Idaho Champion Gold Receives Drilling Permit for Federal Mining Claims at Champagne Project

Rhea-AI Summary

Idaho Champion Gold Mines (CSE: ITKO, OTCQB: GLDRF) announced the receipt of a Drill Permit from the Bureau of Land Management for its Champagne Gold Project in Idaho. This permit allows for nine drill pad locations aimed at testing geological anomalies. Chief Geologist Rob Kell highlighted the robust data from past explorations, indicating potential for high-grade gold-silver and copper-silver mineralization. The project has historical significance, having been previously operated by Bema Gold.

Positive

• Receipt of Drill Permit enables nine new drill pad locations.
• Potential for high-grade gold-silver and copper-silver mineralization indicated by historical and recent data.

Negative

• None.

TORONTO, ON / ACCESSWIRE / July 14, 2021 / Idaho Champion Gold Mines Canada Inc. (CSE:ITKO)(OTCQB:GLDRF)(FSE:1QB1)("Idaho Champion" or the 'Company') is pleased to announce that the Company has received the necessary permitting (the "Drill Permit") from the Bureau of Land Management (BLM) to extend 2021 drilling onto Idaho Champion's 100% controlled Federal Mining Claims at the Champagne Gold Project ("Champagne") near the city of Arco, Butte County, Idaho.

The BLM Drill Permit grants Idaho Champion 9 drill pad locations as part of the "fence" drilling designed to drill test the IP anomaly (Figure 1) along IP Lines 4 and 5. Drilling through the BLM Permit will commence on drill hole number three (3), the first two pads having been established on the recently acquired private ground located toward the west end of the IP anomaly (See press release dated June 29, 2021).

Rob Kell, Chief Geologist, commented: "The permitting process for our drill program went exceptionally well. Since completing the 2020 exploration program we have expanded our technical team with world-class geologists and have applied a rigorous modern systematic approach to exploration, which has developed some of the most exciting drill targets I have seen in my career. Over the last 9 months, we have obtained positive geophysical, geochemical, and geological data that has combined with the historic data from the former Champagne Mine, which shows strong potential for the presence of a large, possibly high grade, gold-silver, and copper-silver mineralized system. We are eager to apply today's knowledge to unlock the full potential of the project."

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.

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https://www.accesswire.com/655430/Idaho-Champion-Gold-Receives-Drilling-Permit-for-Federal-Mining-Claims-at-Champagne-Project

FAQ

What is Idaho Champion Gold Mines' recent announcement regarding the Champagne Project?

Idaho Champion Gold Mines announced the receipt of a Drill Permit from the Bureau of Land Management, allowing for nine drill pad locations at the Champagne Project.

What is the significance of the Drill Permit received by Idaho Champion (GLDRF)?

The Drill Permit is significant as it allows Idaho Champion to conduct drilling aimed at exploring potential high-grade mineralization in the Champagne Gold Project.

How does the historical data affect Idaho Champion's Champagne Project?

Historical data from past operations suggests strong potential for gold-silver and copper-silver mineralization, aiding in developing new drill targets.

What are the next steps for Idaho Champion Gold Mines after receiving the Drill Permit?

Idaho Champion plans to commence drilling through the newly permitted locations to test geological anomalies identified in preliminary surveys.