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Canada Strategic Metals Inc.
Summary
| Project: | Sakami | |
|---|---|---|
| Deposit: | Sakami | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 5/18/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 18-5-2018: Canada Strategic Metals Inc. announces an Exploration/Drilling Update report for its Sakami deposit at the Sakami project. Summary of property and recommendations of further work. SGS Canada Inc.’s Geostat consulting Group (“SGS”) has been reta | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Jean-Sebastian Lavallée (Internal) | |
| ABSTRACT: | SGS Canada Inc.’s Geostat consulting Group (“SGS”) has been retained by Matamec Explorations Inc. (“Matamec”) and Canada Strategic Metal (CSM) to prepare an independent NI 43-101 compliant Technical Report on the Sakami property (“the Property”), located near the town of Radisson in the James Bay area of Québec, Canada. This technical report presents an up to date summary of the geological and drilling programs carried out on the Sakami property since the publication of the 2016 NI 43-101 geological report from Canadian Strategic Metals (“CSM”), specifically the recent exploration and drilling campaign completed in early – mid 2017. The effective date of this SGS report is October 31st, 2017, which is the reception date of the last analytical results from the 2017 drill campaign. The Sakami Property (“Sakami”) consists of a block of 213 contiguous mineral claims totalling 10,737 hectares consisting of several peninsulas and islands in the center of Sakami Lake. Sakami is a joint venture (50%/50%) project between Matamec Explorations Inc. (“Matamec”) and Canadian Strategic Metals (“CSM”). Beginning February 14, 2017, CSM will have an option to acquire an additional 20% (totalling 70%) by completing an independent bankable feasibility study within five (5) years. For the purpose of this technical report, the property is subdivided in two main sections: SakamiEast, which consists of 120 contiguous mineral claims of the agreement signed by CSM and Matamec on August 16, 2013 and Sakami-West, which consists of 81 contiguous mineral claims of the agreement signed by CSM and Matamec on August 16, 2016.The town of Radisson in the James Bay region of Quebec is the closest infrastructure, located 130 km northwest of the Property with Matagami, located approximately 600 km to the south. On August 16th, 2013, Matamec and CSM entered into an option agreement where CSM could acquire an interest of up to 70% in the Sakami project. CSM acquired a 50% interest after having issued a total of 2,000,000 common shares to Matamec and completing $2,250,000 CAD of exploration work before August 16th, 2016. CSM satisfied the terms of the 50% option agreement of 2013, acquired its 50% interest and exercised its 180 days option period to acquire an additional 20% interest in the Sakami Property. Both parties entered into a full joint venture agreement on August 16th, 2016 whereby a total of 81 contiguous claims were added to the existing Property upon the exercise of the additional 20% interest began in 2016. | |
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