Geotech Ltd.

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Geotech Ltd.

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TORONTO, ONTARIO--(Marketwired - May 9, 2017) - Eastmain Resources Inc. ("Eastmain" or the "Company") (TSX:ER) is pleased to announce its 3,552 line-kilometre helicopter-borne magnetometer survey over its Clarkie Property (31,600 hectares), James Bay, Quebec, is now complete (see FIGURES 1 and 2). The Clarkie property, directly adjacent and to the east of the Company's Clearwater property, was acquired in July 2016. The preliminary survey delineates 3 distinct geological domains on the property which may host analogues to the Eleonore Gold Mine (Northern Sedimentary Basin), the Eléonore South JV (Central Intrusive Complex) and the Clearwater Deformation Zone (see FIGURE 1). Claude Lemasson, Eastmain President and CEO commented, "This new data reinforces our belief in the prospective nature of Clarkie, adjacent to Clearwater. The geology we have encountered is consistent with nearby discoveries, and bodes well for district-wide exploration potential." The Company will undertake a prospecting and mapping program over a 35 to 45-day period in July/August. A 60-line km till geochemical survey will be conducted concurrent with prospecting, expecting to collect approximately 300 samples. Both programs will be guided by the newly acquired magnetic survey by Geotech Ltd. and historic data developed by the Québec government and La Société de la Baie James. Results will be used to identify targets for drill testing in 2018. The program will be based out of the Clearwater camp. The Northern Sedimentary Basin comprises two-thirds of the northern Clarkie claims. The basin is underlain by Clarkie Formation epiclastic rocks; greywacke, siltstone, polymictic conglomerate and iron formation. The Eleonore Gold Mine is hosted in greywacke within a similar basin approximately 60 km to the northwest. Conglomerates analogous to the Kirkland Lake gold camp conglomerates are also present and are indicative of regional structural/stratigraphic breaks which are prospective for gold mineralization. The Clearwater Deformation Zone is the interpreted eastern extension from the Eau Claire deposit, trending for 40 km across the southern portion of both the Clarkie Property and the Clearwater Project. The presence of a mafic volcanic sequence within the deformation zone offers a potential analogue to the structurally controlled Eau Claire gold deposit. The Central Intrusive Complex is composed of a tonalite intrusive with additional diorite-granodiorite phases centrally located within the Northern Sedimentary Basin. Gold mineralization within and on the margins of a tonalite intrusive have been the focus of 2016-2017 exploration at the Eleonore South Joint Venture property located 35 km to the northwest. Both the core of the circular-shaped intrusion at Clarkie and its contacts with sediments are considered highly prospective. Clarkie is located immediately to the east of the Clearwater Project which hosts to the Eau Claire deposit. Together, Clearwater and Clarkie cover 51,614 ha of prospective greenstone belt in the Eastmain/Opinaca district of James Bay, Quebec. Preliminary airborne flight data from the Clarkie survey and historic magnetic information from Clearwater are shown on FIGURE 1. The survey was conducted by Geotech Ltd. using a stinger mounted, 40 Hz High-sensitivity Cesium vapour Airborne magnetic sensor and flown at a nominal elevation of 30 m. Flights were completed on April 24th and delivery of completed map products are expected before the end of May. The design of the Eastmain Resources' drilling programs, Quality Assurance/Quality Control and interpretation of results is under the control of Eastmain's geological staff, including qualified persons employing a strict QA/QC program consistent with NI 43-101 and industry best practices. This press release was compiled and approved by William McGuinty, P. Geo., Eastmain's VP Exploration and Qualified Person under National Instrument 43-101. To view Figures 1 and 2 please click on the following link: www.eastmain.com/_resources/news/Images/ER-170509_Figure1-2.pdf Eastmain is a Canadian exploration company with 100% interest in the Eau Claire and Eastmain Mine gold deposits, both of which are located within the James Bay District of Quebec. Clearwater, host of the Eau Claire deposit, is the Company's core asset with access to superior infrastructure in a favourable mining jurisdiction. Eastmain also holds a pipeline of exploration projects in this new Canadian mining district, including being a partner in the Éléonore South Joint Venture. Forward-Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or timing of future plans, and include, but not limited to, statements with respect to the potential success of the Company's future exploration and development strategies. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Eastmain, including, but not limited to the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, the availability of financing, timely completion of proposed studies and technical reports, and risks associated with the exploration, development and mining industry generally such as economic factors as they affect exploration, future commodity prices, changes in interest rates, safety and security, political, social or economic developments, environmental risks, insurance risks, capital expenditures, operating or technical difficulties in connection with development activities, personnel relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of Mineral Resources, contests over property title, and changes in project parameters as plans continue to be refined. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law.


