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TORONTO, Jan. 21, 2019 /CNW/ - Central Timmins Exploration Corp. ("CTEC" or the "Company") (TSXV: CTEC) is pleased to announce the results of a four-diamond drill hole program to confirm the geology of the 1939 Dictore Porcupine Gold Mines Ltd. historical diamond drill hole #5 ("DDH#5") in Deloro Township. Gold assays ranged from 0.10g/t to 3.94g/t over narrow widths. The best assay in CTEC's DDH #1 was from a pyritic zone, which assayed 3.94g/t Au over 0.5m from 222.8m to 223.3m down the hole. CTEC's DDH #1 was drilled to follow up on the 1.8g/t to 3.2g/t Au values hosted within three distinct zones totalling 45.2m in width reported in historical DDH #5.
CTEC holes DDH #2 and DDH #3 were drilled at right angles to DDH #1 and intersected anomalous Au ranging from 10 ppb to 300 ppb. The wide induced polarization ("IP") and strong magnetic responses seen were due to considerable widths of 2% to 3% sulphides and up to three parallel iron formations, each with various percentages of pyrrhotite mineralization.
DDH #4 tested a similar IP, magnetic and VLF EM target 200m to the southwest of DDH #1. Iron formations of varying widths and pyrrhotite content explained the geophysical responses.
In parallel with the late-2018 drilling, CTEC management and consultants have outlined an additional 26 potential drill targets that are currently being prioritized; eight in Deloro and Ogden townships on the south side of the Destor Porcupine Fault Zone ("DPFZ"), 15 in Mountjoy Township and three in northwest Godfrey Township north of the DPFZ. A small amount of confirmation ground geophysics will also be carried out concurrently with the drill program. See Figure 1 - CTEC Project Location Map.
In preparation for the resumption of drilling, CTEC geologists are also relogging and sampling 12 NQ diamond drill holes that were drilled in 2017 by the previous owner of the property as part of the Faymar Mine Crown Pillar Study. The Faymar geology is the same as CTEC DDH #1 to DDH #3 holes with the addition of a 1.5m wide quartz vein that was mined at approximately a 6.0 g/t Au head grade. The Faymar geotechnical holes were not split or assayed and have been stored in a secure trailer since logging. The Faymar assays of the main vein plus the hanging wall and footwall rocks will give CTEC geologists a better template to revaluate the CTEC DDH #1 to DDH #4 drill hole results.
CTEC now has a modern data base of 6,000 MMI geochemical samples each assayed for 53 elements, that have helped identify targets. Anomalous MMI sample areas have been plotted over airborne magnetic and EM anomalies that have never been drill tested. For example, the centre of Mountjoy Township has been mapped as non-mineralized sediments for the past approximately 100 years, with good EM anomalies dismissed as graphite horizons. MMI sampling, 81 historic RC holes plus information from an additional 20 diamond drill holes indicate that the sediments host major porphyry zones, Tisdale volcanics and ultramafic rocks within a 3 km wide carbonate alteration zone.
Charles Gryba, President, CEO and Director of CTEC stated "Re-drilling the Dictore Porcupine DDH #5 area has intersected anomalous gold values and suggests that there is a widespread gold system in Deloro Township on the south side of the DPFZ. We will revisit the area once the Faymar assay results are known and we have a better understanding of the gold halo around the Faymar vein system.
The best gold anomaly that CTEC obtained in the 2018, 1,700 sample MMI geochemical sampling program south of the DPFZ sits directly on a deep IP anomaly. This will be the next target drilled, with CTEC's DDH #5 expected to be collared before the end of January. The CTEC drill program will then start testing drill targets in Mountjoy Township, with the objective of locating the more northern gold horizon of the Timmins Camp parallel gold system. The Timmins gold camp hosts two almost continuous east-west parallel gold systems through four townships covering a 30km strike length and hosting numerous historic and present mining operations. CTEC is looking to identify economic mineralization in the gap areas of these zones both north and south of the DPFZ. CTEC drilling in 2019 will be very interesting."
CTEC has a comprehensive 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 contained in this press release.
About Central Timmins Exploration Corp.
CTEC is an early-stage Canadian-based junior exploration company with property exclusively in the Porcupine Mining District and within the City Limits of Timmins 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.
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 Company 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 Company's final prospectus dated October 4, 2018 filed on SEDAR at www.sedar.com for a discussion of these risks.
The Company 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 Company 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.
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SOURCE Central Timmins Exploration Corp
For further information: Central Timmins Exploration Corp., Charles Gryba, President, CEO & Director, [email protected], Tel: 416-801-6366; Elaine Einarson, Investor Relations, [email protected], Tel: 604-614-8469