Vancouver, BC.: CMC Metals Ltd. – (“the Company”) (TSX-V: CMB): is pleased to provide an update on the exploration potential at its 100% owned Logjam Property. Logjam is located in south-central Yukon approximately 250km from Whitehorse and 185 km west of Watson Lake and is accessible through a road extending 20km northwards from the Yukon-Alaska Highway. The property comprises of 32 claims (632 hectares).
Mineralization at Logjam comprises of no less than 10 polymetallic veins containing gold, silver, lead, zinc, copper and to a lesser extent antimony, bismuth and tungsten. Logjam has seen a lot of historical work completed on the project including 701 meters of underground development in two adits (5600 and 5150 levels) and 2,971 meters of drilling. It has a non-compliant historical NI 43-101 resource of 70,144 tons grading 392.2 g/t silver, 3.02 g/t gold (with estimated 2% lead and 3% zinc) between the two adit levels and the deposit is open along both strike and depth. Limited exploration has taken place since the mid 1980’s but it is considered that the property has significant exploration potential for a polymetallic deposit.
The Company conducted a brief reconnaissance effort to examine areas with obvious mineralization on the property, complete an assessment of the property infrastructure (including a former 40 person camp), and property accessibility to help plan future exploration and permitting efforts. During this reconnaissance effort, 7 grab samples were collected.
Key highlights from the grab samples collected during the reconnaissance regional sampling effort at Logjam include (also see attached map appearing on page two):
Sample 1319601: Obtained 1.99 g/t gold, 489 g/t silver, 4.4% lead, 1,555 g/t zinc, and 1,636 g/t stibnite (antimony sulfide)
Sample 1319603: Obtained 7.53 g/t gold, 1000 g/t silver, 10% lead, 1,836 g/t zinc, 2,000 g/t stibnite, and 6,673 g/t copper.
Sample 1319604: Obtained 3.66 g/t gold, 211 g/t silver, 6,657 g/t lead, 4% zinc, 393 g/t stibnite, and 1,882 g/t copper.
Sample 1319606 (taken from the underground portal): Obtained 49.6 g/t silver, 4,137 g/t lead, 6,350 g/t zinc, and 414 g/t copper.
The other three samples from the regional reconnaissance effort all identified anomalous amounts of gold, silver, lead, zinc, copper, and antimony mineralization.
Michael Scholz, Chairman noted: “This very brief reconnaissance effort confirmed our belief that Logjam has the potential to be a major polymetallic deposit. The areal extent of anomalous polymetallic veins and associated grades are very encouraging. The existing infrastructure including the adits and camp will help our exploration efforts considerably. Our focus in 2020 will remain on our flagship Silver Hart property in Yukon, however, Logjam is of great interest to us so we will immediately initiate permitting for exploration. Also this summer we propose to improve site access, remediate the camp, and prepare for more detailed exploration in 2021. Logjam has never been subjected to modern exploration methods so we will initially complete modelling of the known deposit and then work towards establishing a better understanding of the structure and mineralizing controls on the property so that we can formulate our exploration strategy.”
Assays were completed by Bureau Veritas Mineral Laboratories Canada Ltd. and quality control and sampling at Logjam was provided by Longford Exploration Services Ltd. of Vancouver, B.C. who are a fully independent geological consulting company.
Kevin Brewer, a registered professional geoscientist, is the Company’s President and CEO, and Qualified Person (as defined by National Instrument 43-101) who has directly supervised the 2019 exploration program, sampling efforts, quality assurance and quality controls, and the preparation of an approval of the technical information pertaining to the Logjam Project, Yukon reported herein. The Company is committed to meeting the highest standards of integrity, transparency and consistency in reporting technical content, including geological reporting, geophysical investigations, environmental and baseline studies, engineering studies, metallurgical testing, assaying and all other technical data.
About CMC Metals.
CMC Metals Ltd. is a mineral exploration company focused on opportunities in the United States and Canada that offers potential for near-term cash flow. The Company is led by a seasoned team with experience developing assets to production. The Company owns two properties in Yukon, including the Silver Hart Property 132 km west of Watson Lake, and covers 2,200 hectares and 116 contiguous and partial claims and the Logjam Property, described herein. CMC’s flagship property, Silver Hart, comprises of high grade silver-lead-zinc deposits. The Company also 100% owns a gold processing mill in Bishop, California, USA.
On behalf of the Board:
“Michael C. Scholz”
Michael C. Scholz, Director
CMC METALS LTD.
For more information and to be added to CMC’s news distribution list, please send an email to email@example.com or call Mr. Michael C. Scholz at 604-605-0166.
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 release.
“This news release includes 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 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 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, 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.”