Idaho Champion Acquires Additional Claims at the Past Producing Champagne Project
Idaho Champion Acquires Additional Claims at the
Past Producing Champagne Project
Toronto, ON – May 06, 2020 - Idaho Champion Gold Mines Canada Inc. (CSE:
ITKO) (“Champion” or the "Company"), a discovery-focused gold exploration
company, is pleased to announce that it has signed a binding Property Lease and
Option Agreement (the “Agreement”) with a private family (the “Lessor”) to lease,
with an option to acquire, additional claims that are located within the Company’s
past producing Champagne Project in Idaho, USA.
The properties include six (6) unpatented Federal mining claims (the “Emma
Claims”) (see Figure 1) which are located inside the project area controlled by
Idaho Champion. The Emma Claims are situated to the North-West of the open
pit with a historic resource of 2.3 million tons (“MT”) at 1.9 grams gold that was
mined as an open pit heap leach mine by Bema Gold in the early 1990’s (See Mine
Development Associates report dated September 1989).
“Historical adits and older mine workings, including artisanal pits, made the Emma
Claims attractive to our exploration thesis. We will include sampling and mapping
programs on the ground this year during our field season,” President and CEO
Jonathan Buick stated. “Based on the regional understanding from our geologists,
it made sense to include this ground in our land package as we consolidate the
area.”
Under the terms of the Agreement, Champion will pay the Lessor:
• US$8,000 upon the execution of the Agreement;
• Issue the Lessor 100,000 Champion commons shares;
• US$8,000 on each anniversary date of the Agreement thereafter for the first
20 years of the Agreement; and
• The Company can renew for an additional 20 years
If the Company elects to purchase the claims under the terms of the Agreement,
Champion can acquire 100% interest by paying the Lessor the amount (US$)
below:
• If option is exercised during year(s) 1 to 10: $150,000
• If option is exercised during year(s) 11 to 20: $200,000
• If option is exercised during year(s) 21 to 30: $250,000
• If option is exercised during year(s) 31 to 40: $300,000
Figure 1: Patented claims location
Figure 2: Champagne Project Location Map
About 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 in addition to previous operators drilling and
trenching. The property has had no deep drilling or 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 at Lava Creek. Argillic and sericite alteration is
widespread at the Champagne Deposit, silica flooding, alunite and barite are
closely associated with the gold and silver mineralized zone.
Champagne has a near surface cap of gold-silver mineralization emplaced by deep-
seated, structurally controlled shears that acted as conduits for precious metal rich
hydrothermal fluids. High grade zones in the Champagne Deposit appear to be
related to such feeder shear zones. Drilling in the future to test for polymetallic, base-
precious metal deposits at depth will clarify these relationships.
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
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”. 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 and employ local community members and
services its operations.
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: [email protected]
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.