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Chieftain Completes First Phase of Exploration Potential Re-Interpretation of Tulsequah Project

Chieftain Metals Corp. (“Chieftain” or the “Company”) is pleased to announce that it has completed the first phase of an extensive five-month geological, geochemical and geophysical re-interpretation of the exploration potential associated with its Tulsequah Volcanogenic Massive Sulphide (VMS) project.

In excess of five decades of exploration data were compiled and analyzed, including almost all of the historic drilling, geological mapping, soil sampling, trenching and geophysical surveying (mostly composed of Induced Polarization (“IP”) and magnetic surveys) from both the original Tulsequah property and its adjacent region. This new in-depth understanding of the key geologic features that appear to control the distribution of the VMS mineralization has resulted in the generation of significant, potentially mine-size exploration targets on both the original claims and a new greatly-expanded claim package.

Tulsequah Chief Expansion

Following up on some of the initial recommendations stemming from the geological rethink, the Company has recently been able to identify at least two new, strong and largely untested IP chargeability high anomalies occurring in relative close proximity with the existing known Tulsequah Chief deposit (see 3D mine model 3DVideo) and within the same rhyolitic host rocks. This was accomplished by completing 3D geophysical inversions of IP data originally acquired in 1993. One of the more exciting targets identified by the 3D inversion work is located approximately 350 metres to the southwest of the known Tulsequah Chief deposit and along its strike extension. Owing to the success of the 3D inversion initiative carried out over the immediate Tulsequah Chief deposit area, the Company is again retaining Mira Geoscience Ltd. (“Mira”) to perform 3D inversions of IP data over the very prospective Big Bull, Banker/Sparling and southeast areas of the Tulsequah VMS property.

Big Bull Model Developed

Chieftain has also significantly modified its three-dimensional, geologic picture for the Big Bull deposit, which is located approximately eight kilometres south of the Tulsequah VMS deposit. A recent re-interpretation of the Big Bull deposit using Gemcom software has revealed that the deposit likely occupies a relatively flat-plunging rhyolite-filled syncline that may not have been fully appreciated during the historic drill campaigns. As a consequence, the known Big Bull VMS mineralization and its associated paleofault-controlled, VMS-filled paleotrough remains significantly untested and open to the south, west and north. In addition, detailed drill hole modelling of the Big Bull rhyolite unit has shown that a previously underappreciated mineralized horizon on the western limb of the Big Bull syncline may coincide with surface IP chargeability anomalies that may have been poorly tested by existing drilling geometries.

Banker Sparling New Exploration Targets

The Company intends to advance exploration activities in the Banker-Sparling area of the property, in which no appreciable exploration work has been conducted since 1994. Historical exploration Assessment Reports from the 1960’s to 1980’s cited in the BC Government Minfile database (BANKER: 104K 007) describe trench samples grading up to 13.03 grams per tonne Au, >29kg per tonne Ag, 10.45% Pb, 15.43% Zn and 1.2% Cu obtained from narrow veins associated with limestone and flanked by a thick package of fold-repeated Tulsequah-style rhyolite. Historic Cominco Ltd. (Exploration Western Canada) reports from 1987 also identify a 180m long gold in soil geochemical anomaly with values of up to 1280 ppb Au near a felsic/mafic volcanic contact located at the 300m elevation and approximately 900m north-northwest of the Banker trenches. Of near-term importance, untested IP chargeability anomalies detected in 1993 appear to be coincident with several strong gold in soil anomalies that also likely occur within rhyolitic host rocks and may be associated with an important VMS-controlling fault that marks the interpreted southern limit of an assumed sub-basin. Further activities underway include refining the geological and structural model and applying a 3D IP inversion to the geophysics completed in 1993 to better constrain the chargeability anomalies. Surface mapping and ground truthing to assist in locating and defining the anomalies will be completed in preparation for drilling.

New Claims Added

In addition, Chieftain believes that key, regularly spaced VMS control structures (transform faults) directly associated with previously mapped rhyolitic domes trend to the north of the existing Tulsequah land package and accordingly the Company has recently added over 16,000 hectares for a total holding of over 30,000 hectares in the camp. The strike length of Chieftain’s Tulsequah camp has been extended from 20 km to over 43 km. The periodic spacing of the interpreted transform (growth) fault structures at 8 to 10 kilometre intervals plus the association with mapped local accumulations of felsic volcanic rocks (domes) warrant investigation given their similarity with that observed at the Tulsequah Chief and Bill Bull deposits. The enlarged camp will be identified as the Tulsequah Shazah Camp. Chieftain continues to review the data available on the newly-acquired claims.

Chieftain believes that the results of the geological evaluation work that has taken place over the past several months are very meaningful, as they have identified a number of exploration targets near the existing Tulsequah Chief and Big Bull deposits as well as in the Banker/Sparling area of Chieftain’s property. Chieftain has outlined an exploration program consisting of further geophysics and 10,000 meters of drilling (approximately twenty drill holes) that can be completed in a field season.

Victor Wyprysky, President and CEO commented: “We are developing a geological model for the Tulsequah Shazah camp that we believe strongly indicates that Chieftain’s robust Tulsequah Chief project is just the beginning of a major mine development. As we continue our project finance discussions for the development of the fully permitted Tulsequah Chief project, we expect a number of global industry players will pay close attention to the exploration progress at the Tulsequah Shazah camp.”

Qualified Persons

The technical content of this release was reviewed by James Pickell, P. Geo., a qualified person under NI 43-101.


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