News Article | May 29, 2017
Site: globenewswire.com

ENDEAVOUR DISCOVERS AN AREA WITH MULTIPLE HIGH-GRADE TRENDS AT ITY MINE Several targets identified at the Le Plaque area · Maiden resource expected by Q4-2017 -  The 100%-owned Le Plaque area, covering 4km2, is located 5km south of the Ity mining complex and has a similar footprint -  Several high-grade mineralized trends were identified at the Le Plaque area, with the largest being a 2km long anomaly -  Mineralization at the Le Plaque trends occurs from surface for the main lense and all trends are open along strike and at depth -  A maiden inferred resource estimate, for some of the targets identified in the Le Plaque area, is expected in Q4-2017 -  In addition to Le Plaque, exploration activities are on-going at several other targets in proximity to the current Ity mining complex Abidjan, May 29, 2017 - Endeavour Mining (TSX:EDV)(OTCQX:EDVMF) is pleased to announce the discovery of several high-grade mineralized trends at its Ity gold mine in Côte d'Ivoire, at the 100% owned Le Plaque area, situated 5 kilometers south of the Ity mining complex. Patrick Bouisset, Executive Vice-President Exploration and Growth at Endeavour, said: "The Le Plaque discovery continues to demonstrate the highly prospective nature of the Ity area. The complexity of the geology requires more drilling and interpretation, but we are very encouraged by the multiple trends discovered which exhibit the potential to host significant resources. Our follow up drilling will focus on the multiple identified targets in the La Plaque area and we look forward to publishing a maiden inferred resource by year-end." "We are equally excited about both the ongoing exploration on the other targets located in proximity to the Ity mining complex and on conducting interpretative work to generate new greenfield targets in the wider 80km Ity corridor that was secured last year," added Mr. Bouisset. To date the Le Plaque area has been covered by 3,450 meters of Auger drilling totaling 228 holes, by 1,756 meters of Reverse Circulation ("RC") drilling totaling 22 holes, and by 6,559 meters of Diamond Drilling ("DD") totaling 53 holes. Some of the selected best DD and RC drill intercepts to date from mineralized zones include (estimated true widths): As shown in Figures 1 and 2 below, the Le Plaque area covers 4 square km, is of similar size as the multiple-deposit Ity mining complex to the north, and hosts several large high gold-in-soil anomalies. Several high-grade mineralized trends stretching over 400 meters were identified, with the largest being a 2km long geochemical anomaly with best values >1,000ppb. The trends are all open along strike and at depth. In addition to exploring the Le Plaque area, exploration is also on-going on several other targets (as per the blue circles in Figure 1) located within 5km from the current Ity mining complex, which represents a small portion of the 80km corridor controlled by Endeavour. As shown in the Figure 3 below, the main mineralization starts from surface with secondary shear structures occurring below the surface. The gold mineralization at La Plaque is intersected by drilling and is associated with arsenopyrite and to a lesser extent with pyrite. Gangue mineral phases include galena and sphalerite. The mineralization has a strong structural control, and may have developed where secondary shear structures have exploited the contact between contrasting lithologic units (See Figure 3). Due to sparse outcrops and high vegetative cover, data from airborne and ground geophysical surveys contributed strongly to structural interpretations. The prospect area has recently been covered by a detailed ground IP survey conducted by Sagax Afrique SA (Burkina Faso) and is currently part of a high-resolution helicopter borne combination Magnetic/Radiometric/VTEM survey being flown by Geotech Ltd (Canada) over the Grand Ity project permit areas. GEOLOGICAL SETTING As shown in Figure 4, the Ity district is located within the preserved Toulepleu-Ity klippe, a northeast trending belt of Lower Proterozoic aged B1 Birimian terrane thrusted and floating on an older portion of migmatitic gneissic Archean basement of the West African Craton. The core of the klippe is the granitic/gneissic Guiamapleu intrusive suite. The B1 units are affected by a strong polyphase tectonic regime and sealed by the younger B2 Toulepleu conglomerate that lies unconformably on the rocks of the B1 unit. All formations have been subjected to greenschist to lower amphibolite facies regional metamorphism. The B1 Birimian formations within the Ity area are characterized by a series of volcano-sediments interlayered with carbonate bands. These sedimentary sequences are largely crosscut by granodiorite and diorite intrusions of variable thickness. The Le Plaque Prospect is mostly underlain by felsic and mafic units of the central granitic/gneissic Guiamapleu intrusive suite, with subordinate carbonate, skarn and volcanosedimentary units. Regional scale structures transect the area in northeast, north and northwest orientations, and some of these are interpreted as being associated with mineralization. -  A RC and DD campaign is expected to start in Q3-2017 on Le Plaque to delineate the extent of mineralized potential. -  A maiden inferred resource estimate for some of the targets identified in the Le Plaque area is expected in Q4-2017. -  Exploration is on-going on other exploration targets in vicinity to the Ity mining complex. -  On the greater Ity Area, an interpretation of high resolution helicopter borne geophysical survey (Mag/Spectro/VTEM) will also be reviewed and placed into target ranking and testing. The scientific and technical content of this news release has been reviewed, verified and compiled by Gérard de Hert, EurGeol, Senior VP West Africa Exploration for Endeavour Mining. Gérard de Hert has more than 19 years of mineral exploration and mining experience, and is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The Le Plaque drill samples were prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. Drill core (HQ and NQ) and Reverse Circulation percussion hammer chip samples were prepared on site at the SMI (Societe des Mines Ity) exploration mechanical preparation facilities. The prep samples were analyzed using a standard 50-gram gold fire assay with an Atomic Absorption finish at Bureau Veritas Laboratories (Abidjan). Core sampling and assay data were monitored through a quality assurance/quality control program designed to follow NI 43-101 and industry best practice. Auger samples were directly collected on site. A composite sample was taken for each lithology (laterite, duricrust and mottled zone) except for saprolite where one or two composites of two meters long were taken at bottom hole. Samples were crushed and pulverized on site at the SMI Ity exploration mechanical preparation facilities. The pulverized samples (pulps) were analyzed using a standard 50-gram gold fire assay with an Atomic Absorption finish at Bureau Veritas Laboratories in Abidjan (independent lab). ICP-ES analysis was completed by ACME Laboratories Ltd. in Vancouver. Core sampling and assay data were monitored through a quality assurance/quality control program designed to follow NI 43-101 and industry best practice. Only results issued from saprolite composites are represented in the Figures. Endeavour Mining is a TSX-listed intermediate gold producer, focused on developing a portfolio of high quality mines in the prolific West-African region, where it has established a solid operational and construction track record. Endeavour is ideally positioned as the major pure West-African multi-operation gold mining company, operating 5 mines in Côte d'Ivoire (Agbaou and Ity), Burkina Faso (Karma), Mali (Tabakoto), and Ghana (Nzema). In 2017, it expects to produce between 600koz and 640koz at an AISC of US$860 to US$905/oz. Endeavour is currently building its Houndé project in Burkina Faso, which is expected to commence production in Q4-2017 and to become its flagship low-cost mine with an average annual production of 190koz at an AISC of US$709/oz over an initial 10-year mine life based on reserves. The development of the Houndé project is expected to lift Endeavour's group production +900kozpa and decrease its average AISC to circa $800/oz by 2018, while exploration aims to extend all mine lives to +10 years. This news release contains "forward-looking statements" including but not limited to, statements with respect to Endeavour's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", and "anticipates". Forward-looking statements, while based on mana gement's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour operates. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business. AISC, all-in sustaining costs at the mine level, cash costs, operating EBITDA, all-in sustaining margin, free cash flow, net free cash flow, free cash flow per share, net debt, and adjusted earnings are non-GAAP financial performance measures with no standard meaning under IFRS, further discussed in the section Non-GAAP Measures in the most recently filed Management Discussion and Analysis. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/fb3c70a5-f7d8-4118-b398-85d9274219ae A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/2f47b6eb-f1c9-47d7-919f-bd8be2326301 A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/bed214b1-21b4-4e62-ac16-b556fffb79df A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f4e0c1f8-3149-403b-b04e-db1b33b73bab


