Hi to all. I hope all is well and for most the “new normal” is within sight and you are starting to enjoy your summer. I am writing this version from the Silver Hart camp as I am currently directing the start-up of our 2021 field operations.
As most of you are aware, CMC is working hard to deliver a significant exploration program at our flagship Silver Hart property this summer. We are currently funded to undertake an estimated 2,500 meters of drilling and then on the basis of exploration success, continue to finance and undertake up to a minimum of an additional 2,500 meters of drilling in this season. We have superb targets to drill as a result of the airborne geophysical survey which we undertook this summer which I will discuss more in a future press release.
We have been challenged by record levels of snowfall in Yukon this past winter. In the Silver Hart area, snowfall levels were 80% more than usual. This led to delays in opening up the access road, unexpected road repairs, and due to snow still on the ground having to delay soil geochemical surveys. North facing slopes are still snow covered in places although recent warm conditions have melted snow considerably so we will now be able to initiate soil geochemical surveys, prospecting and geological mapping of new areas we wish to investigate.
In late May we received the airborne geophysical data and started our own interpretation of it. Dr. Chris Hale and Mr. John Gilliatt, P. Geo, of Intelligent Exploration have been undertaking the data analysis. From this work our technical team have compiled the geochemical, geological and geophysical data and this has resulted in delineating the most significant and largest anomalies ever to have been identified in the Silver Hart area in the exploration history of the project. We have several great targets which we will be drill testing. As these anomalies are in areas where the data indicates they are in sedimentary units, and most likely carbonates such as limestones, these anomalies present great targets for skarn, manto, and carbonate replacement (“CRD”) deposits. These type of deposits can be more significant in tonnage than the vein deposits which have been the focus of exploration to date, and if present and mineralized could serve to provide significant additional resources to the project. In addition, our work in the past couple of years has helped to identify opportunities for additional resources in the known mineralized veins, particularly within the Main Zone.
MICON International have also been helping us to identify these opportunities to expand resources in this manner and will be providing continual guidance on our resource expansion program at Silver Hart/Blue Heaven. Phase 1 of our drilling this summer to end of July will focus on targeting additional resources in the known mineralized veins and to start testing the significant anomalies identified through our airborne survey work.
Our future analysis will also be incorporating gold and copper as part of our analysis as they potentially are present in amounts that could add to an improvement in project economics.
In summary, these targets at Silver Hart are consistent with our mineralization model, geological predictive work, and knowledge of comparative silver districts. From these systems the high-grade mineralized veins likely represent feeder systems to manto and CRD style deposits that we hope have been identified from our airborne geophysical work.
The drill is mobilized to site and the drillers are mobilizing this weekend to commence drilling on Sunday or Monday pending any unforeseen circumstance…we will announce it as soon as it starts.
Once we get samples (soils, rocks, drill core samples) we send them immediately to Whitehorse for assaying. We have been informed by the assay lab that turnaround times will be normal this year which suggests a turnaround time from submittal to results of approximately 3-4 weeks. Geological crews have already arrived at site and have initiated geochemical sampling, trenching and mapping. The team has also been ground truthing drill hole locations.
Site reclamation work, that is both a requirement of our work permits and part of our commitment of undertaking work in an environmentally responsible manner, has already started and will be ongoing in between drill moves.
We are continuing to seek a joint venture partner for our Rancheria South Project and we are in discussions with a party on that matter.
CMC is also completing a transition in our operations and office, as we depart from 369 Terminal Avenue offices in Vancouver, we wish to take this opportunity to thank the 369 Terminal team for their many years of dedicated excellence in service to our Company, and in particular the services of our Administrative Assistant, Ms. Denise Dronsella.
Our new office address and phone number as of July 1 is:
#110-175 Victory Ship Way
North Vancouver, BC, V7L 0B2
Tel: 604 670 0019
If anyone has any questions we still suggest that you email me directly at email@example.com
Forward Looking Statements
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 this newsletter.
This newsletter may contain certain statements that constitute “forward-looking information” within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. In this release disclosure regarding the potential to undertake future exploration work comprise forward looking statements. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects, to carry out the work and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, the impact of the constantly evolving COVID-19 pandemic crisis and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company’s filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Have a safe an enjoyable summer.
President and CEO
CMC Metals Ltd.