Idaho Champion Gold Commences Drill Program at Champagne Gold Project

Rhea-AI Summary

Idaho Champion Gold Mines has initiated a planned drill program at its Champagne Gold Project in Idaho, as part of its efforts to explore a large geophysical anomaly. The company signed a contract for an 8,000 metre exploration drilling program, with the first hole already in progress. This drill program aims to evaluate the potential for mineralization in the region, leveraging previous drilling data by Bema Gold and others, which indicated promising conditions. CEO Jonathan Buick expressed optimism about encountering mineralization during this exploration phase.

Positive

• Commenced 8,000 metre exploration drilling at Champagne Gold Project.
• First hole of the drilling program is already underway.
• High expectations of encountering mineralization based on previous data.

Negative

• None.

TORONTO, ON / ACCESSWIRE / July 7, 2021 / Idaho Champion Gold Mines Canada Inc. (CSE:ITKO)(OTCQB:GLDRF)(FSE:1QB1)(“IdahoChampion” or the 'Company') is pleased to announce that the Company has commenced the planned drill program to test the large geophysical anomaly reported earlier this year at its 100% controlled Champagne Gold Project (“Champagne”) near the city of Arco, Butte County, Idaho.

The Company recently announced that it has signed a contract with National Drilling for an 8,000 metre exploration core drilling program (See press release dated June 8, 2021). The drill and crew have mobilized to site and drilling is underway on the first hole.

The drill program is designed to test the large induced polarization (IP) anomaly (Figure 1) with a series of drill holes comprising “fences” along IP Lines 4 and 5. The first two (2) drill holes will be placed on the recently acquired private ground located toward the west end of the IP anomaly (See press release dated June 29, 2021).

“Commencing this drill program marks an exciting step for Idaho Champion as we begin fence drilling the IP anomaly. Given the evidence uncovered so far on this huge anomaly, we have high expectations of encountering mineralization as we test the roots of the Champagne mineral system. It is helpful that we are able to drill immediately on our recently acquired private ground,” commented President and CEO, Jonathan Buick.

Figure 1. 2021 Drill Program Location in relation to IP anomaly.

About the Champagne Project

The Champagne Mine* was operated by Bema Gold as a heap leach operation on an epithermal gold-silver system that occurs in volcanic rocks. Bema Gold drilled 72 shallow reverse circulation holes on the project, which complement drilling and trenching from other previous operators. The property has had no deep drilling or significant modern exploration since the mine closure in early 1992.

The Champagne Deposit contains epigenetic style gold and silver mineralization that occurs in strongly altered Tertiary volcanic tuffs and flows of acid to intermediate composition. Champagne has a near surface cap of gold-silver mineralization emplaced by deep-seated structures that acted as conduits for precious metal rich hydrothermal fluids. Higher grade zones in the Champagne Deposit appear to be related to such feeder zones.

* The Company cautions that the information about the past-producing mine may not be indicative of mineralization on Champion's property, and if mineralization does occur, that it will occur in sufficient quantity or grade that would result in an economic extraction scenario. The historic data were simply used to evaluate the prospective nature of the property. The Company has not yet conducted sufficient exploration to ascertain if a mineral resource is present on the property.

Qualified Person

The technical information in this press release has been reviewed and approved by Peter Karelse P.Geo., a consultant to the Company, who is a Qualified Person as defined by NI 43-101. Mr. Karelse has more than 30 years of experience in exploration and development.

About Idaho Champion Gold Mines Inc.

Idaho Champion is a discovery-focused gold exploration company that is committed to advancing its 100%-owned highly prospective mineral properties located in Idaho, United States. The Company's shares trade on the CSE under the trading symbol “ITKO”, on the OTCQB under the trading symbol “GLDRF”, and on the Frankfurt Stock Exchange under the symbol “1QB1”. Idaho Champion is vested in Idaho with the Baner Project in Idaho County, the Champagne Project located in Butte County near Arco, and four cobalt properties in Lemhi County in the Idaho Cobalt Belt. Idaho Champion strives to be a responsible environmental steward, stakeholder and a contributing citizen to the local communities where it operates. Idaho Champion takes its social license seriously, employing local community members and service providers at its operations whenever possible.

ON BEHALF OF THE BOARD
“Jonathan Buick”
Jonathan Buick, President and CEO

For further information, please visit the Company's SEDAR profile at www.sedar.com or the Company's corporate website at www.idahochamp.com.

For further information please contact:
Nicholas Konkin, Marketing and Communications
Phone: (416) 567- 9087
Email: nkonkin@idahochamp.com

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY STATE IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.

Cautionary Statements

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company, including suggested strike extension. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

SOURCE: Idaho Champion Gold Mines Canada Inc.

View source version on accesswire.com:
https://www.accesswire.com/654511/Idaho-Champion-Gold-Commences-Drill-Program-at-Champagne-Gold-Project

FAQ

What is the significance of Idaho Champion Gold's drilling program at Champagne Gold Project?

The drilling program aims to explore a large geophysical anomaly, potentially leading to mineral discoveries that could enhance the project's economic viability.

When did Idaho Champion Gold commence the drilling of the Champagne Gold Project?

Idaho Champion Gold commenced the drilling program on July 7, 2021.

What is the expected outcome of the drilling program at the Champagne project?

The company has high expectations of encountering mineralization as they test areas associated with the Champagne mineral system.

What are the details of the drilling contract Idaho Champion Gold signed?

Idaho Champion Gold signed a contract with National Drilling for an 8,000 metre exploration core drilling program.

What prior work has been done at the Champagne Gold Project?

Previous operators, including Bema Gold, conducted shallow drilling, but there has been no significant deep drilling or modern exploration since 1992.