Central Timmins Exploration Corp. Provides Winter 2019 Program Update and Announces Summer Work Program
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TORONTO, June 10, 2019 /CNW/ - Central Timmins Exploration Corp. ("CTEC" or the "Company") (TSXV: CTEC) is pleased to provide an update of the 2019 winter program and outline the 2019 summer exploration program.
CTEC has four distinct project areas in the historic Timmins mining camp. The Deloro and Ogden Projects are located on the south side of the Porcupine Destor Fault Zone (PDFZ), while the Mountjoy and 4 Corners Projects are located on the north side of the PDFZ. CTEC's projects cover areas of Deloro, Ogden, Mountjoy, Godfrey, Robb, Jamieson and Turnbull Townships. Initial 2019 drilling focused primarily on the Mountjoy Project area with 3,510 m drilled in eight holes. Targets were set based on mobile metal ion (MMI) soil geochemical data and additional ground geophysical surveys (IP, Mag, VLF). See the attached Timmins geology map showing CTEC's land position.
Exploration Highlights
- CTEC has completed eight drill holes since our last results release: One on the Deloro Project and seven on the Mountjoy Project for a total of 3,510 m of drilling.
- Drill holes G1-19-01, 02 and 03 in southeast Godfrey Township in the Mountjoy Project area each intersecting 50 m to 100 m of porphyry with frequent highly-contorted quartz veining with occasional tourmaline and local fine-grained pyrite.
- The best assay result was 2.46 g/t Au over 0.70 m hosted in porphyry in DDH G1-19-02. This hole also had 11 other gold intersections that assayed 100 ppb to 300 ppb Au in altered and quartz-veined porphyry.
- Holes 01 and 03 also had a total of 11 assay intervals grading 100 ppb to 300 ppb Au in altered sections of porphyry.
Charles Gryba, President and CEO stated "The CTEC ground in Timmins has been under-explored for the past 100 years as most exploration focused on areas around the main mines and the corridor along the PDFZ. What is encouraging is that CTEC's winter drilling has confirmed that the Caron Porphyry contains gold mineralization and may be part of a series of previously unknown porphyries starting at the Godfrey-Mountjoy Township boundary. Based on CTEC's MMI bedrock modelling, the porphyries trend eastward for 7 km or about halfway to the Hollinger Gold Mine porphyry-related gold system. The fully funded $400,000 summer program will drill-test at least two of the anomalous gold-porphyry targets to confirm the new porphyry trend and attempt to identify economic mineralization."
Mountjoy Project Area
Seven of the 2019 diamond drill holes were drilled north of the PDFZ – three in Godfrey Township, holes G1-19-01, 02 and 03 as referenced above, and four in Mountjoy Township. Three drill holes (M4-19-01, 02 and 03) on the M4 property in Mountjoy intersected 15 narrow zones of fine-grained chalcopyrite mineralization believed to reflect the MMI copper anomaly. The fourth drill hole (M13-19-01) was drilled near the south township boundary and encountered 80 m of overburden. It was then stopped in a fault zone in greywacke. The hole returned no Au values.
CTEC's Godfrey drill results are similar to the historical 1936 to 1938 15-hole Minesta Gold Mines' drill logs and assays (12,560 ft (3,828m)) on the same porphyry (Timmins MNDM Assessment file - T89). Geological modelling of CTEC holes G1-19-01, 02 and 03 drilled in proximity to four 1938 historical drill holes indicates that the porphyry is approximately 500 m long, up to 100 m wide and is still open below 300 m depth and along strike to the east.
The seven holes drilled into the Caron Porphyry all have multiple intersections ranging from 100 ppb to 300 ppb Au. In addition, five of the seven holes have assays of more than 1.00 g/t Au along the 500 m strike length drilled to date. The entire porphyry is altered with sporadic tourmaline, sulphides and multiple quartz veins. The next porphyry to be drill tested is 600 m to the southeast of the Caron Porphyry.
CTEC used the data from MMI programs in 2010 and 2018 to assist in mapping subsurface geology in Mountjoy Township. Trace elements such as Cesium (Ce) or high Ce/Yb (Ytterbium) ratios coupled with low nickel values, may be interpreted as indicating felsic intrusives such as porphyries. The CTEC database of 6,000 MMI samples contains 300 MMI samples with high Ce/Yb ratios. Most of these samples were also high or anomalous in Au, Cu, Pb and Zn. The Ce assays above 500 ppb or above the 92nd percentile were used to generate the porphyry outlines. See porphyry areas as illustrated on the attached map extending from the Caron Porphyry 7 km to the southeast.
Mountjoy Township drill holes M4-19-01, 02 and 03 tested a copper-modelled portion of an extensive MMI target suggesting VMS potential, with several associated airborne electromagnetic anomalies and pulse electromagnetic ground survey responses. Drilling returned 15 scattered intervals where chalcopyrite mineralization was noted within sediments and associated with two diabase dykes. M4-19-01 intersected 188 ppm Cu over 2.0 m from 33.0 m to 35.0 m, 121 ppm Cu from 60.0 m to 62.0 m, and 1,020 ppm Zn over 0.5 m from 286.5 m to 287.0 m. Cu and Zn mineralization intercepts were both in sediments and shears or minor faults. Follow-up IP is planned over the Zn portion of the MMI anomaly.
Deloro Project Area
The results from CTEC's first four drill holes in Deloro were announced on January 21, 2019. CTEC's fifth drill hole was completed in late-2018 in southwest Deloro and returned no significant results. An IP survey was completed in May 2019 to cover this area of Deloro.
Also, in Deloro Township, 12 Faymar Mine historical crown pillar geotechnical holes were re-logged and assayed for the first time. The main vein intersection returned up to 5.69 g/t Au over 1.60 m correlating well with historical mine production of 120,000 t at 5.6 g/t Au (Ontario MNDM Timmins archives). This data along with the IP survey results will be reviewed to triangulate to the best prospective gold targets.
Summer Program
The CTEC summer drill program north of the PDFZ will test an IP anomaly extending east of the Caron Porphyry in southwest Mountjoy Township, and the northern extension of the narrow high-grade silver, lead, zinc veins outcropping on the 4 Corners Project in northwest Godfrey Township. The summer drill program south of the PDFZ will be finalized upon completion of the geophysical modelling. Selective MMI sampling will be undertaken on VMS targets in Robb, Turnbull and Bondar townships.
CTEC has a comprehensive, industry standard Quality Assurance/Quality Control program in place covering all its core assaying. The program is supervised by an independent Qualified Person.
Mr. John Sullivan, B.Sc., P. Geo, independent director of CTEC, has acted as the Qualified Person, as defined in NI 43-101, with respect to the disclosure of the scientific and technical information relating to exploration results and future plans.
About Central Timmins Exploration Corp.
CTEC is an early-stage Canadian-based junior exploration Company with property exclusively within the City limits of Timmins in the Porcupine Mining District in the northeastern region of Ontario. The Company's assets are prospective for gold as well as a suite of base metals. See the company website at www.centraltimmins.com.
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, the Corporation's expectations, strategies and plans for the Timmins Properties, including the Corporation's planned exploration activities and the intended uses of the net proceeds of the IPO.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Corporation to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See "Risk Factors" in the Corporation's final prospectus dated October 4, 2018 filed on SEDAR at www.sedar.com for a discussion of these risks.
The Corporation cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.
Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Central Timmins Exploration Corp
Central Timmins Exploration Corp., Charles Gryba, President, CEO & Director, [email protected], Tel: 416-801-6366; Chris Hopkins, CFO, [email protected], Tel: 416 786 9793
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