News Article | May 29, 2017
Site: globenewswire.com

ENDEAVOUR DISCOVERS AN AREA WITH MULTIPLE HIGH-GRADE TRENDS AT ITY MINE Several targets identified at the Le Plaque area · Maiden resource expected by Q4-2017 -  The 100%-owned Le Plaque area, covering 4km2, is located 5km south of the Ity mining complex and has a similar footprint -  Several high-grade mineralized trends were identified at the Le Plaque area, with the largest being a 2km long anomaly -  Mineralization at the Le Plaque trends occurs from surface for the main lense and all trends are open along strike and at depth -  A maiden inferred resource estimate, for some of the targets identified in the Le Plaque area, is expected in Q4-2017 -  In addition to Le Plaque, exploration activities are on-going at several other targets in proximity to the current Ity mining complex Abidjan, May 29, 2017 - Endeavour Mining (TSX:EDV)(OTCQX:EDVMF) is pleased to announce the discovery of several high-grade mineralized trends at its Ity gold mine in Côte d'Ivoire, at the 100% owned Le Plaque area, situated 5 kilometers south of the Ity mining complex. Patrick Bouisset, Executive Vice-President Exploration and Growth at Endeavour, said: "The Le Plaque discovery continues to demonstrate the highly prospective nature of the Ity area. The complexity of the geology requires more drilling and interpretation, but we are very encouraged by the multiple trends discovered which exhibit the potential to host significant resources. Our follow up drilling will focus on the multiple identified targets in the La Plaque area and we look forward to publishing a maiden inferred resource by year-end." "We are equally excited about both the ongoing exploration on the other targets located in proximity to the Ity mining complex and on conducting interpretative work to generate new greenfield targets in the wider 80km Ity corridor that was secured last year," added Mr. Bouisset. To date the Le Plaque area has been covered by 3,450 meters of Auger drilling totaling 228 holes, by 1,756 meters of Reverse Circulation ("RC") drilling totaling 22 holes, and by 6,559 meters of Diamond Drilling ("DD") totaling 53 holes. Some of the selected best DD and RC drill intercepts to date from mineralized zones include (estimated true widths): As shown in Figures 1 and 2 below, the Le Plaque area covers 4 square km, is of similar size as the multiple-deposit Ity mining complex to the north, and hosts several large high gold-in-soil anomalies. Several high-grade mineralized trends stretching over 400 meters were identified, with the largest being a 2km long geochemical anomaly with best values >1,000ppb. The trends are all open along strike and at depth. In addition to exploring the Le Plaque area, exploration is also on-going on several other targets (as per the blue circles in Figure 1) located within 5km from the current Ity mining complex, which represents a small portion of the 80km corridor controlled by Endeavour. As shown in the Figure 3 below, the main mineralization starts from surface with secondary shear structures occurring below the surface. The gold mineralization at La Plaque is intersected by drilling and is associated with arsenopyrite and to a lesser extent with pyrite. Gangue mineral phases include galena and sphalerite. The mineralization has a strong structural control, and may have developed where secondary shear structures have exploited the contact between contrasting lithologic units (See Figure 3). Due to sparse outcrops and high vegetative cover, data from airborne and ground geophysical surveys contributed strongly to structural interpretations. The prospect area has recently been covered by a detailed ground IP survey conducted by Sagax Afrique SA (Burkina Faso) and is currently part of a high-resolution helicopter borne combination Magnetic/Radiometric/VTEM survey being flown by Geotech Ltd (Canada) over the Grand Ity project permit areas. GEOLOGICAL SETTING As shown in Figure 4, the Ity district is located within the preserved Toulepleu-Ity klippe, a northeast trending belt of Lower Proterozoic aged B1 Birimian terrane thrusted and floating on an older portion of migmatitic gneissic Archean basement of the West African Craton. The core of the klippe is the granitic/gneissic Guiamapleu intrusive suite. The B1 units are affected by a strong polyphase tectonic regime and sealed by the younger B2 Toulepleu conglomerate that lies unconformably on the rocks of the B1 unit. All formations have been subjected to greenschist to lower amphibolite facies regional metamorphism. The B1 Birimian formations within the Ity area are characterized by a series of volcano-sediments interlayered with carbonate bands. These sedimentary sequences are largely crosscut by granodiorite and diorite intrusions of variable thickness. The Le Plaque Prospect is mostly underlain by felsic and mafic units of the central granitic/gneissic Guiamapleu intrusive suite, with subordinate carbonate, skarn and volcanosedimentary units. Regional scale structures transect the area in northeast, north and northwest orientations, and some of these are interpreted as being associated with mineralization. -  A RC and DD campaign is expected to start in Q3-2017 on Le Plaque to delineate the extent of mineralized potential. -  A maiden inferred resource estimate for some of the targets identified in the Le Plaque area is expected in Q4-2017. -  Exploration is on-going on other exploration targets in vicinity to the Ity mining complex. -  On the greater Ity Area, an interpretation of high resolution helicopter borne geophysical survey (Mag/Spectro/VTEM) will also be reviewed and placed into target ranking and testing. The scientific and technical content of this news release has been reviewed, verified and compiled by Gérard de Hert, EurGeol, Senior VP West Africa Exploration for Endeavour Mining. Gérard de Hert has more than 19 years of mineral exploration and mining experience, and is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The Le Plaque drill samples were prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. Drill core (HQ and NQ) and Reverse Circulation percussion hammer chip samples were prepared on site at the SMI (Societe des Mines Ity) exploration mechanical preparation facilities. The prep samples were analyzed using a standard 50-gram gold fire assay with an Atomic Absorption finish at Bureau Veritas Laboratories (Abidjan). Core sampling and assay data were monitored through a quality assurance/quality control program designed to follow NI 43-101 and industry best practice. Auger samples were directly collected on site. A composite sample was taken for each lithology (laterite, duricrust and mottled zone) except for saprolite where one or two composites of two meters long were taken at bottom hole. Samples were crushed and pulverized on site at the SMI Ity exploration mechanical preparation facilities. The pulverized samples (pulps) were analyzed using a standard 50-gram gold fire assay with an Atomic Absorption finish at Bureau Veritas Laboratories in Abidjan (independent lab). ICP-ES analysis was completed by ACME Laboratories Ltd. in Vancouver. Core sampling and assay data were monitored through a quality assurance/quality control program designed to follow NI 43-101 and industry best practice. Only results issued from saprolite composites are represented in the Figures. Endeavour Mining is a TSX-listed intermediate gold producer, focused on developing a portfolio of high quality mines in the prolific West-African region, where it has established a solid operational and construction track record. Endeavour is ideally positioned as the major pure West-African multi-operation gold mining company, operating 5 mines in Côte d'Ivoire (Agbaou and Ity), Burkina Faso (Karma), Mali (Tabakoto), and Ghana (Nzema). In 2017, it expects to produce between 600koz and 640koz at an AISC of US$860 to US$905/oz. Endeavour is currently building its Houndé project in Burkina Faso, which is expected to commence production in Q4-2017 and to become its flagship low-cost mine with an average annual production of 190koz at an AISC of US$709/oz over an initial 10-year mine life based on reserves. The development of the Houndé project is expected to lift Endeavour's group production +900kozpa and decrease its average AISC to circa $800/oz by 2018, while exploration aims to extend all mine lives to +10 years. This news release contains "forward-looking statements" including but not limited to, statements with respect to Endeavour's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", and "anticipates". Forward-looking statements, while based on mana gement's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour operates. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business. AISC, all-in sustaining costs at the mine level, cash costs, operating EBITDA, all-in sustaining margin, free cash flow, net free cash flow, free cash flow per share, net debt, and adjusted earnings are non-GAAP financial performance measures with no standard meaning under IFRS, further discussed in the section Non-GAAP Measures in the most recently filed Management Discussion and Analysis. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/fb3c70a5-f7d8-4118-b398-85d9274219ae A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/2f47b6eb-f1c9-47d7-919f-bd8be2326301 A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/bed214b1-21b4-4e62-ac16-b556fffb79df A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f4e0c1f8-3149-403b-b04e-db1b33b73bab


