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Canadian Metals Inc. Discovers Gold and Other Metals at its TV Tower Property in New Brunswick

12.07.2018  |  CNW


MONTRÉAL, July 12, 2018 /CNW/ - Canadian Metals Inc. (The "Corporation") (CSE: CME) is pleased to announce it has discovered gold and other metals at its TV Tower property in New Brunswick. The property was recently optioned by Canadian Metals and is located 14 km south of the Trevali Caribou mines. The property is adjacent to the Caribou Wind Farm making Canadian Metal's exploration site easily accessible by paved highway and gravel road. Gold & polymetallic findings from initial hole TV-18-01, along with Channel sampling produced the following results:

Channel Sampling and Initial Drilling Highlights:

Rock Saw Channel Samples

+ 0.61 g/t Au, 0.40% Cu, 0.31% Zn, 0.03% Co in Channel B sample #3&4 over 2m

Including 1.01 g/t Au, 0.45% Cu, 0.17% Zn, 0.03% Co in Channel B sample #3 over 1m

+ 0.15 g/t Au, 0.40% Cu, 0,38% Zn, 0.01% Co in Channel A sample #3 & 4 over 2m

+ 0.13 g/t Au, 0.23% Cu, 0.03% Zn, in Channel D sample #2, 3 & 4 over 3m

+ Gold grade up to 1.01 g/t over 1 m
+ Copper grade up to 0.45% over 1m
+ Zinc grade up to 0.45% over 1m
+ Cobalt grade up to 0.03% over 1m

Diamond Drill Hole TV-18-01

+ 14.1m @ 0.12 g/t Au, 0.21% Cu, 0.20% Zn, 0.006% Co from 5.5m to 19.6m

Including 4.6 m @ 0.26 g/t Au, 0.40% Cu, 0.15% Zn, 0.01% Co from 15m to 19.6m

+ 2 m @ 0.53 g/t Au, 0.23% Cu, 0.09% Zn, 0.01% Co from 54m to 56m

+ Gold grade up to 0.54 g/t over 1 m
+ Copper grade up to 0.74% over 0.5m
+ Zinc grade up to 0.54% over 0.5m
+ Cobalt grade up to 0.02% over 1m

Note: Average assays values are Length x Density weighted, core length is estimated to be 75% of true thickness.

The company has completed 14 relatively shallow diamond drill holes and drilling is currently suspended to allow for analysis and interpretation. Initial drilling length of 744 meters has been completed and the drill rig remains in place on TV-18-14. Table 1. below provides coordinates and initial drill hole characteristics.

Holes are currently logged and sampled by C. Bisaillon P.Eng who is responsible for the preparation of this press release. Upon completion of drill hole TV-18-01, priority has been given to hole TV-18-14. In addition to near surface sulfide mineralization, this vertical hole drilled south of the trench and further uphill intersected significant sulfide mineralization over significant lengths at varying depths. NQ half core samples have been forwarded to AGAT laboratory in Mississauga. The attached core pictures confirm mineralization to a depth of 145 meters with drilling intersecting massive, semi-massive, quartz vein and disseminated sulfides. Sulfide mineralization is open in all directions.

The attached images provide property location (Figure 7) , drill holes and trenches locations (Figure 8) along with images of channel samples (Figure 6), core pictures (Figure 1 to 5).

Geophysical Survey

Immediately following the discovery of gold and other mineralization at TV Tower the company has engaged Prospectair Geosurveys Inc. of Gatineau to conduct a helicopter-borne high-resolution magnetic and time-domain electromagnetic survey on its TV Tower, Mountain Brook and Brunswick Black Shale properties.

Stephane Leblanc, Chief Executive Officer Comments:

"Initial results from drilling, channel sampling and other exploration activities have been very encouraging. We look forward to utilizing these results to build a better understanding of the geology and we are committed to further advancing exploration work on our TV Tower property. The MAG-TDEM airborne survey should establish key priority targets, which should allow the corporation to advance this project rapidly. The discovery of a volcanic massive sulphide (VMS) located at the Iceberg Tip zone near surface are extremely conductive and their location, thickness and geometry could be identified using such surveying technology. Moreover, the presence of other massive sulfide zones in TV-18-14 to the South may suggest continuity of the Iceberg tip zone in that direction"

The regional magnetic survey has assisted in the new finding. The company is looking forward to receiving the survey report of this MAG-TDEM prior to commencing additional drilling.

