ROUYN-NORANDA, Quebec, June 10, 2019 (GLOBE NEWSWIRE) -- Chibougamau Independent Mines Inc. (CBG-TSX-V in Canada, CLL1-Frankfurt, Stuttgart and Lang & Schwarz Stock Exchanges in Germany, CMAUF-OTC in the US) is pleased to inform shareholders that it has signed a drill contract to undertake at least 3,400 metres of drilling in 8 holes on Chibougamau’s 100% owned C-3 copper/gold zone located in McKenzie township, approximately 8 km east of the town of Chibougamau, Quebec.
On May 22, 2019, Chibougamau Independent Mines announced drill intersections from two holes BJ-19-17 which intersected 4.33% Copper, 3.69 g/t Gold and 19.62 g/t Silver, over a 22 metre core length and, BJ-19-18 which intersected 7.70% Copper, 3.58 g/t Gold and 33.25 g/t Silver, over a 9.2 metre core length. Combined with previous Chibougamau drilling, the C-3 Zone has been intersected from surface to a vertical depth of 450 metres (see May 22, 2019 press release for details: https://www.globexmining.com/news.php.
The new drill program should start within the next two weeks once the final permit is received. Drill holes are planned to test the zone along strike to both the southeast and northwest and, depending upon results, to greater depth.
Chibougamau Independent Mines recently completed a $1,065,735 flow through financing at $0.225 per share and is fully financed to undertake the drill program and any expansion thereto as may be warranted by drill results. (See press release dated May 29, 2019).
This press release was written by Jack Stoch, P. Geo., President and CEO of Chibougamau Independent Mines Inc. in his capacity as a Qualified Person (Q.P.) under NI 43-101.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
|We Seek Safe Harbour.||CUSIP Number 167101 203|
For further information, contact:
|Jack Stoch, P.Geo., Acc.Dir.|
President & CEO
Chibougamau Independent Mines Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1
Forward Looking Statements
Except for historical information this News Release may contain certain “forward looking statements”. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the Companies expectations and projections. A more detailed discussion of the risks is available under “disclaimer” on the Company’s website.
46,695,042 shares issued and outstanding