TORONTO, Feb. 22, 2019 (GLOBE NEWSWIRE) — Canadian Orebodies Inc. (the “Company”) (TSXV:CORE) is pleased to announce that it has commenced a drill program to explore the extension and potential additional high-grade gold-bearing veins in the Smoke Lake Gold System (“SLGS”) on the Black Raven property.
This drill campaign is expected to total approximately 1,000 metres, with a majority of the holes to be drilled off ice pads located on Smoke Lake. The ice pads, which the Company has been building for the last month, will provide optimal locations for drilling various azimuths to define and follow up on the results received from the fall 2018 round of drilling which intercepted 133.2 g/t Au over 2.0 metres, which included 443.0 g/t Au over 0.6 metres (see press release dated December 11, 2018).
“We believe we have potential for a significant mineralized gold system in the Smoke Lake area composed of multiple high-grade gold-bearing structures,” said Gordon McKinnon, President and CEO of Canadian Orebodies. “We are taking advantage of this unseasonably cold winter to optimize certain drilling angles using ice pads, which will significantly expedite our understanding of the SLGS, and hopefully expand the known high-grade gold zones and allow us to discover new ones.”
Smoke Lake Gold System
From the integration of the historic and the 2018 drilling results, the SLGS is interpreted as an interconnected network of mineralized structures in which gold mineralization is associated with mm-wide to cm-wide quartz stringers and veins with haloes of disseminated sulfides. Additional drilling is however necessary to confirm the interpreted geometry of the SLGS.
Narrow higher-grade lenses enveloped in broad lower grade mineralized structures compose the SLGS. The SLGS has been so far been intersected by drilling over a strike length of >400 metres and to a vertical depth of >130 metres. The vein system remains open in both directions along strike and to depth. Surface mapping of gold mineralization in the area also suggests that additional mineralized structures are likely present in the hanging wall and footwall of the of the SLGS.
The SLGS was targeted based on the previous work of Freewest Resources Canada Ltd. in 2003 and diamond drilling by Entourage Metals Ltd. in 2011-12. Both exploration programs encountered multiple zones of mineralization in the area and the best diamond drilling intersections were obtained in the Super G vein, which returned assay results of 44.5 g/t Au (uncut) over a drilled width of 2.4 metres (BR-11-041) and 19.2 g/t Au over 2.0 metres (BR-11-011). From the 2018 drilling, the high-grade intersection in BR-2018-002 suggests an up-plunge continuity of the zone of high-grade mineralization between BR-11-01 and BR-11-04, whereas BR-2018-003 shows that the zone of mineralization remains open down-plunge.
Technical Information
This press release has been prepared under the supervision of Mr. Quentin Yarie (P.Geo.), who is a consultant to the Company and a “qualified person” (as such term is defined in National Instrument 43-101). Mr. Yarie has verified the technical data disclosed in this press release.
Canadian Orebodies has implemented a quality-control program to comply with best practices in the collection and analysis of rock samples. Samples are transported in security-sealed bags to Activation Laboratories Ltd. in Thunder Bay, ON for preparation and assay.
1 Readers are cautioned that these assay results are historical in nature and have not been verified by a qualified person on behalf of the Company.
About Canadian Orebodies Inc.
Canadian Orebodies is a Canadian-based mineral exploration company with a portfolio of properties in Ontario and Nunavut. Canadian Orebodies is focused on generating shareholder value through the advancement of its two Hemlo area projects: Wire Lake and the North Limb.
For more information please contact:
Gordon McKinnon, President & CEO
Canadian Orebodies Inc.
(416) 644-1747
http://www.canadianorebodies.com
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, exploration results, potential mineralization, statements relating to mineral resources, and the Company’s plans with respect to the exploration and development of its properties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Canadian Orebodies, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
