Matamec Explorations inc.

Matamec Explorations inc.

January 07, 2008 10:31 ET

Matamec Signs Matheson JV Option Agreement With Goldcorp Canada Ltd.

MONTREAL, QUEBEC--(Marketwire - Jan. 7, 2008) - Matamec Explorations Inc. ("Matamec") (TSX VENTURE:MAT) announces that following the non-binding Letter of Intent dated February 19th, 2007, Matamec and Explorers Alliance Corp. ("Explorers") have signed the Matheson JV Option Agreement with Goldcorp Canada Ltd. This gives Matamec an opportunity to work with a major mining company in the historic Timmins mining camp.

According to agreements with Explorers and Colbert and the option agreement with Goldcorp Canada, Matamec (which will become the operator) and Explorers have the option to each acquire a twenty-five percent (25%) ownership interest with Goldcorp Canada holding the remaining 50% interest in the combined property package. The Goldcorp Canada property covers approximately 2,480 hectares or 155 units which when added to the 73 Explorers claims and the 2 Colbert claims (a 3,700 hectare property) is referred to as Matheson JV property. One of the key requirements of the various option agreements is the completion of $2 million in exploration expenditures by Matamec over a 3 year period. The Matheson JV option agreement is subject to a 90 day period where all parties are required to satisfy certain conditions of the agreement as well as receive the approval of the regulatory authorities.

The Property is located within the geographic boundary of Matheson Township, approximately 1.7 kilometres east of the Hoyle Pond mine workings. Since 1985, Hoyle Pond has produced approximately 2.4 million ounces of gold at an average grade of 13.5 g/t gold. The Hoyle Pond stratigraphy strikes into Matheson Township to the east and hosts the Mill Creek/Colbert zones. The Mill Creek Zone has been drill tested and has a strike length of 375 metres and dips to the north onto the Colbert property at approximately 250 metres vertical depth. Significant intersections previously reported (Matamec, July 19, 2006) on the Colbert property are 52.8 g/t gold over 0.3 metre, 29.42 g/t gold over 1.74 metres and 4.87 g/t gold over 8.5 metres. Drilling on the Mill Creek Zone has returned values up to 24.14 g/t gold over 0.5m and 3.28 g/t gold over 6.0 metres with 19 of 40 holes (including the down dip extension on the Colbert property) reporting Visible Gold, several holes contain multiple intercepts. The mineralization is hosted in "grey zone" alteration similar to the "7 Vein" and other ore zones in the Hoyle Pond Mine. The Mill Creek stratigraphy can be traced up to 4 kilometres to the east with additional mineralized horizons hosting Visible Gold in "grey zone" alteration that has reported values of 11.7 g/t gold over 1.2 metres, 23.27 g/t gold over 0.6 metre, 14.93 g/t gold over 2.3 metres, 3.8 g/t gold over 3.0 metres and 2.23 g/t gold over 3.0 metres.

North of the Hoyle Pond Mine stratigraphy there are two additional gold bearing corridors most of which Matheson JV partners control (See attached map). The central and northern corridors have had limited exploration, most of which has been overburden drilling. The central volcanic package at its eastern end returned basal till values that were anomalous in 9 of 25 holes, the highest being 581.0 g/t gold. The bedrock source has not been located for the anomalous tills. The northern volcanic package also contains several significant basal till anomalies with values as high as 120.0 g/t gold, with no source located as yet. A comprehensive geological compilation completed for the Porcupine Joint Venture in 2003 of Matheson Township reported that of the 19,061 assays available in diamond drill holes and overburden drilling, 642 of them were greater than 1.0 g/t Au, 137 assays exceeded 10.0 g/t Au and 41 assays were greater than 20.0 g/t Au. This finding supports the widespread distribution of gold in the area as well as highlighting the excellent exploration potential for this area.

The geologic data of this press release was prepared by Bill MacRae, geologist for Matamec and a Qualified Person as defined by NI 43-101.

For more information on the Matamec's and Explorers commitments, please refer to the Matamec July 19, 2006 press release with Explorers and Colbert, the Matamec February 19, 2007 press release with Goldcorp and Explorers, and the Matamec June 19, 2007 press release with Explorers and Colbert.

About Matamec

Matamec is a mining exploration company which is exploring for significant gold deposits in Ontario, and uranium and base metals deposits in Quebec. For gold, it has mainly targeted the East Timmins mining camp, in particular properties that are underexplored or have only been explored near-surface. Matamec's numerous uranium and base metals properties are located throughout the province of Quebec.

A map is available at the following address:

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release

Contact Information

  • Matamec Explorations Inc.
    Andre Gauthier
    Matamec Explorations Inc.
    Michael D'Amico
    Investor Relations