CMC Metals Ltd. ; announces that an additional round of spectacular soil geochemical results continue to validate and expand airborne geophysical targets at its flagship Silver Hart project in YukonDuring the 2021 exploration season, CMC significantly extended previous soil geochemical surveys at Silver Hart as a part of validating targets identified by its property wide airborne SkyTEM geophysical survey completed ...

CMC Metals Ltd. (TSXV:CMB)(Frankfurt:ZM5N)(OTC PINK:CMCZF); (the "Company") announces that an additional round of spectacular soil geochemical results continue to validate and expand airborne geophysical targets at its flagship Silver Hart project in Yukon

During the 2021 exploration season, CMC significantly extended previous soil geochemical surveys at Silver Hart as a part of validating targets identified by its property wide airborne SkyTEM geophysical survey completed earlier this year. We initially announced the initial round of soil geochemistry results (see Press releases of August 25 and August 31, 2021) and have just received a third round of results that continue to expand and validate the airborne geophysical targets identified earlier this year.

The current results are from 274 soils taken from grids on the T1, T4, north of T5, T6, T7 and T8 targets. For the first time the results have been plotted on magnetic data. This was done as the magnetic data distinguishes the intrusive Cassiar Batholith rocks from the overlying metasedimentary and carbonate sequences and it has been postulated that the contact of these strata is a key loci for mineralization within the Rancheria Silver District. The higher magnetic rocks (in yellow, pink and red) are indicative of granodiorites and granites of the Cassiar Batholith. The blue rocks are indicative of the overlying schists, carbonates and skarns and the green is at or near the actual contact between the strata.

The results indicate that:

  • All areas of exploration interest are at or proximal to the batholith-sediment contact;
  • There are significant areas of exploration interest outside of those currently investigated along the contact areas that merit further examination;
  • The areas of exploration interest demonstrate north-easterly trends suggesting the presence of north-easterly structures possibly similar to the north-easterly trending mineralized veins in the Main Zone;
  • The areas of exploration interest in zones T1 and T4 continues to expand significantly;
  • T6 was sampled at 100-meter spaced lines but is showing significant promise as an emerging large target area; and
  • T7 and 8, and north-northeast of T5 are valid targets that need further work to be fully validated.

Mr. John Bossio, Chairman notes, "These results clearly demonstrate the significant exploration upside at Silver Hart particularly in the prominent targets at T1 and T4 and the subsurface targets such as the "hockey stick" southeast of T5. We are planning an extensive trenching program in these areas prior to drilling and in the interim our plan is to initiate further infill drilling in the Main Zone in untested possible extensions of the existing veins. From the quality of geochemical and geophysical results in these new target areas, we now know that we have a huge amount of exploration work to do at Silver Hart to fully understand and identify the potential of the area. There is clearly significant potential for the discovery of additional high-grade polymetallic veins, and possible carbonate replacement/skarn deposits."

Kevin Brewer, President and CEO notes, "The coincident nature of the geochemical (soil and rock) and geophysical data is very encouraging to our technical team. Our efforts will now be focused on better defining specific drill targets for 2022 and beyond. To fully drill investigate most of the existing targets we estimate in excess of 10,000 meters of drilling will be required in a preliminary examination of the best targets (T1, T3, T4 and T5 - with the "hockey stick anomaly"). We are very confident that this will result in the identification of specific areas that will significantly expand resources at Silver Hart and ultimately lead us to a preliminary economic assessment study. Silver Hart is now showing us that it has the potential to be a significant high grade polymetallic resource of possible economic proportions. We are very excited with the challenges ahead and will apply our current geological model and knowledge acquired from Silver Hart to our other prospects (i.e., Silverknife, Amy and Rancheria South) in the Rancheria Silver district in 2022 and beyond."

