Apr 5 2016
Matamec Explorations inc. ("Matamec" or the "Company") and Canada Strategic Metals ("CSM") are pleased to announce that the La Pointe zone of the Sakami property shows evidence of significant gold potential. The property is optioned by CSM (see below: Option agreement - Sakami Property) and is situated in James Bay (Québec). The La Pointe zone is located in the southern part of the property (See figure 1: Sakami Property Geology).
Significant gold potential in the La Pointe Zone (Sakami Property)
The most significant drillhole intervals of the La Pointe zone are located along the northwest limit of the model, which remains open in that direction. Recent remodeling of the La Pointe zone revealed two superimposed main structures (vein 22 and 25), which have a relatively predictable continuity, as well as potential for additional veins (see figure 3: Vertical section).
Previously summarized details of the La Pointe zone (See figure 3: Longitudinal section):
- the zone is continuous along a lateral distance of at least 250 m;
- the zone extends beyond 500 m depth down the dip of the structures;
- the mineralization remains open to the northwest, as well as at depth, with the best intersects along the northern edge (See figure 2: Plan view).
These mineralised horizons are sub-parallel to the major tectonic contact, which spans more than 15 km on the Sakami property (see figure 1 Sakami Property Geology).
The orogenic gold deposits of the Sakami sector contain significant gold mineralisation occurrences that present similar characteristics as the same deposit types of the Abitibi and James Bay sectors. They consist of quartz and brown tourmaline with minor arsenopyrite mineralisation hosted within various lithologies (for example, the Opinaca sediments, the La Grande mafic volcanics, and iron formations) in association with a strong deformation zone, notably near the tectonic contact of the La Grande-Opinaca sub-provinces. The mineralisation style and tectonic setting share considerable similarities with the Eleonore mine and the Cheechoo showing.
Guy Desharnais, géo., Ph.D. (OGQ No.1141), is a Qualified Person as per NI 43-101; he reviewed and approved the technical content of this press release.
"The La Pointe zone of the Sakami property has not yet revealed its full potential," said André Gauthier, President and CEO of Matamec. "Moreover, the breadth of the Company's gold property portfolio clearly demonstrates that Matamec's strategy "From gold to rare earths", is an added value for shareholders of the company".
Option Agreement - Sakami Property
On August 16th, 2013, Matamec signed an option agreement with CSM in which the latter could acquire a 50% interest in the Sakami gold project by spending $2,250,000CAD in exploration work over a period of three (3) years and before August 16th, 2016. CSM has spent nearly $1,600,000CAD on the property to date.