Quality Control / Quality Assurance (QA/QC)

The samples were analyzed by the independent laboratory AGAT in Mississauga Ontario. The channel and half core samples are dried, weighted and are crushed to have d80 passing 2mm and afterward riffle split to have 250 grams which is pulverized to have a pulp d80 of 75 microns and pulp is taken in Sodium Peroxide Fusion ICP-OES/ICP-MS Finish for the metals and the gold by done by Fire assay with ICP. Specific Gravity by Pycnometer is done on every sample at AGAT at this stage. The standards and blanks inserted by GoldMinds as well as internal AGAT quality control are in line with expected results and allow public disclosure of the results.

About TV Tower

The TV Tower property is composed of a total of 53 claim units covering approximately 1,157 hectares. The TV Tower property hosts potential Zn-Cu-Au massive sulphide lens. A new target for mineral exploration, located only 14 km south of the Trevali Caribou mines. The geological unit comprises dacitic to rhyolitic quartz-feldspar crystal tuff, dark grey iron formation and massive sulphides of the Tetagouche group.

Core Samples

The core is NQ in size. The drilling crew boxes the core and Canadian Metals employees transport it to the core shack. In the core shack the core is geologically logged with sample lengths indicated. When the sample lengths are determined the core is split using an impact splitter with one half of the core being bagged and tagged for assay. The other half is returned to the core trays for storage.

Qualified Persons

The technical information in this news release was prepared and approved by Claude Duplessis, P. Eng., of Goldminds Geoservices Inc. independent Qualified Persons as defined by National Instrument 43-101.

About Canadian Metals

Canadian Metals is a diversified resource company focused on creating shareholder value through the development of large-scale industrial mineral portfolios in specific commodities and jurisdictions that will fuel the new energy economy. The Company is uniquely positioned to pursue this strategy and controls significant interest in silicon and base metal assets throughout North America.

Our main activities are directed towards the development of Langis project, a high-purity silica deposit located in the province of Quebec with fully permitted with the BEX and the certificate of authorization from the MDDELCC. The Company is rapidly positioning itself as a supplier of high?purity silica and silicon alloy in North America. Silicon?based materials can be formulated to provide a broad range of products from more durable, faster building materials with smarter electronic devices, solar panels, and more efficient wind turbines. We expect to become a global supplier for several industries and applications but without limitation: glass, ceramics, lighting, oil and gas, paint, plastic, and rubber. We also want to become an integrated supplier to metallurgical industries including foundries, and participate in a wide range of civil, industrial, environmental, and related applications. These target markets are an integral part of the lives of millions of people every day.

Cautionary Statements Regarding Forward-Looking Information

Certain statements included herein may constitute "forward-looking statements". All statements included in this press release that address future events, conditions, or results, including in connection with the prefeasibility study, its financing, job creation, the investments to complete the project and the potential performance, production, and environmental footprint of the ferrosilicon plant, are forward-looking statements. These forward-looking statements can be identified by the use of words such as "may", "must", "plan", "believe", "expect", "estimate", "think", "continue", "should", "will", "could", "intend", "anticipate", or "future", or the negative forms thereof or similar variations. These forward-looking statements are based on certain assumptions and analyses made by management in light of their experiences and their perception of historical trends, current conditions, and expected future developments, as well as other factors they believe are appropriate in the circumstances. These statements are subject to risks, uncertainties, and assumptions, including those mentioned in the Corporation's continuous disclosure documents, which can be found under its profile on SEDAR (www.sedar.com). Many of such risks and uncertainties are outside the control of the Corporation and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In making such forward-looking statements, management has relied upon a number of material factors and assumptions, on the basis of currently available information, for which there is no insurance that such information will prove accurate. All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. The Corporation is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE Canadian Metals Inc.

Sean Tufford, Vice President, Corporate Development, Email: Sean@canadianmetalsinc.com, Phone: (902) 818 -8807; René Boisvert, President, Email: rboisvert@canadianmetalsinc.com; Stéphane Leblanc, Chief Executive Officer, Email: sleblanc@canadianmetalsinc.com, Website: www.canadianmetalsinc.com
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