Feb 28 2019
Chibougamau Independent Mines Inc. is happy to report that it will resume its drilling operations at the C-3 Copper-Gold Zone located on the Grandroy Copper-Gold Mine property and on the Bateman Bay property, both in Roy township roughly 10 km east of the Chibougamau town.
Over the last couple of years, Chibougamau Independent Mines has been quietly carrying out groundwork, not only to define targets but also to learn the genesis of several deposits present on its properties, especially on its C-3 Zone on Bateman Bay, Berrigan, and Grandroy properties and also many other exploration assets.
Chibougamau Independent Mines—after comprehensive mapping, stripping, assaying, structural studies, and rock geochemistry—has successfully detected several priority targets, a few of which will be currently drilled. The initial target will be the southeast extension as well as the depth of the C-3 Zone, in which former drilling returned broad intersections of gold, silver, and copper mineralization. The other notable target is located on the Grandroy copper-gold property, where the company’s senior geologist came across a potentially new northeast-southwest ore control structure traversing the deposit which was earlier mined through an open pit and accessed from the underground using a ramp from the pit floor. Additionally, a pair of holes will test a region underneath the level of earlier mining along the control structure, which was newly interpreted.
Most significantly, a number of companies approached Chibougamau Independent Mines as they were keen on acquiring Chibougamau as a whole or the company’s properties. However, these long discussions did not lead to a satisfactory proposal, making Chibougamau to continue to test the targets defined by its earlier work.
In yet another news, Vanadium One Energy Corp. obtained 100% interest in Mont Sorcier Iron/Titanium/Vanadium property of Chibougamau Independent Mines Inc., by fulfilling a million dollar exploration expenditure requirement and also paying the latter the shares and cash in accordance with the contract. In addition, the huge Mont Sorcier Iron/Titanium/Vanadium Zone is seen to have extremely low titanium content in Davis Tube Magnetic concentrates, representing a major metallurgical benefit during the treatment and recovery of vanadium from this kind of deposit. Moreover, Vanadium One Energy Corp. has reported that CSA Global has been engaged to handle a NI 43-101 resource estimate and technical report. A Gross Metal Royalty on the Mont Sorcier property has been retained by Chibougamau Independent Mines Inc., and the company is looking forward to the continued development of Vanadium One.