MONTREAL, QUEBEC--(Marketwired - Aug. 18, 2016) - Canada Strategic Metals Inc. ("Canada Strategic Metals" or "the Company") (TSX VENTURE:CJC)(FRANFURT:YXEN)(OTCBB:CJCFF) and Matamec Explorations Inc. (TSX VENTURE:MAT)(OTCQX:MHREF) are pleased to announce that Canada Strategic Metals has fulfilled its requirements to acquire a 50% interest in the Sakami property.
In order to exercise its option, the anniversary of which was on August 16, 2016, Canada Strategic Metals completed an important exploration program between June 15, 2016 and August 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 sector, as well as an extensive prospecting and mapping program in the Peninsula, JR and Iles sector, to conduct tests by sampling in an effort to explain the anomalies identified by geochemistry and geophysics completed in 2014-2015 (see map below). In addition, a drilling program of 2058 meters was completed in the La Pointe sector in order to expand Zone 25 to the northwest and southeast. (A map of drill-hole locations is provided below). Moreover, the 81 claim cells of the Apple property and 12 others in the north east are included in the zone of interest of 5 kilometers of the Sakami property and are therefore part of the Sakami property. Strategic Metals now detains a 50% interest of the expanded Sakami property, the remaining 50% of which is held by Matamec Exploration Inc.
During the 180 days following its acquisition of a 50% interest in the property, Canada Strategic Metals will have the option to acquire a further 20% interest in the expanded Sakami property on the issuance of 1 000 000 shares to Matamec and the completion of a bankable independent feasibility study within five (5) years of the date on which it exercises its option. During this period, Canada Strategic Metals will have to spend at least $2 000 000 in exploration before the end of each year up to the completion of the bankable, independent feasibility study.
A figure is available at the following link: http://media3.marketwire.com/docs/Total_Magic.jpg
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. A surface map showing drill-hole locations is provided below.
A figure is available at the following link: http://media3.marketwire.com/docs/Mineral_Zone.jpg
"We are eager to receive the results of the work completed during this important exploration program in the Sakami project" declared Jean-Sébastien Lavallée, President and Chief Executive Officer of Canada Strategic Metals. "In addition, this program confirms the acquisition of a 50% interest in the expanded Sakami project, which is an important step for the company."
Table of mineralized intersections from 2013-2015 drill holes
|Hole #||From (m)||To (m)||Length* (m)||Au (g/t)|
|* Core length; the Company estimates the true width of the mineralized zone at 70 to 90% of the core length.|
The 2016 summer program was managed by Consul-Teck Exploration of Val-d'Or, Quebec which designed the drilling campaign, with assistance from Guy Desharnais of SGS Geostat.
Consul-Teck Exploration implemented QA/QC 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 (Quebec). The samples are weighed and identified prior to sample preparation. All samples are analyzed by fire assay with AA finish on a 30g sample (0.005-10 ppm Au), with a gravimetric finish for assays over 10 ppm Au.
Jean-Sebastien Lavallée (OGQ #773), geologist, shareholder and 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. With broad management experience in green technology and junior resource exploration and development, Canada Strategic Metals is well positioned to aggressively advance this promising property portfolio for its shareholders.
For more information on the Company, please visit www.csmetals.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.