News Article | May 29, 2017
Site: globenewswire.com

ENDEAVOUR DISCOVERS AN AREA WITH MULTIPLE HIGH-GRADE TRENDS AT ITY MINE Several targets identified at the Le Plaque area · Maiden resource expected by Q4-2017 -  The 100%-owned Le Plaque area, covering 4km2, is located 5km south of the Ity mining complex and has a similar footprint -  Several high-grade mineralized trends were identified at the Le Plaque area, with the largest being a 2km long anomaly -  Mineralization at the Le Plaque trends occurs from surface for the main lense and all trends are open along strike and at depth -  A maiden inferred resource estimate, for some of the targets identified in the Le Plaque area, is expected in Q4-2017 -  In addition to Le Plaque, exploration activities are on-going at several other targets in proximity to the current Ity mining complex Abidjan, May 29, 2017 - Endeavour Mining (TSX:EDV)(OTCQX:EDVMF) is pleased to announce the discovery of several high-grade mineralized trends at its Ity gold mine in Côte d'Ivoire, at the 100% owned Le Plaque area, situated 5 kilometers south of the Ity mining complex. Patrick Bouisset, Executive Vice-President Exploration and Growth at Endeavour, said: "The Le Plaque discovery continues to demonstrate the highly prospective nature of the Ity area. The complexity of the geology requires more drilling and interpretation, but we are very encouraged by the multiple trends discovered which exhibit the potential to host significant resources. Our follow up drilling will focus on the multiple identified targets in the La Plaque area and we look forward to publishing a maiden inferred resource by year-end." "We are equally excited about both the ongoing exploration on the other targets located in proximity to the Ity mining complex and on conducting interpretative work to generate new greenfield targets in the wider 80km Ity corridor that was secured last year," added Mr. Bouisset. To date the Le Plaque area has been covered by 3,450 meters of Auger drilling totaling 228 holes, by 1,756 meters of Reverse Circulation ("RC") drilling totaling 22 holes, and by 6,559 meters of Diamond Drilling ("DD") totaling 53 holes. Some of the selected best DD and RC drill intercepts to date from mineralized zones include (estimated true widths): As shown in Figures 1 and 2 below, the Le Plaque area covers 4 square km, is of similar size as the multiple-deposit Ity mining complex to the north, and hosts several large high gold-in-soil anomalies. Several high-grade mineralized trends stretching over 400 meters were identified, with the largest being a 2km long geochemical anomaly with best values >1,000ppb. The trends are all open along strike and at depth. In addition to exploring the Le Plaque area, exploration is also on-going on several other targets (as per the blue circles in Figure 1) located within 5km from the current Ity mining complex, which represents a small portion of the 80km corridor controlled by Endeavour. As shown in the Figure 3 below, the main mineralization starts from surface with secondary shear structures occurring below the surface. The gold mineralization at La Plaque is intersected by drilling and is associated with arsenopyrite and to a lesser extent with pyrite. Gangue mineral phases include galena and sphalerite. The mineralization has a strong structural control, and may have developed where secondary shear structures have exploited the contact between contrasting lithologic units (See Figure 3). Due to sparse outcrops and high vegetative cover, data from airborne and ground geophysical surveys contributed strongly to structural interpretations. The prospect area has recently been covered by a detailed ground IP survey conducted by Sagax Afrique SA (Burkina Faso) and is currently part of a high-resolution helicopter borne combination Magnetic/Radiometric/VTEM survey being flown by Geotech Ltd (Canada) over the Grand Ity project permit areas. GEOLOGICAL SETTING As shown in Figure 4, the Ity district is located within the preserved Toulepleu-Ity klippe, a northeast trending belt of Lower Proterozoic aged B1 Birimian terrane thrusted and floating on an older portion of migmatitic gneissic Archean basement of the West African Craton. The core of the klippe is the granitic/gneissic Guiamapleu intrusive suite. The B1 units are affected by a strong polyphase tectonic regime and sealed by the younger B2 Toulepleu conglomerate that lies unconformably on the rocks of the B1 unit. All formations have been subjected to greenschist to lower amphibolite facies regional metamorphism. The B1 Birimian formations within the Ity area are characterized by a series of volcano-sediments interlayered with carbonate bands. These sedimentary sequences are largely crosscut by granodiorite and diorite intrusions of variable thickness. The Le Plaque Prospect is mostly underlain by felsic and mafic units of the central granitic/gneissic Guiamapleu intrusive suite, with subordinate carbonate, skarn and volcanosedimentary units. Regional scale structures transect the area in northeast, north and northwest orientations, and some of these are interpreted as being associated with mineralization. -  A RC and DD campaign is expected to start in Q3-2017 on Le Plaque to delineate the extent of mineralized potential. -  A maiden inferred resource estimate for some of the targets identified in the Le Plaque area is expected in Q4-2017. -  Exploration is on-going on other exploration targets in vicinity to the Ity mining complex. -  On the greater Ity Area, an interpretation of high resolution helicopter borne geophysical survey (Mag/Spectro/VTEM) will also