Nitinat Provides Update on the Carscallen Gold Property
TORONTO, March 19, 2018 (GLOBE NEWSWIRE) -- Further to its press release dated March 12, 2018 whereby Nitinat Minerals Corp. (the "Corporation") (TSX-V:NZZ) (Frankfurt:04U1) announced its option to acquire four (4) additional claims (collectively, the "Claims") abutting the western boundaries of the Corporation's current mining claims in Carscallen Township, Ontario (the "Carscallen Gold Property"), the Corporation is pleased to provide additional information pertaining to the Claims.
The Corporation intends to implement an exploration program for the Claims to fully explore the potential of the Claims. The "preliminary technical appraisal" provided herein, along with the geophysics that the Corporation intends to undertake, will identify potential drill targets. The property encompassing the Claims is of particular interest in that surface exploration to date on the Claims has shown the existence of historic surface mining and sampling. The Corporation is currently assessing the most economical and efficient route, taking advantage of the available database, to develop a work program with the related timelines.
The following "preliminary technical appraisal" is the initial professional summarization of the Corporation's geologist from which an initial work plan will be prepared:
- Eastern Extent of the Property Package: Regional geological information for the eastern area of the property package includes a 70m to 230m strike extent mafic intrusion, possible structurally controlled, with a NNW-SSE orientation and about 200m wide, tapering towards the extremities. Three small historical shafts are found within this area of the property package and appear along strike with the regionally mapped geological units. The property has unverified grab sample results, with supporting photographic evidence of structurally controlled vein quartz intrusions as well as evidence of vein swarming.
- Central Strike Extent: There is an approximately 10 km strike extend without any geological information between the eastern and western areas.
- Western Extent of the Property Package: In this area a number of unverified sampling positions have been identified from historical records. The geological interpretation related to these sampling positions has never been described however there appears to be alignment of sampling positions suggesting structural control. The work program should include the mapping and interpretation of the gold hosted sampling positions with the intention of updating the geological model for more targeted exploration activities.
- Geological Model: Pioneering work done on a geological model for the region has been developed on neighbouring mines. The following geological setting is proposed:
- The TWM (Timmins West Mine) is located along a NE trending contact zone. The contact zone is within the interface between the southern metavolcanics rock, separated from the northern metasediments by an unconformity.
- Steeply dipping unconformities are associated with folding and shearing and may be associated with gold mineralization.
- In addition to the mineralized shear zone, there are pyroxenite-rich as well as synite-type intrusives.
- The mineralization is also associated with multi-pulse quartz-carbonate-tourmaline and albite veins with sulphide (pyrite) alteration haloes. Disseminated pyrite mineralization is associated with these veins.
"The Corporation is very pleased to be moving forward on the technical side of things," stated Mr. Herb Brugh, the President of the Corporation. "The Corporation is confident that with the experienced team that it has assembled, the Carscallen Gold Property will be fully exploited to its fullest potential."
The Carscallen Gold Property is located 25 kms west of the City of Timmins and 7 kilometers north of the Lakeshore Gold's Timmins Mine which produced an aggregate of 185,600 ounces in 2014.
The Qualified Person for the Carscallen Gold Property is John A. Gould, B.Sc. University of the Witwatersrand (Geology, Physics and Chemistry) Potchefstroom
Herb Brugh, President and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Nitinat is subject to significant risks and uncertainties 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 forward looking statements contained in this release. Nitinat cannot assure investors that actual results will be consistent with these forward-looking statements and Nitinat assumes no obligation to update or revise the forward-looking statements contained in this release to reflect actual events or new circumstances.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Nitinat Minerals Corp. via Globenewswire
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