Idaho Champion Announces Historical Drill Results at its Champagne Project, Idaho, including 1.90 g/t Au and 78.96 g/t Ag over 44.2 metres which included 1.60 g/t Au and 91.05 g/t Ag over 38.1 metres
Idaho Champion Announces Historical Drill
Results at its Champagne Project, Idaho,
including 1.90 g/t Au and 78.96 g/t Ag over 44.2
metres which included 1.60 g/t Au and
91.05 g/t Ag over 38.1 metres
• Historical data outside of the previously mined open pit
• Long mineralized zones from surface down to 120 metres
• Surface trenching results included 1.31 g/t Au and 147.38 g/t Ag
over 54.86 metres
Toronto, ON – May 26, 2020 - Idaho Champion Gold Mines Canada Inc. (CSE:
ITKO) (“Champion” or the "Company"), announces historical data (the “Data”)
including historical drilling for the Company’s past producing Champagne Project.
Historical drill results included drill hole LC8620 which contained 1.90 grams per
ton (“g/t”) gold (“Au”) and 78.96 g/t silver (“Ag”) over 44.20 metres and included
1.68 g/t Au and 91.05 g/t Ag over 38.10 metres.
Table 1: Historical Non 43-101 Compliant Exploration Drilling Results – Outside of Historically Mined Pit
Drill Hole From To Length (m) Avg Au g/t Avg Ag g/t
LC8607 0 3.05 3.05 0.64 15.40
LC8608 4.57 7.62 3.05 0.71 18.00
LC8613 0 18.29 18.29 0.53 5.98
Including 9.14 18.29 9.15 0.71 6.52
LC8620 36.58 80.77 44.20 1.90 78.96
Including 42.67 80.77 38.10 1.68 91.05
LC8620 109.73 117.35 7.62 0.83 -
LC8838
32.0 47.24 15.24 0.70 16.10
54.86 68.58 13.72 0.64 7.66
76.20 82.30 6.1 0.99 45.94
The results indicated represent the currently available drill data in the historic
record. The intersection lengths are core length intersections. The true width of
the intersection has not been determined. The Company has not as yet verified
the Data and as such investors should not place undue reliance on the Data. The
Company’s future exploration work will include verification of the Data.
Table 2: Historical Non 43-101 Compliant Trenching Results – Outside of Previously Mined Pit
Trench From To Length (m) Avg Au g/t Avg Ag g/t
TRH21 35.05 44.20 9.15 1.93 134.85
TRH21V 24.38 91.44 67.06 1.31 147.38
“The drill and trench data within the past producing pit that was previously
disclosed, while part of what was mined from the pit, supports, in our view, the
initial theory that the past production tonnage only clipped part of what we believe
is a much bigger system at depth and on strike,” President and CEO Jonathan
Buick stated. “The Data outside of the past producing pit suggests that we can
expand our exploration thesis with a high degree of confidence.”
Figure 1: Historical Non 43-101 compliant drilling and trenching locations
Geology
The historical data was acquired by Gold Fields Limited, then Bema, in the
development of the Champagne Mine. Trench data outlines a gold enriched oxide
zone with shallow reverse circulation drill holes located under the trenches that
outline a zone of veins and breccia pipes ,which included the mined pit but also
extend beyond the pit perimeter, as described above. Field work is being planned
for this field season to map and sample the Champagne mine area, including the
area under and around the mined pit, in preparation for a reverse circulation drill
program.
The geology of the Champagne mine area is well documented in maps and
reports prepared by the State of Idaho and the United States Geological Survey.
Surface host rocks are Challis Volcanics underlain by Devonian-Mississippian
Milligan formation composed of quartzites, limestones, and calcareous
sediments. The Milligan formation was intruded by Idaho Batholith and
subsequent igneous events that located the mineralization at Champagne.
Exploration at Champagne will focus on surface delineation of alteration and
mineralization and drilling will focus on a deep target (500m) in the Milligan
formation.
Figure 3: Champagne Project Location Map
About Champagne Project
The Champagne mine was operated by Bema as a heap leach operation on a high
sulfidation gold system that occurs in volcanic rocks. Bema drilled 72 shallow
reverse circulation holes in addition to previous operators drilling and trenching. The
property had no deep drilling or modern exploration since the mine’s closure in the
early 1992.
The historic 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 historic 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 historic 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
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”. 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. Champion takes its social license seriously
and employs local community members to service 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.