Canadian Orebodies Discovers New Gold Zone at Wire Lake Property
Canadian Orebodies Inc. (the “Company”) (TSX VENTURE:CORE) is pleased to announce results from the Company’s prospecting program at Wire Lake and the discovery of a new gold zone that potentially extends the Wire Lake Gold Zone between 500 and 700 metres to the south.
“This was a brand new zone discovered late in the field season, which only allowed for limited follow up. However, that work provided some very exciting gold values – including the highest grade sample we have collected to date on the Wire Lake Property. We will be eager to get back to work in the spring to follow up and hopefully expand this new priority area,” said Gordon McKinnon, President and Chief Executive Officer of Canadian Orebodies. “Our team is also in the process of finalizing the compilation of data from our extensive prospecting programs on the adjoining Black Raven property, and we will be providing a further update early in the New Year.”
Within the Company’s Wire Lake Property a new zone of gold mineralization was discovered lying between 500 to 700 metres south of the Wire Lake Gold Zone. Initial first pass prospecting from this area during the summer returned several strongly anomalous grab samples ranging from 400 ppb to 600 ppb Au in lithologies similar to those observed at the Wire Lake Gold Zone. As these assay results were received late in the season, only a limited amount of follow-up prospecting could be carried out before closing the exploration camp for the winter. During that time, the Company’s geological teams were successful in outlining an 800 square metre area hosting gold and pyrite-pyrrhotite mineralization in altered mafic volcanics (biotite, silicification). Assays from fifteen grab samples taken from this area averaged 1.92 gpt Au*. Of significance is that the four samples taken the furthest east returned 10.4 gpt Au, 6.6 gpt Au, 3.6 gpt Au and 1.1 gpt Au over a 180 metre strike length. The zone remains open to the east and along strike.
The Company plans to extend the Wire Lake grid to cover over this new area and carry out an induced polarization geophysical survey. Additional prospecting and geological mapping will be conducted as soon as conditions permit next spring, with stripping and diamond drilling to follow if results continue to be favourable.
Full size map available at: https://canadianorebodies.com/site/assets/files/2011/wire_lake_grabs_-_dec_2017.pdf
Canadian Orebodies has implemented a quality-control program to comply with best practices in the collection and analysis of rock samples. Samples were transported in security-sealed bags to Activation Laboratories Ltd. in Thunder Bay, ON for preparation and assay.
This press release has been prepared under the supervision of Mr. Bruce Mackie (P.Geo.), who is a consultant to the Company and a “qualified person” (as such term is defined in National Instrument 43-101). Mr. Mackie has verified the technical data disclosed in this press release.
* Readers are cautioned that grab samples are selective by nature. The grades and mineralization present are unlikely to represent future average grades on the property.
About Canadian Orebodies Inc.
Canadian Orebodies is a Canadian-based mineral exploration company with a portfolio of properties in Ontario and Nunavut. Canadian Orebodies is focused on generating shareholder value through the advancement of its two Hemlo area properties: Wire Lake and the North Limb.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, the timing of future exploration work or drilling, and the expansion of the mineralization. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Canadian Orebodies Inc., including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
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 this release.
For more information please visit: www.canadianorebodies.com
Canadian Orebodies Inc.
President & CEO
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