Canadian International Minerals Inc. is pleased to announce the acquisition of the ISKO gold project, located in the Windfall Lake / Urban-Barry gold district of the Abitibi sub-province in Québec, host to the Windfall Lake, Zone 18, Barry, Gladiator and Nubar gold deposits.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/38522dd7-2d71-403e-870d-e37bd998a814
The ISKO property consists of 129 claim cells, with a total area of approximately 18,000 acres (7,284 hectares). It is accessible by all-season gravel forestry roads from the town of Lebel-sur-Quévillon, located 57 km to the west.
The Project is premised as a possible continuation of the Cameron Deformation Zone, which hosts a number of mineral deposits in Québec, including the Nyrstar’s Langlois Mine approximately 40km to the northwest, which produces zinc and copper concentrates with gold and silver by-products.
A review of the SIGÉOM (Système d'information géominière) database has outlined prominent NW-SE trending faulting, as evidenced by provincially-sponsored high-resolution airborne magnetic surveys. Historical outcrop map data indicates the presence of andesitic, rhyolitic and metamorphosed volcanic units along the same trend, supporting an extension to the Urban Barry Greenstone Belt, to the NW and SE of the Project.
Previous exploration in the immediate area is extremely limited, with most of the Property having never been included in mineral claims. The Project is bordered by Osisko Mining Inc. to the northwest, and North American Exploration Ltd. to the southeast. The Company intends to complete geological mapping and geochemical soil sampling surveys in the summer of 2017.
“The Windfall / Urban-Barry gold camp has been the focus of significant market attention over the past few years, highlighted by Osisko’s ongoing 400,000-metre drill campaign. Despite this substantial development, the region remains relatively underexplored. We are excited to have acquired sizable tenure along a prospective structural trend in a gold camp that is very much still emerging, and are looking forward to getting boots on the ground this summer,” commented Michael E. Schuss, President and Chief Executive Officer of Canadian International Minerals Inc.
To acquire a 100% interest in the Project, the Company will issue 3.5 million shares and grant a 2% royalty to the vendors. The transaction is subject to regulatory approval.
The technical data in this news release has been reviewed by Thomas Hasek, P. Eng., a Qualified Person under the terms of N.I. 43-101.