Canada Strategic Metals Geophysical Survey Identified Targets at New Gold Project
MONTREAL, QUEBEC--(Marketwired - Jul 15, 2015) - Canada Strategic Metals Inc. ("Canada Strategic Metals" or "the Company") (TSX VENTURE:CJC)(FRANKFURT:YXEN)(OTCBB:CJCFF) is pleased to report preliminary results of the helicopter-borne magnetic and time-domain electromagnetic (TDEM) survey performed by Prospectair Geosurveys over the New Gold Property during the month of June 2015. The survey was successful in detecting series of EM conductors dispersed in the vicinity of the northern edge of a wide magnetic anomaly. The EM anomalies are not very strong and are of limited extents, which is very similar to the EM response associated to the series of gold bearing showings found in the surroundings of the past producing Eastmain Mine, as can be seen on the VTEM results collected in 2005 in the area (Sigeom reference GM62979). A figure of the New Gold TDEM results can be found at the following link: http://www.csmetals.ca/document/maps/2015/New_Gold_150715_TDEM.png.
The high-resolution magnetic results are also very interesting. A wide, long wavelength, magnetic anomaly trending ENE-WSW is found in the middle of the Property, extending much further outside of it as can be seen on public regional magnetic data, and is interpreted to be caused by mafic/ultramafic rocks at some depth, with possible sub-outcropping expression locally. In addition, a very strong magnetic dyke striking NNW-SSE is interpreted to cross the Property in the middle. Since the magnetic signal changes abruptly, both in amplitude and wavelength, on each sides of the interpreted dyke, this dyke was likely emplaced within a regional fault structure. It is worth noting that this strong regional magnetic dyke extends for at least 50km and crosses Eastmain Resources' Ruby Hill Property some 15km further to the northwest of the New Gold Property. Several gold mineralized showings are found in the Ruby Hill Property, within a few kilometers of this same structure. These showings are also found at the northern edge of a wide ENE-WSW trending magnetic anomaly associated to mafic/ultramafic intrusive and volcanic rocks. The very similar signature found in the New Gold area increases its potential for gold exploration. Ultramafic rocks are also found in close proximity to gold mineralization at the Eastmain Mine, and have been thought to play a role in the Eastmain deposit genesis (Couture, 1993). A figure of the New Gold magnetic results, with the outline of EM anomalies on top, can be found at the following link: http://www.csmetals.ca/document/maps/2015/New_Gold_150715_TMI.png. Overall, the EM anomalies and the interpreted geological context of the New Gold Property are considered highly prospective, and follow-up work is planned for later in the summer as a result.
The Company would also like to announce a change of role in its management team. It has been jointly agreed that Mr. Romary will no longer serve as President and will be replaced by Mr. Jean-Sébastien Lavallée. Mr. Romary will remain close to Canada Strategic Metals in the capacity of Financial Consultant.
The board of directors approved an amendment to the stock option plan relating to the expiration date of the options, which will change from 12 months from the effective date of termination to:
In the case of Director and Officer
| Term of office with to the Company | Revised Expiry Date |
| From 0 to 3 months | Effective date of termination |
| More than 3 months to 1 year | 1 month following effective date of termination |
| More than 1 year to 3 years | 3 months following effective date of termination |
| More than 3 years | 12 months following effective date of termination |
In the case of a consultant, the expiry date shall be the earliest of:
- The expiry date of the option;
- 30 days following the effective date of termination if the Consultant has been providing services to the Company for less than 2 years;
- 90 days following the effective date of termination if the Consultant has been providing services to the Company for 2 years or more.
The amendment is subject to the approval of the TSX Venture Exchange.
Jean-Sebastien Lavallée (OGQ #773), geologist, shareholder, President and Chief Executive Officer of the Company and a Qualified Person under NI 43-101, has reviewed and approved the technical content of this release.
About Canada Strategic Metals
Canada Strategic Metals is an emerging company focused on the exploration and development of a number of projects covering over 20,000 hectares in Quebec. With broad management experience in green technology and junior resource exploration and development, Canada Strategic Metals is well positioned to aggressively advance this promising property portfolio for its shareholders.
For more information on the Company, please visit www.csmetals.ca.
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.
Contact
Jean-Sebastien Lavallee, P. Geo
President et Chief Executive Officer
819-354-5146
Paradox Public Relations
514-341-0408
Momentum PR
450-332-6939