Comments on the Targets

Some specific comments on the target areas are as follows:

Target T1

This target is one of the most promising targets for future exploration at Silver Hart. It is characterized by a large magnetic low with moderate to high conductivity which would be characteristic of silver-lead-zinc mineralization. The anomalous area defined by soil chemistry is now over a kilometer in strike length and approximately 800 meters wide and remains open towards the batholith-sediment contact to the west and the low magnetic area and contact area to the northeast. The anomaly is north-easterly trending. The highest anomalous silver in soil results within the Silver Hart area have been identified within this target possibly indicating near surface vein/skarn mineralization. The widespread nature of the anomaly in a magnetic low suggests the possibility for a carbonate replacement deposit. And lastly, limited outcrop exposures, resultant from trail building to areas where drill platforms will be constructed, have shown the presence of mineralization in skarn and limestone units.

Target T4

This target is like the most promising future target at Silver Hart as it is thought to have much thicker overlying sediments, is in close proximity and a likely extension of the known mineralization in the Main Zone and is north-easterly trending. The recent sampling has extended the anomaly towards the K and KL areas of mineralization in the Main Zone and it remains open to the northeast where it potentially could have a much larger area of interest continuing in rocks with a low magnetic signature and trending towards the batholith-sediment contact in the east. The current anomaly is now over approximately 800 meters in strike length and 400 meters in width. There are limited to no outcrop exposures in the area and the Company has not pursued trail building or trenching in the area at present. However mineralized trenches in T3 area may have lateral extent towards the soil anomalies as there is a possible north-easterly alignment. There are pending results aimed at identifying a possible geochemical linkage between T4 as the geophysical data shows a possible subsurface anomaly between T4 and T5 and further extending westwards to the T1 area and this could be resultant from nearby intrusive units in both west and east of T4.

North of Target T5 and T5

Unfortunately, due to personnel shortages the Company was unable to complete a detailed soil survey over all of the T5 target area. The southeasterly corner of T5, which has a prominent subsurface geophysical target internally labelled as the "hockey stick" target given its shape, has pending results but are close to existing mineralized showings resultant from trail building to access future drill platforms. The "hickey stick" target shown through subsurface geophysical data depicts a possible extension of the northermost known mineralized area (commonly referred to as "KL") in the Main zone that extends like a hockey stick handle to a depth of 150-200 meters and then broadens into an area shaped like a hockey stick blade. As previously noted in the T4 description, this geophysical anomaly has some possible lateral extent and may be associated with the east-west carbonate and skarn bedding in that portion of the property area. The anomalous samples north of T5 are present within a magnetic low and proximal to the batholith-sediment contact. The "hockey stick" structure is yet to be drill investigated but plans are to conduct drill step-outs from the KL area to the eastern side of the T5 structure to test these subsurface anomalies.

Target T6

The coincident zinc and silver soil anomalies in this area are a pleasant surprise to the Company as they show possible structures emanating from the intrusive rocks to the east of the center of the geophysical target. These anomalies may also represent an extension of the T1 anomaly and if so could be indicating an anomalous area with a strike length in excess of 2.0 kilometers. The area is currently only accessible by foot and has limited to no rock exposures so little more is known about this target. However, these results indicate the need for extensive further investigation of the T6 area, its possible further extensions to the north and east and its possible south-westerly extension that could establish a link to T1 making it easily the largest area of exploration interest at Silver Hart. This target also is within a magnetic low and is characterized by moderate to strong conductivity.

Target T7

This small grid was established to test the possible south-westerly extension of the KW zone and to determine if there would be any anomalous results at or in close proximity to the batholith-sediment contacts in this narrow band of sediments. The anomaly suggest there are soils anomalous primarily in silver with weaker coincident lead and zinc in this area. It further outlines the need to expand the current soil survey in this area to cover the gap of sampling to the KW zone and towards the contact zone in the west, northwest, and southwest. The results in this target continue to demonstrate that geochemical anomalies in silver, lead and zinc are ubiquitous throughout the Silver Hart area at the edges of the intrusives (i.e the "Cassiar Batholith") and extending into the overlying metasediments and carbonate units.

