Continental Precious Minerals Inc.
TSX : CZQ

Continental Precious Minerals Inc.

July 02, 2014 09:00 ET

Drilling to Commence on Continental's DOK Property

TORONTO, ONTARIO--(Marketwired - July 2, 2014) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.

Continental Precious Minerals (TSX:CZQ) (the "Company", or "Continental") is pleased to announce that mobilization of all equipment and supplies as well as drill pad construction has been completed for the DOK property's 2014 drilling program that is expected to commence in early July. The 2014 drilling program consists of approximately 2,000m of diamond drilling in three holes to test the two large areas of coincident mineralized and altered volcanic and intrusive rocks that exhibit positive chargeability and resistivity signatures.

The drilling program, which is now permitted, has been awarded to Tahltan Drilling Corp.

DOK Property Highlights;

The geology, alteration, host rocks and style of mineralization on the DOK property exhibits many similarities with other known large alkalic porphyry copper-gold deposits located in northern British Columbia such as the Schaft Creek deposit held by Teck Resources Limited and Copper Fox Metals Inc.

Technical Highlights

The exploration results for the two targets to be tested in 2014 includes:

  • Widespread copper-gold-silver mineralization (with significant concentrations of molybdenite) hosted in volcanic rocks of the Stuhini Group as well as quartz monzonite, quartz diorite, and granodiorite intrusives; all of which exhibit strong potassic alteration,
  • The mineralization in outcrop coincide with two large, copper-gold-molybdenum-silver soil geochemical anomalies and broad positive chargeability and resistivity signatures,
  • The northwest drill target measures 2,000 metres long by 1,400 metres wide. The southeast drill target measures 1,500 metres long by 900 metres wide. The soil geochemical anomalies in both targets are open along strike. The metal concentrations within these targets range from 200 to 9,820 parts per million ("ppm") for copper; from 0.03g/t to 2.2 g/t gold; molybdenum from 14 to 135ppm and from 0.6g/t to 84.5g/t silver,
  • Numerous mineralized outcrops containing medium to high-grade copper-gold-silver mineralization along with significant (<100ppm) concentrations of molybdenum occur outside of the two targets to be tested in 2014, and
  • Rock chip sampling completed within the northwest target during the early 1970's returned;
    1. 0.66% copper over 38 metres,
    2. 0.73% copper over 16 metres,
    3. 0.32% copper over 25 metres.

The two drill targets to be tested in 2014 and the 81 copper occurrences located to date on the property occur within a prominent northwest trending, two kilometers wide by 10 kilometers long structural feature identified by an airborne magnetometer survey in 2011. The significance of this structural feature is not known at this time.

Phil van Angeren, P. Geol., a Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed, verified and approved the technical information disclosed in this news release.

Cautionary Statement Regarding Forward-Looking Statements

Forward-Looking Statements: This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with exploration, development, production, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, the Company will derive there from.

Readers are cautioned that the foregoing list of factors is not exhaustive. Actual results and developments may differ materially from those contemplated by these statements. Additional information on these and other factors that could affect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).

Forward-looking statements in this news release are made as of the date of this release, and are made based on management's beliefs, estimates and opinions and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. The forward looking statements or information contained in this press release are expressly qualified by this cautionary statement.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Common Shares: 11,706,896

Contact Information

  • Continental Precious Minerals Inc.
    Rana Vig
    Chairman and CEO
    (647) 476-9226 ext 6
    rana@czqminerals.com