Central Timmins Exploration Corp. Announces
Central Timmins Exploration Corp. Announces
Signing of Drilling Contract and Near-Term
Work Program
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TORONTO
,
Oct. 23, 2018
/CNW/ -
Central Timmins Exploration Corp.
("CTEC" or the
"Company") (TSXV: CTEC) is pleased to announce that it has engaged a drilling contractor in
preparation for the Company's initial 5,000-meter diamond drill program and provides an outline of
its near-term exploration plan on its Timmins Project in
Ontario, Canada
.
CTEC owns a 100% interest in 89 patented claims and 433 staked claims in the main
Timmins
camp. This land was assembled over the past 15 years prior to CTEC consolidating ownership.
CTEC has broken down the Timmins Project into four distinct township projects:
Deloro
and
Ogden
are located on the south side of the Porcupine Destor fault Zone (PDFZ); and
Mountjoy
and the 4
Corners Project on the north side of the PDFZ (covering areas in
Godfrey
,
Robb
, Jamieson and
Turnbull townships).
Highlights
Drill Contract
Signed a drilling contract for a 5,000-meter phased diamond drill program to be completed
in Q4, 2018 and Q1, 2019.
Drilling is expected to begin on or about
October 25
th
on the Deloro Project.
Initial drilling will focus on an area where historic drilling completed by Dictore Porcupine
Gold Mines Limited
(1)
in 1939 intersected a total of 45 meters of gold mineralized core that
averaged 2.7 g/t in three distinct zones in a
220m
diamond drill hole. Historical intersection
assays were 2.2 g/t Au over
11m
, 1.8g/t Au over
12m
and 3.3g/t Au over
22m
of core
length. Each of the intersections also had 1 or more high grade intersection ranging from a
low of 6.3g/t Au to 21.9g/t Au all with
1.5m
assay lengths.
(1) Historic drill intercepts and mining data from the Dictore Property were sourced from
historic files and assay logs - Assessment File 444 of
Deloro Township
; Timmins MNDM
Office. QA/QC procedures and processes have not been audited by CTEC. Historical results
are not necessarily indicative of future results. CTEC will twin the 1939 Dictore DDH #5 to
confirm the accuracy of the 1939 assaying.
MMI Sampling in 2012 and 2018
1,800 MMI samples in
Deloro
and Ogden Townships and check sampling of 200 MMI
locations in
Mountjoy
and on the 4 Corners Projects in 2018.
Approximately 6,000 MMI samples taken to date on the 4 projects.
SGS
Lakefield
completed MMI assaying for 52 elements, generating 300,000 individual
assays.
Serge Nadeau PhD completed analysis of the entire 6,000 sample MMI data base; initially
in 2012 then ongoing through 2018. Serge's analysis has generated 20 targets spread over
the 4 Timmins Project areas.
MOU's and Permitting
An exploration MOU has been signed with two First Nations groups, The Matachewan First
Nations and the Mattagami First Nations.
8 drill targets are already permitted, 2 are in progress.
Continuation of geochemistry and geophysics work to further define targets.
CTEC CEO,
Charles Gryba
, commented, "I am excited at the prospect of starting our exploration
program on our 4 projects within the 77 square kilometer Timmins Property package. Twinning the
Dictore DDH #5 hole is very exciting as the historically defined gold mineralization started some
80m
below surface.
The next 9 drill targets are a combination of a minimum of 3 layers of positive exploration data. For
example a MMI geochem anomaly matched to airborne magnetic or E/M anomaly plus E/M, IP or
Magnetic ground geophysical data to confirm the drill setup location.
CTEC held an open tender process for the
5,000m
drilling contract for its Timmins Properties in
October 2018
. The NQ diameter diamond drill holes are expected to range between
300m
and
500m
in length. RPA in the NI 43 101 Report expected the program to be completed within 6 months
with assays reported on a regular basis."
Charles Gryba
, President and CEO,
P. Eng
. is the Qualified Person that prepared the content
of the news release in compliance with National Instrument 43-101. Unless otherwise stated,
the information set out in this press release relating to the Timmins Project is derived from,
and in some instances is an extract from, the Technical Report. The Technical Report was
prepared for the Corporation by Paul Chamois, M.Sc.(A), P.Geo. of RPA, who reviewed and
approved the scientific and technical information contained in the Company's prospectus
and is a "qualified person" and "independent" of the Corporation within the meanings of
National Instrument 43-101 – Standards for Disclosure for Mineral Projects ("NI 43-101") and
based on the assumptions, qualifications and procedures which are set out in the Technical
Report and Prospectus which is available through the Company's website and at
www.sedar.com
.
About Central Timmins Exploration Corp.
CTEC is an early-stage Canadian-based junior exploration company with property exclusively within
the City limits of
Timmins
in the Porcupine Mining District in the northeastern region of
Ontario
. The
Company's assets are prospective for gold as well as a suite of base metals. See the company
website at
www.centraltimmins.com
.
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities
laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking
information" includes statements that use forward-looking terminology such as "may", "will", "expect",
"anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or
comparable terminology. Such forward-looking information includes, without limitation, the
Corporation's expectations, strategies and plans for the Timmins Project, including the Corporation's
planned exploration activities.
Forward-looking information is not a guarantee of future performance and is based upon a number
of estimates and assumptions of management at the date the statements are made. Furthermore,
such forward-looking information involves a variety of known and unknown risks, uncertainties and
other factors which may cause the actual plans, intentions, activities, results, performance or
achievements of the Corporation to be materially different from any future plans, intentions,
activities, results, performance or achievements expressed or implied by such forward-looking
information. See "Risk Factors" in the Corporation's final prospectus dated
October 4, 2018
filed on
SEDAR at
www.sedar.com
for a discussion of these risks.
The Corporation cautions that there can be no assurance that forward-looking information will prove
to be accurate, as actual results and future events could differ materially from those anticipated in
such information. Accordingly, investors should not place undue reliance on forward-looking
information.
Except as required by law, the Corporation does not assume any obligation to release publicly any
revisions to forward-looking information contained in this press release to reflect events or
circumstances after the date hereof.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE
Central Timmins Exploration Corp
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For further information:
Central Timmins Exploration Corp., Charles Gryba, President, CEO &
Director, [email protected], Tel: 416-801-6366; Elaine Einarson, Investor Relations,
[email protected], Tel: 604-614-8469
CO: Central Timmins Exploration Corp
CNW 16:30e 23-OCT-18