Califfi Capital Corp. announces planned 2021 Exploration Programs and proposed Change of Name
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CALIFFI CAPITAL CORP.
Suite 2201 – 8 Smithe Mews
Vancouver, B.C.
V6B 0A5
Trading Symbol: TSX-V: CFI Telephone: 604-619-0225
Fax: 604-980-6264
Email: [email protected]
Califfi Capital Corp. announces planned 2021 Exploration Programs and proposed
Change of Name
May 26, 2021 - Vancouver, British Columbia : Califfi Capital Corp. (the “ Corporation” or “ Califfi”) (TSXV:
CFI), is pleased to announce the following:
Planned 2021 Exploration Programs
Califfi, through its wholly -owned subsidiary, Bonanza Mining Corporation (“Bonanza”) (see Califfi’s March 25,
2021 news release announcing the closing of its Qualifying Transaction and related Financing), has planned the
following fully-funded exploration programs for 2021:
MC Property – The MC property is located in the Golden Triangle ~ 12 km north of the town of Stewart, BC and
adjoins the east side of Ascot Resources Premier Mine claims, approximately 2.5 km east of the Premier minesite.
As is outlined in Bonanza’s MC property 43 -101 report, Bonanza plans to conduct a phase one diamond drilling
program on the MC property consisting of at least six drill holes totaling approximately 1,500 meters. An
application for a drilling permit to conduct the drilling was submitted to th e Mines Ministry in early February 2021
and commencement of drilling is waiting for the drilling permit to be received.
The drill program will be designed to test the large IP chargeability anomaly on the northern part of the MC
property that was outlined by Bonanza’s 2017 IP survey. This IP anomaly is associated with the historical
Dalhousie copper, gold, magnetite mineral showings that were blast trenched and sampled by a previous company
in 1979 (A.R # 7841). Three of their chip samples respectively returned 0.44 oz/t gold, 0.2 oz/t silver and 0.3%
copper over 6 meters, 0.12 oz/t gold, 0.2 oz/t silver and 1.0% copper over 3 meters and 0.24 oz/t gold, 0.5 oz/t
silver and 1.9% copper over 3 meters.
The drilling will also test the system of poly -metallic quartz/carbonate veins on the southern part of the property
that were located and sampled in 2017 and 2019. The main mineralized vein structure has a strike length of over 1
km and lies within an associated multi element, > 1km long by 150m – 200m wide , soil anomaly coincidently
enriched in gold (>50ppb), silver (>3ppm), lead (>300 ppm), zinc (>300ppm), copper (>50ppm) and arsenic
(>20ppm).
Six rock samples collected from quartz veins within the soil anomaly assayed over 1.0 g/t gold and 15 rock samples
assayed over 20 g/t silver. The assay results from 27 rock samples collected within the soil anomaly were up to 10.5
g/t gold, 1,503 g/t silver, 5.31% lead, 5.72% zinc and 0.67% copper.
Neither of thes e compelling mineralized targets have ever been drill tested and there has only been 4 historical
holes drilled on the property since the first exploration work in the 1920’s.
Shag Property – The Shag property is located in the Southern Rocky Mountains of BC approximately 24 km east
of Radium Hot Springs and 35 km northeast of Canal Flats and can be readily accessed by roads from these
communities.
The property contains numerous lead, zinc and silver stratabound MVT style mineral occurrences hosted in mid dle
Cambrian dolostone rocks and there has been numerous historical exploration programs conducted on the property
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including soil and rock sampling surveys, IP surveys , geological mapping and four separate diamond drilling
programs.
The GSC recently cond ucted a regional air borne magnetic survey over southeastern B C and southwestern Alberta
that outlined a 30 km wide magnetic low anomaly trending northeasterly for 200 km from Canal Flats , BC to
Red Deer, Alberta. This anomaly is a major basement faul t zone that trends under the Shag property and is named
the Red Deer lineament. The style of lead-zinc mineralization on the Shag property is similar to the MVT lead-zinc
mineralization at Pine Point , NWT where numerous deposits were located in Devonian ca rbonate rocks along a
similar basement fault zone named the Great Slave Shear Zone.
