CMC Options a Third High-Grade Copper-Silver Property in the Highly Prospective Gander Subzone in Central Newfoundland - Rodney Pond

CMC Options a Third High-Grade Copper-Silver Property in the Highly Prospective Gander Subzone in Central Newfoundland - Rodney Pond

CMC Metals Ltd. (TSXV:CMB)(Frankfurt:ZM5P)(OTC PINK:CMCZF) ("CMC" or the "Company") is pleased to announce that it has acquired an option to earn up to a 100 percent working interest in the Rodney Pond Property in the highly prospective Gander Subzone in Central Newfoundland, subject to an option agreement (the "Agreement") with Nancy, Stephen and Larry Rogers (the "Prospectors") of Hare Bay, Newfoundland. Terms of the option agreement are subject to TSX Venture Exchange approval

Pursuant to the terms of the Agreement, the Company will pay $10,000 (CDN) and 50,000 common shares of CMC Metals Ltd. upon Execution of the Agreement and additional payments will be made on the first anniversary and in the following years to the Prospectors as follows:

  • 1st Anniversary Date, January 6, 2023: $10,000 cash and 50,000 common shares;
  • 2nd Anniversary Date, January 6, 2024: $15,000 cash and 75,000 common shares;
  • 3rd Anniversary Date, January 2, 2025: $25,000 cash and 125,000 common shares;
  • In addition, the Agreement provides for a conventional royalty of 2.0% of which 1.0% can be purchased at any time by the Company from the Prospectors for $1,000,000.

The Rodney Pond (copper-silver+/gold+/-lead+/- zinc) Property, located approximately 17 kilometers south of Gander, is road accessible via a series of woods roads. The property comprises 27 claims (approximately 675 hectares) and is underlain by the Jonathans Pond Formation of the Gander Group. Limited exploration work on the property to date has served to identify a 2-meter-wide vein of massive chalcopyrite and bornite. Samples taken from different portions of the vein returned assays from grab samples of outcrop of up to 7.1% copper, 27.2 g/t silver and 233 ppb gold. Assays also indicate elevated levels of iron, zinc, chromium and lead. Limited prospecting identified mineralization over an area in excess of 500 * 300 meters, with most of the property to be yet examined in any detail.

Figure 1. Location of Rodney Pond, Newfoundland

Kevin Brewer, President and CEO noted, "Rodney Pond is a great addition to our extensive portfolio of properties in western and eastern Canada. Newfoundland is my home province, so it is great to now be working there again. Collectively our three properties (Rodney Pond, Bridal Veil and Terra Nova) in the Gander Zone, now comprise of a total of 224 claims for an approximate total land area of 6,196 hectares. These properties provide CMC with exposure to high grade copper-silver polymetallic plays at a very reasonable cost. We have already been working with the Rogers Family at the Terra Nova Property and find them to be great prospectors and nice people - typical Newfoundlanders. We look forward to advancing our exploration in Newfoundland with the goal to discover a high-grade polymetallic deposit. Early investigations indicate that these are all likely intrusion related systems and possibly mesothermal in origin."

Figure 2. Claim Location, Geology, and Mineralization

Mr. John Bossio, Chairman of the Company noted: "This is the third property acquisition for us in the highly active Gander Zone exploration play. Newfoundland is one of the best jurisdictions in Canada to explore, and we have already experienced benefits such as an extended exploration season in our work programs and that will provide more regular news flow. On behalf of the Board, I thank the Rogers family for again presenting us with the opportunity to acquire a prospective copper-silver polymetallic project at reasonable terms."

Figure 3. Image from Vein on the Rodney Pond

Detailed property information and a map of the sample locations will be posted in the near future on our website at www.cmcmetals.ca. A figure on the location of the property is included in this release.

Qualified Person

Kevin Brewer, a registered professional geoscientist in BC, Yukon and Newfoundland, is the Company's President and CEO, and Qualified Person (as defined by National Instrument 43101). He has approved the technical information reported herein. The Company is committed to meeting the highest standards of integrity, transparency and consistency in reporting technical content, including geological reporting, geophysical investigations, environmental and baseline studies, engineering studies, metallurgical testing, assaying and all other technical data.

About CMC Metals Ltd.

CMC Metals Ltd. is a growth stage exploration company focused on opportunities high graded polymetallic deposits in Yukon, British Columbia and Newfoundland and Labrador. Our silver-lead-zinc prospects in the Rancheria Silver District include the Silver Hart Deposit and Blue Heaven claims (the "Silver Hart Project") in Yukon, and Rancheria South, Amy and Silverknife claims (the "Rancheria South Project") in British Columbia. Our polymetallic projects with potential for copper-silver-gold and other metals include Logjam (Yukon), Bridal Veil and Terra Nova (both in Newfoundland).

On behalf of the Board:

"John Bossio"

John Bossio, Chairman
CMC Metals Ltd.

