of modest grade copper mineralization. The
TP and Badger claims lie approximately 3 km east of US Cobalt’s
Iron Creek Project, recently acquired by First Cobalt Corporation
(TSX-V: FCC) for a total implied equity value of approximately
C$149.9 million on a fully-diluted in-the-money basis at the time
of entering the agreement. Please refer to First Cobalt Press
Release on March 14, 2018.
Ulysses Project – (IP and GS
Claims) 100 Claims totaling 809.4 Hectares
The IP and GS Claims are 2 km north of the
Ulysses Mine, a historical gold/silver producer located in the
Yellowjacket Formation which is associated with Cobalt
mineralization in the Region. Two Cobalt occurrences have already
been identified south of the Ulysses Project, which attest to the
prospective nature of this area. The Yellowjacket Formation
in this area is located outside of the prolific “Idaho Cobalt Belt”
but is interpreted to have similar geological potential to host
cobalt-copper-gold mineralization.
Figure 1 accompanying this announcement is available
at http://www.globenewswire.com/NewsRoom/AttachmentNg/af9c7046-a5fb-4895-8307-4b26d27c719e
ACQUISITION TERMS
Idaho Champion has received notice from American
Cobalt (seller) and the Bureau of Land Management (BLM) that the
claims have been registered to Idaho Champion Cobalt USA, a 100%
owned subsidiary of Idaho Champion Gold Mines Canada Inc. As
compensation for the Champion Projects, Idaho Champion will issue
3,000,000 shares today and will issue an additional 1,000,000
shares on January 20, 2019. Idaho Champion Cobalt USA now
owns 822 claims, a total of approximately 6,871 Hectares.
ABOUT THE COBALT MARKET
With recent news out of the Democratic Republic
of the Congo and the suspension of sale of cobalt due to high
levels of uranium, it is believed that there will be a tightening
of cobalt sulphate in the market. As a vital component of
many of the lithium-ion batteries used in a wide range of
applications from cell phones to electric vehicles (EV), demand for
Cobalt is anticipated to remain strong. The state of Idaho provides
a safe jurisdiction with strong support from government agencies at
the federal, state and county level.
Qualified Person
The technical information in this press release
has been reviewed and approved by Peter Karelse P.Geo., a
consultant to the Company, who is a Qualified Person as defined by
NI 43-101. Mr. Karelse has more than 30 years of experience in
exploration and development. Field work at the Champion
properties was supervised by Jim Baughman P.Geo.
ABOUT IDAHO CHAMPION
Idaho Champion is a discovery-focused
exploration company that is committed to advancing its 100% owned
highly prospective mineral properties located in Idaho, United
States. The Company’s shares trade on the CSE under the trading
symbol "ITKO". Idaho Champion strives to be a responsible
environmental steward, stakeholder and a contributing citizen to
the local communities where we operate. Idaho Champion takes
our social license seriously and employ local community members and
services in our operations. Idaho Champion is vested in Idaho
with the Baner Project in Idaho County, the Champagne Project
located in Butte County near Arco, ID and cobalt properties located
in Lemhi County.
ON BEHALF OF THE BOARD
“Jonathan Buick”
Jonathan Buick, President and CEO
For further information, please visit the
Company’s SEDAR profile at www.sedar.com or the Company’s corporate
website at www.idahochamp.com.
For further information please contact: Nicholas
Konkin, Marketing and CommunicationsPhone: (416) 477 7771 ext 205,
email: nkonkin@idahochamp.com
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER
TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN
ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR
SOLICITATION OF SECURITIES IN ANY STATE IN THE UNITED STATES IN
WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.
Cautionary Statements
This News Release includes certain
“forward-looking statements” which are not comprised of historical
facts. Forward-looking statements include estimates and statements
that describe the Company’s future plans, objectives or goals,
including words to the effect that the Company or management
expects a stated condition or result to occur. Forward-looking
statements may be identified by such terms as “believes”,
“anticipates”, “expects”, “estimates”, “may”, “could”, “would”,
“will”, or “plan”. Since forward-looking statements are based on
assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Although
these statements are based on information currently available to
the Company, the Company provides no assurance that actual results
will meet management’s expectations. Risks, uncertainties and other
factors involved with forward-looking information could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Forward looking information in this
news release includes, but is not limited to, the Company’s
objectives, goals or future plans, statements, exploration results,
potential mineralization, the estimation of mineral resources,
exploration and mine development plans, timing of the commencement
of operations and estimates of market conditions. Factors that
could cause actual results to differ materially from such
forward-looking information include, but are not limited to failure
to identify mineral resources, failure to convert estimated mineral
resources to reserves, the inability to complete a feasibility
study which recommends a production decision, the preliminary
nature of metallurgical test results, delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals, political risks, uncertainties relating to the
availability and costs of financing needed in the future, changes
in equity markets, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of
projects, capital, operating and reclamation costs varying
significantly from estimates and the other risks involved in the
mineral exploration and development industry, and those risks set
out in the Company’s public documents filed on SEDAR. Although the
Company believes that the assumptions and factors used in preparing
the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
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