TORONTO, May 02, 2019 (GLOBE NEWSWIRE) — Idaho Champion Gold Mines Canada Inc. (CSE: ITKO) (“Champion” or the “Company”), a discovery-focused gold exploration company, has a signed Decision Memorandum from the US Forest Service that approves exploratory drilling on the Sally claim block.
See Idaho Champion’s press release October 15, 2018 on the purchase of the Sally clams. Idaho Champion is now finalizing plans to commence the 2019 drill program on their claims (see Fig 1). Idaho Champion will issue a future press release on details of the 2019 drill program. The goal of the 2019 drill program is to continue the success of 2018 in drilling the Orogrande Shear Zone.
Jonathan Buick, Champion’s President and CEO, explains that: “In receipt of the drilling permit, we will look to launch an exploration program to commence in early summer. We believe that a drill program on the Sally Claims offer us the best opportunity to intercept the structure which we identified last year during our exploration program which saw Idaho’s newest gold discovery.”
The Baner Project is located within the Orogrande shear zone (OSZ), a 20-kilometer-long and up to 1 kilometer wide regional shear zone located in Central Idaho. The OSZ resembles a series of grabens composed of metamorphosed Proterozoic belt sedimentary rocks, Cretaceous Idaho batholith intruded by Tertiary rhyolites and dacitic dikes. The BC claim block covers a series of parallel shear zones on the eastern margin of the OSZ. Hydrothermal alteration is spatially associated with the OSZ and consists of silicification, seritization, and chloritization. Mineralization is hosted by three types of broadly defined deposit types; Tertiary epithermal deposits, Cretaceous intrusive related gold systems and orogenic shear zone deposits hosted within the batholith. Mineralization includes disseminated low-grade precious metal mineralization in associated stockwork veins, hydraulic breccias and extensive widespread alteration; high-grade gold associated with discreet structurally controlled quartz veins and silicified zones.
The Baner/Sally Project is in the central Idaho Gold Belt, 8 km south of Elk City, Idaho. Elk City is an historic gold mining region dating back to the 1860s and once supported more than 20 underground mines and extensive placer operations. During the 1930’s there were three cyanide gold mills along Crooked River processing open pit and underground sulfide ore. Exploration in the district during the 1980’s and 1990’s included Cypress-Amax, Kinross Gold, and Bema Gold primarily focused on near-surface bulk-tonnage gold potential. Premium Exploration conducted extensive drilling, soil sampling, and airborne and surface geophysics in the 2010 era. Currently a Finnish gold producer, Endomines AB is developing the Friday project at Orogrande into an underground gold operation and is constructing a gold processing mill.
Figure 1 accompanying this announcement is available at
The technical information in this press release has been reviewed and approved by Peter Karelse P.Geo., a consultant to the Company, who is a Qualified Person as defined by NI 43-101. Mr. Karelse has more than 30 years of experience in exploration and development.
ABOUT IDAHO CHAMPION
Idaho Champion is a discovery-focused gold exploration company that is committed to advancing its 100% owned highly prospective mineral properties located in Idaho, United States. The Company’s shares trade on the CSE under the trading symbol “ITKO”. Idaho Champion is vested in Idaho with the Baner Project in Idaho County, the Champagne Project located in Butte County near Arco, and four cobalt properties in Lemhi County in the Idaho Cobalt Belt. Idaho Champion strives to be a responsible environmental steward, stakeholder and a contributing citizen to the local communities where we operate. Idaho Champion takes our social license seriously and employ local community members and services in our operations.
ON BEHALF OF THE BOARD
Jonathan Buick, President and CEO
For further information, please visit the Company’s SEDAR profile at www.sedar.com or the Company’s corporate website at www.idahochamp.com.
For further information please contact:
Nicholas Konkin, Marketing and Communications
Phone: (416) 477 7771 ext. 205
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY STATE IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.
This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.