TORONTO, Oct. 17, 2018 (GLOBE NEWSWIRE) — Idaho Champion Gold Mines Canada Inc. (CSE: ITKO) (“Champion” or the “Company”), a discovery-focused gold exploration company, is pleased to report on results of its recent sampling program and provides an update on its 2018 exploration activities.
Highlights:
- Champion completed a limited sample program consisting of 76 samples: List of results below
- In June 2018, Champion commenced a 5,000-metre drill program on the Baner property – Results expected soon
- The Company filed a NI 43-101 technical report on the Baner property on September 10, 2018
President and CEO, Jonathan Buick stated: “For the last two years our geologic team has been busy in the field, having completed an IP program and continuing to do regional sampling which have provided the Company with drill-ready targets. At the start of June, we embarked on our initial drill program at the Baner Property which encompasses 5,000 metres and 19 holes.
Sampling Program
A limited sampling program consisting of 76 samples was undertaken in November of 2017. Table 1 below highlights the results of this program. The grab samples which are selective in nature are not therefore intended to be representative of the material sampled. The grab samples were taken in an area of coincident soils and IP survey anomalies. The sampling was undertaken to provide a focus on a “first pass” drill program of the Baner project area. Results of this sampling included returns of up to 42.51 g/t.
A map (Fig1) below indicates the results of the IP survey with over-lying significant gold soil sample results. The Orogrande Shear Zone (“OSZ”), a major regional structural feature thought to control gold mineralization in the region transects the Baner property from north to south for approximately 1.5 kilometers.
Table 1: Champion Grab Sample Program Highlights
| Sample | Rock Type | Au g/t | Easting | Northing |
| Shaft | Qtz vein bx | 0.41 | 615512.5 | 5069260.0 |
| 1007512 | FG felsic rock | 0.41 | 615192.0 | 5069280.3 |
| 15634 | Aplite w limonite | 0.48 | 615812.1 | 5069040.7 |
| 15621 | Felsic dike | 0.51 | 615088.9 | 5068202.4 |
| 15622 | Aplite | 0.51 | 615099.8 | 5068243.3 |
| 1007515 | Mica Quartzite | 0.51 | 615126.7 | 5069455.8 |
| 15619 | Lt gre felsic | 0.55 | 615336.8 | 5067713.7 |
| 1007505 | Quartzite | 0.62 | 615129.1 | 5069348.1 |
| 15647 | Mica Qtz w vein | 0.65 | 615376.6 | 5069671.6 |
| 15631 | Aplite | 0.69 | 615187.7 | 5068694.6 |
| 1007517 | Quartzite | 0.72 | 615301.0 | 5069189.5 |
| 15626 | Quartzite | 0.82 | 615314.9 | 5068890.4 |
| 15649 | Qtz Mica w bxwks | 0.99 | 615381.8 | 5069564.5 |
| 15627 | Breccia qtz vein | 1.10 | 615241.8 | 5068845.4 |
| 15624 | Aplite | 1.47 | 615461.8 | 5068307.2 |
| 1007513 | Quartzite | 1.54 | 615403.5 | 5069128.7 |
| 15605 | Qtz | 1.78 | 615356.9 | 5069247.4 |
| 15633 | Qt Vein w pyrite | 1.95 | 615844.0 | 5069062.6 |
| 900ppbSoil | Qtz w fg pyrite | 3.35 | 615317.3 | 5069815.3 |
| Adit 3 | Oxide | 3.50 | 615320.9 | 5069204.0 |
| 15623 | Aplite | 3.91 | 615427.3 | 5068307.5 |
| 15645 | Aplite | 4.87 | 615357.6 | 5069703.0 |
| 1007514 | Mica Quartzite | 5.25 | 615320.9 | 5069204.0 |
| 15641 | Quatz w Mn | 5.55 | 615440.0 | 5069358.2 |
| 15644 | Mica Schist | 7.37 | 615393.7 | 5069648.6 |
| Adit 1 | Quartzite | 8.64 | 615129.1 | 5069348.1 |
| 15618 | Dike | 10.90 | 615274.3 | 5067711.0 |
| Adit 4 | Qtz & sulfide | 12.85 | 615403.5 | 5069128.7 |
| Adit 2 | Silica rxx w diss sulfide | 18.95 | 615192.0 | 5069280.3 |
| 15620 | qtz monzonite & quartzite | 42.51 | 615403.5 | 5069128.7 |
The above results are based on Grab samples which are selective in nature from various locations and rock types and were collected to determine the presence or absence of mineralization as a guide to determining drill hole locations and are not intended to be representative of the material sampled. No program of QA/QC were initiated for this program.
Figure 1 accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/8e9cfe6a-00c8-459b-a260-f2f43a76657d
Exploration program
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 lode 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. In June 2018, the Company initiated a 5,000-metre drill program. Currently, the exploration team is drilling hole 16 of 19 and expects results in the near term.
Figure 2 shows drilling locations of the 2017/18 drilling program, and is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/3f089abc-cdaa-4bf3-af93-a8fc1b7f56d4
Property Geology
Champion owns 100% of the 204 claims totaling 1,705 hectares of comprising the Baner property southwest of Elk City, Idaho, USA located on the Orogrande Shear Zone (OSZ) Fig.1. In addition to Idaho Champion, other current operators in the district are Endomines, Montego Resources and New Jersey Mining. Until Champion, no modern-day exploration has been done on the Baner 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 lode gold system with similarities to Intrusive structurally 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
Figure 3 accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/82b7a39f-302e-42d0-b041-fa9a070d5765
City-Orogrande region (modified from Lewis et al., 1990).
NI 43-101 Technical report
On September 10, 2018, the Company filed a NI 43-101 Technical Report on the Baner Property. For further details please visit our website www.idahochamp.com or our SEDAR profile at www.sedar.com.
1946 E.G. Wagner Report
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.
Due to the reconnaissance nature of 2017 program, no independent blanks, standards or duplicates were inserted into the sample stream.
The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.
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.idahochamp.com.
For further information please contact:
Nicholas Konkin, Marketing and Communications
Phone: (416) 477 7771ext 205,
email: [email protected]
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.