Northern Abitibi Approves Exploration Budget for Ches Property, British Columbia
28.04.2014 | Marketwire
CALGARY, April 28, 2014 - Northern Abitibi Mining Corp. ("Northern Abitibi or the Company") (TSX VENTURE:NAI) is pleased to announce that a budget for a 2014 exploration program at the Ches property has been approved and an exploration program is being planned.A budget of up to $67,000 has been approved for a first pass exploration program at the Ches Property. This exploration program will consist of mapping, soil and rock channel sampling, and excavator trenching to evaluate and expand known zones of mineralization exposed in logging road cuts. A permit application to conduct this work has been submitted to the Ministry of Energy and Mines and the program will commence in the summer of 2014 pending the receipt of all necessary permits.
An additional 1927 hectares have been staked around the Ches property enlarging the property over 4 times its original size, and bringing the total property size to 2390 hectares.
Northern Abitibi can earn a 100% interest in the Ches Property by making staged cash and share payments over 4 years totaling $50,000 cash and 1.6 million shares at a deemed value of $0.05 per share, and spending a total of $500,000 on exploration. Upon signing Northern Abitibi must issue 350,000 Northern Abitibi shares, and the Company must spend $50,000 on exploration within the first year. The Vendors will retain a 2% net smelter royalty, three quarters of which can be bought back by Northern Abitibi for $2 million dollars. This transaction is subject to TSX Venture Exchange approval.
The Ches Property
The road accessible Ches Property is located 80 kilometres south of Burns Lake on the south side of Ootsa Lake. Mineralization consists of pyrrhotite-chalcopyrite-scheelite replacement (skarn) style mineralization in calcareous sedimentary rocks and quartz chalcopyrite-molybdenite-scheelite stockwork veining in fine grained siltstones. Historic Assessment Reports state average grades from surface sampling of 0.52% copper and 4.7 g/t silver over a zone 350 metres wide, and copper in soil geochemical anomalies up to 350 metres wide and 800 to 1500 metres long, and open along strike. Subsequent surface grab sampling reported in a 2009 Technical Report by Scarlet Resources Ltd. returned values up to 1% copper, 16 g/t silver, and 0.3% tungsten from the replacement-skarn style mineralization, and values up to 0.45% copper, 0.02% molybdenum, 7 g/t silver, and 0.1% tungsten from the stockwork zone. These mineralized zones have never been trenched or drill tested. The sampling results above are considered historic in nature, they have not been confirmed by Northern Abitibi, and should not be relied upon.
Dr. Shane Ebert, P.Geo., is the Qualified Person responsible for the preparation of this news release.
Shane Ebert
President/Director
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Northern Abitibi's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Northern Abitibi. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Northern Abitibi's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Northern Abitibi's filings with the Canadian securities authorities. Accordingly, holders of Northern Abitibi shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Northern Abitibi disclaims any responsibility to update these forward-looking statements.
CONTACT INFORMATION
Northern Abitibi Mining Corp.
Shane Ebert
1.250.964.2699
Jean Pierre Jutras
1.403.233.2636
www.naminco.ca