CIN - TSX-V
VANCOUVER, March 2, 2012 /CNW/ - Canadian International Minerals Inc. (CIN-TSX.V) (the "Company" or "Canadian International") is pleased to announce that it has entered into an option agreement to earn 100% of 51 claims consisting of 549 units (8784 hectares) in northwestern Ontario. These claims, collectively are known as the Gold Creek property (the "Property"), are readily accessed by logging and mining roads from Provincial Highway 11, and lie approximately 60 kilometers west north of Thunder Bay. The property is well situated in the Shebandowan gold district which has several advanced gold projects under way.
The Gold Creek property was first worked in the late 1890`s and has seen many phases of exploration since that time. Inco completed several phases of exploration in the 1980`s which included stripping, geological mapping, extensive sampling, and diamond drilling. A summary of that work is available from an assessment report (Desmond Cullen, 2002):
Several gold occurrences are located within the central part of the claims under study. They are associated with syenite dykes. A total of twenty-six dykes of syenite, (locally described as granodiorite to monzodioritic) and lamprophyric composition were located. Auriferous dykes are 1 to5 metres wide and are exposed for 10 to 60 metres along strike. Dykes 10-10a have been traced and intermittently trenched over a total strike length of nine hundred metres. Nine dykes in the northwest part of the property yielded assays from grab samples of greater than 1.0 g/t Au, including 116.0 g/t Au (dyke 10), 51.2 g/t Au (dyke 5), 33.9 g/t Au (dyke 3),20.9 g/t Au (dyke 26), 18.2 g/t Au (dyke 10a), 17.2 g/t Au (dyke 8),5.98 g/t Au (dyke 20),4.46 g/t Au (dyke 9), 1.75 Au (dyke 6), and 1.73 g/t Au (dyke 17). Grab samples from dyke 12 located approximately 5.0 kilometres east of Dyke 10 (I-Zone) assayed up to 19.9 g/t Au.
Mineralization within the dykes comprises 10% to 15% pyrite as coarse blebs, massive pods and disseminations; locally 2% -3% galena occurs with pyrite in poly-metallic quartz veins. Much V.G. occurs in the quartz (+carbonate) stringers and veins, as well as in 1 mm to 5 mm fractures. Coarse- grained native gold tends to be most concentrated near dyke contacts. Most of the fractures and the quartz veins are oriented perpendicular to the direction of the dyke, forming a well-developed ladder vein system.
Dykes and masses of syenite locally granodiorite are much wider just west of the present property. They intrude Timiskaming volcanic rocks instead of sediments. Within these wider dykes, it appears that shearing and fracturing is limited to narrow zones close to the contacts of the intrusions.
On dyke # 10 (I-Zone) a block of 500,000 tons has been delineated by surface work and limited diamond drilling down to a depth of 500 vertical feet (152 m). Inco tested this block with 4 drill holes.
Where exposed, the structure has a fairly consistent width of about 4 m to 5 m. The I-Zone is known to extend for a least 3,300 feet (1km). It is also believed that dyke 12, located 5 kilometres to the east of the I-Zone represents its eastern extension.
Inco also conducted channel sampling on part of the I-Zone. The sampling shows that gold values are highly erratic and the average grade from the channel sampling is about 1.5 g/t Au. To gain confidence in the grade, style and setting of gold mineralization, and in assaying technique, a 1,000 linear feet (330 m) NQ drill program was completed in July 1995. Drilling was designed to sample the first 100 vertical feet (30 m) of the dyke. Seven holes were collared close to the contact of the dyke and angled to obtain the longest section possible through the dyke from one contact to the other and at the same time make an appropriate angle of intersection with the mineralized quartz veins.
The reader is cautioned that the foregoing extract from an assessment report contains only historic values which have not been verified by the company and are therefore not to be relied upon. The same caution applies to the following table of drill hole data extracted from an unrelated company report summary of 1995 drilling results (Leonard, B, Ilieva, T., 2008).
| 1995 Drilling Results by Landore
on the I-Zone, North and South Zones
|Hole#||From m||To m||Width m||g/t Au|
To earn a 100% interest in the Property, the Company must pay a total of $480,000 and issue 3,700,000 common shares to the optionors of the Property over a period of four years, with $100,000 being paid and 2,000,000 shares being issued in the first year. Also, the Company must incur $2,500,000 in exploration expenditures on the Property over a five year period. The Property is subject to a 3% NSR royalty in favour of the optionors, 1% of which can be purchased by the Company for $1,000,000 leaving the optionors with a 2% NSR royalty.
The technical data in this news release has been reviewed by Thomas Hasek, P. Eng. a Qualified Person under the terms of N.I. 43-101. The transaction is subject to the acceptance of the TSX Venture Exchange.
On behalf of the Board of Directors,
"Michael E. Schuss"
Michael E. Schuss
President and Chief Executive Officer
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.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS: Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Canadian International Minerals undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements
For further information:
on Canadian International Minerals Inc. please visit the company website at http://www.cdnintlminerals.com or contact Michael E, Schuss at 604-241-2254.