be reviewed and placed into target ranking and testing. The scientific and technical content of this news release has been reviewed, verified and compiled by Gérard de Hert, EurGeol, Senior VP West Africa Exploration for Endeavour Mining. Gérard de Hert has more than 19 years of mineral exploration and mining experience, and is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The Le Plaque drill samples were prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. Drill core (HQ and NQ) and Reverse Circulation percussion hammer chip samples were prepared on site at the SMI (Societe des Mines Ity) exploration mechanical preparation facilities. The prep samples were analyzed using a standard 50-gram gold fire assay with an Atomic Absorption finish at Bureau Veritas Laboratories (Abidjan). Core sampling and assay data were monitored through a quality assurance/quality control program designed to follow NI 43-101 and industry best practice. Auger samples were directly collected on site. A composite sample was taken for each lithology (laterite, duricrust and mottled zone) except for saprolite where one or two composites of two meters long were taken at bottom hole. Samples were crushed and pulverized on site at the SMI Ity exploration mechanical preparation facilities. The pulverized samples (pulps) were analyzed using a standard 50-gram gold fire assay with an Atomic Absorption finish at Bureau Veritas Laboratories in Abidjan (independent lab). ICP-ES analysis was completed by ACME Laboratories Ltd. in Vancouver. Core sampling and assay data were monitored through a quality assurance/quality control program designed to follow NI 43-101 and industry best practice. Only results issued from saprolite composites are represented in the Figures. Endeavour Mining is a TSX-listed intermediate gold producer, focused on developing a portfolio of high quality mines in the prolific West-African region, where it has established a solid operational and construction track record. Endeavour is ideally positioned as the major pure West-African multi-operation gold mining company, operating 5 mines in Côte d'Ivoire (Agbaou and Ity), Burkina Faso (Karma), Mali (Tabakoto), and Ghana (Nzema). In 2017, it expects to produce between 600koz and 640koz at an AISC of US$860 to US$905/oz. Endeavour is currently building its Houndé project in Burkina Faso, which is expected to commence production in Q4-2017 and to become its flagship low-cost mine with an average annual production of 190koz at an AISC of US$709/oz over an initial 10-year mine life based on reserves. The development of the Houndé project is expected to lift Endeavour's group production +900kozpa and decrease its average AISC to circa $800/oz by 2018, while exploration aims to extend all mine lives to +10 years. This news release contains "forward-looking statements" including but not limited to, statements with respect to Endeavour's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", and "anticipates". Forward-looking statements, while based on mana gement's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour operates. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business. AISC, all-in sustaining costs at the mine level, cash costs, operating EBITDA, all-in sustaining margin, free cash flow, net free cash flow, free cash flow per share, net debt, and adjusted earnings are non-GAAP financial performance measures with no standard meaning under IFRS, further discussed in the section Non-GAAP Measures in the most recently filed Management Discussion and Analysis. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/fb3c70a5-f7d8-4118-b398-85d9274219ae A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/2f47b6eb-f1c9-47d7-919f-bd8be2326301 A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/bed214b1-21b4-4e62-ac16-b556fffb79df A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f4e0c1f8-3149-403b-b04e-db1b33b73bab


News Article | April 21, 2017
Site: www.accesswire.com

ZURICH, SWITZERLAND / ACCESSWIRE / April 21, 2017 / Today, King's Bay Gold Corp. (TSXV: KBG) (OTC PINK: KBGCF) announced preliminary results of the recently completed VTEM+ geophysical survey over its 100% owned Lynx Lake Property in southeastern Labrador, Canada. From the information provided by Geotech Ltd., King's Bay identified several potential anomalies. As Geotech flew 382 line km (or 50 km2) over approximately 21% of the property (total size 240 km2), there is plenty room for more discoveries. One of those identified anomalies is located in the eastern quarry pit (excavated by the Department of Transportation during construction of the near-by highway), where historic assays of up to 0.94% cobalt, 1.39% copper, 0.21% nickel and 6.5 g/t silver showed the great exploration potential. The full report from Geotech is expected by the end of April. Once received, King's Bay will analyze and interpret the data, and is expected to prepare for a maiden drill program to potentially discover a cobalt-rich deposit beneath shallow overburden. Government regional low resolution residual magnetic surveys, and preliminary handheld electromagnetic surveys done by local prospectors, have shown strong conductors beneath the overburden, and provide incentive to explore the area further for additional subsurface mineralization. In an increasing fashion, cobalt is grabbing headlines across the globe. The race is on to find non-Congolese cobalt supply. The full report can be accessed with the following links: Disclaimer: Please read the full disclaimer within the full research report as a PDF as fundamental risks and conflicts of interest exist.


