TORONTO, June 19, 2017 – Canadian Orebodies Inc. (the “Company”) (TSXV:CORE) is pleased to announce the completion of the first phase of drilling at the North Limb property, and that field work at the Wire Lake Project has commenced.
At the North Limb Property, the Company drilled 7 broadly spaced holes totaling 1,423 metres on a variety of individual targets concentrated within the western half of the Property, with assay results pending from the laboratory. Due to wet ground conditions during spring break-up, the Company elected to complete the remainder of the proposed drill holes on the eastern portion of the Property later this year.
At the Wire Lake Project, which includes both the Wire Lake and Black Raven properties, the Company is preparing for a busy field season and recently completed the installation of a 16-person camp at Wire Lake, which will be used for much of the ensuing year. The Company has completed a 34 line kilometre OreVision IP survey which was performed by Abitibi Geophysics that covered the known 2,300 metre gold bearing zone (the “Wire Lake Gold Zone”) and extended the historical survey area 300 metres along strike to the north and south. Preliminary results from the survey have identified numerous priority targets that will be evaluated in conjunction with field work to generate targets for the summer drill campaign.
The Wire Lake Gold Zone ranges in width from several metres to over 70 metres wide. It is characterized by moderate to intense alteration (silicification, carbonatization, biotitization and sericitization) within predominantly mafic volcanics. Sulphide content (pyrrhotite, pyrite, +/- arsenopyrite and sphalerite) usually ranges from 1-3% but can locally be up to 10%. Visible gold has been rarely observed, and where is does occur it is usually associated with quartz stringers and veinlets.
Since the end of May, the Company has had prospecting teams working throughout the Wire Lake and Black Raven properties. Additionally, company geologists are performing detailed geological mapping along the Wire Lake Gold Zone, and a trenching crew was mobilized to the Wire Lake Property in early June. To date, six trenches that were mechanically stripped by a previous operator have been cleaned off and are in the process of being channel sampled. The trenching program is expected to be completed by the end of June.
The Company has awarded the drill contract for a program to begin at Wire Lake next month. The initial phase of the program will see approximately 3,000 metres of diamond drilling, with a second phase expected to occur in the fall.
“We are excited to begin what promises to be a busy season at the Wire Lake Project. The main objective of this initial phase of exploration is to better define and expand the known Wire Lake Gold Zone through testing a number of infill and step-out targets along strike. With the project covering approximately 180 square kilometres, we have a huge land package to investigate and a number of highly prospective areas that each have multiple targets that deserve additional attention,” said Gordon McKinnon, President and CEO of Canadian Orebodies.
This press release has been prepared under the supervision of Mr. Bruce Mackie (P.Geo.), who is an independent consultant to the Company and a “qualified person” (as such term is defined in National Instrument 43-101). Mr. Mackie has verified the technical data disclosed in this press release.
About Canadian Orebodies Inc.
Canadian Orebodies is a Canadian-based mineral exploration company with a portfolio of properties in Ontario and Nunavut. Canadian Orebodies is focused on generating shareholder value through the advancement of its two Hemlo area properties: Wire Lake and the North Limb.
For more information please contact:
Gordon McKinnon, President & CEO
Canadian Orebodies Inc.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, exploration results, potential mineralization, statements relating to mineral resources, and the Company’s plans with respect to the exploration and development of its properties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Canadian Orebodies, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.