Meech Lake Prospect Exploration Program Update
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152 Chemin de la Mine École
Val-d'Or, QC J9P 7B6
FOR IMMEDIATE RELEASE TSX-V: JZZ
Meech Lake Prospect Exploration Program Update
Val-d’Or, Québec – January 31, 2017 – Cleghorn Minerals Ltd. (“Cleghorn” or the “Company”) is pleased to
announce that the first phase exploration program on the Meech Lake – Matchewan Prospect located in
Northeastern Ontario has been completed. The program consisted of locating and re-sampling of the numerous
historical occurrences of mineralizatio n, with a particular focus in the areas of the Kell ’s (Ni-Cu-PGE) and
Waterhole ( Au-Ag-Cu-Zn) showings. Assay results are expected within the next several weeks and will be
reported on, when received.
The Kell’s (Ni-Cu-PGE) Showing, named after the late, well-known prospector Hugh Kell, was worked through
the 1950’s following his discovery of massive sulphides in a fine -grained ultramafic h ost on the 15 th of
December 1946. Additional work in the 1970’s later described the hostrock as a dunite that is completely
altered to talc + calcite + serpentine (Szetu, 1974; AFRI: 42A 02SW0098). It is noteworthy that the dunite,
which appears to be finite near the massive sulphide lens discovery, has also been described in drillholes
completed along strike much later in the 1970’s. Results from sampling in the discovery pit, both from the time
of discovery and confirmed by successive programs (including following staking by the vendor ) have returned
significant assays in n ickel, copper and platinum group elements (SEDAR: 43-101 Technical Report, April 6,
2015; MRB & Associates).
The Waterhole (Au -Ag-Cu-Zn) Showing mineralization consists of pyrite, sphalerite, and chalcopyrite which
occurs as bands and disseminations hosted in sericitized and carbonatized mafic volcanics hostrock and
associated with NE -trending shear zones. It is of general interest that the calc- alkaline hostrocks in the Meech
Lake –
Matachewan Prospect have been described as part of the Upper Supergroup, which appear to be comparable to
the Kinojevis and Blak e River Group volcanics in the Cadillac area of Northeastern Québec. Gold, silver,
copper and zinc results have been reported, including in drilling in 1974-75 and by the vendor in channel
sampling (SEDAR: 43 -101 Technical Report, April 6, 2015; MRB & Ass ociates). The mineralization is not
well understood as it may be controlled either structurally and/or by alteration horizons.
The Kell’s and Waterhole Showing areas requires further study and warrants further exploration work,
including drilling as they are regarded as a high priority exploration targets by Cleghorn.
Funding for this first phase of work was received from the Ontario Exploration Corporation (OEC) through
their Prospector Assistance Program initiative via an initial $10,000 grant ( 50% of the funding on approval and
signing of a purchase agreement and the balance on submission and approval of the Final Submission Form
including Technical Report and Assessment Credit Approva l letter), in exchange for a 0.5% royalty on the
property. The Compa ny would like to thank the OEC for its financial support in these difficult market
conditions and plans to proceed with the second ($25,000 for an additional 0.25% royalty) and third ($50,000
for an additional 0.25% royalty) project funding applications. The royalty has a buyback clause which provides
that the Company can purchase one -half of the 0.5% royalty for a dollar value that increases over time, ranging
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from a purchase price of $15,000 before the second anniversary of the date of the agreement to a price of
$250,000 from the 11th anniversary of the agreement and beyond.
The company has applied for an Exploration Plan with the Ministry of Northern D evelopment and Mines
(MNDM) to encompass additional in -fill and grid extensions for geophysical surveyi ng with work expected to
commence in February 2017.
Michael P. Rosatelli , P.Geo, a consultant to the Company, is the designated "qualified person" as defined in
National Instrument 43-101 who reviewed and approved the technical content of this news release.
Additional Property Acquisitions:
Cleghorn is continuing due diligence on several property opportunities, both in Canada and international
jurisdictions, and will provide additional information should the examinations lead to favourable conclusions
and affordable transactions.
About Cleghorn Minerals Ltd.:
Cleghorn is a junior mineral exploration company with a 100% interest (3% NSR) in a NE Ontario located Ni -
Cu-PGE property, referred to as the Meech Lake – Matachewan - Prospect.
For additional information, please contact:
Glenn J. Mullan, President, Chief Executive Officer, Secretary and Director
Telephone: (819) 824-2808 – Head Office
(514) 835-8384 – Cell Phone
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 news release.
This news release contains certain statements that may be deemed “forward- looking statements”. Forward -looking
statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”,
“plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events
or conditions “will”, “would”, “may”, “could” or “should” occur. Although Cleghorn believes the expectations
expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of
future performance and actual results m ay differ materially from those in forward -looking statements. Forward- looking
statements are based on the beliefs, estimates and opinions of Cleghorn’s management on the date the statements are
made. Except as required by law, Cleghorn undertakes no obligation to update these forward- looking statements in the
event that management’s beliefs, estimates or opinions, or other factors, should change.
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