13:25:54 EDT Fri 26 Apr 2024
Enter Symbol
or Name
USA
CA



Canada Strategic Metals Inc
Symbol CJC
Shares Issued 75,039,155
Close 2016-06-27 C$ 0.10
Market Cap C$ 7,503,916
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Canada Strategic, Matamec begin exploration on Sakami

2016-06-28 10:47 ET - News Release

Also News Release (C-MAT) Matamec Explorations Inc

Mr. Jean-Sebastien Lavallee of Canada Strategic reports

CANADA STRATEGIC METALS STARTS SUMMER EXPLORATION PROGRAM AT SAKAMI GOLD PROJECT

Canada Strategic Metals Inc. and Matamec Explorations Inc. have started a summer exploration program on the Sakami gold project.

Canada Strategic plans to conduct an important program of exploration between June 15 and Aug. 15, 2016. The program will include magnetic-electromagnetic ground survey on La Pointe, JR West and Iles areas, and extensive prospection and stripping program on the Peninsula, JR and Iles areas to test, by sampling, and explain the anomalies identified by geochemistry and geophysics completed in 2014-2015. Also, a plus-or-minus-2,000-metre drill program is planned on the La Pointe area to extend the zone 25 to the northwest and to the southeast.

The drill program is aimed at increasing the size of the main gold zone (zone 25) to the west-northwest, the southeast, as well as its extension at depth. Zone 25 is in the La Pointe sector of the Sakami property. Also, a lithological exploration hole is planned in the southern portion of La Pointe.

"We are very excited by this important exploration program that will include new drilling on the Sakami project during the month of July," said Jean-Sebastien Lavallee, president and chief executive officer of Canada Strategic Metals. "The latest intersection of more than 45 metres containing significant gold grade was very encouraging, and drilling in the extension of these zone can reveal significant results, including high-grade, as we can observe in hole PT-15-87."

               MINERALIZED INTERSECTIONS FROM 2013-2015 DRILL HOLES

Hole                     From (m)        To (m)      Length (m)      Au (g/t)


PT-13-65                  112.50        138.00           25.50          3.03
Including                 126.00        138.00           12.00          4.00

PT-13-67                  126.90        154.85           27.95          3.78
Including                 132.25        154.85           22.60          4.01
Including                 138.00        145.00            7.00          7.21

PT-13-68                  200.50        221.00           20.50          2.77
Including                 201.65        215.00           13.35          3.23
Including                 201.65        205.00            3.35          4.71
                          278.25        281.10            2.85          2.82
                          294.00        297.00            3.00          1.70

PT-13-71                   49.10         51.65            2.55          2.06
                          102.00        121.50           19.50          2.97
Including                 107.40        121.50           14.10          3.78
Including                 112.00        121.50            9.50          3.95

PT-13-72                  112.50        130.40           17.90          2.24
Including                 112.50        119.00            6.50          3.65

PT-14-74                  237.65        264.00           26.35          2.30
Including                 243.70        252.50            8.80          3.80
Including                 247.70        252.50            4.80          5.18

PT-14-79                  188.00        236.20           48.20          2.51
Including                 188.00        200.00           12.00          6.93
Including                 190.00        196.00            6.00         11.35
Including                 202.50        207.00            4.50          1.33
Including                 226.50        234.00            7.50          3.06

PT-14-82                  231.45        271,70           40.25          1.43
Including                 231.45        235.50            4.05          5.12
Including                 231.45        240.00            8.55          3.58
Including                 256.85        259.00            2.15          3.83
Including                 267.50        271.70            4.20          2.38

PT-14-83                  240.00        295.50           55.50          1.06
Including                 240.00        252.00           12.00          3.54

PT-15-85                  148.50        194.00           45.50          1.47
Including                 148.50        156.00            7.50          3.84
Including                 183.00        194.00           11.00          1.74

PT-15-87                  219.40        229.00            9.60          6.86
Including                 220.50        227.00            6.50           9.9

Note: Core length -- the company estimates the true width of the mineralized zone
      at 70 per cent to 90 per cent of the core length. 

The 2016 summer program is managed by Consul-Teck Exploration of Val d'Or, Que., which designed the drilling campaign, with the help of Guy Desharnais of SGS company.

Consul-Teck Exploration implemented quality assurance/quality control procedures to ensure best practices in sampling and analysis of the core samples. The drill core was logged and then split, with one-half sent for assay and the other retained in the core box as a witness sample. Duplicates, standards and blanks were inserted regularly into the sample stream.

The samples were delivered, in secure tagged bags, directly to the analytical facility for analysis (in this case, the ALS Minerals laboratory facility in Val d'Or). The samples are weighed and identified prior to sample preparation. All samples are analyzed by fire assay with AA finish on a 30-gram sample (0.005 to 10 parts per million gold), with a gravimetric finish for assays over 10 parts per million gold.

Jean-Sebastien Lavallee, geologist, shareholder, and president and CEO of the company, and a qualified person under NI 43-101, has reviewed and approved the technical content of this release.

Grant of options

The company has also granted to Relations Publiques Paradox 450,000 stock options. The options will be exercisable for a period of two years, at a price of 10 cents per share. The company will also extend the expiry date of 850,000 stock options issued in July, 2014, for a period of two years.

These options will vest over a 12-month period at a rate of 25 per cent per quarter. The options are granted in accordance with the Policy 4.4 of the TSX Venture Exchange and the terms and conditions of the company's stock option plan.

The above-mentioned updates are subject to the approval of the TSX-V.

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