News Article | April 21, 2017
Site: marketersmedia.com

ZURICH, SWITZERLAND / ACCESSWIRE / April 21, 2017 / Today, King's Bay Gold Corp. (TSXV: KBG) (OTC PINK: KBGCF) announced preliminary results of the recently completed VTEM+ geophysical survey over its 100% owned Lynx Lake Property in southeastern Labrador, Canada. From the information provided by Geotech Ltd., King's Bay identified several potential anomalies. As Geotech flew 382 line km (or 50 km2) over approximately 21% of the property (total size 240 km2), there is plenty room for more discoveries. One of those identified anomalies is located in the eastern quarry pit (excavated by the Department of Transportation during construction of the near-by highway), where historic assays of up to 0.94% cobalt, 1.39% copper, 0.21% nickel and 6.5 g/t silver showed the great exploration potential. The full report from Geotech is expected by the end of April. Once received, King's Bay will analyze and interpret the data, and is expected to prepare for a maiden drill program to potentially discover a cobalt-rich deposit beneath shallow overburden. Government regional low resolution residual magnetic surveys, and preliminary handheld electromagnetic surveys done by local prospectors, have shown strong conductors beneath the overburden, and provide incentive to explore the area further for additional subsurface mineralization. In an increasing fashion, cobalt is grabbing headlines across the globe. The race is on to find non-Congolese cobalt supply. The full report can be accessed with the following links: Disclaimer: Please read the full disclaimer within the full research report as a PDF as fundamental risks and conflicts of interest exist. ZURICH, SWITZERLAND / ACCESSWIRE / April 21, 2017 / Today, King's Bay Gold Corp. (TSXV: KBG) (OTC PINK: KBGCF) announced preliminary results of the recently completed VTEM+ geophysical survey over its 100% owned Lynx Lake Property in southeastern Labrador, Canada. From the information provided by Geotech Ltd., King's Bay identified several potential anomalies. As Geotech flew 382 line km (or 50 km2) over approximately 21% of the property (total size 240 km2), there is plenty room for more discoveries. One of those identified anomalies is located in the eastern quarry pit (excavated by the Department of Transportation during construction of the near-by highway), where historic assays of up to 0.94% cobalt, 1.39% copper, 0.21% nickel and 6.5 g/t silver showed the great exploration potential. The full report from Geotech is expected by the end of April. Once received, King's Bay will analyze and interpret the data, and is expected to prepare for a maiden drill program to potentially discover a cobalt-rich deposit beneath shallow overburden. Government regional low resolution residual magnetic surveys, and preliminary handheld electromagnetic surveys done by local prospectors, have shown strong conductors beneath the overburden, and provide incentive to explore the area further for additional subsurface mineralization. In an increasing fashion, cobalt is grabbing headlines across the globe. The race is on to find non-Congolese cobalt supply. The full report can be accessed with the following links: Disclaimer: Please read the full disclaimer within the full research report as a PDF as fundamental risks and conflicts of interest exist.


News Article | May 1, 2017
Site: www.accesswire.com

VANCOUVER, BC / ACCESSWIRE / May 1, 2017 / Eureka Resources Inc. (TSXV: EUK) ("Eureka" or the "Company") is pleased to announce that it has entered into a contract with Geotech Ltd. to conduct a helicopter-borne, VTEM time-domain system and magnetic geophysical survey over the Company's Luxor and TAK claims, located in the Yukon's Dawson Range Gold Belt. The survey will consist of 1,152 line kilometres and will be flown at 100 metre line spacing. Data acquisition is expected to be completed by the last week of May 2017. The data resulting from the survey will be used to guide and design future ground-based exploration, which Eureka anticipates will be conducted later in the 2017 exploration season. Michael Sweatman, CEO of Eureka, stated: "We are pleased to get an early start on our 2017 exploration program in the Yukon, for what is bound to be an exciting new phase in the Company's development." Eureka is an mineral exploration company based in Vancouver, British Columbia, whose strategy is to acquire projects in prospective areas that have the potential to deliver important new discoveries to create value for its shareholders. Eureka's 100% owned FG Gold property is an advanced-stage gold project located in the Cariboo Mining Division and currently under option to Canarc Resources Corp. Historical exploration has established a Measured and Indicated (376,000 ounces) gold resource at an average grade of 0.776 g/t gold, using a cut-off grade of 0.5 g/t, and an Inferred gold resource (634,900 ounces) at an average grade of 0.718 g/t gold, using a cut-off grade of 0.5 g/t. Details of the gold resource can be found in "NI 43-101 Technical Report, Frasergold Exploration Project, Cariboo Mining Division, dated July 27, 2015" available under the Company's profile on SEDAR or on the Company's website. Eureka has the option to earn a 100% interest in the Gold Creek property located in the Cariboo Mining Division. Gold Creek is a grassroots gold project neighbouring, and with similar geology to the Spanish Mountain deposit owned by Spanish Mountain Gold Ltd. Eureka has the option to earn a 100% interest in the CKN property located in the Cariboo Mining Division. The CKN property is adjacent to Taseko's Gibraltar mine and consists of two mineral claims covering 1,356 hectares. Eureka's 100% owned Luxor property consists of three non-contiguous claim blocks totalling 360 mining claims. Luxor is located in the Dawson Range Gold Belt, a district of major porphyry, breccia and vein occurrences. Eureka's 100% owned TAK property is also located in the Dawson Range Gold Belt and consists of 82 mining claims. Eureka owns a 50 percent interest in the Gemini lithium brine project located approximately 40 km (26 miles) south of North America's only producing lithium mine at Silver Peak, Nevada. Further information on Eureka can be found on the Company's website at and at , or by contacting Michael Sweatman, President and CEO, by email at or by telephone at (604) 449-2273. John Kerr P. Eng. is the Company's designated Qualified Person for this news release within the meaning of NI 43-101 and haves reviewed and approved the technical information described in this news release Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release. This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the exploration activities planned for 2017 and the business and operations of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board or regulatory approvals; delays experiences in carrying out planned exploration; those additional risks set out in the Company's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply 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. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.


