Idaho Champion Closes First Tranche of Previously Announced Non-Brokered Private Placement
Idaho Champion Closes First Tranche of Previously
Announced Non-Brokered
Private Placement
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES
Toronto, ON – August 27, 2019 - Idaho Champion Gold Mines Canada Inc. (CSE: ITKO)
(“Champion” or the “Company”), a discovery-focused gold exploration company,
announces the closing of a first tranche of the previously announced non-brokered private
placement totaling $215,000 (the “Financing”).
The first tranche closing was priced at $0. 08 per unit. Each unit consists of one (1)
common share and one (1) non-transferrable purchase warrant (a “Warrant”). Each
Warrant will entitle the holder to purchase one additional common share at a price of
$0.15 for a period of 60 months from date of the issue.
The Company paid cash finder’s fees equal to 8% of the gross proceeds totalling $11,040
and 138,000 non-transferable warrants in the first closing.
The proceeds of the financing will be used for funding an exploration program at the Baner
Gold Project in Idaho, USA for general working capital purposes.
Baner Gold Project
The Baner Gold Project is located near Elk City, Idaho County, Idaho. In 2018 Idaho
Champion made a new gold discovery at the Baner Creek project with near surface oxide
gold mineralization in drilling over a 500 meter strike length. The Company plans to grow
the new discovery to expand the footprint at the north zone and follow up on the Angel
Zone and the Sally targets.
The Baner Project is located within the Orogrande shear zone (OSZ), a 20-kilometre-long
and up to 1 kilometre wide regional shear zone located in Central Idaho. The OSZ
resembles a series of grabens composed of metamorphosed Proterozoic belt
sedimentary rocks, Cretaceous Idaho batholith intruded by Tertiary rhyolites and dacitic
dikes. The BC claim block covers a series of parallel shear zones on the eastern margin
of the OSZ. Hydrothermal alteration is spatially associated with the OSZ and consists of
silicification, seritization, and chloritization. Mineralization is hosted by t hree types of
broadly defined deposit types; Tertiary epithermal deposits, Cretaceous intrusive related
gold systems and orogenic shear zone deposits hosted within the batholith. Mineralization
includes disseminated low-grade precious metal mineralization in associated stockwork
veins, hydraulic breccias and extensive widespread alteration; high -grade gold
associated with discreet structurally controlled quartz veins and silicified zones.
The Baner/Sally Project is in the central Idaho Gold Belt, 8 km south of the of Elk City,
Idaho. The Elk City is an historic gold mining region dating back to the 1860s and once
supported more than 20 underground mines and extensive placer operations. During the
1930’s there were three cyanide gold mills along Crooked River processing open pit and
underground sulfide ore. Exploration in the district during the 1980’s and 1990’s included
Cypress-Amax, Kinross Gold, and Bema Gold primarily focused on near-surface bulk-
tonnage gold potential. Premium Exploration conducted extensive drilling, soil sampling,
and airborne and surface geophysics in the 2010 era. Currently a Finnish gold producer,
Endomines is developing the Friday project at Orog rande into an underground gold
operation and is constructing a gold processing mill.
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 we operate. Idaho
Champion takes our social license seriously and employ local community members and
services in our 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]
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR
SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY STATE
IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE
UNLAWFUL.
Cautionary Statements
This News Release includes certain “forward-looking statements” which are not comprised of historical
facts. Forward-looking statements include estimates and statements that describe the Company’s future
plans, objectives or goals, including words to the effect that the Company or management expects a stated
condition or result to occur. Forward-looking statements may be identified by such terms as “believes”,
“anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking
statements are based on assumptions and address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Although these statements are based on information currently
available to the Company, the Company provides no assurance that actual results will meet management’s
expectations. Risks, uncertainties and other factors involved with forward-looking information could cause
actual events, results, performance, prospects and opportunities to differ materially from those expressed
or implied by such forward-looking information. Forward looking information in this news release includes,
but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results,
potential mineralization, the estimation of mineral resources, exploration and mine development plans,
timing of the commencement of operations and estimates of market conditions. Factors that could cause
actual results to differ materially from such forward-looking information include, but are not limited to failure
to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to
complete a feasibility study which recommends a production decision, the preliminary nature of
metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or
other project approvals, political risks, uncertainties relating to the availability and costs of financing needed
in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity
prices, delays in the development of projects, capital, operating and reclamation costs varying significantly
from estimates and the other risks involved in the mineral exploration and development industry, and those
risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the
assumptions and factors used in preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such information, which only applies as of the date of
this news release, and no assurance can be given that such events will occur in the disclosed time frames
or at all. The Company disclaims any intention or obligation to update or revise any forward -looking
information, whether as a result of new information, future events or otherwise, other than as required by
law.