- Historical data outside of the previously mined open pit
- Long mineralized zones from surface down to 120 metres
- Surface trenching results included 1.31 g/t Au and 147.38 g/t Ag over 54.86 metres
TORONTO, ON / ACCESSWIRE / May 26, 2020 / Idaho Champion Gold Mines Canada Inc. (CSE:ITKO) ("Champion" or the "Company"), announces historical data (the "Data") including historical drilling for the Company's past producing Champagne Project. Historical drill results included drill hole LC8620 which contained 1.90 grams per ton ("g/t") gold ("Au") and 78.96 g/t silver ("Ag") over 44.20 metres and included 1.68 g/t Au and 91.05 g/t Ag over 38.10 metres.
Table 1: Historical Non 43-101 Compliant Exploration Drilling Results - Outside of Historically Mined Pit
|
Drill Hole |
From |
To |
Length (m) |
Avg Au g/t |
Avg Ag g/t |
|
LC8607 |
0 |
3.05 |
3.05 |
0.64 |
15.40 |
|
LC8608 |
4.57 |
7.62 |
3.05 |
0.71 |
18.00 |
|
LC8613 |
0 |
18.29 |
18.29 |
0.53 |
5.98 |
|
Including |
9.14 |
18.29 |
9.15 |
0.71 |
6.52 |
|
LC8620 |
36.58 |
80.77 |
44.20 |
1.90 |
78.96 |
|
Including |
42.67 |
80.77 |
38.10 |
1.68 |
91.05 |
|
LC8620 |
109.73 |
117.35 |
7.62 |
0.83 |
- |
|
LC8838 |
32.0 |
47.24 |
15.24 |
0.70 |
16.10 |
|
54.86 |
68.58 |
13.72 |
0.64 |
7.66 |
|
|
76.20 |
82.30 |
6.1 |
0.99 |
45.94 |
The results indicated represent the currently available drill data in the historic record. The intersection lengths are core length intersections. The true width of the intersection has not been determined. The Company has not as yet verified the Data and as such investors should not place undue reliance on the Data. The Company's future exploration work will include verification of the Data.
Table 2: Historical Non 43-101 Compliant Trenching Results - Outside of Previously Mined Pit
|
Trench |
From |
To |
Length (m) |
Avg Au g/t |
Avg Ag g/t |
|
TRH21 |
35.05 |
44.20 |
9.15 |
1.93 |
134.85 |
|
TRH21V |
24.38 |
91.44 |
67.06 |
1.31 |
147.38 |
"The drill and trench data within the past producing pit that was previously disclosed, while part of what was mined from the pit, supports, in our view, the initial theory that the past production tonnage only clipped part of what we believe is a much bigger system at depth and on strike," President and CEO Jonathan Buick stated. "The Data outside of the past producing pit suggests that we can expand our exploration thesis with a high degree of confidence."
Figure 1: Historical Non 43-101 compliant drilling and trenching locations
Geology
The historical data was acquired by Gold Fields Limited, then Bema, in the development of the Champagne Mine. Trench data outlines a gold enriched oxide zone with shallow reverse circulation drill holes located under the trenches that outline a zone of veins and breccia pipes ,which included the mined pit but also extend beyond the pit perimeter, as described above. Field work is being planned for this field season to map and sample the Champagne mine area, including the area under and around the mined pit, in preparation for a reverse circulation drill program.
The geology of the Champagne mine area is well documented in maps and reports prepared by the State of Idaho and the United States Geological Survey. Surface host rocks are Challis Volcanics underlain by Devonian-Mississippian Milligan formation composed of quartzites, limestones, and calcareous sediments. The Milligan formation was intruded by Idaho Batholith and subsequent igneous events that located the mineralization at Champagne.
Exploration at Champagne will focus on surface delineation of alteration and mineralization and drilling will focus on a deep target (500m) in the Milligan formation.
Figure 3: Champagne Project Location Map
About Champagne Project
The Champagne mine was operated by Bema as a heap leach operation on a high sulfidation gold system that occurs in volcanic rocks. Bema drilled 72 shallow reverse circulation holes in addition to previous operators drilling and trenching. The property had no deep drilling or modern exploration since the mine's closure in the early 1992.
The historic 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 historic 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 historic 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
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". 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. Champion takes its social license seriously and employs local community members to service 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 Canada Inc.