Canadian Orebodies Inc.
TSX VENTURE : CORE

Canadian Orebodies Inc.

September 28, 2017 08:00 ET

Canadian Orebodies Intersects 31.7 Metres of 1.1g/t Au at Wire Lake

TORONTO, ONTARIO--(Marketwired - Sept. 28, 2017) - Canadian Orebodies Inc. (the "Company") (TSX VENTURE:CORE) is pleased to announce the final batch of core assays from its summer drill campaign at the Wire Lake Project. The program consisted of twenty-two holes (WL-2017-001 to 009, 009A, and 010 to 021) totaling 3,069 metres.

Complete assay results have now been received from the final seven holes, which were drilled along the Wire Lake Gold Zone (WL-2017-015 to WL-2017-021). Highlights from these results include: 1.1 gpt Au over 31.7 metres including 1.6 gpt Au over 5.4 metres and 2.0 gpt Au over 5.8 metres in WL-2017-021; and 1.4 gpt Au over 18.0 metres in WL-2017-020.

From To Interval Au (g/t) Au (g/t)
Hole (m) (m) (m) uncut cut to 31.1 g/t
WL-2017-015 3.9 16.6 12.7 1.1 -
and 19.5 20.5 1.0 0.5 -
and 25.2 26.2 1.0 0.7 -
and 27.8 38.7 10.9 0.8 -
and 74.1 74.9 0.8 0.8 -
WL-2017-016 6.4 8.5 2.1 0.8 -
and 10.5 15.0 4.5 1.3 -
and 22.0 36.0 14.0 1.1 -
and 44.1 44.9 0.8 1.2 -
and 48.7 56.0 7.3 0.9 -
and 59.4 60.0 0.6 1.9 -
and 61.9 64.7 2.8 0.8 -
WL-2017-017 150.0 152.0 2.0 0.8 -
and 168.6 172.9 4.3 0.8 -
and 243.3 252.5 9.2 0.5 -
and 266.5 270.5 4.0 0.6 -
WL-2017-018 15.1 21.5 6.4 1.2 -
and 26.0 27.0 1.0 1.3 -
and 28.5 29.1 0.6 1.3 -
WL-2017-019 22.1 27.5 5.4 1.5 -
and 33.4 46.2 12.8 1.3 -
and 56.9 59.9 3.0 1.8 -
and 87.0 89.0 2.0 0.8 -
WL-2017-020 51.0 69.0 18.0 1.4 -
WL-2017-021 67.3 99.0 31.7 1.1 -
incl. 68.3 73.7 5.4 1.6 -
incl. 93.2 99 5.8 2.0 -
*True widths can not be estimated at this time

A plan map of the drill hole locations is available at:

https://canadianorebodies.com/site/assets/files/2011/wire_lake_drill_plan2017.pdf

A long section of the Candlestick-North Hill Zone is available at:

https://canadianorebodies.com/site/assets/files/2011/wire_lake_ls1c_sep27_2017.jpg

"We are pleased to report the final drill results from Wire Lake which further demonstrates how expansive this gold system is. Each of these last seven holes contained significant near surface gold values over a great strike length," said Gordon McKinnon, President and CEO of Canadian Orebodies. "The Company remains very active at Wire Lake and the adjacent Black Raven property, undertaking regional prospecting, mapping and sampling programs which will continue until the field season ends. We look forward to reporting on those results when received as the combined property covers over 180 square kilometres and has seen very limited exploration outside of the Wire Lake Gold Zone."

Wire Lake Drill Results

Drill hole WL-2017-015 was drilled on the South Lake Zone and was collared near hole 88-02 which encountered a broad zone of gold mineralization between 5.5 and 66.6 metres. Within this interval historic assay results included 1.2 gpt Au over 4.75 metres, 0.7 gpt Au over 23.9 metres, as well as 1.4 gpt Au over 14.2 metres1. WL-2017-15 intersected the gold zone between 3.9 and 38.7 metres. Host rocks consisted predominantly of moderate to biotite altered and silicified mafic volcanics, containing centimetre to decametre scale quartz stringers and veinlets (~20% of unit) and having 3-5% pyrite-pyrrhotite (locally up to 10%) as disseminations and blebs. Assay results included: 1.1 gpt Au over 12.7 metres (3.9 to 16.6 metres) and 0.8 gpt Au over 10.9 metres (27.8 to 38.7 metres).

1 Readers are cautioned that these assay results are historical in nature and have not been verified by a qualified person on behalf of the company.

Hole WL-2017-016 was drilled from the same setup at WL-2017-015 at -85 degrees and at an azimuth of 284 degrees. Altered, gold bearing lithologies were observed intermittently between 6.0 and 64.7 metres. Host lithologies primarily consisted of altered mafic volcanics with minor felsic and mafic dykes. The mafic volcanics were fine to medium grained, massive to well foliated, having patchy intervals of moderate biotite and silica alteration. Sparse quartz stingers were noted usually associated with 1-2% fine-coarse grained pyrrhotite-pyrite. Results included: 1.3 gpt Au over 4.5 metres (10.5 to 15.0 metres), 1.1 gpt Au over 14.0 metres (22.0 to 36.0 metres), as well as 0.8 gpt Au over 7.3 metres (48.7 to 56.0 metres) and 0.8 gpt Au over 2.8 metres (61.9 to 64.7 metres).

