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CMC Metals Ltd. Commences Field Work for Option Partner Highbank Resources at Terra Nova Property, Central Newfoundland
VANCOUVER, BC / ACCESSWIRE / November 15, 2022 / CMC Metals Ltd. (TSXV:CMB)(Frankfurt:ZM5P)(O...
About this update from Walker Lane Resources Ltd.
[{"type":"text","content":"CMC Metals Ltd. Commences Field Work for Option Partner Highbank Resources at Terra Nova Property, Central NewfoundlandVANCOUVER, BC / ACCESSWIRE / November 15, 2022 / CMC Metals Ltd. (TSXV:CMB)(Frankfurt:ZM5P)(OTCQB:CMCXF) (\"CMC\" or the \"Company\") is pleased to announce that it has received all required permits for its Terra Nova Property in central Newfoundland and as the exploration operator for its option partner Highbank Resources Ltd. (TSXV:HBK) will now be commencing field activities.Field crews are being mobilized to the Terra Nova property which consists of 71 claims located 30 kilometers northwest of Port Blandford in central Newfoundland. Access is from the town of Terra Nova via 12 km of transmission line road built for the Lower Churchill Falls power development. The final permit for the project was recently received from NALCOR in Newfoundland who are responsible for the power transmission line and access routes that transverse the Terra Nova Property.Kevin Brewer, President and CEO of CMC Metals Ltd. notes \"We can finally progress with trail and road development to access the mineralized showings. We will then undertake trenching to assess the extent of these showings and better understand the geology and mineralizing system of this area.\"CMC has an option to earn a 100% ownership of the property but in turn recently optioned the property to Highbank Resources Ltd. but remained the exploration operator and has a carrying NSR interest. The property lies within the Gander Zone which is an area of significant exploration interest as a result of Newfound Gold's Queensway gold project. Terra Nova is an interesting property as it has a large alteration area of 12 square kilometers which to date has been subjected to limited exploration. The property is considered to have potential to host mesothermal gold-polymetallic deposits.The property currently comprises of five mineralized showings: (i) the Copper Vein; (ii) Nancy's gold vein showing; (iii) New Alteration Zone; (iv) the Silver Pit; and, (v) the Galena Vein Showing. Previous sampling efforts have produced interesting results including:A grab sample collected at the Copper Vein Showing produced 354 ppb gold, 43.8 g/t silver, 2.33% copper and > 1,000 ppm tungsten;A grab sample at Nancy's Gold Vein Showing have produced 6,812 ppb gold, 159.6 g/t silver, 1,562...