Idaho Champion Mobilizes Drill at Past Producing Champagne Project
Idaho Champion Gold Mines Canada Inc (OTC PINK: GLDRF) has initiated its maiden drill program at the Champagne Gold Project in Idaho. The 5,000 metre drilling will utilize Reverse Circulation methods targeting historic production areas. The Champagne Mine previously operated under Bema Gold, with no significant modern exploration since 1992. The project shows potential for gold and silver mineralization, with geologists noting widespread alteration in volcanic rocks. However, the company cautions that past results do not guarantee future mineral resource presence.
- Initiation of a 5,000 metre drilling program at Champagne Gold Project may uncover new mineral resources.
- The Champagne deposit shows considerable historical exploration with potential for gold and silver mineralization.
- No deep drilling or significant modern exploration has occurred since the mine closure in 1992, raising concerns over the project's viability.
- The company warns that historical data does not guarantee future mineralization that is economically viable.
TORONTO, ON / ACCESSWIRE / August 19, 2020 / Idaho Champion Gold Mines Canada Inc. (CSE:ITKO) (OTC PINK:GLDRF)("Idaho Champion" or the "Company"), announces that a drill has been mobilized for the Company's maiden drill program at the past-producing Champagne Gold Project near Arco, Idaho, USA.
Idaho Champion will commence a 5,000 metre drill program using Reverse Circulation (RC) drilling on the patented ground and within the historic past producing pit area utilizing both historic and newly acquired data to target drill holes.
About the Champagne Project
The Champagne Mine* was operated by Bema Gold as a heap leach operation on a high sulfidation gold 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 in the Lava Creek District. Company geologists have confirmed that sericitic and argillic alteration, with and without silicifcation, are widespread at the Champagne Project. According to historic reports, silica flooding, alunite and barite are closely associated with the gold and silver mineralized zone at the historic mine.
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 is not 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 prospectivity 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
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) 477 7771 ext. 205
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. 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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FAQ
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