TORONTO, ON / ACCESSWIRE / March 11, 2020 / Idaho Champion Gold Mines Canada Inc. (CSE:ITKO)(OTCPINK:GLDRF) ("Champion" or the "Company"), a discovery-focused gold exploration company, is pleased to announce that it has acquired key historical data pertaining to the Company's past producing Champagne Project located south-west of Arco, Idaho, USA.
The database was purchased from Kinross Gold Corporation, who acquired Champagne's previous operator Bema Gold Corporation ("Bema Gold") in 2007. Bema Gold through its 100% owned subsidiary, Idaho Gold Corporation had preserved the historic files. The Champagne project had a historic Non 43-101 compliant resource of 2.8MT at 1.2g/t Au equivalent (See Mine Development Associates report dated September 1989.) Bema Gold had the Champagne mine in production from 1989 to 1992 operating as an open pit heap leach, producing approximately 25,000 oz of gold per year.
President and CEO Jonathan Buick Stated: "Acquiring the data package from Kinross is a key first step in fully understanding what we believe is the tremendous upside that Champagne has to offer. We will continue to update investors on the findings as they are analysed. Once the data review has been completed by our geologic team, the company will initiate a comprehensive exploration program using modern techniques and tools with the expectation of proving up historic resources and expanding the known discovery area."
The company has received the majority of the data with the balance in transit to our office. Champion's geologic team has commenced review of what is already in our possession. The company intends on providing regular updates of our findings in the review process.
With the recently completed over-subscribed private placement the company intends to fund focused geologic programs at the Baner gold project near Elk City, Idaho and the past producing Champagne Mine near Arco, Idaho.
About Champagne Project
The Champagne Mine was operated by Bema Gold as a heap leach operation on a high sulfidation gold system that occurs in volcanic rocks. Bema Gold drilled 72 shallow reverse circulation holes in addition to previous operators drilling and trenching. The property has had no deep drilling or modern exploration since the mine closure in the early 1992.
The Champagne Deposit contains epigenetic style gold and silver mineralization that occurs in strongly altered Tertiary volcanic tuffs and flows of acid to intermediate composition at Lava Creek. Argillic and sericite alteration is widespread at the Champagne Deposit, silica flooding, alunite and barite are closely associated with the gold and silver mineralized zone.
Champagne has a near surface cap of gold-silver mineralization emplaced by deep-seated, structurally controlled shears that acted as conduits for precious metal rich hydrothermal fluids. High grade zones in the Champagne Deposit appear to be related to such feeder shear zones. Drilling in the future to test for polymetallic, base-precious metal deposits at depth will clarify these relationships.
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.
ABOUT IDAHO CHAMPION
Idaho Champion is a discovery-focused gold 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 is vested in Idaho with the Baner Project in Idaho County, the Champagne Project located in Butte County near Arco, and four cobalt properties in Lemhi County in the Idaho Cobalt Belt. Idaho Champion strives to be a responsible environmental steward, stakeholder and a contributing citizen to the local communities where it operates. Idaho Champion takes its social license seriously and employ local community members and services its operations.
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 Communications
Phone: (416) 477 7771 ext. 205
Email: [email protected]
Cautionary Statements
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
SOURCE: Idaho Champion Gold Mines Canada Inc.