Northern Abitibi Options Ches Property in British Columbia
23 April 2014 - 11:00PM
Marketwired
Northern Abitibi Options Ches Property in British Columbia
CALGARY, ALBERTA--(Marketwired - Apr 23, 2014) - Northern
Abitibi Mining Corp. (TSX-VENTURE:NAI) ("Northern Abitibi or the
Company") is pleased to announce it has entered into an option
agreement to earn a 100% interest in the Ches
copper-molybdenum-tungsten property located in central British
Columbia.
The road accessible Ches Property is located 80 kilometres south
of Burns Lake on the south side of Ootsa Lake. Mineralization was
first uncovered following the construction of a logging road in
1985. The road exposures consist of
pyrrhotite-chalcopyrite-scheelite replacement (skarn) style
mineralization in calcareous sedimentary rocks and quartz
chalcopyrite-molybdenite-scheelite stockwork veining in fine
grained siltstones. Historic Assessment Reports state average
grades from surface sampling of 0.52% copper and 4.7 g/t silver
over a zone 350 metres wide, and copper in soil geochemical
anomalies up to 350 metres wide and at 800 to 1500 metres long, and
open along strike. Subsequent surface grab sampling reported in a
2009 Technical Report by Scarlet Resources Ltd. returned values up
to 1% copper, 16 g/t silver, and 0.3% tungsten from the
replacement-skarn style mineralization, and values up to 0.45%
copper, 0.02% molybdenum, 7 g/t silver, and 0.1% tungsten from the
stockwork zone. These mineralized zones have never been trenched or
drill tested. The sampling results above are considered historic in
nature, they have not been confirmed by Northern Abitibi, and
should not be relied upon.
Under the terms of the option agreement Northern Abitibi can
earn a 100% interest in the Ches Property from Vendors Ken
Galambos, Shawn Turford, and Ralph Keefe, by making staged cash and
share payments over 4 years totaling $50,000 cash and 1.6 million
shares, and spending a total of $500,000 on exploration. Upon
signing Northern Abitibi must issue 350,000 Northern Abitibi
shares, and the Company must spend $50,000 on exploration within
the first year. The Vendors will retain a 2% net smelter royalty,
three quarters of which can be bought back by Northern Abitibi for
$2 million dollars. This transaction is subject to TSX Venture
Exchange approval.
Permitting for a summer 2014 exploration program at Ches is
underway. Northern Abitibi is planning a $50,000 exploration
program consisting of trenching, mapping, and channel sampling to
verify and further expand the mineralized zones on the
property.
The Company continues to actively search for new early stage
exploration opportunities and avenues for growth in stable
jurisdictions within North America. Additional opportunities in
Mexico, Nevada, and Canada will continue to be evaluated and
pursued during 2014.
Dr. Shane Ebert, P. Geo. is the Qualified Person responsible for
the preparation of this news release.
Shane Ebert, President/Director
The TSX Venture Exchange has neither approved nor disapproved of
the contents of this press release.
Except for the historical and present factual information
contained herein, the matters set forth in this news release,
including words such as "expects", "projects", "plans",
"anticipates" and similar expressions, are forward-looking
information that represents management of Northern Abitibi's
internal projections, expectations or beliefs concerning, among
other things, future operating results and various components
thereof or the economic performance of Northern Abitibi. The
projections, estimates and beliefs contained in such
forward-looking statements necessarily involve known and unknown
risks and uncertainties, which may cause Northern Abitibi's actual
performance and financial results in future periods to differ
materially from any projections of future performance or results
expressed or implied by such forward-looking statements. These
risks and uncertainties include, among other things, those
described in Northern Abitibi's filings with the Canadian
securities authorities. Accordingly, holders of Northern Abitibi
shares and potential investors are cautioned that events or
circumstances could cause results to differ materially from those
predicted. Northern Abitibi disclaims any responsibility to update
these forward-looking statements.
Northern Abitibi Mining Corp.Shane Ebert1.250.964.2699Northern
Abitibi Mining Corp.Jean Pierre
Jutras1.403.233.2636www.naminco.ca
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