TORONTO, ONTARIO--(Marketwired - Nov. 17, 2016) - Claim Post Resources Inc. (TSX VENTURE:CPS) ("Claim Post" or the "Company") is pleased to announce that Claim Post has purchased 100% interest in 48 claim units (3 square miles) in Godfrey Township 11km west of the Hollinger Mine on the west border of Mountjoy Township. The purchase price was $7,500 cash plus 400,000 common shares of Claim Post subject only to a 2% NSR Royalty with a buyout on 1%.
This new property covers the claims where Hollinger Exploration intersected gold quartz veining in porphyries in the sediments on the west side of the Mattagami River Fault. The geological setting is similar to the Tahoe-Bristol Township porphyry zone. Claim Post's 3,000 sample MMI program in 2012 indicated a multiple porphyry-gold trend through Mountjoy on the north side of the PDFZ continuing into Godfrey.
Directly south, on the south side of the PDFZ, the Metals Creek-Goldcorp JV just announced 5.73 g/t gold over 8.2m on November 15th, 2016 on their Ogden Project. Based on their website information, Metals Creek JV is drilling mainly porphyry hosted zones in sediments or conglomerates. Claim Post is very encouraged as the Mountjoy-Godfrey Gold MMI Project has a similar focus.
The Deloro Township Update
The following provides a brief update on Claim Post's press release issued on November 3rd, 2016 relating to the acquisition of 23 claim units in Deloro Township. The release made reference to a recognizing a 50 meter wide "new gold discovery" in Deloro when you combine the results of a historical 1940 diamond drill hole (DDH #5) plus 2010 SGX drilling and ground geophysics.
DDH #5 intersected 3 separate zones of gold mineralization; upper 2.2 g/t over 11.0m, middle 1.8 g/t over 12.2m and lower 3.3 g/t over 22 meters. Within each zone there were higher grade intersections; upper 6.3 g/t, middle 6.8 g/t and the lower zone 11.7 g/t and 21.9 g/t gold; each intersection was assayed over 1.5m of core length. DDH #5 was mineralized from 113m to 230 meters ending in mineralization. Gold was encountered in both porphyry and volcanic rocks.*
Charles Gryba, President of Claim Post, commented: "Timmins has a fabulous regional exploration data base extending out from the 5 major gold systems in the camp, each hosting multiple mines. The up to date Deloro geology maps, the SGX geophysics plus the 5 holes drilled to date were carefully reviewed this week. The recently recognized, 40-50 meter wide Deloro gold system has both a .5 km long IP anomaly signature and a separate 1.2km long mag low anomaly; both are typical geophysical indicators of gold zones in the Timmins Camp. Our next step will be to twin the 1940 hole, then follow the Mag and/or IP trends."
From 2008 to 2010, SGX Minerals explored the Lynx Project with ground geophysics plus drilled 4 diamond drill holes. The drill collar locations of the SGX holes were field checked with a GPS this week, relative to the outcrop under which DDH #5 was drilled. The 5 holes were also plotted on Magnetic, VLF and IP survey maps. A link to a Deloro-Ogden geology map shows the location of DDH #5 relative to Goldcorp, Metals Creek and Lexam land positions.
The SGX #2 hole which was drilled about 75m south of the DDH #5 intersected a mafic dike from 25 m to 191 m. The hole then intersected 45 meters of gold mineralization averaging .25 g/t from 191 to 235m. The SGX #2 hole should have intersected the IP anomaly at about 100m down the hole but stayed in an intrusive dike. The horizontal width of the gold system in SGX #2, drilled west to east, is about 30 meters wide whereas DDH #5 drilled east to west would be a minimum of 80 meters wide. Claim Post's main focus will be to re-drill DDH #5 as soon as drill funds are raised.**
* Historic drill intercepts and mining data from the Dictore Property (i.e. DDH #5) were sourced from historic files and assay logs - Assessment File 444 of Deloro Township; Timmins MNDM Office. QA/QC procedures and processes have not been audited by Claim Post. Historical results are not necessarily indicative of future results.
** Further drilling would be required to upgrade or verify the historical assay results. Claim Post is unaware of the existence of any technical report prepared in connection with the scientific and technical information in this news release. A Qualified Person (within the meaning of NI 43-101) has not done sufficient work to confirm the historical assay results reported.
Claim Post Resources Inc. is a Canadian based mineral exploration company and a reporting issuer in Ontario, Alberta and British Columbia. Claim Post has historically focused on acquiring land and exploring for gold only in the Main Timmins Gold Camp, targeting the missing extensions of both the Dome and Hollinger gold systems to the west. Claim Post is the third largest land holder in Timmins after Goldcorp and Tahoe.
To offset the market risk of solely focusing on Timmins gold exploration, Claim Post purchased 100% interest in a frack sand project located 200km NE of Winnipeg, Manitoba subject only to the final payment for the Gossan Resources leases which is currently being re-negotiated. A NI 43-101 Report and a Positive PEA were published on the Seymourville Tier 1 frack sand deposit in 2014, which indicated an after tax ROI of 21% and an after tax NPV@10% of $151,000,000. (SEDAR, June 20th, 2014). There are 125,583,908 common shares of the Company currently issued and outstanding.
Charles Gryba P. Eng. and President of the Company is the Qualified Person that reviewed and approved the technical content of the news release in compliance with National Instrument 43-101.
Statements in this release that are forward-looking reflect the Company's current views and expectations with respect to its performance, business, and future events. Such statements are subject to various risks and assumptions, some, but not necessarily all, are disclosed elsewhere in the Company's periodic filings with Canadian securities regulators. Such statements and information contained herein represent management's best judgment as of the date hereof based on the information currently available; however actual results and events may vary significantly.
The Company does not assume the obligation to update any forward-looking statement. Neither 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.