/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR
DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR
INTO THE UNITED STATES./
TORONTO, June 10, 2019 /CNW/ - Central Timmins
Exploration Corp. ("CTEC" or the "Company") (TSXV: CTEC)
is pleased to provide an update of the 2019
winter program and outline the 2019 summer exploration
program.
CTEC has four distinct project areas in the historic
Timmins mining camp. The
Deloro and Ogden Projects are
located on the south side of the Porcupine Destor Fault Zone
(PDFZ), while the Mountjoy and 4
Corners Projects are located on the north side of the PDFZ.
CTEC's projects cover areas of Deloro, Ogden, Mountjoy, Godfrey, Robb, Jamieson and Turnbull Townships. Initial
2019 drilling focused primarily on the Mountjoy Project area with
3,510 m drilled in eight holes.
Targets were set based on mobile metal ion (MMI) soil geochemical
data and additional ground geophysical surveys (IP, Mag,
VLF). See the attached Timmins geology map showing CTEC's land
position.
Exploration Highlights
- CTEC has completed eight drill holes since our last results
release: One on the Deloro Project and seven on the Mountjoy
Project for a total of 3,510 m of
drilling.
- Drill holes G1-19-01, 02 and 03 in southeast Godfrey Township in the Mountjoy Project area
each intersecting 50 m to
100 m of porphyry with frequent
highly-contorted quartz veining with occasional tourmaline and
local fine-grained pyrite.
- The best assay result was 2.46 g/t Au over 0.70 m hosted in porphyry in DDH G1-19-02. This
hole also had 11 other gold intersections that assayed 100 ppb to
300 ppb Au in altered and quartz-veined porphyry.
- Holes 01 and 03 also had a total of 11 assay intervals grading
100 ppb to 300 ppb Au in altered sections of porphyry.
Charles Gryba, President and CEO
stated "The CTEC ground in Timmins
has been under-explored for the past 100 years as most exploration
focused on areas around the main mines and the corridor along the
PDFZ. What is encouraging is that CTEC's winter drilling has
confirmed that the Caron Porphyry contains gold mineralization and
may be part of a series of previously unknown porphyries starting
at the Godfrey-Mountjoy Township boundary. Based on CTEC's
MMI bedrock modelling, the porphyries trend eastward for 7 km or
about halfway to the Hollinger Gold Mine porphyry-related gold
system. The fully funded $400,000 summer program will drill-test at least
two of the anomalous gold-porphyry targets to confirm the new
porphyry trend and attempt to identify economic
mineralization."
Mountjoy Project Area
Seven of the 2019 diamond drill holes were drilled north of the
PDFZ – three in Godfrey Township,
holes G1-19-01, 02 and 03 as referenced above, and four in
Mountjoy Township. Three drill
holes (M4-19-01, 02 and 03) on the M4 property in Mountjoy intersected 15 narrow zones of
fine-grained chalcopyrite mineralization believed to reflect the
MMI copper anomaly. The fourth drill hole (M13-19-01) was drilled
near the south township boundary and encountered 80 m of overburden. It was then stopped in
a fault zone in greywacke. The hole returned no Au values.
CTEC's Godfrey drill results
are similar to the historical 1936 to 1938 15-hole Minesta Gold
Mines' drill logs and assays (12,560 ft (3,828m)) on the same porphyry (Timmins MNDM
Assessment file - T89). Geological modelling of CTEC holes
G1-19-01, 02 and 03 drilled in proximity to four 1938 historical
drill holes indicates that the porphyry is approximately
500 m long, up to 100 m wide and is still open below 300 m depth and along strike to the east.
The seven holes drilled into the Caron Porphyry all have
multiple intersections ranging from 100 ppb to 300 ppb Au. In
addition, five of the seven holes have assays of more than 1.00 g/t
Au along the 500 m strike length
drilled to date. The entire porphyry is altered with sporadic
tourmaline, sulphides and multiple quartz veins. The next porphyry
to be drill tested is 600 m to the
southeast of the Caron Porphyry.
