MONTRÉAL, QUEBEC--(Marketwired - Sept. 8, 2016) - Matamec Explorations Inc. ("Matamec" or the "Company") (TSX VENTURE:MAT)(OTCQX:MHREF) is pleased to announce its increased presence in the geological setting that hosts the Éléonore mine near James Bay in Quebec.
Matamec has acquired 100% of the Opinaca Gold West property for a lump sum of $68,852 with a 2% royalty that is redeemable for $500,000, payable to the vendor. The property is situated along the same geological formation as Goldcorp's Éléonore gold mine where new gold potential along this trend has been identified.
The Opinaca Gold West property includes 289 claims covering 15,000 hectares (see Figure 1). The James Bay Road crosses the property. The claims block controls over 40 kilometres of prospective volcano-sedimentary belt in a generally east-west orientation. It covers a series of geochemical gold-arsenic anomalies and geological elements that indicate the presence of a gold bearing system along approximately 40 km.
At the regional scale, the property straddles a major magnetic contrast connected with the Goldcorp Eleonore Mine (proven and probable reserves of 4.17 million tonnes (mt) at 6.49 g/t Au for 0.87 million ounces (moz) Au and 24.15 mt at 5.76 g/t Au for 4.48 moz Au respectively*) located about 50 kilometres to the east. The reader is cautioned that there is no guarantee that mineralization on the Éléonore property is indicative of the type of mineralization on the Opinaca Gold West property.
Historical works have identified geological indicators of a gold bearing system such as arsenopyrite and tourmaline. High gold-arsenic concentrations were also obtained from lake sediments in the property area.
* (Mineral Reserves And Resources As of December 31, 2015. http://www.goldcorp.com/English/Investor-Resources/Reserves-and-Resources/default.aspx)
"With the acquisition of the Opinaca Gold West property, Matamec is building on our conviction that the James Bay region still has lots of gold potential," said André Gauthier, President and CEO of Matamec. "The company's gold portfolio is growing significantly."
Along with this announcement, Matamec and Canada Strategic Metals (CSM) (TSX VENTURE:CJC)(FRANKFURT:YXEN)(OTCBB:CJCFF) are very pleased to report the latest drill results for the Sakami property. Drilling on the Northwest extension of Zone 25 (main zone) has returned an intersection of 1.87 g/t Au over 27.00 metres including 3.14 g/t Au over 5.00 metres, from hole PT-16-93 (see table below).
"These results from Zone 25, including those that have already been announced from the first two drill holes, are very encouraging for Matamec," said André Gauthier. "We look forward to receiving the remainder of the results from the Summer 2016 exploration campaign."
The result from PT-16-93 together with PT-16-91 and PT-16-92 confirm that Zone 25 increases in thickness and grade to the northwest (see Figures 2, 3, and 4). This lens remains wide open in this direction and we are very keen to test the continuity of this thick zone of gold mineralization in the next drill campaign. Note that the grade of the intervals are relatively consistent; there are no extreme grade assays that carry very low grade intervals. The very thick intervals and their relative position suggest a possible merging of Zone 22 and 25 in this direction, as illustrated in Figure 4.
The drilling of PT-16-96 and 97 confirms the mineralization trend to the extreme south east, and the lack of significant assay results in the remaining drill holes testifies to the complex geology occurring at this apparent fold nose on the La Pointe Peninsula. All significant results for the latest campaign are presented in the table below.
Table of mineralized intersections from 2016 drilling
||Length * (m)
|* The Company estimates the true width of the mineralized zone at 70 to 95% of the core length.
|** Results already announced in a press release dated September 6, 2016.
Sectors Explored in the Summer 2016 Exploration Program
The 2016 Summer program covered 4 areas of the property, and included a drilling campaign of 9 holes totaling 2,058 m on the La Pointe sector. It also comprised a total of 210 km of geophysical survey lines in the La Pointe, Île and JR West sectors, and a mapping and prospecting campaign in the Péninsule, Île and JR West sectors. The remaining results of this exploration work will be shared as soon as they become available.
Guy Desharnais, P.Geo., Ph.D. (OGQ No.1141), is a Qualified Person as per NI 43-101; he reviewed and approved the technical content of this press release.
Matamec Explorations Inc. is a junior mining exploration company whose main focus is in developing the Kipawa HREE JV deposit owned at 72% by the Company and 28% by Ressources Québec (acting as agent of the Government of Québec); Toyota Tsusho Corp. (Nagoya, Japan) holds a 10% royalty on net profit in the deposit. Furthermore, the Company is exploring more than 35 km of strike length in the Kipawa Alkalic Complex for rare earths-yttrium-zirconium-niobium-tantalum mineralization on its Zeus property.
The Company is also exploring for gold, base metals and platinum group metals. Its gold portfolio includes the Hoyle-Matheson Royalties (see the March 2, 2016 and April 28, 2016 press releases), Matheson JV (MJV) and Pelangio properties located along strike and in close proximity to Goldcorp's Hoyle Pond Mine in the prolific gold mining camp of Timmins, Ontario. Matamec holds a 50% undivided interest in the MJV property and is its operator. In addition, the Company holds a 1% NSR royalty in the Montclerg Property located 48 km northeast of Timmins along the Pipestone Fault.
In Québec, the Company is exploring for strategic metals such as lithium, tantalum, and beryllium on its Tansim property and for precious and base metals on its Valmont and Vulcain properties.
This news release contains "forward-looking information" within the meaning of Canadian securities legislation. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "scheduled", "anticipates", "expects" or "does not expect", "pursue", "targeted", or "believes", or variations of such words and phrases that state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Although Matamec has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to, those risk factors set out in the Company's year-end Management Discussion and Analysis dated December 31, 2015 and other disclosure documents available under the Company's profile at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Matamec disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
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.
Figure 1 is available at the following address : http://media3.marketwire.com/docs/1068689a_Fig1.jpg
Figure 2 is available at the following address: http://media3.marketwire.com/docs/1068689a_Fig2.jpg
Figure 3 is available at the following address: http://media3.marketwire.com/docs/1068689a_Fig3.jpg
Figure 4 is available at the following address: http://media3.marketwire.com/docs/1068689a_Fig4.jpg
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