- Phase 1 of Desktop Study Completed with Focus on the Historic Northern Area of the Past Producing Open Pit
- Data reported historical drilling results of oxide mineralization from surface
Toronto, ON – May 11, 2020 – Idaho Champion Gold Mines Canada Inc. (CSE: ITKO) (“Champion” or the “Company”), announces historical data (the “Data”) including historical drilling for the Company’s past producing Champagne Project. The Data was recently purchased from Kinross Gold Corporation (see press release dated March 11, 2020). Historical drill results included drill hole LC8609 which contained 1.57 grams per ton (“g/t”) gold (“Au”) and 41.94 g/t silver (“Ag”) over 71.6 metres and included 4.20 g/t Au and 35.57 g/t Ag over 13.7 metres.
The Data has been organized into Northern, Central, and Southern Areas. This Data includes historical drilling, trenching and geological studies focused on the recently purchased patented claims.
A historic, non-NI 43-101 compliant resource of 2.3 million tons (“MT”) at 1.9 grams gold was determined by Bema Gold Corporation (“Bema”) prior to mining. (See Mine Development Associates report dated September 1989). The computational method used to derive the resource is unknown. The resource was mined as an open pit heap leach operation by Bema from 1989 to 1993. The remaining resource is the subject of the upcoming exploration program.
Table 1: Northern Area Historical Non 43-101 Compliant Drilling Results
|Drill Hole||From||To||Au g/t||Ag g/t||Length (m)|
The results indicated represent the currently available drill data in the historic record. The intersection lengths are core length intersections. The true width of the intersection has not been determined.
“The Data is currently being used to plan a drill program for Summer 2020”, President and CEO Jonathan Buick stated. “We are pleased to be advancing the Champagne Project as our second Idaho-focused gold project.
In addition to the planned work for the Baner Project in Elk City Idaho, the recent Data and land acquisition have positioned the Company to explore and create value for Champion in the coming months. The Data acquired identifies gold showings that were not thoroughly explored or developed during the mining efforts in the early 1990s and Champion plans to focus on these areas as well as other promising exploration targets.”
Figure 1: Northern Area Historical Non 43-101 compliant drilling locations
Table 2: Historical Non 43-101 Compliant Trenching Results
|Trench||From||To||Au g/t||Ag g/t||Length (m)|
Figure 2: Historical Non 43-101 Compliant trenching locations
The historical data was acquired by Gold Fields Limited, then Bema, in the development of the Champagne Mine. Trench data outlines a gold enriched oxide zone with shallow reverse circulation drill holes located under the trenches that outline a zone of veins and breccia pipes. Field work is being planned for this
field season to map and sample the Champagne Mine area in preparation for a reverse circulation drill program.
The geology of the Champagne Mine area is well documented in maps and reports prepared by the State of Idaho and the United States Geological Survey. Surface host rocks are Challis Volcanics underlain by Devonian-Mississippian Milligan formation composed of quartzites, limestones, and calcareous sediments. The Milligan formation was intruded by Idaho Batholith and subsequent igneous events that located the mineralization at Champagne.
Exploration at Champagne will focus on surface delineation of alteration and mineralization and drilling will focus on a deep target (500m) in the Milligan formation
Figure 3: Champagne Project Location Map
About Champagne Project
The Champagne Mine was operated by Bema as a heap leach operation on a high sulfidation gold system that occurs in volcanic rocks. Bema drilled 72 shallow reverse circulation holes in addition to previous operators drilling and trenching. The property had no deep drilling or modern exploration since the mine’s closure in the early 1992.
The Champagne Deposit contains epigenetic style gold and silver mineralization that occurs in strongly altered Tertiary volcanic tuffs and flows of acid to intermediate composition at Lava Creek. Argillic and sericite alteration is widespread at the Champagne Deposit. Silica flooding, alunite and barite are closely associated with the gold and silver mineralized zone.
Champagne has a near surface cap of gold-silver mineralization emplaced by deep-seated, structurally controlled shears that acted as conduits for precious metal rich hydrothermal fluids. High grade zones in the Champagne Deposit appear to be related to such feeder shear zones. Drilling in the future to test for polymetallic, base-precious metal deposits at depth will clarify these relationships.
The technical information in this press release has been reviewed and approved by Peter Karelse P.Geo., a consultant to the Company, who is a Qualified Person as defined by NI 43-101. Mr. Karelse has more than 30 years of experience in exploration and development.
ABOUT IDAHO CHAMPION
Champion is a discovery-focused gold exploration company that is committed to advancing its 100% owned highly prospective mineral properties located in Idaho, United States. The Company’s shares trade on the CSE under the trading symbol “ITKO”. Champion is vested in Idaho with the Baner Project in Idaho County, the Champagne Project located in Butte County near Arco, and four cobalt properties in Lemhi County in the Idaho Cobalt Belt. Idaho Champion strives to be a responsible environmental steward, stakeholder and a contributing citizen to the local communities where it operates. Champion takes its social license seriously and employs local community members to service its operations.
ON BEHALF OF THE BOARD
Jonathan Buick, President and CEO
For further information please contact:
Nicholas Konkin, Marketing and Communications
Phone: (416) 477 7771 ext. 205
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.