CMC Metals Ltd. Announces New Exploration Efforts At its Polymetallic-Gold Bridal Veil Property, near Gander, Central Newfoundland

Rhea-AI Summary

CMC Metals Ltd. has announced new exploration initiatives at its Bridal Veil Property in Newfoundland, including a pilot Induced Polarization Survey and soil geochemical surveys. A 7.5 km IP grid aims to identify drill targets in areas of mineralized interest, based on previous magnetic surveys. Permits are filed, and work is expected to commence by mid-November. The Bridal Veil area shows potential for polymetallic-gold deposits, with past studies indicating elevated metal values. Geologists believe the region may host a significant hydrothermal system.

Positive

• Initiation of pilot Induced Polarization Survey with a 7.5 km grid to enhance future drilling prospects.
• Soil geochemical surveys planned to further identify mineralized areas.
• Location near significant gold discoveries increases exploration potential.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / November 3, 2022 / CMC Metals Ltd. (TSXV:CMB)(Frankfurt:ZM5P)(OTCQB:CMCXF) ("CMC" or the "Company") is pleased to announce that new exploration efforts including a pilot Induced Polarization Survey and additional soil geochemical surveys are planned for its polymetallic-gold property at its Bridal Veil Property in Central Newfoundland.

A small induced-polarization ("IP") pilot grid of approximately 7.5 line kilometers will be conducted in an area of exploration interest (see Map 1) covering where previous ground magnetometer surveys (see Map 2) have identified an abrupt transition from a magnetic low to a magnetic high (consistent with regional aeromagnetic data). This feature exists over a strike length in excess of 6.0 kilometers and is thought to represent a contact between a large intrusive body with mineralized volcano-sedimentary sequences and is considered a possible setting for ore deposition. This pilot project is being conducted to test the effectiveness of IP to potentially define future drill targets. If successful, the Company will examine the viability of expanding the IP survey either in other areas of interest or along the full extent of the northeast trending contact.

In addition, soil sampling crews will be conducting further geochemical testing of areas near the key contact with low magnetism, and also an extension of previous grids that have shown anomalous metal values. Collectively, these efforts are designed to further assist in the definition of future drill targets.

Permits have been filed for this work and it is expected to commence on or before mid-November.

Mr. John Bossio Chairman noted, "Successful exploration efforts around us by other companies have served to identify that this area just east of the Gander River Ultramafic Belt ("GRUB" Line) also holds the potential for gold discoveries. In this regard we want to continue advancing Bridal Veil to fully define its potential to host a polymetallic-gold deposit."

Mr. Kevin Brewer President and CEO notes, "Project both to the north and east of Bridal Veil have identified north-easterly trending structures with anomalous gold values. We are seeing similar trends in our preliminary geochemical surveys and prospecting/mapping efforts. There are significant brecciated and altered metasediments (i.e. the "Wayde Breccia) which have a significant strike length and deserve to be more intensively examined as they are indicative of good environments for possible intrusion related orogenic deposits."

The Bridal Veil property is located immediately east of Gander and is approximately 15 kilometers east of significant gold discoveries identified by Newfound Gold on the Gander River Ultramafic Belt, commonly referred to as the "GRUB Line". The Bridal Veil area has been a subject of considerable interest by geologists from the Newfoundland Geological Survey and the Department of Earth Sciences at Memorial University who concluded that mineralization in the area was polymetallic and had metal associations atypical of orogenic gold systems (Sandeman, H.A.I. and Peddle C., 2020). They reported elevated values of copper, gold, silver and lead in the Bridal Veil showings. Brecciated structures, altered metasediments, and mineralized dykes previously identified by the Company are thought to provide evidence of the presence of a large hydrothermal system.

Map 1: Proposed area of exploration interest for pilot IP Grid - Bridal Veil

Map 2: Total Magnetic Intensity Results from Previous Ground Magnetometer Survey - Bridal Veil

Qualified Person

The Qualified Person is Kevin Brewer, a registered professional geoscientist who is the Company's President and CEO, and Qualified Person (as defined by National Instrument 43-101). He has given his approval of the technical information pertaining reported herein. The Company is committed to meeting the highest standards of integrity, transparency and consistency in reporting technical content, including geological reporting, geophysical investigations, environmental and baseline studies, engineering studies, metallurgical testing, assaying and all other technical data.

About CMC Metals Ltd.

CMC Metals Ltd. is a growth stage exploration company focused on opportunities for high grade polymetallic deposits in Yukon, British Columbia and Newfoundland. Our polymetallic silver-lead-zinc CRD prospects include the Silver Hart Deposit and Blue Heaven claims (Yukon) and Amy and Silverknife claims (north-central British Columbia). Our polymetallic projects with potential for copper-silver-gold and other metals include Logjam (Yukon), Bridal Veil, Terra Nova and Rodney Pond (central Newfoundland).

On behalf of the Board:
"John Bossio"
John Bossio, Chairman
CMC METALS LTD.

For Further Information and Investor Inquiries:

Kevin Brewer, P. Geo., MBA, B.Sc. (Hons), Dip. Mine Eng.
President, CEO and Director
Tel : (+52) 669 198 8503
kbrewer80@hotmail.com
Suite 1000-409 Granville St., Vancouver, BC, V6C 1T2

To be added to CMC's news distribution list, please send an email to info@cmcmetals.ca or contact Mr. Kevin Brewer directly.

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.

"This news release may contain certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. In this release disclosure regarding the potential to undertake future exploration work comprise forward looking statements. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects, to carry out the work and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, the impact of the constantly evolving COVID-19 pandemic crisis and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company's filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation."

SOURCE: CMC Metals Ltd.

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FAQ

What new exploration initiatives has CMC Metals announced for the Bridal Veil Property?

CMC Metals has announced a pilot Induced Polarization Survey and additional soil geochemical surveys at its Bridal Veil Property in Newfoundland.

When is the exploration work expected to commence at Bridal Veil?

The exploration work is expected to commence on or before mid-November.

What are the expected outcomes of the Induced Polarization Survey at Bridal Veil?

The Induced Polarization Survey aims to test its effectiveness in defining future drill targets in the area.

How does the Bridal Veil Property relate to other gold discoveries in Newfoundland?

The Bridal Veil Property is located near significant gold discoveries on the Gander River Ultramafic Belt, increasing its exploration potential.

What has past geological research indicated about the Bridal Veil area's mineralization?

Past geological research has indicated that the Bridal Veil area contains polymetallic mineralization with elevated values of copper, gold, silver, and lead.