LAVAL, Quebec, April 05, 2018 (GLOBE NEWSWIRE) -- Typhoon Exploration Inc. (TSX-V:TYP) («Typhoon») announces that a NI 43-101 Technical Report, will be filed on SEDAR. The entitled report: "Technical Report on the Monexco Property, McCorkill Township, Chibougamau, Quebec," concluded two years of exploration and evaluation works done on the property.
THE MONEXCO PROPERTY
Monexco is located about 30 Km North-East of the town of Chibougamau. The single block of 42 contiguous designated claims (2,324.02 hectares) is 100% owned by Typhoon Exploration Inc. The mining camp of Chibougamau produced during its history 47.8 million tonnes of ore at an average grade of 1.8% of copper and 2 g/t of gold.
The property encloses two main gold bearing regional structures: the Rivière France corridor and the Faribault Fault zone. High potential gold-bearing of this zone was recognized already by the MERN (Energy and Resources Quebec, source DV2003-08).
Gold values above 10 grams per tonne of gold were sporadically obtained by channel sampling during several programs of stripping and sampling which were repeated between 2003 and 2016. The continuity of geological units and results obtained can be correlated over about 400 meters following the east-west trend of Rivière France corridor. At present, a stacking of three mineralized structures named from north to south: Monexco No. 1, VG and Monexco No.2, were recognized inside a north-south influence of 300 meters.
In 2004 and 2011, Typhoon drilled 1365 m in fourteen (14) holes to cross cut veins observed at surface.17 results from 0.5 to 4 g/t gold were obtained from intervals varying between 1 and 1.8 meters. The gold mineralization is associated with a network of centimetric quartz veins hosted in volcanic rocks.
2015-2016 EXPLORATION WORKS
The Monexco gold showings area as well as the whole property was covered by “hammer and boot” prospecting. The sampling including a total of 796 analyses separated in 603 chip samples. 181 boulder samples and 12 channel samples were completed in 2015 and 2016.
A part of sampling aimed at confirming the gold enrichment associated with north-east fractures and faults. Stripped zones Monexco No. 1, No.3 and VG were particularly targeted.
On Monexco No.1, 41 samples returned results between 1.0 and 26.9 g/t gold. Monexco No.3, located approximately 100 meters further east, was tested with 63 samples. On this outcrop, a sector making about 30 meters by 50 meters returned 17 results between 1.1 and 18.8 g/t gold.
On the VG stripping, located 100 meters south of Monexco No.1, from 85 bedrock samples collected,29 returned results above 1.0 g/t including 15 results between 12.4 and 81.8 g/t gold.
Two new gold showings were discovered:
- Mineralized quartz veins were identified about 60 m West of the Riviere France bank and about 75 meters north of the Monexco No.1 gold trend. 3 bedrock samples returned 2.3 g/t, 4.35 g/t and 9.5 g/t gold. The sampling zone had already been tested by mechanical stripping to reach the bedrock surface but limited sampling was done at the time.
- A result of 3.5g/t gold was obtained from a massive pyrite layer. The discovery was made on a volcanic contact stripped manually over a strike length of 2 meters. The total width of this target remains unknown. The new result position is about 200 meters north of the Monexco showing area.
QAQC
Samples are positioned using a handheld Garmin GPS, recorded as referenced points (waypoints). The accuracy of measurement can vary significantly inside a range of 2 to 15 metres. Depending of the quality of the measurement, sampling stations have been moved according to outcrop mapping to respect the relative position of samples position.
Samples were assays by fire assay on 30 grams cut with an ICP-MS finish. Results above 10 g/t gold are re assayed with a gravimetric finish. ALS Chemex assaying services are used for this program.
WARNING
On no account, these data can be used to serve as base in an evaluation of the economic potential in terms of tonnage and as content of the targets of exploration.
CORPORATE UPDATE
Typhoon focuses on the top of the class mineral potential of Québec for exploring and developing the next generation of world class deposits. The unfailing support of our shareholders (detaining 39,077,849 outstanding shares) and business partners contribute to the success of the Company.
QUALIFIED PERSON
Information of technical nature which appears in this press release was revised by M. Martin Demers, P.Geo. (OGQ), Technical Advisor for Typhoon Exploration. M. Demers is a Qualified Person (QP) as defined by the National Instrument 43-101.
Typhoon common shares are listed on the TSX Ventures Exchange under the stock symbol TYP.
FOR MORE INFORMATION
David Mc Donald,
President & CEO
Tel: 450.622.4066
dmcdonald@explorationtyphon.com
www.typhoonexploration.com
Neither the 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.
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/43b152d5-1df2-4c44-83d3-62c00af3d9ad