TORONTO, Sept. 19, 2018 (GLOBE NEWSWIRE) -- Canadian Orebodies Inc. (the “Company”) (TSXV:CORE) is pleased to announce a significant increase in grade of the historical Super G Vein drill core by limited check assaying with metallic screen fire assay and provide an update on its 2018 field work which commenced in June and continues at the Company’s Wire Lake project, which includes the Black Raven, Goodchild, Sprucejack, and Wire Lake properties.
Highlights:
- Check assaying of historic intercepts using fire assay metallic screen from the high-grade Super G Vein showed an average 31% increase in gold grade.
- Discovery of several new showings with samples assaying up to 16.4 gpt Au.
- Advancing 2017 discoveries to establish targets for fall drilling.
Super G Vein Check Assaying
The Super G Vein was discovered by Hemlo Gold Mines Inc. in 1993. High-grade visible-gold bearing, quartz vein float boulders on the north shore of Smoke Lake returned grab samples assaying up to 32.3 gpt Au. Follow-up work led to the discovery of surface samples which produced bonanza grades up to 846.40 gpt Au and 570.00 gpt Au*. Drilling by Entourage Metals Ltd. in 2011-12 returned assay results of 44.57 gpt Au (uncut) over a drilled width of 2.38 metres* and defined a narrow but locally high-grade quartz vein system over a strike length of 400 metres and to a depth of 130 metres.
Limited check assaying using metallic screen fire assay of historic intercepts from the Super G Vein have significantly increased gold grades by an average of 31%, based on 9 samples grading greater than 1.00 gpt Au, including one interval in historical drill hole BR-12-18 which was upgraded from 14.10 gpt Au over 0.38 meters to 23.90 gpt Au over 0.38 meters, representing a 70% increase.
Exploration Update
Prospecting teams have been active on the Wire Lake project since early June executing the Company’s 2018 exploration program with the initial objective to advance some of the discoveries made during the 2017 exploration program to a drill stage (see Press Releases dated December 13, 2017 and March 1, 2018). Later phases of the 2018 exploration program have shifted to cover other unexplored or underexplored areas of the Wire Lake project with the objective of making additional discoveries that would warrant follow up work to generate additional drill targets for 2019.
To date prospecting crews have collected a significant number of samples across the Wire Lake project, for which the Company has received complete assay results for approximately 62%. Additional prospecting results and assays will be reported in a final batch when received.
On the Wire Lake Property, detailed geological mapping was carried out on the Kakeeway Zone, located 500 to 700 metres south of the Wire Lake Gold Zone. Prospecting conducted late last fall first encountered this gold bearing zone. The zone, where exposed, was found to be up to 20 metres in true width and was able to be traced over a strike length of more than 120 metres before it disappears under cover. Gold mineralization on the Kakeeway Zone is hosted by sulphide bearing (predominately pyrite as fine-grained disseminations and fracture filings) altered mafic volcanics (biotite, chlorite, silicification with minor carbonate). The better gold values from the grab samples taken in 2017 (10.4 gpt Au and 6.6 gpt Au) were found to be related to strongly foliated and altered mafic volcanics. The Kakeeway Zone is planned to be drill tested as part of a 2018 drill campaign.
Follow-up prospecting in 2018 around the Kakeeway Zone located a brecciated contact between mafic volcanics and a felsic intrusive approximately 140 metres west of the Kakeeway Zone which returned anomalous gold values (528 ppb Au and 317ppb Au). Additional sampling was carried out and assays are pending.
Elsewhere on the Wire Lake Property, encouraging gold values were obtained from first pass prospecting along the Fisher Zone, a northwest trending lineament located approximately 1,300 metres west and parallel to the Wire Lake Gold Zone. Values of up to 6.36 gpt Au were obtained from a narrow quartz vein and 1.14 gpt Au from altered mafic volcanics. Further work is required to evaluate the potential of the Fisher Zone.
On the Black Raven property, results from the 2018 detailed high-resolution, tri-axial magnetic airborne survey (“Airborne Survey”) flown around the Beggs Lake Stock (see Press Release dated May 14, 2018) provided new information demonstrating that the Super G Vein is spatially associated with a N010E trending magnetic anomaly. Using the data from the Airborne Survey, geological mapping and prospecting crews were successful in confirming the existence of a mineralized structural corridor. Currently it has been defined over a distance of 1,800 metres from the Super G Vein northwards through the historical Double Deuce Showing to the recently discovered North Ridge sheeted vein system (assays up to 5.13 gpt Au). Drilling planned this fall will further test this developing mineralized corridor.
The Contact Lake Prospect located in the northeast portion of the property, approximately 8 kilometres northeast of Wire Lake and 7 kilometres east of the Super G Vein, was also advanced to a drill ready stage. Results from prospecting conducted in 2017 included grab samples of up to 11.9 gpt Au. Work performed in 2018 was successful in extending the known mineralization over a 370 square metre area. Gold mineralization appears to be related to N060E trending quartz veins near the contact between mafic volcanics of the Hemlo Greenstone belt and the Black Pic Batholith.
“Crews have been active all summer on the Wire Lake project and we have been thoroughly impressed with the number of brand new targets they have been able to generate thus far. Field work continues now with a focus on preparing several of our 2017 discoveries for drilling in a fall 2018 program as we await final assay results from prospecting,” said Gordon McKinnon, President and CEO of Canadian Orebodies.
Technical Information
Canadian Orebodies has implemented a quality-control program to comply with best practices in the collection and analysis of rock samples. Samples were transported in security-sealed bags to Activation Laboratories Ltd. in Thunder Bay, ON for preparation and assay.
This press release has been prepared under the supervision of Mr. Bruce Mackie (P.Geo.), who is a consultant to the Company and a “qualified person” (as such term is defined in National Instrument 43-101). Mr. Mackie has verified the technical data disclosed in this press release.
* Readers are cautioned that grab samples are selective by nature. The grades and mineralization present are unlikely to represent future average grades on the property. Additionally, certain assay results are historical in nature and have not been verified by a qualified person on behalf of the Company.
About Canadian Orebodies Inc.
Canadian Orebodies is a Canadian-based mineral exploration company with a portfolio of properties in Ontario and Nunavut. Canadian Orebodies is focused on generating shareholder value through the advancement of its three Hemlo area properties: Wire Lake, Black Raven and the North Limb.
For more information please contact:
Gordon McKinnon, President & CEO
Canadian Orebodies Inc.
(416) 644-1747
http://www.canadianorebodies.com
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, exploration results, potential mineralization, statements relating to mineral resources, and the Company’s plans with respect to the exploration and development of its properties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Canadian Orebodies, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.