VANCOUVER, BC--(Marketwired - February 14, 2017) - Millrock Resources Inc. (TSX VENTURE: MRO) ( : MLRKF) ("Millrock" or "the Company") announces that is has completed a ZTEM and magnetic airborne geophysical survey on its Oweegee Dome project, located in the Golden Triangle District of British Columbia. The ZTEM survey covered a large portion of the property. The goal was to identify conductive bodies that may represent porphyry-style copper-gold deposits. The objective of the magnetic survey was to map rock types and to image rocks beneath the surface. As part of the program, current survey results were merged with results from other geophysical survey types, as well as geochemical and geological information, and surface mineral occurrence information. Through this work Millrock has gained a better understanding of the mineral potential of the claim block, and a series of compelling drill targets have emerged. Three-dimensional modeling of the magnetic data has indicated and imaged an interesting magmatic intrusion that may be the source and host of copper-gold mineralization. The Oweegee Dome project covers a large area of approximately 32,000 hectares owned 100% by Millrock, located approximately 90 km northwest of the town of Stewart, British Columbia. The Stewart-Cassiar Highway 37 passes through the western portion of the claims, as does the 287 kv Northwest Transmission Line. The claims are adjacent to Pretivm's high-grade Brucejack gold mine development project and Seabridge's KSM porphyry copper-gold project, in a very similar geological setting. The claim block covers a large anticlinal structural window of the favourable Hazelton Group rocks surrounded by rocks of the Bowser Basin. The rocks represent the favourable stratigraphic level and show signs of the appropriate structural environment for the formation of possible major metal deposits. The ZTEM™ or (Z-Axis Tipper Electromagnetic system) is an innovative airborne electromagnetic system which uses the natural or passive fields of the earth as the source of transmitted energy. The system is capable of deep penetration and identification of conductive zones at depth. Case studies have shown that structural features and pyrite halo mineralization around significant porphyry ore bodies is possible. The geophysical survey system was developed by Geotech Ltd. of Aurora, Ontario. Geotech conducted the survey with their aircraft and instrumentation. The magnetic survey is useful for mapping rock types beneath overburden. Data processing and three-dimensional modeling of data helps provide an image of intrusive, magmatic rocks. As part of the contract, this ZTEM and magnetic survey were merged with compiled geophysical results from other survey types that were previously conducted on the property by prior operators. Millrock has solicited interest from potential funding partners that may earn an interest in the project. Discussions with various groups are in progress and a full outline of the project can be found here. Oweegee Dome is one of four active projects Millrock has in the Golden Triangle, all situated adjacent to Pretivm's high-grade Brucejack gold mine development project and Seabridge's KSM porphyry copper-gold project. A full list of Millrock's Golden Triangle projects can be found here. The technical information within this document has been reviewed and approved by Gregory A. Beischer, President, CEO and a director of Millrock Resources. Mr. Beischer is a Qualified Person as defined in NI 43-101. About Millrock Resources Inc. Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is active in Alaska, British Columbia, the southwest USA and Sonora State, Mexico. Funding for drilling at Millrock's exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: Centerra Gold, Kinross, First Quantum, Teck, Vale, Inmet, Altius, and Riverside. ON BEHALF OF THE BOARD FORWARD LOOKING STATEMENTS: Some statements in this news release contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs. "NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE."


WINNIPEG, MANITOBA / ACCESSWIRE / February 27, 2017 / Gossan Resources Limited (TSX-V: GSS) (FSE: GSR) (OTC PINK: GSSRF) has received results of a Geobotanical Survey conducted at its Sturgeon Lake Zn-Cu-Au-Ag VMS Property during the Fall of 2016. This Survey provides increased resolution and better definition of metal anomalies over high priority VMS polymetallic drill targets that were previously identified in a VTEM geophysical survey, a soil geochemical survey, and a SGH (Soil Gas Hydrocarbon) Survey. The Sturgeon Lake Zinc Property is located in the zinc-copper-silver-rich polymetallic Sturgeon Lake Greenstone Belt in northwestern Ontario and is comprised of 15 claims totaling 3,344 hectares. The Property is directly along strike and to the east of 6 Volcanogenic Massive Sulfide (VMS) deposits that were mined between 1970 and 1991. Approximately 18.7 million tonnes of ore was mined from these VMS deposits with typical grades of 8.0% zinc, 1.1% copper, 0.8% lead, 120 gpt silver and 0.5 gpt gold. At Gossan's Sturgeon Lake property there are limited mineralized outcrops and this survey provides Gossan with encouraging coincident results in order to design a drill program. Gossan President, Douglas Reeson, stated, "This new detailed geobotantical survey provides excellent coverage in the target zones and provides better definition of anomalous metal zones coincident with the most prospective geophysical targets. We are highly encouraged by the coincident anomalies, presence of sulfide mineralization, favourable stratigraphy with evidence of strong alteration, and the close proximity on trend with a series of past producing mines. A drill program to test these areas is warranted." The coincident geophysical and geochemical anomalies occur within the south east strike extension of the Lyon Lake, Creek Zone, and Sturgeon Lake past-producing VMS deposits. The target areas are hosted in part within blue quartz-crystal rhyolites with hydrothermal alteration and sulfide mineralization similar to the rhyolites that host the nearby deposits. In further preparation for diamond drilling, Gossan has contracted Geotech Ltd. to carry out Maxwell Modelling of geophysical targets that are coincident with the geochemical anomalies. Maps of the regional geology and a property map with results from the geobotanical survey can be found at: The Geobotanical Alder Survey was conducted on 22 lines over 23.4 line kilometres. A total of 444 samples were taken. The geobotanical analyses were conducted by Actlabs. Coincident geochemical anomalies associated with these targets include the highest possible ranking for VMS mineralization by SGH surveys, and zinc and copper metal anomalies from enzyme leach soil surveys. These target zones are further corroborated and better defined by coincident Zn-Au-Ag rich anomalies detected by the recent alder geochemical survey. Gossan sought and has been permitted for a drill program with up to 20 drill pad locations. Hamid Mumin, P.Geo., a Gossan Director, is the Company's Qualified Person, and he has reviewed and approved the technical contents of this news release. Gossan will have a booth (2615A) in the Investors Exchange at Prospectors and Developers Convention (PDAC) on Sunday March 5 and Monday March 6 held in the Toronto Convention Centre. Gossan Resources Limited is engaged in mineral exploration and development in Manitoba and northwestern Ontario. It has a well-diversified portfolio of properties hosting gold, platinum group, and base metals, as well as the specialty and minor metals, vanadium, titanium, tantalum, lithium, and chromium. The Company also has a large deposit of high-purity, magnesium-rich dolomite, and various financial interests in a frac sand deposit. Gossan acquired a new property in the zinc-rich polymetallic Sturgeon Lake Greenstone Belt in northwestern Ontario which is permitted for a drill program. The Company trades on the TSX Venture and the Frankfurt/Freiverkehr&Xetra Exchanges, and currently has 33,170,400 common shares outstanding. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. For further information, please bookmark www.gossan.ca or contact:


