Canadian Orebodies Inc.
TSX VENTURE : CORE

Canadian Orebodies Inc.

July 07, 2017 14:31 ET

Canadian Orebodies Announces North Limb Drill Results

TORONTO, ONTARIO--(Marketwired - July 7, 2017) - Canadian Orebodies Inc. (the "Company") (TSX VENTURE:CORE) announces the results from the first phase of drilling at the North Limb property.

Canadian Orebodies recently completed a seven hole (1,423 metre) diamond drilling program on its Hemlo North Limb Project. Four holes (CORE-2017-01 to 04) were drilled on the Tongue Property while three holes (CORE-2017-05 to 07) were collared to test VTEM Electromagnetic Anomalies identified from the 2016 VTEM MAX Survey flown by the Company.

The Company had a number of objectives to achieve in the exploration of the North Limb of the Hemlo belt and this first half of our phase one drill program has provided much needed geological information that has significantly improved our knowledge of the area. With this information in hand the Company has elected to complete additional ground work prior to finishing the remainder of the drill program and following up on some of these initial targets.

Tongue Property

A high priority target was the Tongue Property which lies directly up-ice from the angular float of mafic volcanic material found to the southwest in 1994 that assayed up to 16.2 gpt Au1, the source of which has never been located. In February of this year, the Company completed a 15 kilometre induced polarization survey on the Tongue Property which outlined 16 anomalies (see press release dated March 23, 2017), four of the targets were selected to be tested during the current drill program. The drill holes encountered either 1) disseminated to blebby sulphides (pyrite, pyrrhotite +/- chalcopyrite in mafic volcanics, 2) graphitic interflow sediments or 3) magnetite bearing ultramafics. No significant gold mineralization was encountered.

North Limb Property

The main part of the North Limb Property was flown with an airborne VTEM MAX Survey which identified 12 high priority targets. Due to wet ground conditions during spring break-up only three of the proposed twelve VTEM MAX targets were drill tested. The Company has elected to complete the remainder of the proposed drill holes on the eastern portion of the Property later this year.

Hole CORE 2017-05 tested the VTEM MAX Anomaly that was spatially associated with the recently discovered "Petrant Lake Gold Occurrence" where 2 grab samples yielding 1.64 and 1.74 gpt Au were located (see press release dated March 2, 2017). While the hole encountered several narrow zones of semi-massive sulphides (pyrite, pyrrhotite +/- chalcopyrite) no significant gold values were returned from this or the other two VTEM MAX Anomalies tested. This area remains to be more thoroughly investigated.

"Although we did not intersect any significant gold values in the first phase of the North Limb drilling program, the geologic information we gathered is beneficial to improve our future drilling plans. Clearly there is much more ground work to do including prospecting, ground mag, and trenching programs. This field work will further refine our targets for when we complete the remainder of the drill program on the property later this year," said Gordon McKinnon, President and CEO of Canadian Orebodies.

Technical Information

For the North Limb drill program the assay and sample information as well as geological descriptions are taken from drill logs as prepared by the project geologists for the drill program. All drill cores are NQ in size and assays are completed on sawed half-cores, with the second half of the core kept for future reference. The samples are put into rice bags which are sealed with security locks for shipping directly to ALS Minerals for preparation in Thunder Bay, Ontario before being shipped to ALS Minerals' accredited assay laboratory in Vancouver, British Columbia. The samples are analysed using standard fire assay procedures with an AA/ICP finish. In addition to the standard quality control of the laboratory, a series of blanks and standards are inserted in every shipment for quality control purposes.

1 Readers are cautioned that the assay results for the float are historical in nature and have not been verified by a qualified person on behalf of Canadian Orebodies Inc.

Qualified Person

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.

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 two Hemlo area properties: Wire Lake and the North Limb.

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.

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