TORONTO, Sept. 12, 2019 (GLOBE NEWSWIRE) -- Canadian Orebodies Inc. (the “Company”) (TSXV:CORE) is pleased to provide an update on the summer exploration program at the Company’s 240 km2 Pic Project located near Marathon, Ontario. Field crews will be mobilized on September 17, 2019 back to the Wire Lake camp to complete the second phase of the field exploration program in the Wire Lake Gold System. Additionally, the re-logging program of historic core in Timmins has now been completed and successfully extended the footprints of the gold zones of the Wire Lake Gold System.

The main objective of the on-going exploration program in the Wire Lake Gold System is to define the geological controls on high-grade gold mineralization in preparation for diamond drilling. The Company’s work to date is suggesting that the Wire Lake Gold System has potential to host a large tonnage gold deposit.

Highlights from the on-going exploration program in the Wire Lake Gold System:

  • Higher-grade gold zones are associated with porphyry dykes that were not previously  recognized;

  • The mineralized zones of the Wire Lake Gold System have been extended laterally and at depth with the sampling of historic core;

  • 127 historic core samples of variable length and distributed in 21 historic holes contain gold over 0.1 g/t (see below and news release dated July 31, 2019); and

  • The field program identified the relationship between deformation, magmatism and gold mineralization in the Wire Lake Gold System.

“A thorough review of historic drill core, assaying of previously untested drill core, and the ongoing construction of a 3D model underpins a new understanding of the Wire Lake Gold System. The work we have been doing this season will lay the foundation for an improved geological model that we believe will aid us in effectively and efficiently targeting higher grade mineralization in the 3+ kilometre strike length of the Wire Lake Gold System,” stated Fraser Laschinger, Interim CEO of Canadian Orebodies.

Table 1 – Intersections with Au >= 0.1 g/t discovered in the Wire Lake Gold System historic core that had not been previously sampled

Hole IDFrom (m)To
(m)
Length (m)Sample NumberYear SampledGold (g/t)
M-88-1932.0634.122.0677443720190.22
M-89-0550.6052.431.8377412420190.37
72.5074.502.0077413120190.13
M-89-07153.47154.420.9577435920190.80
M-93-1437.0038.381.3877399920190.15
51.1652.100.9477400320190.13
71.2272.821.6077401120190.95
72.8274.421.6077401220191.05
M-94-8030.5031.080.5877436920190.25
34.2835.361.0877437220190.20
51.4052.270.8777437320190.71
M-94-8142.8544.441.5977427320190.19
45.6046.871.2777427420190.23
46.8748.001.1377427620190.59
50.9853.952.9777427820190.14
53.9556.953.0077427920190.22
83.0085.002.0077428720190.12
85.0087.062.0677428820190.36
87.0689.132.0777428920192.96
89.1391.001.8777429020190.44
93.0095.002.0077429220190.12
95.0096.061.0677429320190.27
122.05124.052.0077430520190.16
136.22136.860.6477431120192.42
M-94-8257.2658.281.0277420320190.14
58.2859.321.0477420420190.15
60.3561.290.9477420620190.10
117.13119.152.0277421420190.82
121.10123.142.0477421620191.85
123.14125.142.0077421720190.28
125.14127.131.9977421820190.11
144.50146.261.7677423220190.18

*Assay results reported over intersection length.

Analytical methods and Quality Assurance/Quality Control (QA/QC”) Measures

Canadian Orebodies has implemented a quality-control program to comply with best practices in the collection and analysis of drill core. All the sampled historic drill cores is completed on sawed half-cores, with the second half of the core kept for future reference. Groups of samples are then placed into durable rice bags and then transported in security-sealed bags to Activation Laboratories Ltd. in Timmins, ON for preparation and assay. Routine gold analyses are fire assay with an AA (atomic absorption) finish. The remaining coarse reject portions of the samples remain in storage if further work or verification is needed. In addition to the standard quality control of the laboratory, as part of its QA/QC program the Company inserts external gold standards and blanks every 20 and 25 samples respectively.

Qualified Person

This press release has been prepared under the supervision of Mr. Quentin Yarie (P.Geo.), who is a consultant to the Company and a “qualified person” (as such term is defined in National Instrument 43-101). Mr. Yarie has verified the technical data disclosed in this press release.

About Canadian Orebodies Inc.

Canadian Orebodies is a Canadian-based mineral exploration company with a portfolio of properties in Ontario and Nunavut. Canadian Orebodies is focused on generating shareholder value through the advancement of its two Hemlo area projects: the Pic Project and the North Limb.

For more information please contact:

Fraser Laschinger, Interim CEO
Canadian Orebodies Inc.
(416) 644-1747
http://www.canadianorebodies.com

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, exploration results, potential mineralization, statements relating to mineral resources, and the Company’s plans with respect to the exploration and development of its properties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Canadian Orebodies, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.