News Article | March 2, 2017
Site: www.marketwired.com

TORONTO, ONTARIO--(Marketwired - March 2, 2017) - Canadian Orebodies Inc. ("Orebodies" or the "Company") (TSX VENTURE:CORE) is pleased to announce results from the Company's fall prospecting programs and the discovery of a new gold zone on the North Limb property. Gordon McKinnon, President and CEO of Orebodies said, "It is exciting that we were able discover a new gold zone in the short time we had for our fall prospecting program. This discovery enforces our belief that the North Limb is a highly prospective project in an underexplored extension of the Hemlo greenstone belt that has produced nearly 22 million ounces only 12km to the south." The North Limb Property is a large, contiguous land package totaling 428 claim units or 6,800 hectares, along the northern extension of the Hemlo greenstone belt, and is located northeast of the Williams Mine operated by Barrick Gold Corporation. Highlights from the 2016 prospecting program carried out by Canadian Orebodies on the North Limb Project included the discovery of a new gold occurrence (the "Petrant Lake Occurrence"). Limited sampling returned two strongly anomalous gold values of 1.74 gpt Au and 1.64 gpt Au located approximately 160 metres apart from each other (*). The samples are spatially associated with one of the priority airborne EM anomalies identified from the 2016 VTEM Max survey the Company flew over the North Limb Property and this area is one of the targets that is planned to be drill tested in the upcoming drill program. In late 2016 the Company completed an 823 line kilometre airborne VTEM Max geophysical survey over the North Limb Property. The survey data has generated several new high priority drill targets, including that associated with the Petrant Lake Occurrence. In total, 10 targets generated from the survey have been submitted to Geotech Ltd. for plate modeling. Once completed, Orebodies plans to test a number of these targets by diamond drilling. Within the North Limb Property is an area covering 78 claim units referred to as "the Tongue". This area has seen no exploration since the initial Hemlo gold rush in the 1980's and has no record of ever being drilled. The Company's interest in the Tongue lies in the belief that it is interpreted to be directly up-ice from the angular float of mafic volcanic material found to the southwest in 1994 that assayed up to 16.2 gpt Au, the source of which has never been located. In February, the Company completed a 15 kilometre induced polarization (I.P.) survey on the Tongue property which has outlined 4 high priority targets that will be tested by diamond drilling. The Company is currently evaluating bids from drilling companies with the goal of commencing drilling on the North Limb in late March to early April. Orebodies has the right to acquire a 100% interest in 251 claim units covering approximately 4,047 hectares that are located in the Hemlo greenstone belt (the "Wire Lake Property"). Through staking, Orebodies added an additional 39 claim units, bringing the entire property to over 4,600 hectares. The Wire Lake Property lies 29 kilometres to the northwest of the Williams Mine. Gold was first discovered on the Wire Lake Property in 1986 and the property was explored by junior companies until 1993. Since that time the property had been dormant pending the outcome of litigation, which has now been resolved. The Company's exploration program on the property in the fall was the first in over 20 years. Previous work identified a gold bearing zone (the "Wire Lake Gold Zone") over a 2,300 metre strike length that remains open in both directions and to depth. Mineralized zones containing anomalous gold range in thickness from a few metres to in excess of 50 metres in width and with few exceptions the historic drilling has tested the main Wire Lake Gold Zone to a depth of less than 150 metres. To date, only approximately 15% of the property has been systematically explored. During the fall of 2016, a reconnaissance prospecting program was successful in tracing out the Wire Lake Gold Zone over a strike length of 2 kilometres prior to running out of field days due to the onset of winter weather. Of the 26 samples collected, 9 assayed greater than 1.00 gpt Au, and 14 assayed greater than 0.50 gpt Au, with values ranging from nil up to 6.76 gpt Au (*). The Wire Lake Gold Zone remains open along strike and at depth. The Company is currently cutting a 34 kilometre grid on the property, which will be followed by a deep penetrating induced polarization survey. The Wire Lake grid will cover the 2,300 metre Wire Lake Gold Zone and extend the survey area 200 metres to both the north and south with the goal of identifying north/south extensions. Orebodies has implemented a quality-control program to comply with best practices in the collection and analysis of rock samples. Samples were transported in security-sealed bags for analyses at ALS Chemex Assay Laboratory in Thunder Bay, ON ("ALS Chemex"). ALS Chemex is an ISO 9001:2000 certified laboratory. This press release has been prepared under the supervision of Mr. Bruce Mackie (P.Geo.), who is an independent consultant to the Company and a "qualified person" (as such term is defined in National Instrument 43-101). Mr. Mackie has verified the technical data disclosed in this press release. (*) Readers are cautioned that grab samples are selective by nature. The grades and mineralization present are unlikely to represent future average grades on the property. Canadian Orebodies is a Canadian-based mineral exploration company with a portfolio of properties in Ontario and Nunavut. Canadian Orebodies is focused on generating shareholder value through the advancement of its two Hemlo area properties: the North Limb and Wire Lake. Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, the timing of future exploration work or drilling, and the expansion of the mineralization. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Canadian Orebodies Inc., including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. For more information please visit www.canadianorebodies.com.

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