Central Timmins Exploration Corp. Announces Summer Work Program
TSX VENTURE: CTEC
TORONTO, June 27, 2019 /CNW/ - Central Timmins Exploration Corp. ("CTEC" or the "Company") (TSXV:CTEC) is pleased to provide detail on the planned summer exploration program. A diamond drill program totaling 2,500 metres is expected to commence on or about July 9 to test nine high priority gold targets in Timmins, Ontario, Canada.
Summer Work Program
CTEC's nine priority drill targets were selected and ranked based on a combination of modelled geology, structures, MMI soil geochemistry, and geophysical data sets (including airborne electromagnetics, induced polarization (IP), magnetics and VLF). In addition, data from Claim Post Resources Inc.'s (TSXV:CPS) 2007 – 2010 drill program has also been incorporated. Mr. Charles Gryba P. Eng. President, CEO and Director of CTEC was also President, CEO and Director of CPS until 2018, providing continuity to the Company's Timmins exploration efforts. See the attached map for CTEC's land position relative to major gold mines of the Timmins Camp.
- Four Corners Project Area: CPS 2007 drill hole CP-07-08 intersected several gold-bearing zones. The best intersection was 2.57 g/t Au over a 2.79 m core length (CPS NI 43-101 report dated January 12, 2010 posted on SEDAR). CTEC follow-up work in 2018 suggests that the gold mineralization may continue to the southeast into an area characterized by a magnetic low with anomalous MMI Au, Ag and Zn results. One hole is planned to test this potential lateral extension of the NW-SE trending gold mineralization.
- Mountjoy-Godfrey Project Area: The CTEC press release of June 6, 2019 confirmed gold mineralization in the Caron Porphyry on the east side of the Mattagami River fault. Subsequently, CTEC optioned six patented claims in Mountjoy Township from the Caron family, extending potential coverage of the porphyry to the east. The best assay result from CTEC's winter drilling program was 2.46 g/t Au over a 0.70 m core width hosted in porphyry in DDH G1-19-02. This hole had 11 other gold intersections that assayed 0.10 to 0.30 g/t Au mainly associated with tourmaline and pyritic quartz veins. A recent deep IP survey has indicated two separate anomalies, one of which is directly on strike with the Caron Porphyry. The summer drill program includes three holes, one to test the strongest IP anomaly extending east of the Caron Porphyry and two holes to test two other MMI gold porphyry targets further south, also in Mountjoy.
- Deloro Target Area: South of the Porcupine-Destor Fault Zone in Deloro, CTEC plans to drill three holes. One hole will be to test a 14.0 m wide quartz breccia gold zone intersected by CPS in 2010 (CPS drill hole CPDP-10-1 - Press release on SEDAR dated July 29, 2010). This hole averaged 1.93 g/t Au over a 14.0 m core width with four intersection grading between 4.0 g/t and 7.8 g/t Au over 0.5 m widths within the wider breccia zone. CTEC will also drill test two IP gold targets identified by the CTEC winter IP program supported by a coincident IP anomaly, low to moderate magnetics, and shallow east-west VLF conductors. The IP drill targets also have anomalous Cu and Zn MMI values. In the coming weeks, CTEC geologists will relog 20 additional historic Deloro holes to identify which direction the gold breccia system trends. There are additional IP anomalies in the immediate area that will be ranked for follow-up as a result of the relogging program.
Charles Gryba stated "CTEC's fully funded nine-hole summer drill program will focus on three priority exploration areas. Relogging and reinterpreting of CTEC owned core combined with MMI and IP have identified two significant gold intersections that are of particular interest; one is located in the 4 Corners area and the second is in Deloro Township. In addition, CTEC will drill test the strong IP anomaly directly east of the Caron Porphyry in the Mountjoy-Godfrey Project area. CTEC will also drill several of the Au MMI modelled porphyries located west of the historic Hollinger-McIntyre Mines, which combined have produced over 30 M oz of gold. CTEC's current cash balance of over $1M, excluding receivables from Newmont Goldcorp Corporation for the sale of non-core claims, will cover the planned $400,000 program and provide additional funds for follow-up work.".
Mr. John Sullivan, B.Sc., P. Geo, independent director of CTEC, has acted as the Qualified Person, as defined in NI 43-101, and has reviewed and approved the scientific and technical information in this news release relating to exploration results and future plans.
About Central Timmins Exploration Corp.
CTEC is an early-stage Canadian junior exploration Company with property exclusively within the city limits of Timmins in the Porcupine Mining District in the northeastern region of Ontario. The Company's assets cover approximately 135 km2 and are prospective for gold as well as a suite of base metals. See the company website at www.centraltimmins.com.
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, the Corporation's expectations, strategies and plans for the Timmins Properties, including the Corporation's planned exploration activities and the intended uses of the net proceeds of the IPO.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Corporation to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See "Risk Factors" in the Corporation's final prospectus dated October 4, 2018 filed on SEDAR at www.sedar.com for a discussion of these risks.
The Corporation cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.
Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./