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Idaho Champion Announces Acquisition of Mining Claims at Past Producing Champagne Project
TORONTO, ON / ACCESSWIRE / May 19, 2020 / Idaho Champion Gold Mines Canada Inc. (CSE:ITKO)(OTC PINK:GLDRF) ("Champion" or the "Company"), a discovery-focused go
About this update from Champion Electric Metals Inc.
[{"type":"text","content":" TORONTO, ON / ACCESSWIRE / May 19, 2020 / Idaho Champion Gold Mines Canada Inc. (CSE:ITKO)(OTC PINK:GLDRF) (\"Champion\" or the \"Company\"), a discovery-focused gold exploration company, is pleased to announce that it has acquired unpatented mining claims that are located within the Company's past producing Champagne Project in Idaho, USA. The unpatented properties (the \"Reliance Claims\") include seven (7) mining claims (see Figure 1) which are located inside the project area controlled by Champion. The Reliance claims are located due west of the open pit with a historic, non-NI 43-101 compliant resource of 2.3 million tons (\"MT\") at 1.9 grams of gold per ton, which was determined by Bema Gold Corporation (\"Bema\") prior to mining. (See Mine Development Associates report dated September 1989). Figure 1: unpatented mining claims location \"The strong historical data that has been analyzed shows tremendous exploration upside of the Champagne property,\" President and CEO Jonathan Buick stated. \"It makes sense to consolidate the properties within the Champion-controlled ground to have the ability to facilitate our exploration theories.\" Under the terms of the agreement, Idaho Champion purchased the Reliance Claims from a private family for US$15,000 and the issuance of 150,000 Champion common shares. Figure 2: Champagne Project Location Map About Champagne Project The Champagne Mine was operated by Bema Gold as a heap leach operation on a high sulfidation gold system that occurs in volcanic rocks. Bema Gold drilled 72 shallow reverse circulation holes in addition to previous operators drilling and trenching. The property has had no deep drilling or modern exploration since the mine closure in the early 1992. The Champagne Deposit contains epigenetic style gold and silver mineralization that occurs in strongly altered Tertiary volcanic tuffs and flows of acid to intermediate composition at Lava Creek. Argillic and sericite alteration is widespread at the Champagne Deposit, silica flooding, alunite and barite are closely associated with the gold and silver mineralized zone. Champagne has a near surface cap of gold-silver mineralization emplaced by deep-seated, structurally controlled shears that acted as conduits for precious metal rich hydrothermal fluids. High grade zones in the Champagne Deposit appear to be related to su...