CMC Announces Drill Results from Silver Hart Summer Drill Program
Newsfile Corp.
Updated
Vancouver, British Columbia--(Newsfile Corp. - October 11, 2017) - CMC Metals Ltd. - (TSXV: CMB) ("the Company") - is pleased to announce results from the summer 2017 drilling program at the Company's 100% owned Silver Hart silver-zinc-lead property in southwest Yukon. The drilling program was completed in July 2107 and consisted of 843m of drilling. Core samples were collected and significant intervals are summarized in the following release.
2017 Program
A total of 843 m of diamond drilling was completed at the Silver Hart property. The drilling program was executed by Longford Exploration Services Ltd. of Vancouver, BC. Drill holes were designed to target the M, KL, and TM zones. Drilling was designed to confirm and infill historic results and extend known mineralization. Fourteen holes were completed to depths ranging from 43 to 79 m. One hole was vertical and the remaining were inclined, ranging from -45 to -70o.
A total of 153 half-core samples were collected. Samples averaged 1.15 m in length. Seventeen QC samples consisting of CRMs and coarse blanks were inserted into to the sample stream prior to shipping samples to the prep-lab.
Drilling was completed by Paycore Enterprises Ltd. out of McBride, BC utilizing a low-impact track mounted diamond drill rig.
Significant intersections from 2017 sampling of 2017 drill core:
Hole-ID
From (m)
To (m)
Length (m)
Ag g/t
Pb %
Zn %
CMC17-01
15.3
17.3
2
117
4.03
5.11
including
16.65
17.3
0.65
323
12.24
2.09
CMC17-02
12.4
12.8
0.4
487
8.41
13.26
CMC17-03
5.73
5.87
0.14
981
19.72
12.08
CMC17-05
23.3
25.3
2
750
5.87
2.87
CMC17-06
28.35
30.35
2
163
0.10
7.25
including
29.35
30.35
1
128
0.07
9.70
CMC17-07
4.3
8.4
4.1
10
0.18
6.22
and
21.7
22.7
1
34
0.04
7.43
and
30.7
37.8
7
43
0.11
6.96
including
32.7
33.7
1
65
0.21
16.58
CMC17-10
32
33
1
78
0.04
9.07
CMC17-12
34.85
35.85
1
431
0.49
5.76
CMC17-13
42.75
43.25
0.5
325
0.17
13
CMC17-14
32.3
32.5
0.2
775
9.97
13.49
*The reader is cautioned that all the above tabled intercepts are as-drilled intercepts and are not equivalent to true widths.
Significant intervals were determined using a 300g silver equivalent cut-off grade calculated using the following assumptions: Ag $18/oz, Zn $1.20/lb, Pb $1.00/lb. The Silver Equivalent Formula assumes 100% recovery of all metals.
All samples collected in 2017 were sent to Bureau Veritas Mineral Laboratories in Whitehorse, Yukon. Samples were crushed, split and pulverized to -200 mesh, underwent aquaregia digestion and multielement ICP-ES analysis as well as lead collection fire assay using a 30g charge. Overlimit lead was assayed using classical titration.
Michael Scholz, Director of CMC stated: "We now know we are in the right area in this world class mining district. The previous drill program confirmed that we are on the right track and we are currently formulating plans to continue drilling this project. We have recently met with a third party consulting group to engage in the design and subsequent ramp up of an underground mining operation, with the on-site mill and pad having already been completed."
2010 Program
A diamond drill program was completed at the Silver Hart property in 2010. The assay results have been obtained from the laboratory, ALS Chemex, North Vancouver, B.C. and will be released shortly.
About the Silver Hart Property
The Silver Hart Property is located within the Rancheria District, YT, Canada. Diamond drill holes drilled in 2017 targeted the M, KL, and TM zones. Drilling was designed to confirm and infill historic results and extend known mineralization. Fourteen holes were completed to depths ranging from 43m to 79m. One hole was vertical and the remaining were inclined, ranging from -45o to -70o. The Company has a 30-man camp on the property. Certain bulk samples have been taken historically, and float concentrates prepared and sold. The Company did not undertake work on the property from 2013 - 2016 inclusive.
The property is located approximately 60km north of the Silvertip mine in BC. The Silvertip mine has been recently bought by Coeur Mining of Chicago, IL for initial consideration of approximately US$200 million, consisting of approximately US$146.5 million of cash, and approximately US$38.5 million of Coeur shares (approximately 4.3 million new shares) an assumption of US$15 million of existing debt (announced September 11th, 2017).
Management Changes
Ian Graham, has resigned as a Board member, President and CEO in order to pursue other opportunities. Ian will provide project support services to the company until October 31st.
The company is also pleased to announce Mr. Salim Tharani as the new President, CEO and member of the Board of Directors effective immediately.
Stock Options
The company has also applied for the reservation of 2M stock options for Officers, employees and consultants at 9 cents per share for a period of 2 years.
About CMC Metals.
CMC Metals Ltd. is a mineral exploration company focused on opportunities in the United States and Canada that offer potential for near-term cash flow. The Company is led by a seasoned team with experience developing assets to production. CMC hold a 50% interest in the Radcliff Gold property (formerly the World Beater Mine) in California located 9 Miles (14 km) north of the Briggs Gold Mine in the Panamint range in Inyo county, Southwestern California. The Radcliff covers 1,654 acres (670 Ha) comprising 10 patented claims, 5 unpatented mill sites and 84 unpatented mine claims. The Company's Silver Hart Property is a Silver-Lead-Zinc asset located in the Yukon, 132 km west of Watson Lake, and covers 2,200 hectares and 116 Contiguous and partial claims.
On behalf of the Board:
Michael Scholz, Director CMC METALS LTD.
For further information please contact Mr. Michael Scholz at Tel: 604-605-0166 email:info@cmcmetals.ca
