Business
CMC Options Rancheria Silver Project
(via TheNewswire) Vancouver, BC. - TheNewswire - June 3, 2020 - CMC Metals Ltd. - ...
About this update from Walker Lane Resources Ltd.
[{"type":"text","content":"CMC Options Rancheria Silver Project(via TheNewswire)\n\n \n\n\n\n \nVancouver, BC. - TheNewswire - June 3, 2020 - CMC Metals Ltd. - (\"the Company\") (TSXV:CMB) (OTC:CMCXF) is pleased to announce that it has acquired an option to earn up to a 100 percent working interest in the Blue Heaven mineral property in the Rancheria Silver District, Yukon (the \"Property\"), subject to an option agreement with Strategic Metals Ltd. (TSXV:SMD) (the\"Agreement\"). Pursuant to the terms of the Agreement, the Company will pay $7,500 upon execution of the Agreement and $30,000 on the first anniversary. Additional payments will be made in the following years of $62,500 at the end of year two, $125,000 at the end of year three and $175,000 at the end of year four resulting in total payments of $400,000 for an 80% interest in the Property. The Company will have an option to acquire the remaining 20% interest for a cash payment of $500,000. The Property is subject to a 2% net smelter royalty which can be reduced to 1% upon the payment of $1,000,000.\n\n\n \nThe Rancheria Silver District is located approximately 300 kilometers east of Whitehorse, Yukon in a 130 km long by 50 km wide belt that straddles the Yukon and British Columbia border and adjoins the Company's flagship Silver Hart claims. \n\n\n \nThe Blue Heaven property lies immediately adjacent to the southeast of CMC's cornerstone Silver Hart Project and comprises of 118 claims (1,975 hectares). The Blue Heaven claims cover part of the Cassiar Batholith, a satellite plug and surrounding calcareous and non-calcareous sediments and is a multi-kilometer extension of the same geological units found within Silver Hart. A total of 16 mineralized zones have been identified within the Blue Heaven property comprising high grade silver veins, silver-lead-zinc carbonate replacement occurrences, and tungsten +/- copper skarns. A 1999 bulk sample of hand sorted material from excavations on two of the vein zones produced 51.47 dry tonnes grading 8,563 g/t silver, 56.2% lead, 9.5% zinc, and 1.2 g/t gold. The carbonate replacement zones are found within a 200 to 500 meter thick section of calcareous meta-sediments that extends for at least 4 kilometers within the Blue Heaven Property (see figure 1 and also on our website at www.cmcmetals.ca) that then extends continuously into Silver Hart and has an asso...