VAL-D'OR, QUEBEC--(Marketwired - Jan. 31, 2017) -
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Cleghorn Minerals Ltd. ("Cleghorn" or the "Company") (TSX VENTURE:JZZ) is pleased to announce that the first phase exploration program on the Meech Lake - Matchewan Prospect located in Northeastern Ontario has been completed. The program consisted of locating and re-sampling of the numerous historical occurrences of mineralization, with a particular focus in the areas of the Kell's (Ni-Cu-PGE) and Waterhole (Au-Ag-Cu-Zn) showings. Assay results are expected within the next several weeks and will be reported on, when received.
The Kell's (Ni-Cu-PGE) Showing, named after the late, well-known prospector Hugh Kell, was worked through the 1950's following his discovery of massive sulphides in a fine-grained ultramafic host on the 15th of December 1946. Additional work in the 1970's later described the hostrock as a dunite that is completely altered to talc + calcite + serpentine (Szetu, 1974; AFRI: 42A02SW0098). It is noteworthy that the dunite, which appears to be finite near the massive sulphide lens discovery, has also been described in drillholes completed along strike much later in the 1970's. Results from sampling in the discovery pit, both from the time of discovery and confirmed by successive programs (including following staking by the vendor) have returned significant assays in nickel, copper and platinum group elements (SEDAR: 43-101 Technical Report, April 6, 2015; MRB & Associates).
The Waterhole (Au-Ag-Cu-Zn) Showing mineralization consists of pyrite, sphalerite, and chalcopyrite which occurs as bands and disseminations hosted in sericitized and carbonatized mafic volcanics hostrock and associated with NE-trending shear zones. It is of general interest that the calc-alkaline hostrocks in the Meech Lake - Matachewan Prospect have been described as part of the Upper Supergroup, which appear to be comparable to the Kinojevis and Blake River Group volcanics in the Cadillac area of Northeastern Québec. Gold, silver, copper and zinc results have been reported, including in drilling in 1974-75 and by the vendor in channel sampling (SEDAR: 43-101 Technical Report, April 6, 2015; MRB & Associates). The mineralization is not well understood as it may be controlled either structurally and/or by alteration horizons.
The Kell's and Waterhole Showing areas requires further study and warrants further exploration work, including drilling as they are regarded as a high priority exploration targets by Cleghorn.
Funding for this first phase of work was received from the Ontario Exploration Corporation (OEC) through their Prospector Assistance Program initiative via an initial $10,000 grant (50% of the funding on approval and signing of a purchase agreement and the balance on submission and approval of the Final Submission Form including Technical Report and Assessment Credit Approval letter), in exchange for a 0.5% royalty on the property. The Company would like to thank the OEC for its financial support in these difficult market conditions and plans to proceed with the second ($25,000 for an additional 0.25% royalty) and third ($50,000 for an additional 0.25% royalty) project funding applications. The royalty has a buyback clause which provides that the Company can purchase one-half of the 0.5% royalty for a dollar value that increases over time, ranging from a purchase price of $15,000 before the second anniversary of the date of the agreement to a price of $250,000 from the 11th anniversary of the agreement and beyond.
The company has applied for an Exploration Plan with the Ministry of Northern Development and Mines (MNDM) to encompass additional in-fill and grid extensions for geophysical surveying with work expected to commence in February 2017.
Michael P. Rosatelli, P.Geo, a consultant to the Company, is the designated "qualified person" as defined in National Instrument 43-101 who reviewed and approved the technical content of this news release.
Additional Property Acquisitions:
Cleghorn is continuing due diligence on several property opportunities, both in Canada and international jurisdictions, and will provide additional information should the examinations lead to favourable conclusions and affordable transactions.
About Cleghorn Minerals Ltd.:
Cleghorn is a junior mineral exploration company with a 100% interest (3% NSR) in a NE Ontario located Ni-Cu-PGE property, referred to as the Meech Lake - Matachewan - Prospect.
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 news release.
This news release contains certain statements that may be deemed "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Cleghorn believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Cleghorn's management on the date the statements are made. Except as required by law, Cleghorn undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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