Idaho Champion Reports Significant IP Anomalies and Develops New Model for 2021 Targets at Champagne Gold Project
Idaho Champion Reports Significant IP Anomalies
and Develops New Model for 2021 Targets at
Champagne Gold Project
HIGHLIGHTS
• Strong IP responses defined over more than two kilometres of strike and
associated with anomalies in rock and soil sampling
• Shallow anomalies in chargeability and resistivity explain the veins and breccias
encountered in Champagne RC drilling and historic mining at Mine Hill area
• A new geophysical model reveals a detachment structure connecting the Mine
Hill mineralization to a larger and more deeply rooted anomaly to northwest
Toronto, ON – February 02, 2021 - Idaho Champion Gold Mines Canada Inc. (CSE: ITKO)
(OTCQB: GLDRF) (FSE: 1QB1)(“Champion” or the "Company") is pleased to report the
results of the 2020 induced polarization – resistivity (IP) survey at the Company’s
Champagne Gold Project near Arco, Idaho (“Champagne”). Champion designed the IP
survey (See press release dated Oct 15, 2020) to evaluate the subsurface beneath the
extensive alteration across the property, which spans more than 26 square kilometres.
“There is a strong IP response at Champagne that can be confidently correlated between
profiles over approximately two-kilometres of strike,” stated Jonathan Buick, President
and CEO. “More importantly, careful 3D modeling of the geophysics and integration with
our geological mapping has revealed that shallow anomalies around the historic mining
areas are likely detached from a much larger anomaly to the northwest. Our first round of
drilling was directed at these historic targets, but our next phase of work will focus on
high priority targets with considerable size potential.”
An Integrated Interpretation of Geophysics and Geology
The 2020 IP survey at the Champagne Project consisted of 6 lines oriented almost east-
west (azimuth of 280 degrees) and nominally spaced 400 metres apart. Along the lines,
the survey employed a 200 metre dipole-dipole array, which yielded an expected depth of
investigation of 500 to 600 metres. The survey was originally conceived to include
approximately 12 line kilometres, but the scale of the target and early results necessitated
almost doubling the survey to 21.4 line kilometres and adding a sixth line. Line 6 ran
directly across the North Pit of the historic mine (See Figure 1).
Chargeability and resistivity data across the Champagne Project demonstrated the
applicability of the IP technique to mapping the known sulfide-bearing mineralization in
and around the historic mines (“Mine Hill”). The survey also identified deeper chargeable
and resistive bodies that likely represent the buried roots of the Champagne precious
metals system. The new targets are open to the northwest, north and south of the main
historic mining areas on the Champage Project .
Figure 1: Geophysical Survey Locations
The Champion technical team identified a very strong (+20 to 30 mV/V) and wide IP
response positioned to the west of Mine Hill. There are weaker and more limited
anomalies associated with the historic mines, but the response in both chargeability and
resistivity is much stronger to the northwest. These anomalies correlate well with surface
anomalies in rock and soil geochemistry (See Figure 2). The technical team collected two
orientation soil survey lines and numerous rock samples across the district. These
samples yielded anomalies in Au, Ag, As, Hg, Te, Cu, Pb, and Zn associated with
structures in and around the main IP feature. A total of 454 soil samples are still pending
laboratory analyses.
An interpretation of the IP chargeability pseudo-sections reveals that the anomaly
beneath the Mine Hill breccias and sheeted veins is abruptly cut off just beneath the
Moran Tunnel level (Figure 3). The eastern lobe of the anomaly is rootless, whereas the
larger chargeable feature to the northwest is deeper rooted and has an apparent gap
nearer surface (Figure 4). The Champion team has developed a working model that links
the Mine Hill mineralization to the deeper rooted system on the west via a low angle
detachment structure. The upper Mine Hill block (allochtonous) is interpreted to have
been displaced approximately 800 meters eastward. This also explains the relatively
shallow termination of surface and shallow underground mining at Mine Hill despite
historic indications of good grade and thickness.
Figure 2: Surface Geochemistry Superimposed on IP Chargeability at 1700m Elevation
Figure 3: Working Exploration Model
Figure 4: 3D IP Chargeability Model Looking Northeast
This model suggests that the Mine Hill breccia veins, North and South open pit deposits,
plus some of the outlying breccia and veins to the west (Arco Valley, Oxide, and Ella
Mines) are all positioned in the upper (allocthonous) block and have been displaced by a
considerable distance. An integrated interpretation of the IP data with geologic mapping
and geochemical sampling reveals exciting potential on the western and northwestern
portions of the Champagne property (Figure 2). Lines 4, 5, and 6 demonstrate that the
chargeable and resistive target comes close to surface, and surface geochemical
anomalies are abundant in the target area.
The Champagne mineral system covers a large area and boasts significant precious and
base metal enrichment in Champion sampling of altered rocks and historical prospects,
up to: 294 g/t Ag, 2.67 g/t Au, 2.79% Zn, 6.58% Pb, and 0.29% Cu. It is important to put
these results into context with the evolving 3D model of the system in order to focus the
next phase of exploration on the highest priority targets.
While awaiting additional surface geochemistry data from the lab, the technical team is
hard at work designing the exploration program for 2021 to include additional
geophysics, mapping, sampling, and drilling into the main body of the IP target.
About the Champagne Project
The Champagne Mine* was operated by Bema Gold as a heap leach operation on a high
sulfidation gold 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) 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
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.