Matamec announces commencement of new drilling program on the Sakami Gold Property
Matamec Explorations Inc. (“Matamec” or the “Company”) (TSX-V: MAT, OTC-QB: MHREF) and Canada Strategic Metals (“CSM”) (TSX.V: CJC; FSE: YXEN; OTC-BB: CJCFF) are pleased to announce the commencement of drilling on the Sakami property, of which the two companies each own 50%. A total of 3,000m of drilling is planned on the shore of Sakami Lake to extend the known mineralized body to the west. Drilling in 2016 suggests that the mineralization is thicker and locally richer in this direction. It also confirms the relatively consistent orientation of the mineralization, which allows for more aggressive step-outs of 90m.
The figure below illustrates the distribution of mineralized intervals and planned drilling.
CSM recently exercised an option to acquire an additional 20% of the Sakami property from Matamec in exchange for 1 million shares in the company and a commitment to spend CDN$ 2,000,000 in exploration work per year for the next five years, during which time it must also complete an independent bankable feasibility study. Please see the press release from February 14th, 2017 for more details of the option agreement and the ownership structure of the property. During the period covered by the option agreement,
CSM will remain the operator of the exploration works, supervised by a management committee comprising two representatives of CSM and two representatives of Matamec.
Guy Desharnais, P.Geo., Ph.D. (OGQ No.1141), is a Qualified Person as per NI 43-101; he is employed by SGS Canada Inc., is independent of Matamec, designed the drill program and has reviewed and approved the technical content of this press release.
“We are pleased to see the Sakami project moving forward,” said André Gauthier, President and CEO of Matamec. “We believe there is significant gold potential at the property, and look forward to the results of this latest drilling program.”
Located in Montreal (Québec), Matamec Explorations Inc. is a junior mining exploration company in which activities are based on two main axes of development: gold, and key elements for technologies related to energy with properties containing, among others, lithium (Tansim-owned at 100%), Cobalt (Fabre-100% owned), nickel (Vulcain-100% owned) and rare earths (Kipawa-72% owned by Matamec).
Matamec’s main focus is the development of the Kipawa Heavy Rare Earth Elements (HREE) deposit, a joint venture owned at 72% by Matamec and 28% by Ressources Québec (acting as agent of the Government of Québec); Toyota Tsusho Corp. (Nagoya, Japan) holds a 10% royalty on net profit in the deposit.
In addition to the activities in energy sector, Matamec is exploring for gold, with three properties (HMR (1% NSR), Matheson JV (50%) and Pelangio (100%)) located in the area of the Hoyle Pond Mine in Timmins, ON, as well as four in the Quebec Plan Nord region in similar geological settings as established gold-producing mines. These include
two in proximity to the Éléonore Mine (in James Bay, QC): Sakami (50%) and Opinaca
Gold West (100%).
Neither 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.