Chibougamau Independent Update ROUYN‐NORANDA, QUÉBEC ‐ Chibougamau Independent Mines Inc. (TSX VENTURE: CBG) (STUT: CLL) (OTC Markets (USA): CMAUF) continues to refine our understanding of the geological potential of our large mining camp land package which includes five former
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Chibougamau Independent Update
ROUYN‐NORANDA, QUÉBEC ‐ Chibougamau Independent Mines Inc. (TSX VENTURE:
CBG) (STUT: CLL) (OTC Markets (USA): CMAUF) continues to refine our understanding of
the geological potential of our large mining camp land package which includes five former
mines, two unmined deposits (one copper‐gold, one zinc‐gold‐silver) the down dip of
three former sizable producers and our large exploration position which includes
numerous under explored drill intersections of copper and/or gold.
On January 18, 2017 Chibougamau announced the results of two drill holes on the C3
copper‐gold zone of our Bateman Bay mine property. Hole BJ‐16‐15 intersected
6.33m (20.7ft) grading 3.65% copper and 0.82 g/t gold. Hole BJ‐16‐16
returned 12.5m (41ft) grading 3.61% copper and 1.72 g/t gold. True widths are
approximately 60‐65% of intersection widths. We recently tried to undertake a down
hole geophysical survey to better define the strike of the mineralized zone, but the
contractor was unable to descend the equipment in the drill holes. We are currently
studying the distribution of the recent and previous drill intersections in order to plan
additional drilling. Interestingly as reported in the press release, over the 90 meter down
dip distance between the two new drill holes, the width of the mineralized zone and gold
grade have doubled. The robust copper grade has remained constant.
This is significant in the overall context of the Chibougamau mining camp.
Historically the mining camp has produced approximately 45.35 million short
tons of copper ore grading 1.74% copper and 2.24 g/t gold. Using a historic
metal price of USD $0.436 per pound for copper and USD $60.48 per ounce
for gold, gold would represent 22.4% of the revenue from production. On
the other hand, using somewhat current and conservative prices of say USD
$2.50 per pound for copper and USD $1,150 per ounce for gold, would
Press Release
March 21, 2017
38,438,442 shares issued and outstanding
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contribute 48.8% of the revenue. Historically exploration and production
were focused on copper. The mining camp must now be considered a
copper‐gold mining camp rather than a copper mining camp with emphasis
placed upon the long‐ignored gold potential in addition to the historic
copper focus.
On February 6, 2017, Chibougamau announced the results of five drill holes on our
Berrigan zinc‐gold‐silver property. All five holes intersected multiple mineralized zones at
shallow vertical depths including individual assays of up to 11.34% Zn, 10.36 g/t Au
and 83.00 g/t Ag over varying widths. Mineralization is widespread and the distribution
of the mineralized zones complex due to faulting and folding. The Berrigan mineralization
is the only zinc‐gold‐silver zone in the Chibougamau mining camp and more indepth work
is clearly warranted on this large land package.
Lastly, Vanadium One Energy Corp. (VONE‐TSXV) has completed its financing and
has paid Chibougamau Independent the $150,000 cash component and issued 2,750,000
Vanadium One shares to Chibougamau as per our agreement. Chibougamau retains a 2%
Gross Metal Royalty on their Mont Sorcier iron‐vanadium deposit located east of
Chibougamau.
This press release was written by Jack Stoch, P. Geo., President and CEO of Chibougamau
Independent Mines Inc. in his capacity as a Qualified Person (Q.P.) under NI 43‐101.
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 the release.
We Seek Safe Harbour. CUSIP Number 167101 203
For further information, contact:
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Chibougamau Independent Mines Inc.
86, 14
th
Street
Rouyn‐Noranda, Quebec Canada J9X 2J1
Tel.: 819.797.5242
Fax: 819.797.1470
www.chibougamaumines.com
Forward Looking Statements
Except for historical information this News Release may contain certain “forward looking statements”. These statements may involve a number of known
and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the
Companies expectations and projections. A more detailed discussion of the risks is available under “disclaimer” on the Company’s website.