Cleghorn Minerals Ltd.
TSX VENTURE : JZZ

Cleghorn Minerals Ltd.

November 03, 2016 08:00 ET

Commencement of Meech Lake Exploration Program & Corporate Update

VAL-D'OR, QUEBEC--(Marketwired - Nov. 3, 2016) -

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Cleghorn Minerals Ltd. ("Cleghorn" or the "Company") (TSX VENTURE:JZZ), is pleased to announce that exploration work is now underway at the Meech Lake - Matachewan Prospect in Northeastern Ontario. The initial work program includes locating and resampling of three reported historical occurrences of mineralization: the Kell's (Ni-Cu-PGE) Showing, the Waterhole (Au-Ag-Cu-Zn) Showing and the East (Au) Showing. Additional targets for prospecting and sampling have been selected based on results from geophysical surveys and following a review of historical assessment report files from the property.

The Kell's (Ni-Cu-PGE) Showing, named after the late, well-known prospector Hugh Kell, was worked through the 1940's and 1950's following his discovery of massive sulphides in a fine-grained ultramafic host on the 15th of December 1946. Additional work, much later in the 1970's, later described the host rock 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 drill holes completed along strike (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 assays in nickel, copper and platinum group elements (SEDAR: 43-101 Technical Report, April 6, 2015; MRB & Associates).

More recent geophysical survey work (2014), including a detailed high-resolution magnetic survey near the discovery pit, outlined several linear, well-defined magnetic features, extending over several kilometres southwest. EM anomalies were detected in a ground TDEM (In-Loop) survey and do not appear to have been tested by any previous programs. Similarly, most of the linear magnetic features are under explored due to overburden cover, and do not appear to have been examined following the original discovery work, nor by subsequent exploration activities. This area of the property will be the initial focus of the upcoming exploration programs to be initiated by Cleghorn.

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 host rock and associated with NE-trending shear zones. It is of general interest that the calc-alkaline host rocks 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 1992 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 area requires further study and warrants additional drilling, and is regarded as a high priority exploration target by Cleghorn.

The East (Au) Showing appears to be a syenite-hosted gold occurrence, generally analogous to many other gold occurrences in the local Matachewan area, including the Young-Davidson and Matachewan Consolidated past producers (part of which is currently in production and operated by Alamos Gold Inc.). Gold assay results have been reported from past programs and will be re-sampled and prospected along strike to the NE, where an induced polarization anomaly has been resolved (SEDAR: 43-101 Technical Report, April 6, 2015; MRB & Associates).

Michael P. Rosatelli, P.Geo, a consultant to Cleghorn, is the designated "qualified person" as defined in, and for the purposes of Section 2.1 of, National Instrument 43-101, who reviewed and approved the technical content of this release.

Additional Property Acquisitions:

Cleghorn is continuing due diligence on several property opportunities, both in Canada and located in International jurisdictions, and will provide additional information should the examinations lead to favourable conclusions and affordable transactions.

Corporate Governance:

Cleghorn completed its Qualifying Transaction on August 18, 2016, when it transitioned from a capital pool company under the policies of the TSX Venture Exchange to a Tier 2 mining issuer. Cleghorn's common shares trade on the TSX Venture Exchange under symbol JZZ.

Audit, Health & Safety/Sustainability and Corporate Governance & Compensation Committees have been appointed by the Board of Directors.

Stock Option Grants:

Incentive stock options entitling the purchase of an aggregate 1,300,000 common shares of Cleghorn at a per share price of $0.12 for a period of two years have been granted to Cleghorn's officers, directors and consultants.

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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Contact Information

  • Glenn J. Mullan
    President, Chief Executive Officer, Secretary and Director
    (819) 824-2808 - Head Office
    (514) 835-8384 - Cell Phone