SASKATOON, Nov. 14, 2019 /CNW/ - Omineca Mining and Metals Ltd. (TSXV: OMM) ("Omineca" or the "Company") announces the completion of a geophysical exploration program which returned distinct and pervasive magnetic anomalies that may represent several paleochannels within the survey area correlating strongly with the historic workings on the property. This program on the Fraser Canyon project ("Fraser Canyon Project"), located 47 kilometers west of the Company's flagship Wingdam project near Barkerville, BC, Canada, included the inversion of magnetic survey data.
Omineca intends to drill these magnetic anomalies to confirm the survey and corroborate modern geophysical data with historic gold bearing zones on the property. Details of the drill program will be announced once finalized.
About the Fraser Canyon Project
The Fraser Canyon Project consists of 7 mineral claims, 10 placer claims and 1 placer lease, encompassing 1,364.64 hectares in total, spanning both sides of the Fraser River near Quesnel, British Columbia and encompassing the workings of the historic Canyon and Tertiary mines.
North of the river, the historic workings of the Tertiary mine, have seen past sporadic test mining operations. The Tertiary paleochannel lying approximately 35 meters below surface, consists of a basal, gold-bearing cobble conglomerate that crosses under the Fraser River at the downstream end of the Cottonwood Canyon, and runs through the Fraser Canyon Project.
The Canyon mine portion of the paleo-channel, south of the Fraser River, was heavily prospected following the gold rush of 1860. During 1919 and 1920 a sizeable hydraulic operation was active and washed a large pit, the rejects from which now form the base for Omineca's settling pond and infrastructure area at the Fraser Canyon Project. In 1935 several adits and shafts were established near the site of the current decline, developed into the gold bearing zone in 1986, that remains the access point for the underground workings at site today.
About Omineca Mining and Metals Ltd.
Omineca Mining and Metals Ltd. controls a 100% interest in the flagship Wingdam Gold Project and a 100% interest in the Fraser Canyon Project through its wholly owned subsidiary CVG Mining Ltd. The 2700 ha Wingdam Gold Project is located 45 km east of Quesnel B.C. via the Barkerville highway. The Wingdam property includes both placer and hard-rock tenures along the Lightning Creek valley, where topographic conditions created a thick overburden which isolated a large portion of the channel from historical conventional surface placer mining activity.
Dr. Stewart A. Jackson, PGeo, is a qualified person within the context of National Instrument 43-101 and has prepared, read and approved the technical aspects of this news release.
Forward Looking Statements
This release includes forward-looking statements regarding Omineca and its business, including statements about future drill programs at the Fraser Canyon Project. Such statements are based on the current expectations and views of future events of Omineca's management. In some cases, the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting Omineca, including risks regarding the resource industry, economic factors and the equity markets generally and many other factors beyond the control of Omineca. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Forward-looking statements speak only as of the date on which they are made and Omineca undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Omineca Mining and Metals Ltd
For further information: Tom MacNeill, President and CEO, 306-653-2692, www.ominecaminingandmetals.com