Northern Abitibi Approves Exploration Budget for Ches Property, British Columbia
28 April 2014 - 11:00PM
Marketwired
Northern Abitibi Approves Exploration Budget for Ches Property,
British Columbia
CALGARY, ALBERTA--(Marketwired - Apr 28, 2014) - Northern
Abitibi Mining Corp. ("Northern Abitibi or the Company")
(TSX-VENTURE:NAI) is pleased to announce that a budget for a 2014
exploration program at the Ches property has been approved and an
exploration program is being planned.
A budget of up to $67,000 has been approved for a first pass
exploration program at the Ches Property. This exploration program
will consist of mapping, soil and rock channel sampling, and
excavator trenching to evaluate and expand known zones of
mineralization exposed in logging road cuts. A permit application
to conduct this work has been submitted to the Ministry of Energy
and Mines and the program will commence in the summer of 2014
pending the receipt of all necessary permits.
An additional 1927 hectares have been staked around the Ches
property enlarging the property over 4 times its original size, and
bringing the total property size to 2390 hectares.
Northern Abitibi can earn a 100% interest in the Ches Property
by making staged cash and share payments over 4 years totaling
$50,000 cash and 1.6 million shares at a deemed value of $0.05 per
share, 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.
The Ches Property
The road accessible Ches Property is located 80 kilometres south
of Burns Lake on the south side of Ootsa Lake. Mineralization
consists 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 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.
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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