Matamec Provides Update on its Gold Properties
MONTREAL, QUEBEC--(Marketwired - Jan 9, 2014) - Matamec
Explorations Inc. ("Matamec" or the "Company")
(TSX-VENTURE:MAT)(OTCQX:MHREF) today provided an update to
shareholders on its gold properties. While Matamec's key core asset
is the Kipawa JV heavy rare earth project in Temiscaming, Quebec
with Toyotsu as its joint-venture partner, the Company continues to
look for opportunities to further advance some of its gold
properties which can provide additional value to Matamec
shareholders. Matamec will provide an update on its other critical
metal properties: Tansim, Vulcain and Zeus and specifically with
the advancement of the Kipawa JV heavy rare earth project in the
near future.
"We are pleased with the progress made in 2013 to not only
complete the first NI 43-101 feasibility report for a heavy rare
earth project outside of China but with the positive developments
made on some of our gold properties," said Andre Gauthier,
President and CEO of Matamec Explorations. "Matamec has a royalty
in the Montclerg property and the potential of a high grade gold
property at Matheson JV which is strategically located near major
mining companies and Hoyle Pond Mine in the Timmins, Ontario
region. Our recent partnership with Canada Strategic Metals for the
Sakami gold project in the James Bay region of Quebec is well
underway with good preliminary results. The Company is working on
several opportunities with each of these properties which we look
forward to keeping shareholders updated on their progress."
Matamec's Gold Properties and Interests:
Ontario
Montclerg
On November 20, 2013, China Goldcorp Ltd. (TSX-VENTURE:CAU.H)
announced the proposed reverse take-over (RTO) of International
Explorers and Prospectors Inc. (IEP) where it was disclosed that
IEP's material property and primary focus of the transaction is the
Montclerg Project, located approximately 48 kilometres northeast of
Timmins. The RTO is presently in progress with regulatory
authorities. Matamec is pleased to disclose that it holds a 1% Net
Smelter Royalty (NSR), of which one-half of one percent (0.5%) may
be redeemable at any time for $1,000,000 on the Montclerg property.
The Company wishes to note that it sold its 51% interest in the
Montclerg property for $1.4 million and a 1% NSR on March 31, 2010
when the price of gold was at US$1,115 and after spending a total
of $1,305,000 in acquisition and exploration costs on the
property.
Matheson JV
Matamec is the operator and holds a 50% interest and IEP holds
the other 50% interest in the Matheson joint-venture property
located along strike and in close proximity to the Gold Hoyle Pond
Mine owned by Goldcorp Inc. (TSX:GG). The Matheson property is
located within a ten kilometre distance along strike of the Bell
Creek and Owl Creek deposits and the Hoyle Pond mine, within the
same stratigraphic assemblages which hosts most, if not all, of the
gold deposits within the prolific gold Porcupine mining camp. This
mining camp has produced in excess of sixty-two million ounces of
gold to date. The ore is derived from vertically extensive systems
of quartz-carbonate veins, spatially related to the regional
200-kilometre long Destor-Porcupine fault and/or associated splay
faults. Since 2008, Matamec has spent a total of $2,410,000 in
acquisition and exploration costs on the property.
Matheson-Pelangio
Matamec acquired from Pelangio Mines the 10 claims of that
property situated in the Matheson Township in the same lithologies
as the Matheson JV property. Matamec completed all the works
related to the 2007 option in March 2012 and became the sole
proprietor of the 100% interests. The property is situated 10
kilometres North of the Destoir Porcupine fault and its ground
consists of sedimentary and volcanic rocks forming the Thisdale and
Hoyle assemblages, which are the host rocks of the mines of the
prolific Porcupine mining camp. Since 2008, Matamec has spent a
total of $330,000 in acquisition and exploration costs on the
property.
Quebec
Sakami
On August 19, 2013, Matamec and Canada Strategic Metals (CSM)
(TSX-VENTURE:CJC) announced an agreement where CSM can acquire an
interest of 50% in the Sakami project, located in the James Bay
region of northern Quebec by spending $2.25 million in exploration
costs and issuing 2 million common shares. CSM can also acquire an
additional 20% for an interest up to 70% by spending a minimum of
$12.5 million in 5 years on explorations, issuing 1 million common
shares to Matamec and produce a bankable feasibility study.
