Matamec Announces Two More Drills Results on theSakami Gold Project
posted on Feb 11, 2014 10:38AM
Matamec Explorations Inc. is a junior mining exploration company whose main focus is in developing the Kipawa heavy rare earths deposit.
MONTREAL, QUEBEC--(Marketwired - Feb. 11, 2014) - Matamec Explorations Inc. ("Matamec" or the "Company")(TSX VENTURE:MAT)(OTCQX:MHREF) and Canada Strategic Metals (TSX VENTURE:CJC)(FRANKFURT:YXEN)(OTCBB:CJCFF) are pleased to announce results from two more drill holes from the recent drilling campaign on the Sakami gold project. Holes PT-13-66 and PT-13-67 intersected a mineralized zone that returned 1.18 g/t Au over 15.45 metres from Hole PT-13-66 and 3.78 g/t Au over 27.95 metres, including 4.01 g/t over 22.60 metres and 7.21 g/t Au over 7.00 metres, from Hole PT-13-67. For further information on the drill results, visit Canada Strategic Metals ("CSM") press release issued today at: www.csmetals.ca.
Regarding the option agreement with Matamec signed August 19, 2013, CSM will have acquired an interest of 50% in Sakami after issuing a total of 2,000,000 common shares and carrying out exploration in the amount of $2,250,000 before August 16, 2016. Within 180 days of acquiring its 50% interest in the property, CSM will have an option to acquire an additional 20% property interest by issuing 1 million shares to Matamec and completing an independent bankable feasibility study within five years of the date of the share issuance. During the period that the additional option is valid, CSM must spend a minimum of $2,000,000 on exploration by the end of each year until the feasibility study is completed.
Aline Leclerc, VP Exploration (Geo.) is Matamec's Qualified Person for this press release.
Matamec Explorations Inc. is a junior mining exploration company whose main focus is in developing the Kipawa HREE deposit with TRECan.
In parallel, 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. Since 2007, Matamec discovered eight (8) new rare earth showings. Particularly, it drilled the PB-PS Zone in the fall of 2012 and identified Eudialyte-Mosandrite/Yttro-Titanite/Britholite mineralization similar to those found at the HREE Kipawa Deposit. This type of mineralization is presently known over a length of 200 metres and is open laterally and at depth. This mineralized zone is 2.3 km SW of the Kipawa deposit and a soil anomaly seems to connect the two. The Company plans to drill these extensions later this year.
The Company is also exploring for gold, base metals and platinum group metals. Its gold portfolio includes the Matheson JV property located along strike and in close proximity to the Hoyle Pond Mine in the prolific gold mining camp of Timmins, Ontario. In Quebec, the Company is exploring for lithium and tantalum on its Tansim property and for precious and base metals on its Valmont and Vulcain properties. Matamec signed in August 2013 an option agreement where Canada Strategic Metals can acquire an interest of up to 50% in the Sakami gold project, located in the James Bay region of northern Quebec by committing $2.25 million in exploration work including $500,000 in the first year of drilling - part of the results from the campaign finished in January 2014 have already been announced, with the rest upcoming soon.
Cautionary Statement Concerning Forward-Looking Statements
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", "is expected", "scheduled", "targeted", or "believes", or variations of such words and phrases or 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, 2012 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 news 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.
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