For Further Information and Investor Inquiries:

Kevin Brewer, P. Geo., MBA, B.Sc. (Hons), Dip. Mine Eng.
President, CEO and Director
Tel: (604) 670-0019
kbrewer80@hotmail.com
Suite 615-800 West Pender St.
Vancouver, BC
V6C 2V6

To be added to CMC's news distribution list, please send an email to info@cmcmetals.ca or contact Mr. Kevin Brewer at 604-670-0019.

Neither the 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.

"This news release may contain certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. In this release disclosure regarding the potential to undertake future exploration work comprise forward looking statements. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects, to carry out the work and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, the impact of the constantly evolving COVID-19 pandemic crisis and continued availability

of capital and financing and general economic, market or business conditions. Readers are referred to the Company's filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation."

SOURCE: CMC Metals Ltd.



View source version on accesswire.com:
https://www.accesswire.com/681942/CMC-Options-a-Third-High-Grade-Copper-Silver-Property-in-the-Highly-Prospective-Gander-Subzone-in-Central-Newfoundland-Rodney-Pond

News Provided by ACCESSWIRE via QuoteMedia

CMB:CA
The Conversation (0)
CMC Metals Ltd. Closes C$3,151,780 Non-Brokered Private Placement

CMC Metals Ltd. Closes C$3,151,780 Non-Brokered Private Placement

CMC Metals Ltd. (TSXV:CMB)(Frankfurt:ZM5P)(CMCXF:OTC PINK) ("CMC" or the "Company") is pleased to announce that the Company has closed a non-brokered private placement (the "Offering") for gross proceeds of C$3,151,780.18 from the sale of 13,761,998 non-flow-through units of the Company (each, a "NFT Unit") and the sale of 6,396,944 flow-through units of the Company (each, a "FT Unit

Each FT and NFT Unit consists of one common share of the Company to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) (each, a "FT Share") and one half of one transferable share purchase warrant (each full warrant, a "Warrant"). Each Full Warrant entitles the holder thereof to acquire one common share of the Company (each, a "Warrant Share") at a price of C$0.20 per Warrant Share on or before April 19, 2024. The FT, NFT and Warrant Shares will be subject to a hold period ending on August 20, 2022.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Positive Geophysical Survey Results at Silver Hart are Integrated into the Design of the 2022 Drill Program

Positive Geophysical Survey Results at Silver Hart are Integrated into the Design of the 2022 Drill Program

CMC Metals Ltd. (TSXV:CMB)(Frankfurt:ZM5P)(OTC PINK:CMCXF) ("CMC" or the "Company") is pleased to announce that Intelligent Exploration ("IE') has completed a detailed interpretation of the SkyTEM airborne geophysical survey that recommends drill testing of Targets T-1 and T-4 at its flagship Silver Hart Project, south-central Yukon. Dr. Chris Hale and John Gilliatt of IE have recommended an initial 5,000-meter drill program to provide up to three drill holes on sections spaced 100 meters apart over each conductor

Chart, surface chartDescription automatically generated

Figure 1: Total Magnetic Intensity ("TMI") Map: The magnetic data divide the Silver Hart and Blue Heaven properties into areas of higher TMI (likely underlain by intrusive rocks - Cassiar Batholith) and low TMI (indicated by green and blue colors - likely sedimentary rocks. Note that that SkyTEM Targets T-1 and T-4 occur within the lower TMI areas (sedimentary domains), at or near the Batholith contact.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
CMC Commences Magnetometer Surveys on its Newfoundland Properties

CMC Commences Magnetometer Surveys on its Newfoundland Properties

CMC Metals Ltd. (TSXV:CMB)(Frankfurt:ZM5P)(OTC PINK:CMCXF) ("CMC" or the "Company") is pleased to announce that ground magnetometer surveys have commenced on its Newfoundland properties in the Gander Zone. McKeown Exploration Services Ltd. of St. John's Newfoundland have been contracted to conduct approximately 210-line kilometers of ground magnetometer surveys on the Bridal Veil Property (approximately 155-line kilometers); Terra Nova (approximately 35-line kilometers) and Rodney Pond (approximately 20-line kilometers). Data will be collected over the next four weeks and then interpreted by Dr. Chris Hale and John Gilliatt of Intelligent Exploration Services. Dr Hale is on the advisory board of CMC Metals Ltd. and is responsible for the design and interpretation of all geophysical surveys completed by the Company

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
CMC Files Drill Permits for Amy and Silverknife Properties, Rancheria Silver District, Northern BC

CMC Files Drill Permits for Amy and Silverknife Properties, Rancheria Silver District, Northern BC

CMC Metals Ltd. (TSXV:CMB)(Frankfurt:ZM5P)(OTC PINKS:CMCZF) ("CMC" or the "Company") is pleased to announce that it has completed filing for exploration applications for the Amy and Silverknife projects. The permits include a wide range of proposed exploration activities on both properties including but not limited to geophysical and geochemical surveys, access road upgrading, new trailroad development, drill and clearing pad construction and drilling. The permits are filed with the Ministry of Energy, Mines and Petroleum Resources, Government of British Columbia and permit reviews for multi-year permits of this nature typically take in the range of 4-6 months to complete