Target T8

A small soil anomaly of silver has been identified in this area. The soil grids were an attempt by the Company to determine if there was a possible extension of T1 along the contact area to the weaker geophysical anomaly at T8. This area continues to deserve more examination through soil geochemistry to determine if the newly named "Ridge Zone" has any further potential as it is an area close to outcrops of heavily oxidized and rusty schists. Even though this is a lower priority target the Company will endeavour to fully investigate the Ridge Zone in the future.

Soil geochemistry results are still pending for:

  • 2 small grids testing the further extent of the strong anomaly in the South Zone;
  • Infill grids in the T3 Target; and,
  • Two small grids southeast and northeast of T5.

Summary of the Statistical Analysis of Recent Soil Results

Key highlights from recent soil sampling are as follows:

  • From a total of 274 samples, 95 were anomalous in silver with 17 samples in excess of 3,000 ppb ranging from 3,000-11,500 ppb, 34 samples in excess of 1,000 ppb ranging from 1000- 2999 ppb and 44 samples in excess of 500 ppb;
  • All anomalous silver samples were also anomalous in zinc, lead, iron and manganese;
  • 43 samples were anomalous in Pb with values greater than 50 ppm and a highest value of 2,654 ppm; and
  • 76 samples were anomalous in zinc with values greater than 200 ppm and a highest value of 4,049 ppm.

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 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.

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/670726/CMCs-Geochemical-Survey-Results-Validate-and-Expand-Airborne-Geophysical-Targets-at-Silver-Hart-Yukon

News Provided by ACCESSWIRE via QuoteMedia

Early Warning Report Regarding Guanajuato Silver Company Ltd.

This news release is being disseminated by Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) (" Endeavour ") pursuant to National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the acquisition by Endeavour of certain securities of Guanajuato Silver Company Ltd. (" GSilver "), a British Columbia corporation with a head office at 578-999 Canada Place, Vancouver, British Columbia, V6C 3E1.

On November 30, 2021, Endeavour acquired 5,750,000 units (" Units ") of GSilver at a purchase price of $0.55 per Unit through a non-brokered private placement (the " Private Placement ") for an aggregate purchase price of $3,162,500. Each Unit consists of one common share (a " Common Share ") of GSilver and one-half of a common share purchase warrant (each whole warrant, a " Warrant "). Each Warrant entitles the holder to purchase one Common Share at a price of $0.75 per Common Share at any time on or before November 30, 2023.

Keep reading... Show less

First Majestic Completes US$230 Million Convertible Senior Notes Offering

First Majestic Silver Corp. (NYSE: AG) (TSX: FR) ("First Majestic" or the "Company") announced today the closing of its previously announced offering of US$200 million aggregate principal amount of 0.375% unsecured convertible senior notes due in 2027 (the "Notes"). The Company also announced the concurrent closing of an additional US$30 million aggregate principal amount of the Notes pursuant to the exercise in full of the over-allotment option granted to the initial purchasers of the Notes. The initial conversion rate for the Notes is 60.3865 common shares ("Shares") per US$1,000 principal amount of Notes, equivalent to an initial conversion price of approximately US$16.56 per Share.

The Company will use a portion of the proceeds of the Offering to complete the repurchase, in separate privately negotiated transactions, of approximately US$125.2 million aggregate principal amount of its outstanding 1.875% convertible senior notes (the "Existing Notes") for payment of approximately US$164.9 million. The Company intends to use the remainder of the net proceeds from the Offering for general corporate purposes, including strategic opportunities.

Keep reading... Show less

Endeavour Silver Intersects High-Grade Silver-Gold Mineralization at its Guanacevi and Bolañitos Operations

Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) is pleased to report continued high-grade drill results from its 2021 exploration program at the Guanacevi Mine in Durango State, Mexico and the Bolañitos Mine in Guanajuato State, Mexico. Exploration drilling is ongoing at both operations and will continue in 2022.

