TORONTO, Oct. 03, 2018 (GLOBE NEWSWIRE) -- Idaho Champion Gold Mines Canada Inc. (CSE: ITKO) (“Champion” or the "Company"), a discovery-focused gold exploration company, reports on its corporate progress.
Corporate Highlights
- The Company raised a total of US$2.95 million at US$0.20 as part of its Pre-RTO financing
- Champion boasts a tight share structure with 34,762,935 shares outstanding
- Management and insiders own approximately 55% of the Company
- On September 27, 2018, the Company completed an RTO and began trading on the CSE with the ticker “ITKO”
- Champion has activated a property acquisition program to continue adding value for all shareholders
“Since the Company’s inception, our focus has been to ensure that our shareholders have the opportunity of seeing value creation in everything we do. We have assembled a highly prospective portfolio of mineral properties in Idaho, USA which will be led by our Baner Property”, said Jonathan Buick, President & CEO. “We will continue to keep this theme top of mind as we build value on these exciting projects through the efforts of our geologic team”, he added.
Highly prospective mineral properties
Baner Property
Champion owns 100% of the 204 claims totalling 1,705 hectares of comprising the Baner property southwest of Elk City, Idaho, USA located on the Orogrande Shear Zone (OSZ). In addition to Idaho Champion, current operators in the district are Endomines, Montego Resources and New Jersey Mining. Until Champion, no modern-day exploration has been done on the property. Idaho Champion has an extensive database of soil samples, rock samples, geophysics (IP and Airborne) on the property. The drill target for an orogenic gold system with similarities to Intrusive related gold systems is well defined. The Baner drill program is designed to test soil and IP geophysical targets as well as historical underground sampling. Historical exploration included a 1946 report by E.G. Wagner - which provides the basis for the Company’s current exploration thesis. Highlights of the report include:
- Report was produced after finishing a significant sampling program of
364 samples systematically taken at various locations within the existing 1920’s underground workings. - As well, 364 channel samples were taken every 5 feet from the walls of
all 9 production tunnels mined in the 1920s - Average historical grade from the 1946 report was 1.9 g/t* based on the samples taken in the historic underground workings.
- These grades from the samples mirrored the grades anecdotally reported from the 1920’s mining results
- 46 surface grab samples taken from various locations on the property of exposed Quartz veins averaged 22.8 g/t*
- Report commented that the exploration potential of the property was significant enough to justify further work.
*The historical work pre-dates NI 43-101 practices (Report E.G Wagner , 1946). The data is historical in context and as such has not been verified by a qualified person in accordance with NI43-101 standards.
Champagne Property
Champion staked 113 claims totalling 945 hectares, comprising the Champagne property in February 2018. The property hosts the past producing Champagne mine, which was in production from 1990 – 1993. Idaho Gold Corporation produced a company generated reserve from over 100 drill holes and 1500 trench channel samples. This work plus additional metallurgical and geotechnical work formed the basis for the production decision at Champagne. The target at Champagne is a high sulfidation gold system hosted in carbonate rocks beneath the existing Champagne pit. Idaho Champion plans to commence exploration activities on the property in early Q2 of 2019.
Idaho Cobalt properties
In early 2018, the Company signed a purchase and sale for a package of four properties in the Idaho Cobalt Belt (“ICB”), which comprises of 822 mineral claims for approximately 16,975 acres. The claims are located in close proximity to eCobalt and First Cobalt properties in the ICB. More information is available on our website.
Qualified Person
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".
ON BEHALF OF THE BOARD
“Jonathan Buick”
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.idahochampion.com.
For further information please contact:
Nicholas Konkin, Marketing and Communications
Phone: (416) 477 7771ext 205,
email: nkonkin@idahochamp.com
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.
Cautionary Statements
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.
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