Idaho Champion Gold Acquires Private Surface and Mineral Rights at Champagne Project
Idaho Champion Gold Acquires Private Surface
and Mineral Rights at Champagne Project
Toronto, ON – June 29, 2021 - Idaho Champion Gold Mines Canada Inc. (CSE: ITKO;
OTCQB: GLDRF; FSE: 1QB1) (“Idaho Champion” or the "Company") is pleased to
announce that it has signed a binding Property Lease and Option Agreement (the
“Agreement”) with a private family (the “Lessor”) to lease, with an option to acquire,
100% interest in new surface and mineral rights on properties within Idaho Champion’s
Champagne Gold Project in Idaho, USA.
The properties include four (4) parcels of private ground (the “Champagne Summit
Ranch” or the “Ranch”) (See Figure 1) totalling 240 acres, which is located adjacent to
the federal mining claims already controlled by Idaho Champion. The Ranch is located
northwest of the past producing pits and will be instrumental in the Company’s 2021
drilling program and ongoing exploration of the large IP anomaly on the project.
“The surface and mineral rights to the Champagne Summit Ranch will have an immediate
impact on the Champagne Project. Not only does part of the IP anomaly extend onto this
ground, but the new property will also improve our access and infrastructure in the area
at very low cost. Given the rights associated with privately held surface and mineral rights
in Idaho, we can immediately commence work on the leased ground. We also welcome
the Lessor family as shareholders and appreciate their trust and support of our
exploration strategy, ” stated President and CEO, Jonathan Buick.
Under the terms of the Agreement, the parties have agreed to a five (5) year term of the
lease, during which Idaho Champion will pay to the Lessor total consideration of
US$240,000 and 500,000 common shares of the Company, structured as follows:
• A committed initial payment of US$10,000 and 50,000 common shares of the
Company;
• Annual payments of US$10,000 cash and 50,000 common shares of the Company
on each of the first through fourth anniversary dates of the Agreement, each of
which is an option paid at the sole discretion of the Company; and
• On or before the fifth anniversary, Idaho Champion has the option pay the Lessor
a final payment of US$190,000 in cash and 200,000 common shares of the
Company.
As long as it maintains its option to lease the Ranch, Idaho Champion has also agreed to
pay the annual property taxes on behalf of the Lessor. Upon full execution of the
Agreement, Idaho Champion will hold 100% fee simple interest in the Ranch and its
mineral rights.
Figure 1: Champagne Project and Champagne Summit Ranch Property Location
About the Champagne Project
The Champagne Mine* was operated by Bema Gold as a heap leach operation on an
epithermal gold-silver system that occurs in volcanic rocks. Bema Gold drilled 72 shallow
reverse circulation holes on the project, which complement drilling and trenching from
other previous operators. The property has had no deep drilling or significant modern
exploration since the mine closure in early 1992.
The Champagne Deposit contains epigenetic style gold and silver mineralization that
occurs in strongly altered Tertiary volcanic tuffs and flows of acid to intermediate
composition. Champagne has a near surface cap of gold-silver mineralization emplaced
by deep-seated structures that acted as conduits for precious metal rich hydrothermal
fluids. Higher grade zones in the Champagne Deposit appear to be related to such feeder
zones.
* The Company cautions that the information about the past-producing mine may not be
indicative of mineralization on Champion’s property, and if mineralization does occur, that
it will occur in sufficient quantity or grade that would result in an economic extraction
scenario. The historic data were simply used to evaluate the prospective nature of the
property. The Company has not yet conducted sufficient exploration to ascertain if a
mineral resource is present on the property.
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 Gold Mines Inc.
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”,
on the OTCQB under the trading symbol “GLDRF”, and on the Frankfurt Stock Exchange
under the symbol “1QB1”. 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 it operates. Idaho Champion takes its social license seriously,
employing local community members and service providers at its operations whenever
possible.
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) 567- 9087
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
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, including suggested strike
extension. 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.