Highlights from Recent Drill Results

Keep reading... Show less
silver bars and coins

VIDEO — Chris Marcus: I'll be Stunned if Silver is Still Around US$25 in a Year

Chris Marcus: I'll be Stunned if Silver is Still Around US$25 in a Year youtu.be

2021 kicked off on a strong note for silver, which enjoyed widespread attention and a price increase when the "silver squeeze" narrative grabbed mainstream media headlines.

What changed? Speaking to the Investing News Network, Arcadia Economics founder Chris Marcus said although it's turned out to be a historic year for silver, market manipulation has prevented further moves.

Marcus, who is also the author of the book "The Big Silver Short," pointed to comments from Jeff Currie of investment bank Goldman Sachs (NYSE:GS) and Rostin Behnam of the Commodity Futures Trading Commission (CFTC), saying they show how policies have been used to tamp down the price of the white metal.

Keep reading... Show less
Santacruz Silver Reports Third Quarter 2021 Financial Results

Santacruz Silver Reports Third Quarter 2021 Financial Results

Santacruz Silver Mining Ltd. (TSXV: SCZ) ("the Company" or "Santacruz") reports its financial and operating results for the third quarter ("Q3") of 2021. The full version of the consolidated financial statements and accompanying management discussion and analysis ("MD&A") can be viewed on the Company's website at www.santacruzsilver.com or on SEDAR at www.sedar.com. All financial information is prepared in accordance with International Financial Reporting Standards ("IFRS") and all dollar amounts are expressed in thousands of United States dollars, except per unit amounts, unless otherwise indicated.

  • Revenues increased by 55% to $14.6 million during Q3 2021 (Q3 2020 - $9.4 million).

  • Gross profit increased by 190% to $3.7 million during Q3 2021 (Q3 2020 - $1.3 million).

  • On October 13, 2021, the Company announced it had entered into a definitive share purchase agreement with Glencore plc whereby Santacruz has the right to acquire a portfolio of Bolivian silver-base metal assets from Glencore plc.

Carlos Silva, CEO of Santacruz, stated; "We continue to increase our mine production and revenue for the third and fifth consecutive quarter respectively. Production costs were impacted as a result of a Mexican labour reform that came into effect during the quarter. This labour reform required the Company to recognize certain labour liability accruals for their employees, including but not limited to vacation, holiday bonuses, annual bonuses, savings funds, and seniority departure payments which totaled approximately $1.3 million. In addition, a non-recurring charge to administrative expenses of $0.4 million related to severance payments resulting from the decision to place the Rosario mine on care and maintenance, various non-recurring costs associated with the Zimapan Mine acquisition and other non-cash charges also impacted the quarter-end results."

Keep reading... Show less

First Majestic Prices Offering of Convertible Senior Notes

First Majestic Silver Corp. (NYSE: AG) (TSX: FR) ("First Majestic" or the "Company") announced today that it has priced its previously announced offering (the "Offering") of unsecured convertible senior notes due in 2027 (the "Notes"). The Company will issue US$200 million aggregate principal amount of Notes (or US$230 million aggregate principal amount if the over-allotment option is exercised in full). The Notes will be issued at par value. The Company intends to use approximately US$164.9 million of the net proceeds of the Offering to repurchase, in separate privately negotiated transactions, approximately US$125.2 million aggregate principal amount of its outstanding 1.875% convertible senior notes (the "Existing Notes"). The Company intends to use the remainder of the net proceeds from the Offering for general corporate purposes, including strategic opportunities.

The Notes will bear cash interest semi-annually at a rate of 0.375% per annum. The initial conversion rate for the Notes will be 60.3865 common shares ("Shares") per US$1,000 principal amount of Notes, equivalent to an initial conversion price of approximately US$16.56 per Share. The initial conversion rate represents a premium of approximately 35% relative to yesterday's closing market price of the Shares and is subject to adjustment in certain events.

Keep reading... Show less

Top News

Related News