WL-2017-017 was collared at the south end of the South Lake Zone where the gold zone was interpreted to have been cut off or displaced by a fault. The hole was collared at -45 degrees and drilled due east until it intersected a significant north-south trending felsic dyke. The hole encountered two zones of low grade gold mineralization: the first was between 150 to 172.9 metres while the second was encountered between 243.3 to 270.5 metres. The upper gold zone was hosted within moderately sheared mafic volcanics with local fault gouge. Rare quartz carbonate veinlets were noted. Up to 3% pyrite occurs as disseminations or within fractures and stringers. While anomalous gold values were returned throughout the zone, the best assay result was 0.8 gpt Au over 4.3 metres (168.6 to 172.9 metres). The lower gold zone was more similar in appearance to that observed in the other holes. Host lithologies displayed the typical moderate to strong biotite alteration with local quartz veinlets and related silicification. Two low-grade intercepts of 0.5 gpt Au over 9.2 metres between (243.3 and 252.5 metres) and 0.6 gpt Au over 4.0 metres between (266.5 and 270.5 metres). The felsic dyke was encountered at 274.8 metres.

Diamond drill holes WL-2017-018 and 019 were drilled from the same setup at dips of -45 and -85 respectively and at an azimuth of 250 degrees. They were drilled to fill a gap between the recent drilling on the North Hill Zone and historic drilling on the Candlestick Zone. Hole WL-2017-018 encountered a narrow zone of silicified and sulphide (3-5% pyrite-pyrrhotite) bearing mafic volcanics which assayed 1.2 gpt Au over 6.4 metres between (15.1 and 21.5 metres). The zone contained abundant quartz stringers and was strongly sheared. In hole WL 2017-019 the zone of mineralization/alteration was considerably more extensive being observed between 22.1 and 59.9 metres. Within this broader zone several post mineralized mafic dykes were intersected most notably between 29.9 and 35.2 metres, 47.3 and 50.3 metres, as well as between 52.0 54.9 metres. The altered mafic volcanics exhibited moderate to strong biotite +/- chlorite alteration, with local sections of quartz-carbonate stringers/veins. Sulphide content (pyrite-pyrrhotite) averaged 1% but locally up to 5% around quartz veins. Assay results returned 1.5 gpt Au over 5.4 metres (22.1 to 27.5 metres), 1.3 gpt Au over 12.8 metres (33.5 to 46.2 metres and 1.8 gpt Au over 3.0 metres (56.9 to 59.0 metres).

Diamond drill holes WL-2017-020 and 021 were also drilled from the same setup at dips of -45 and -85 respectively and at an azimuth of 250 degrees. They were collared to further test the North Hill Zone, in particular in an area around previously reported holes WL-2017-001 to 004 which returned results including: 2.6 gpt Au over 18.7 metres (2.0 gpt Au cut to 31.1 gpt) including a 0.5 metre section containing several small specks of visible gold which assayed 57.1 gpt Au in WL-2017-001; and 1.4 gpt Au over 13.0 metres and 0.8 gpt Au over 28.0 metres (including 1.6 gpt Au over 10.6 metres) in WL-2017-002 (see press release August 21, 2017). From 51.0 metres to 69.0 metres (18.0 metres) hole WL-2017-020 returned 1.4 gpt Au. Host rocks consisted predominantly silicified mafic volcanics exhibiting moderate to strong biotite alteration within more foliated sections and weak to moderate biotite alteration in more massive sections. Abundant centimetre to decameter scale quartz veins and veinlets were noted. Sulphide content ranged from trace to locally 3% pyrite-pyrrhotite. In hole WL-2017-021 the altered gold bearing unit was observed between 67.3 and 99.0 metres (31.7 metres) which graded 1.1 gpt Au. Biotite +/- chlorite alteration was commonly observed, associated with sparse centimetre to decameter quartz veinlets and veins. Sulphide content was generally less than 2% as fine disseminations of pyrite and pyrrhotite. Between 73.7 and 79.45 a post mineral biotitic intrusive was encountered.

Table of Drill Collar Locations

HOLE ID EASTING NORTHING ELEV AZIMUTH DIP DEPTH ZONE
WL-2017-001 557034 5406510 406 251 -45 51 North Hill - Twin 89-15
WL-2017-002 557034 5406510 406 0 -90 90 North Hill
WL-2017-003 557017 5406713 385 250 -45 60 North Hill Ext
WL-2017-004 557017 5406713 385 0 -90 87 North Hill Ext
WL-2017-005 557056 5406421 440 250 -45 81 North Hill
WL-2017-006 557056 5406421 440 250 -80 84 North Hill
WL-2017-007 557109 5406520 436 295 -45 197 North Hill
WL-2017-008 557109 5406520 436 0 -90 256 North Hill
WL-2017-009* 557257 5406268 455 250 -75 45 Candlestick
WL-2017-009A 557257 5406268 455 250 -75 300 Candlestick
WL-2017-010 557145 5405959 415 70 -50 207 Lucky Seven
WL-2017-011 557207 5405801 401 72 -46 210 Lucky Seven - Twin 89-07
WL-2017-012 556949 5405196 342 260 -60 204 West Zone
WL-2017-013 557656 5405002 339 250 -45 181.5 North Wire
WL-2017-014 557590 5405623 405 250 -45 102 New Zone
WL-2017-015 557647 5404705 348 284 -44 81 South Lake Zone - Near 88-02
WL-2017-016 557647 5404705 348 284 -85 97.5 South Lake Zone
WL-2017-017 557602 5404640 359 90 -45 291 South Lake Zone
WL-2017-018 557072 5406345 425 250 -45 81 North Hill Candlestick
WL-2017-019 557072 5406345 425 250 -85 120 North Hill Candlestick
WL-2017-020 557083 5406452 435 250 -45 102 North Hill
WL-2017-021 557083 5406452 435 250 -85 141 North Hill
*Hole WL-2017-009 had to be abandoned and was re-drilled as WL-2017-009A

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.

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.

Contact Information