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Chimata Gold Corp.
Summary
| Project: | Kamativi Tailings | |
|---|---|---|
| Deposit: | Kamativi Tailings | |
| Location: | Zimbabwe | |
| Commodities: | Lithium | |
| Date: | 9/20/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing PEA | |
| Report details: | 20-9-2018: Chimata Gold Corp. announces a Resource Estimation report for its Kamativi Tailings deposit at the Kamativi Tailings project. Initial mineral resource estimate at Kamativi Tailings. TORONTO, ONTARIO / ACCESSWIRE / September 20, 2018 / Galway Me | |
| Resources: | (Resource): 26.32Mt @ 0.58% Li2O (Ind.), 0.30Mt @ 0.62% Li2O (Inf.) | |
| CP/QP: | [Resources]: Ipelo Gasela, Micheal Cronwright (MSA Group Pty Ltd.) | |
| ABSTRACT: | TORONTO, ONTARIO / ACCESSWIRE / September 20, 2018 / Galway Metals Inc. (TSX-V: GWM) (OTC PINK: GAYMF) (the "Company" or "Galway") is pleased to report an updated Mineral Resource estimate prepared by RPA Inc. on the Estrades property located in the northern Abitibi of Western Quebec, Canada. Galway is pleased to report that the resource at Estrades has grown substantially and now contains 543,051 gold equivalent ounces (AuEq oz) of Indicated Mineral Resources grading 11.3g/t AuEq, plus 520,430 AuEq oz of Inferred Mineral Resources grading 7.4 g/t AuEq. From a zinc equivalent perspective, the Estrades deposit now contains 685 million ZnEq lb of Indicated Mineral Resources grading 20.8%, plus 656 million ZnEq lb of Inferred Mineral Resources grading 13.5%. The Estrades deposit was previously mined via a 200-metre deep ramp, with production in 1990-91 totaling 174,946 tonnes grading 12.9% Zn, 6.4 g/t Au, 1.1% Cu and 172.3 g/t Ag. Robert Hinchcliffe, President and CEO of Galway Metals, said, "We are extremely pleased with the progress made on the Estrades project since acquiring it two years ago and believe we have generated a great return on our investment of $5 million (including 100% acquisition cost plus exploration expenditures) in a challenging market. It is worth noting the project is high grade coupled with favorable infrastructure. We believe that there is plenty of upside to grow the existing resource and to find other potential deposits on our 20,000-hectare land position as these types of deposits tend to occur in clusters. The new resource estimate will provide the basis for the preparation for a PEA, which is scheduled to be completed in early 2019." Mike Sutton, Vice President of Exploration adds, "We believe that this resource can be significantly expanded in several areas along the 1.8-km Estrades strike length, and to depth where recent Titan geophysical surveys revealed strong anomalies extending to depths of at least 2,000 metres. Galway's successful drilling had its biggest impact just east of the existing ramp and cross fault in a gap where Galway drilled 4 high grade holes that are open in every direction and that increase the attractiveness of the entire area to the east (refer to press releases dated July 26, 2018 and August 2, 2017). We are also optimistic about the potential of discovering other satellite volcanogenic massive sulphide (VMS) deposits along favourable felsic rhyolite horizons where the recent Titan surveys reveal high chargeability/low resistivity anomalies at the nearby Newiska South and Newiska East targets, among other areas." | |
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