CTEC used the data from MMI programs in 2010 and 2018 to assist
in mapping subsurface geology in Mountjoy
Township. Trace elements such as Cesium (Ce) or high Ce/Yb
(Ytterbium) ratios coupled with low nickel values, may be
interpreted as indicating felsic intrusives such as porphyries. The
CTEC database of 6,000 MMI samples contains 300 MMI samples with
high Ce/Yb ratios. Most of these samples were also high or
anomalous in Au, Cu, Pb and Zn. The Ce assays above 500 ppb or
above the 92nd percentile were used to generate the
porphyry outlines. See porphyry areas as illustrated on the
attached map extending from the Caron Porphyry 7 km to the
southeast.
Mountjoy Township drill holes
M4-19-01, 02 and 03 tested a copper-modelled portion of an
extensive MMI target suggesting VMS potential, with several
associated airborne electromagnetic anomalies and pulse
electromagnetic ground survey responses. Drilling returned 15
scattered intervals where chalcopyrite mineralization was noted
within sediments and associated with two diabase dykes.
M4-19-01 intersected 188 ppm Cu over 2.0 m from 33.0 m
to 35.0 m, 121 ppm Cu from
60.0 m to 62.0
m, and 1,020 ppm Zn over 0.5 m
from 286.5 m to 287.0 m. Cu and Zn mineralization intercepts were
both in sediments and shears or minor faults. Follow-up IP is
planned over the Zn portion of the MMI anomaly.
Deloro Project Area
The results from CTEC's first four drill holes in Deloro were announced on January 21, 2019. CTEC's fifth drill hole
was completed in late-2018 in southwest Deloro and returned no significant results. An
IP survey was completed in May 2019
to cover this area of Deloro.
Also, in Deloro Township, 12
Faymar Mine historical crown pillar geotechnical holes were
re-logged and assayed for the first time. The main vein
intersection returned up to 5.69 g/t Au over 1.60 m correlating well with historical mine
production of 120,000 t at 5.6 g/t Au (Ontario MNDM Timmins
archives). This data along with the IP survey results will be
reviewed to triangulate to the best prospective gold targets.
Summer Program
The CTEC summer drill program north of the PDFZ will test an IP
anomaly extending east of the Caron Porphyry in southwest
Mountjoy Township, and the
northern extension of the narrow high-grade silver, lead, zinc
veins outcropping on the 4 Corners Project in northwest
Godfrey Township. The summer drill
program south of the PDFZ will be finalized upon completion of the
geophysical modelling. Selective MMI sampling will be undertaken on
VMS targets in Robb, Turnbull and
Bondar townships.
CTEC has a comprehensive, industry standard Quality
Assurance/Quality Control program in place covering all its core
assaying. The program is supervised by an independent Qualified
Person.
Mr. John Sullivan, B.Sc., P. Geo,
independent director of CTEC, has acted as the Qualified Person, as
defined in NI 43-101, with respect to the disclosure of the
scientific and technical information relating to exploration
results and future plans.
About Central Timmins Exploration Corp.
CTEC is an early-stage Canadian-based junior exploration Company
with property exclusively within the City limits of Timmins in the Porcupine Mining District in
the northeastern region of Ontario. The Company's assets are prospective
for gold as well as a suite of base metals. See the company website
at www.centraltimmins.com.
Forward Looking Information
This press release contains "forward-looking information" within
the meaning of applicable securities laws that is intended to be
covered by the safe harbours created by those laws.
"Forward-looking information" includes statements that use
forward-looking terminology such as "may", "will", "expect",
"anticipate", "believe", "continue", "potential" or the negative
thereof or other variations thereof or comparable terminology. Such
forward-looking information includes, without limitation, the
Corporation's expectations, strategies and plans for the Timmins
Properties, including the Corporation's planned exploration
activities and the intended uses of the net proceeds of the
IPO.
Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management at the date the statements are made. Furthermore,
such forward-looking information involves a variety of known and
unknown risks, uncertainties and other factors which may cause the
actual plans, intentions, activities, results, performance or
achievements of the Corporation to be materially different from any
future plans, intentions, activities, results, performance or
achievements expressed or implied by such forward-looking
information. See "Risk Factors" in the Corporation's final
prospectus dated October 4, 2018
filed on SEDAR at www.sedar.com for a discussion of these
risks.
The Corporation cautions that there can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Accordingly, investors should not
place undue reliance on forward-looking information.
Except as required by law, the Corporation does not assume any
obligation to release publicly any revisions to forward-looking
information contained in this press release to reflect events or
circumstances after the date hereof.
Neither the Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Central Timmins Exploration Corp