MONTRÉAL, QUÉBEC--(Marketwired - July 6, 2016) - Matamec Explorations inc. ("Matamec" or the "Company") (TSX VENTURE:MAT)(OTCQX:MHREF) and Canada Strategic Metals ("CSM") (TSX VENTURE:CJC)(FRANKFURT:YXEN)(OTCBB:CJCFF) are pleased to announce that the exploration program of almost CAD$700,000 that recently started on the Sakami property (see June 28th, 2016 press release), is taking place as a rush of interest in the mineral exploration is happening along the La Grande-Opinaca Tectonic Boundary in the Baie James Sector (See figure 1: Regional Geology).
Since the announcement of expanded mineralization of the Cheechoo deposit by Sirios Resources on March 29, we have seen several significant exploration budgets announced. These include exploration programs by Sirios Resources (April 22, 2016-5.5M$CAD), Midland Exploration with Osisko Exploration (June 16, 2016-1M$CAD), and Les Mines Opinaca with Eastmain Resources and Azimut Exploration (June 16, 2016-2M$CAD).
Option Agreement - Sakami Property
On August 16, 2013, Matamec signed an option agreement with CSM in which the latter could acquire a 50% interest in the Sakami gold project by spending CAD$2,250,000 in exploration work and other conditions over a period of three (3) years.
The property covers a major geological contact between two sub-provinces that are very favourable for hosting gold deposits. This geological setting comprises the Opinaca sediments, the La Grande mafic volcanics, and iron formations in association with a strong deformation zone, notably near the tectonic contact of the La Grande-Opinaca sub-provinces. The mineralization style and tectonic setting share considerable similarities with the Eleonore mine held by Goldcorp (see April 4th and 25th, 2016 press releases).
The Summer 2016 program plans to test 4 separate areas, including a 2,000 m drill campaign on the La Pointe sector. Ground geophysics, mapping and prospecting around previously defined anomalies will be completed over the Péninsule, Île and JR sectors (see figure 2).
Significant gold potential in the La Pointe Zone
A 2,000 m drilling program is planned on the La Pointe area to extend Zone 25 to the northwest and southeast. The drilling program is also aimed at increasing the size of the main gold zone (Zone 25) to the west-northwest and the south-east, as well as its extension at depth. In addition, a stratigraphic exploration hole is planned in the south portion of La Pointe (see figure 3, Location of projected drilling holes.)
The most significant drillhole intervals of the La Pointe zone are located along the northwest limit of the model, which remains open in that direction. Recent remodeling of the La Pointe zone revealed two superimposed main structures (veins 22 and 25), which have a relatively predictable continuity, as well as potential for additional veins (see figure 4: Vertical section). These mineralized horizons are sub-parallel to the major tectonic contact, which span more than 15 km on the Sakami property.
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.
"Since 2013, Matamec has been progressing well on this gold project. We have good reason to expect continued success with this Summer 2016 exploration program," said André Gauthier, President and CEO of Matamec. "Moreover, the breadth of the Company's gold property portfolio clearly demonstrates that Matamec's strategy, "From gold to rare earths," is an added value for shareholders of the company".
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, Matheson JV and Pelangio properties located along strike and in close proximity to the Hoyle Pond Mine in the prolific gold mining camp of Timmins, Ontario. The Company holds a 50% undivided interest in the Matheson JV, with International Explorers and Prospectors inc. holding the remaining 50% undivided interest. The Company is the operator of the MJV. MJV property consists of 60 mining titles. 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 Sakami, 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.
Figures 1 to 4 are available at the following link: http://media3.marketwire.com/docs/1061713aFig.pdf
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