At Silverknife, in the southern part of the property, our intent is to conduct geological mapping and prospecting to determine the extent of specific prospective geological units that are known to host the Silvertip Mine owned by Coeur Mining Ltd. The results of those efforts will guide decisions on advanced exploration in that area of the Property. However, most of the proposed exploration is planned to take place in the northern part of the Property to follow up on four known geochemical anomalies in that area and possible extensions of the existing Silverknife prospect identified by the 2021 SkyTEM airborne geophysical survey. A gravity survey will be initiated as soon as spring conditions allow, and the results of that survey are then expected to guide drill site selection. The Silverknife Prospect is located directly on the western boundary of the Silvertip Mining claims and the mine and mill are located approximately 1 km east-southeast of the Prospect.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
CMC Metals Identifies High Grade Silver-Lead-Zinc-Stibnite Samples at its Amy Property, British Columbia

CMC Metals Identifies High Grade Silver-Lead-Zinc-Stibnite Samples at its Amy Property, British Columbia

CMC Metals Ltd. (TSXV:CMB)(Frankfurt:ZM5N)(OTC PINK:CMCZF) ("CMC" or the "Company") is pleased to announce that recent exploration has identified high grade polymetallic samples at its Amy property in northern British Columbia. During a brief reconnaissance of the property at the end of the 2021 exploration season. The Amy Property is road accessible and located only 8 kilometers west of the Silvertip mine and mill owned by Coeur Mining Limited in the southern part of the Rancheria Silver District. The property was subjected to considerable exploration in the 1960-1985 period that included adit development, the discovery of the Amy prospect, exploration drilling, numerous mineralized areas, and an anomalous area in excess of 4 kilometers in strike length with widths from 300-1,300 meters

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Alex Wallis, vice president of exploration at Silver47 Exploration.

Silver47 Beefs Up Drilling Plans to Expand Resource at Red Mountain Polymetallic Project

Following release of the final results from Silver47 Exploration's (TSXV:AGA) 2024 exploration program, the company is beefing up plans for a more expansive and targeted drill campaign in the new year at its flagship Red Mountain project in Alaska. Alex Wallis, vice president of exploration, said the aim is to “increase both the grade and the tonnage."

“With the modern drilling and the recoveries we saw this year, we have a really good chance to increase just from infilling the historic zones to really bulk that resource out as well,” he said.

Approximately 20 percent of future drilling efforts will focus on fresh exploration targets like Galleon and Horseshoe, according to Wallis. The company is eyeing more than 15 exploration targets at Red Mountain that have never been drill tested with geochemical and geophysical targeting.

Keep reading...Show less
  Unico Silver Limited

Cerro Leon drill results

Further high-grade mineralisation identified at the Karina prospect

Unico Silver Limited (“USL” or the “Company”) is pleased to announce first assay results from ongoing drilling at the Cerro Leon project, located in the Santa Cruz province of Argentina.

Keep reading...Show less

First Majestic Announces Mailing of Materials for Special Meeting

First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce that it has commenced mailing of its meeting materials for the special meeting of the Company's shareholders (the "Special Meeting") that will be held on Tuesday, January 14, 2025 at 11:00 a.m. (Pacific Time) at the offices of Bennett Jones LLP, located at Suite 2500 - 666 Burrard Street, Vancouver, British Columbia V6C 2X8.

At the Special Meeting, pursuant to the requirements of the rules of the Toronto Stock Exchange and the New York Stock Exchange, First Majestic shareholders will be asked to approve an ordinary resolution (the "Share Issuance Resolution") approving the issuance of up to 190,000,000 common shares of First Majestic ("First Majestic Shares") to stockholders of Gatos Silver, Inc. ("Gatos") in connection with the previously announced acquisition by First Majestic of all of the shares of common stock of Gatos (the "Transaction"). First Majestic's Board of Directors unanimously recommends that the Company's shareholders vote FOR the Share Issuance Resolution.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Pan American Silver Provides Annual Exploration Update

Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") provides an annual exploration update and releases new exploration drill results for its Jacobina, El Peñon, La Colorada, Huaron, Minera Florida and Timmins mines, as well as its La Colorada Skarn project.

"The success of our exploration program highlights the potential for long-term organic growth at many of our assets," said Christopher Emerson, Vice President of Exploration and Geology at Pan American. "Based on the results we were achieving in exploration this year, we increased our drill budget to over 450,000 metres for 2024. This exploration update highlights these results, and showcases the ongoing discovery of new mineralized structures in and around our existing mining operations."

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Boab Metals

Boab Metals Limited (ASX: BML) – Trading Halt

Boab Metals Limited (ASX:BML) (the “Company”) hereby requests a trading halt of its securities be granted by the ASX effective immediately, pending a release of an announcement regarding an Offtake and Project Finance Agreement. The trading halt will last until the earlier of commencement of trading on Wednesday, 11 December 2024 or the release to the market of an announcement as specified above. The Company is not aware of any reason why the trading halt should not be granted or of any other information necessary to inform the market about the trading halt. This request was authorised for release by the Board of the Company.

Keep reading...Show less

Latest Press Releases

Related News

×