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Chibougamau Independent Mines Inc (2)
Symbol CBG
Shares Issued 41,958,442
Close 2019-04-02 C$ 0.055
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Chibougamau drilling extends C-3 zone on Bateman

2019-04-04 12:06 ET - News Release

Mr. Jack Stoch reports

CURRENT DRILLING EXTENDS C-3 COPPER/GOLD ZONE TO DEPTH ON BATEMAN BAY PROPERTY

Chibougamau Independent Mines Inc. and Globex Mining Enterprises Inc. have issued an update to shareholders on work undertaken on Chibougamau's 100-per-cent-owned Bateman Bay and Grandroy mine properties located in McKenzie township, Quebec, east of the town of Chibougamau. Globex holds a 3-per-cent gross metal royalty on both properties.

In September, 2017, Chibougamau Independent Mines (CIM) undertook a program of stripping on the projected up-dip projection of the C-3 zone, which had been intersected in several drill holes. Seven hundred (700) cubic metres of overburden were displaced, exposing sulphide mineralization. Subsequent channel sampling returned 3.6 per cent copper, 31.0 grams per tonne silver and 422 parts per billion gold over 3.90 m over five consecutive samples, and 2.53 per cent Cu, 11.0 g/t Ag and 396 ppb Au over 3.05 m over three consecutive channel samples, all perpendicular to strike within a wide zone of intense siderite alteration.

Drilling in 2016 extended the C-3 zone to a depth of 250 m with the intersection of 12.5 m (41 feet) grading 3.61 per cent Cu and 1.72 g/t Au in hole BJ-16-16 (see press release for details through the Chibougamau website). Individual gold assays are as high as 6.08 g/t Au over one metre.

Recently, CIM completed two drill holes in an effort to extend the C-3 zone along strike and to depth. Hole BJ-19-17 intersected the C-3 copper/gold zone at vertical depth of 330 metres (1,083 feet) and approximately 25 m (82 ft) farther southeast of hole BJ-16-16. According to the on-site geologist, the drill hole intersected approximately 24 m (78.7 ft) of stringer chalcopyrite with some pyrrhotite.

A stepout hole BJ-19-18 was then done and intersected the C-3 zone, an additional 40 m (131 ft) to the southeast and 115 m (377 ft) below BJ-19-17. According to the on-site geologist, BJ-19-18 intersected 11.8 m (38.7 ft) of stringer, chalcopyrite with some pyrrhotite. Mineralization in the Chibougamau mining camp are typically stringer sulphides.

The core is currently being logged and split for assay. True widths have not yet been determined. These drill holes have now shown that the C-3 zone extends from surface to at least a vertical depth of 450 m (1,476 ft) and is open in all directions.

Two drill holes were also completed on the Grandroy mine copper/gold property following up on a projected control structure. Both holes, drilled to undercut the old open pit, intersected pyrite mineralization with visually minor chalcopyrite. The core has been logged and split, and will be sent for assay.

The company is particularly pleased with the results to date on the C-3 zone, which seems to be demonstrating potential for size.

Jack Stoch, PGeo, president and chief executive officer of Globex Mining Enterprises and Chibougamau Independent Mines, wrote this press release in his capacity as qualified person under applicable regulations.

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