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TORONTO, Nov. 18, 2019 /CNW/ - Central Timmins
Exploration Corp. ("CTEC" or the "Company") (TSXV: CTEC)
is pleased to announce a potential Kimberlite Pipe identified in
Bonar Township near Chapleau 160km
west of Timmins, Ontario. This was
a pleasant surprise as CTEC was evaluating 2 Mag anomalies located
about 1 km apart for Cu Zn. Based on a follow-up, detailed
helicopter Mag survey both Mag anomalies model as steeply dipping
pipes. Review of the CTEC MMI results indicates that one anomaly
has a unique, very anomalous rare earth MMI response modelled as
per a SGS MMI template of the diamond bearing C14 kimberlite
located 20km NE of Kirkland Lake,
Ontario – See attached Bonar maps and chart of CTEC MMI data
vs. SGS MMI data over C14 kimberlite.
CTEC's exploration path to evaluating the 2 Mag anomalies in
Bonar Township was as follows:
- The Chapleau area of the
Kapuskasing Structural Zone (KSZ) was sampled by Operation Treasure
Hunt for diamond indicator minerals in 2001; as part of a
multi-year regional geochem program; G9 and G10 diamond indicator
minerals were found. (OGS Open File Report 6063)
- In 2002 the Ontario Government funded a regional airborne
aeromagnetic survey of the Chapleau Uplift portion of the KSZ; 2 of
the most interesting Mag anomalies were located in Bonar
Township.
- A Timmins prospector staked
the 2 Mag anomalies and then funded a low-level Helicopter Mag /EM
survey in 2003. Both Mag anomalies model as steeply dipping pipes
with core areas, 6ha and 10ha respectively.
- Claims came open in 2007 – Claim Post Resources (CPS) staked
the claims, completed a 180 sample MMI program crossing both Mag
anomalies; prospected the area - local geology appears to be a
dolostone.
- CTEC re-staked the claims in 2019; re- evaluation of the MMI
data indicates the 12ha pipe has the C14 rare earth rim and a
central Kimberlite signature, whereas the 6ha pipe has no rare
earth signature.
- The C14 pipe was one of the first diamond bearing kimberlite
pipes found about 20km NE of Kirkland
Lake, Ontario. A large diameter drill core - pilot plant
test program recovered 5 diamonds.
- Three lines of MMI sampling at 25m centers generated the SGS Laboratories MMI
template for kimberlite exploration. The C14 SGS MMI data is on the
SGS website.
Charles Gryba, President and CEO
stated "CTEC's potential kimberlite pipe in Bonar Township is
located 45km directly north of the newly-commissioned Newmont
Goldcorp Borden Lake Gold Mine. This area of the Kapuskasing uplift near Chapleau was extensively explored for
carbonatites in the 1960s. Most of the carbonates were 5 to 10
kilometres in diameter with some areas grading 0.3% to 0.5%
Niobium.
Claim Post Resources MMI sampled the Bonar magnetic anomalies
but switched to frack sand in Manitoba and the claims lapsed. CTEC re-staked
the claims in 2019 to follow up on the anomalous Cu and Zn values.
The high rare earth assays on the outside perimeter of the north
anomaly were noted but what was missed is that the core area of the
Mag anomaly matched the Kimberlite Mg+Cr+Co response of the C14
kimberlite pipe. Graphs of the CTEC and C14 SGS data are attached;
CTEC responses are much higher due to shallower overburden. When
taken together; the very anomalous rare earth rim combined with the
separate kimberlite core area response gives a unique overall
kimberlite signature.
Nature being what it is; another possibility is the 12ha pipe is
a magnetic carbonatite pipe potentially rich in rare earths. If the
2 CTEC pipes were part of a large carbonatite complex, one would
expect both pipes to be anomalous in rare earths. Only the 12ha
pipe is anomalous in rare earths thus it could be Carbonate Group
type Kimberlite pipe, perhaps geologically similar to the DeBeer's
Victor North kimberlite pipe where
the fine-grained kimberlite matrix is mainly dolomite and
calcite."
Deep Seismic plus gravity surveys indicate that portion of the
KSZ has a 150km deep keel thus there is a good chance that if the
kimberlite is diamondiferous the diamonds could still be intact.
Permitting to drill a diamond drill hole to test the 12ha pipe is
in progress. Most kimberlites in Canada are remote, under deep overburden or
more likely under a small lake. The CTEC Bonar possible pipe has
road access and all indications are that is close to surface as
there are granite gneiss outcrops within 300m of the anomaly.
Mr. Charles Gryba P. Eng. has
acted as the Qualified Person, as defined in NI 43-101, with
respect to the disclosure has approved the scientific and technical
information relating to the disclosure discussed in this news
release. Mr. Gryba - President and Director of CTEC was also
the founder, President and Director of Claim Post Resources TSXV
CPS from listing until 2018; thus, providing continuity on the
Company's Timmins area exploration
programs.
About Central Timmins Exploration Corp.
CTEC is an early-stage Canadian-based junior exploration company
with property mainly within the city limits of Timmins in the Porcupine Mining District in
the northeastern region of Ontario. The Company's assets are prospective
for gold; a suite of base metals and now kimberlites as well. See
the company website at www.centraltimmins.com.
Forward Looking Information
This press release contains "forward-looking information" within
the meaning of applicable securities laws that is intended to be
covered by the safe harbours created by those laws.
"Forward-looking information" includes statements that use
forward-looking terminology such as "may", "will", "expect",
"anticipate", "believe", "continue", "potential" or the negative
thereof or other variations thereof or comparable terminology. Such
forward-looking information includes, without limitation, the
Corporation's expectations, strategies and plans for the Timmins
Properties, including the Corporation's planned exploration
activities and the intended uses of the net proceeds of the
IPO.
Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management at the date the statements are made. Furthermore,
such forward-looking information involves a variety of known and
unknown risks, uncertainties and other factors which may cause the
actual plans, intentions, activities, results, performance or
achievements of the Corporation to be materially different from any
future plans, intentions, activities, results, performance or
achievements expressed or implied by such forward-looking
information. See "Risk Factors" in the Corporation's final
prospectus dated October 4, 2018
filed on SEDAR at www.sedar.com for a discussion of these
risks.
The Corporation cautions that there can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Accordingly, investors should not
place undue reliance on forward-looking information.
Except as required by law, the Corporation does not assume any
obligation to release publicly any revisions to forward-looking
information contained in this press release to reflect events or
circumstances after the date hereof.
Neither the Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Central Timmins Exploration Corp
