Google Übersetzer
(via Thenewswire.ca)
Vancouver, B.C.: CMC Metals Ltd. (the "Company") is pleased to announce that during the 2011 Yukon exploration season, a preliminary reconnaissance study was conducted. The purpose was to collect data to assist in the development of a Class II exploration application for the 2012 exploration. As part of the on-site data collection, three chip samples at 15 meters spacing, were taken from the 5150 adit. The following are the assay results:
-------------------------------------------------------- |Sample ID.|Width |Gold |Silver |Lead |Zinc | | |Meters|gpt/opt |gpt/opt |percent|Percent| |------------------------------------------------------| |0+15 |1.09 |9.10/0.27|84/2.45 |0.62 |3.30 | |------------------------------------------------------| |0+30 |0.74 |5.23/0.15|1625/47.40|11.45 |11.60 | |------------------------------------------------------| |0+47 |0.46 |5.37/0.16|266/7.76 |2.62 |2.70 | --------------------------------------------------------
gpt=grams per tonne, opt= ounces per ton.
Samples were prepared and assayed by ALS Laboratory Group in Vancouver, an ISO qualified assay facility. Gold and Silver values were determined using fire assay method with gravimetric finish. All other assays were by 4AR-ICP method.
The Logjam property consists of 32 claims, located in south-central Yukon. Development on the property includes a 5150 level adit, a 5600 level adit, 694 meters of underground drifting, 795 meters of underground diamond drilling, 1256.7 meters of surface diamond drilling and an operational 20-man camp. Historical geological work has identified 10 known silver-bearing structures within the 450 meter thick diorite intrusion. Only two of the 10 structures have been explored underground and have shown consistency of mineralogy and grade between the two adits. CMC is planning to expand the geological understanding of the Logjam property through additional surface and underground sampling during the 2012 exploration season.
Furthermore, the Company is awaiting confirmation of the sale of the Direct Ship Ore that was part of the 2011 bulk sample taken at the Silver Hart property and may wait to the new year as silver prices improve. Also due to contractor delays in getting equipment to process the remaining bulk sample plus the change in weather, it was necessary to halt any further processing. The continuation of preparing the 2011 bulk sample will occur in the spring of 2012.
In addition, the Company further wishes to announce that it has agreed to issue up to 1,000,000 Units at $0.20 per unit, each unit consisting of one flow-through common share and one transferable flow-through share purchase warrant. One warrant will be exercisable for one additional flow-through common share at $0.30 per share for a period of twelve months. The proceeds of this private placement will be used for work on the Logjam and Silver Hart properties. No finder's fee will be payable in relation to this private placement. This transaction is subject to TSX Venture Exchange approval.
In compliance with NI 43-101, Don Wedman, P.Eng., President and Chief Executive Officer of the Company, is the Qualified Person who prepared or supervised the preparation of the technical information presented in this news release.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
On behalf of the Board:
Donald W. Wedman, P.Eng.
CMC METALS LTD.
For further information on the Company, please contact Mr. Gord Zelko, VP Business Relations at MineralStocks Consulting. Telephone: 250-495-7123, or Email: gz@mineralstocks.com.
Copyright (c) 2011 Thenewswire.ca - All rights reserved.