Mr. Jean-Sebastien Lavallee of Canada Strategic Metals reports
STRATEGIC METALS EXERCISES ITS OPTION TO ACQUIRE 50% OF THE SAKAMI GOLD PROJECT
Canada Strategic Metals Inc. has fulfilled its requirements to acquire a 50-per-cent interest in Matamec Explorations Inc.'s Sakami property.
In order to exercise its option, the anniversary of which was on Aug. 16, 2016, Canada Strategic Metals completed an important exploration program between June 15, 2016, and Aug. 15, 2016. The results of this program should be published in the coming weeks. The program consisted of a magnetic-electromagnetic ground survey in the La Pointe, JR West and Iles sectors, as well as an extensive prospecting and mapping program in the Peninsula, JR and Iles sectors, to conduct tests by sampling in an effort to explain the anomalies identified by geochemistry and geophysics completed in 2014 and 2015. In addition, a drilling program of 2,058 metres was completed in the La Pointe sector in order to expand zone 25 to the northwest and southeast. Moreover, the 81 claim cells of the Apple property and 12 others in the northeast are included in the zone of interest of five kilometres of the Sakami property and are therefore part of the Sakami property. Strategic Metals now retains a 50-per-cent interest of the expanded Sakami property, the remaining 50 per cent of which is held by Matamec Explorations.
During the 180 days following its acquisition of a 50-per-cent interest in the property, Canada Strategic Metals will have the option to acquire a further 20-per-cent interest in the expanded Sakami property on the issuance of one million shares to Matamec and the completion of a bankable independent feasibility study within five years of the date on which it exercises its option. During this period, Canada Strategic Metals will have to spend at least $2-million in exploration before the end of each year up to the completion of the bankable, independent feasibility study.
The recent drilling program was aimed at increasing the size of the main gold zone (zone 25) to the west-northwest and southeast, as well as increasing its depth. Zone 25 is in the La Pointe sector of the Sakami property. Also, a lithological exploration hole was drilled in the southern portion of La Pointe.
"We are eager to receive the results of the work completed during this important exploration program in the Sakami project," declared Jean-Sebastien Lavallee, president and chief executive officer of Canada Strategic Metals. "In addition, this program confirms the acquisition of a 50-per-cent interest in the expanded Sakami project, which is an important step for the company."
MINERALIZED INTERSECTIONS OF DRILL
HOLES FROM 2013 TO 2015
Hole No. From To Length (i) Au
(m) (m) (m) (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
(i) 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 was managed by Consul-Teck Exploration of Val d'Or, Que., which designed the drilling campaign, with assistance from Guy Desharnais of SGS Geostat.
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, ALS Minerals laboratory facility in Val d'Or, Que. 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 part per million to 10 parts per million gold), with a gravimetric finish for assays over 10 parts per million gold.
Jean-Sebastien Lavallee, OGQ No. 773, geologist, shareholder, president and chief executive officer of the company, and a qualified person under NI 43-101, has reviewed and approved the technical content of this release.
About Canada Strategic Metals
Canada Strategic Metals is an emerging company focused on the exploration and development of a number of projects covering over 22,584 hectares in Quebec.
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