CMX Acquires Prospective Cobalt Project
Toronto,
(TSX.V:C
Exploratio
within our
In consid
$12,000 t
of this Ag
$5,000 to
CMX
ON. May
CMX, OTC Q
on Ltd. to a c
r Bass River c
eration for t
o be paid wit
greement; (b)
o the Option
X Acquir
10, 2018 Ch
QB: CMETF ,
cquire 3 Lic e
concessions a
he Option, t
thin 10 workin
an issuance
nor issuable
res Prosp
hilean Metal s
, SSE:CMX,
enses contai n
as outlined in
the CMX sha
ng days of rec
of common s
within 10 w
pective
s Inc. (“Chi l
MILA: C M
ning 720 acr e
the photo bel
ll pay the O
ceiving TSX V
shares (the “
working days
Cobalt P
lean Metals, ”
MX) has ent e
es representi n
low.
ptionor as fo
Venture Excha
Shares”) of t
s of receivin
Project
” “CMX” o r
ered into a n
ng the balan c
ollows: (a) a
ange (the “Ex
he Optionee,
ng Exchange
r the “Comp
n option wit h
ce of land l o
cash payme
change”) app
, having a val
approval of
any”)
h Elk
ocated
ent of
proval
lue of
f this
Agreement; (c) a cash payment of $5,000 paid to the Optionor on or before the first anniversary of the
Exchange approval and all subsequent years thereafter; and (d) incur, within 3 years from the date of
Exchange approval of this Agreement, at least $500,000 in exploration expenditures on the Property,
upon which the CMX will have earned its Interest in the Property, subject only to the 10% Free Carried
Interest and the 1% NSR Royalty to be held by Optionor. CMX may purchase the 10% Free Carried
Interest for $500,000 payable in cash or shares and it may acquire the 1% NSR Royalty by paying
$250,000 in cash or shares.
“We are very bullish on the Bass River concession and the potential for a major Cobalt and/or base
metals discovery. We have previously announced our intention to drill our Castlereigh prospect in Bass
River and we expect to finalize our drilling contract shortly in this respect. The Quarry Project as we call
this newly acquired ground will test a known Iron deposit, identified by Chilean Metals Advisor Mick
Sharry. The Quarry was the site of six core holes and a 1000 tonne bulk sample which were completed
in the late 80’s. The bulk sample had noted interesting Cobalt results by the department of Natural
Resources. It will be our intention to assay the old drill cores as an immediate next exploration step.
Then we will contract a Helicopter to complete a detailed Mag and radiometrics survey. This will be
followed by an IP survey over the areas defined by interpretation of the the magnetics and radiometrics
to be high priority areas of interest for Cobalt.
The historic drill cores will be sampled will be sent in for Assay as soon as we can arrange access to the
historic core and we will report these results when received. We will move quickly to complete the
Airborne Mag and Radiometrics survey which we expect will happen in June. We will then move as
quickly as possible to obtain land access agreements, cut lines and conduct the IP survey. Following that
drill targets will be defined by integrating all available data and a drill program will be proposed.
We look forward to keeping you updated as we progress these quality prospects in a timely and
professional manner.” commented CMX CEO Terry Lynch.
About Chilean Metals,
www.chileanmetals.com/
Chilean Metals Inc. is a Canadian Junior Expl oration Company focusing on high potential Copper Gold
prospects in Chile & Canada.
Chilean Metals Inc is 100% owner of five properties comprising over 50,000 acres strategically located in
the prolific IOCG (“Iron oxide-coppe r-gold”) belt of northern Chile. It also owns a 3% NSR royalty
interest on any future production from the Copaquire Cu-Mo deposit, recently sold to a subsidiary of
Teck Resources Inc. (“Teck”). Under the terms of the sale agreement, Teck has the right to acquire one
third of the 3% NSR for $3 million dollars at a ny time. The Copaquire property borders Teck’s
producing Quebrada Blanca copper mine in Chile’s First Region.
Chilean M
western f
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