This property owns several showings found by prospecting and
drilling from 1998 to 2005 and merits further work to show their
full potential. CSM hit 26.68 g/t Au over 2 metres in channelling
in its September-October 2013 exploration program. The very
positive results have confirmed the potential of the less worked
northern part of the property in the JR and De l'Ile areas for the
discovery of new showings and resulted in the identification of new
drill targets. CSM will continue their exploration campaign this
winter by drilling these new showings and will also drill the zone
25, the most worked and promising showing of the property following
a compilation and a reinterpretation of all the diamond drill data
done by Matamec in 2013. Between 2000 and 2013, Matamec has spent a
total of $2,335,000 in acquisition and exploration costs on the
property.
Valmont
In 2012, a compilation of all geochemical data, from 1983 to
2011 show the existence of numerous gold and polymetallic (Cu, Zn,
Pb, Au, Ag) anomalies on the property. During the fall of 2011, a
prospection campaign focused on these anomalies which show several
prospective targets which was not followed by other works. As the
property is not entirely covered by soil geochemistry, this kind of
survey seems to be the best tool for exploring that property. This
report recommends completing this all over the property and made
the following-up by trenching the anomalous prospects of 2011.
Matamec is in the process of evaluating the whole property. Since
2004, Matamec has spent a total of $445,000 in acquisition and
exploration costs for 100% ownership of the property.
Wachigabau
Matamec has a 50% stake in the property and its partner and
operator, Northern Superior Resources, has the other 50% ownership.
Matamec has spent a total of $175,000 in acquisition and
exploration costs on the property. Northern Superior Resources has
spent a total of $1,945,000 in acquisition and exploration costs to
earn its 50% and to become the operator of the property.
Aline Leclerc, VP Exploration (Geo.), is Matamec's Qualified
Person for this press release.
About Matamec
Matamec Explorations Inc. is a junior mining exploration company
whose main focus is in developing the Kipawa HREE deposit with
TRECan.
In parallel, the Company is exploring more than 35 km of strike
length in the Kipawa Alkalic Complex for rare
earths-yttrium-zirconium-niobium-tantalum mineralization on its
Zeus property. Since 2007, Matamec discovered eight (8) new rare
earth showings. Particularly, it drilled the PB-PS Zone in the fall
of 2012 and identified
Eudialyte-Mosandrite/Yttro-Titanite/Britholite mineralization
similar to those found at the HREE Kipawa Deposit. This type of
mineralization is presently known over a length of 200 metres and
is open laterally and at depth. This mineralized zone is 2.3 km SW
of the Kipawa deposit and a soil anomaly seems to connect the two.
The Company plans to drill these extensions later this year.
The Company is also exploring for gold, base metals and platinum
group metals. Its gold portfolio includes the Matheson JV property
located along strike and in close proximity to the Hoyle Pond Mine
in the prolific gold mining camp of Timmins, Ontario. In Quebec,
the Company is exploring for lithium and tantalum on its Tansim
property and for precious and base metals on its Valmont and
Vulcain properties. Matamec signed in August 2013 an option
agreement where Canada Strategic Metals can acquire an interest of
up to 50% in the Sakami gold project, located in the James Bay
region of northern Quebec by committing $2.25 million in
exploration work including $500,000 in the first year of
drilling.
Cautionary Statement Concerning Forward-Looking Statements
This news release contains "forward-looking information"
within the meaning of Canadian Securities legislation. Generally,
forward-looking statements can be identified by the use of
forward-looking terminology such as "scheduled", "anticipates",
"expects" or "does not expect", "is expected", "scheduled",
"targeted", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking statements are based on assumptions management
believes to be reasonable at the time such statements are made.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. Although Matamec has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. Factors that may cause actual results to differ
materially from expected results described in forward-looking
statements include, but are not limited to those risk factors set
out in the Company's year-end Management Discussion and Analysis
dated December 31, 2012 and other disclosure documents available
under the Company's profile at www.sedar.com. Forward-looking
statements contained herein are made as of the date of this news
release and Matamec disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or results or otherwise, except as required by
applicable securities laws.
"Neither 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."
Andre Gauthier, President(514) 844-5252info@matamec.comEdward
Miller, Director IR(514) 844-5252 ext.
205edward.miller@matamec.com
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