Bonanza plans to conduct IP, ground magnetic and soil and rock sampling surveys over the northern part of the
Shag property later this summer in order to locate drilling t argets for next year. A permit to carry out these surveys
has been received from the Mines Ministry and a proposal from a geophysical contractor to conduct the geophysical
work has also been received by Bonanza.
A geological consultant is presently prepar ing a 43-101 report on the Shag property and it should be completed in
the next several weeks.
Frog Property – The Frog property is located in the BC Golden Triangle ~ 170 km east of the town of Dease Lake
and ~ 70 km east of the Kutcho Creek copper – zinc deposit which is being actively developed by the company
Kutcho Copper Corp. The Kutco deposit can be accessed by road from Dease Lake and there is an airstrip at the
site.
Since the 1950’s when an area containing large galena, sphalerite, chalcopyrite and rhodocroisite massive sulfide
boulders was discovered in a cirque at the head of a tributary to the Frog River at least 8 separate exploration
programs were conducted on the property attempting to locate the source of the massive sulfide boulders, whic h
assayed up to 17 oz/t silver , 29.9% lead, 6.8% zinc and 0.6% copper. The most recent exploration program was a
gravity survey conducted by Cominco in 1987.
These historical exploration programs included a soil sampling survey s, an IP survey, two ground gravity surveys,
ground magnetic surveys and a small diamond drilling program. The soil survey outlined a large high value lead,
zinc, silver and manganese anomaly in the cirque that remains open in several directions. The IP survey conducted
in 1970 presented the data as metal factor values, which were calculated by dividing the chargeability values by the
resistivity values. Bonanza contracted a geophysical consultant to review the IP data and he plotted only the
chargeability numbers by themselves, whic h is the modern procedure, and in doing so he found the chargeability
numbers to be very high.
In 1995 the GSC flew an airborne magnetic survey over a large part of northern BC that outlined a ten kilometer
diameter magnetic high anomaly centered over the cirque where all of the historical exploration programs were
conducted and where the mineralized massive sulfide boulder field occurs. There is potential to discover a
porphyry copper deposit as well as high grade polymetallic manto deposits on the property.
Bonanza plans to conduct IP, ground magnetic and soil sampling surveys as well as geological mapping on the Frog
property later this summer in order to locate drilling targets for next year. This exploration work will require a field
camp to accommo date the crews on the property and an application to construct the camp was submitted to the
Mines Ministry in late March 2021.
A proposal from a geophysical contractor to conduct the geophysical surveys has been received by Bonanza and a
geological consultant has been contacted to prepare a 43-101 report for the Frog property.
Proposed Change of Name
As disclosed in Califfi’s CPC Filing Statement dated March 9, 2021, as filed on SEDAR on March 10, 2021, it
proposes to change its name to “Bonanza Mining Corporation” to more accurately reflect its business as a mineral
exploration company. In that regard, Califfi will now be ma king application to the TSX Venture Exchange for its
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consent to this change of name, which will likely also involve a change in the trading symbol. (In conjunction with
this proposed change of name, Bonanza proposes to simultaneously change its name to th at of a numbered
company, it being the intent of both Califfi and Bonanza to do a vertical amalgamation of the two companies to be
effective on February 28, 2022, being the date of Califfi’s next fiscal year -end.) Further information regarding the
change of name and potential change in the trading symbol will be disseminated in due course.
Qualified Person
Technical information in this news release has been approved by Christopher Graf, P. Eng., the Vice-President and
a Director of Califfi Capital Corp. and a Qualified Person for the purposes of National Instrument 43-101.
For further information, please contact:
Califfi Capital Corp.
Suite 2201 – 8 Smithe Mews
Vancouver, B.C. V6B 0A5
Attention: Alfredo De Lucrezia, President,
CEO and Director
Tel: (604) 619-0225
Email: [email protected]
Cautionary Statements
This press release contains "forward -looking information" within the meaning of applicable securities laws .
Readers are cautioned to not place undue reliance on forward -looking information. Actual results and
developments may differ materially from those contemplated by these statements. The statements in this press
release are made as of the date of this press release. The Corporation undertakes no obligation to update
forward-looking information, except as required by securities law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.