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TORONTO , June 27, 2019 /CNW/ - Central Timmins Exploration Corp. ("CTEC" or the "Company") (CTEC.V) is pleased to provide detail on the planned summer exploration program. A diamond drill program totaling 2,500 metres is expected to commence on or about July 9 to test nine high priority gold targets in Timmins, Ontario, Canada .
Summer Work Program
CTEC's nine priority drill targets were selected and ranked based on a combination of modelled geology, structures, MMI soil geochemistry, and geophysical data sets (including airborne electromagnetics, induced polarization (IP), magnetics and VLF). In addition, data from Claim Post Resources Inc.'s (CPS.V) 2007 – 2010 drill program has also been incorporated. Mr. Charles Gryba P. Eng . President, CEO and Director of CTEC was also President, CEO and Director of CPS until 2018, providing continuity to the Company's Timmins exploration efforts. See the attached map for CTEC's land position relative to major gold mines of the Timmins Camp.
- Four Corners Project Area: CPS 2007 drill hole CP-07-08 intersected several gold-bearing zones. The best intersection was 2.57 g/t Au over a 2.79 m core length (CPS NI 43-101 report dated January 12, 2010 posted on SEDAR). CTEC follow-up work in 2018 suggests that the gold mineralization may continue to the southeast into an area characterized by a magnetic low with anomalous MMI Au, Ag and Zn results. One hole is planned to test this potential lateral extension of the NW-SE trending gold mineralization.
- Mountjoy-Godfrey Project Area: The CTEC press release of June 6, 2019 confirmed gold mineralization in the Caron Porphyry on the east side of the Mattagami River fault. Subsequently, CTEC optioned six patented claims in Mountjoy Township from the Caron family, extending potential coverage of the porphyry to the east. The best assay result from CTEC's winter drilling program was 2.46 g/t Au over a 0.70 m core width hosted in porphyry in DDH G1-19-02. This hole had 11 other gold intersections that assayed 0.10 to 0.30 g/t Au mainly associated with tourmaline and pyritic quartz veins. A recent deep IP survey has indicated two separate anomalies, one of which is directly on strike with the Caron Porphyry. The summer drill program includes three holes, one to test the strongest IP anomaly extending east of the Caron Porphyry and two holes to test two other MMI gold porphyry targets further south, also in Mountjoy .
- Deloro Target Area: South of the Porcupine-Destor Fault Zone in Deloro , CTEC plans to drill three holes. One hole will be to test a 14.0 m wide quartz breccia gold zone intersected by CPS in 2010 (CPS drill hole CPDP-10-1 - Press release on SEDAR dated July 29, 2010 ). This hole averaged 1.93 g/t Au over a 14.0 m core width with four intersection grading between 4.0 g/t and 7.8 g/t Au over 0.5 m widths within the wider breccia zone. CTEC will also drill test two IP gold targets identified by the CTEC winter IP program supported by a coincident IP anomaly, low to moderate magnetics, and shallow east-west VLF conductors. The IP drill targets also have anomalous Cu and Zn MMI values. In the coming weeks, CTEC geologists will relog 20 additional historic Deloro holes to identify which direction the gold breccia system trends. There are additional IP anomalies in the immediate area that will be ranked for follow-up as a result of the relogging program.
Charles Gryba stated "CTEC's fully funded nine-hole summer drill program will focus on three priority exploration areas. Relogging and reinterpreting of CTEC owned core combined with MMI and IP have identified two significant gold intersections that are of particular interest; one is located in the 4 Corners area and the second is in Deloro Township . In addition, CTEC will drill test the strong IP anomaly directly east of the Caron Porphyry in the Mountjoy-Godfrey Project area. CTEC will also drill several of the Au MMI modelled porphyries located west of the historic Hollinger-McIntyre Mines , which combined have produced over 30 M oz of gold. CTEC's current cash balance of over $1M , excluding receivables from Newmont Goldcorp Corporation for the sale of non-core claims, will cover the planned $400,000 program and provide additional funds for follow-up work.".
Mr. John Sullivan , B.Sc., P. Geo, independent director of CTEC, has acted as the Qualified Person, as defined in NI 43-101, and has reviewed and approved the scientific and technical information in this news release relating to exploration results and future plans.
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