Radcliff Property - Bulk Sample Grade Settlement at 0.52 oz per tonne
Vancouver, May 24, 2017 - CMC Metals Ltd. ("the Company") and its joint venture partner, Pruett Ballarat Inc. ("PBI"), are pleased to announce that they have received a final grade and payment from their first test batch of approximately 500 tons of material from the Radcliff Property. The bulk sample was sent for processing at the Klondex Mines Operations Inc. ("Klondex") Midas Mill, located in Elko County, NV. The underground bulk sample was extracted from four drifts developed on 5510' level. The joint venture received payment based on a gold price of USD 1,265.63. (This price was determined as the average PM price fix on the London Bullion Exchange for the period April 3rd, 2017 to April 28th, 2017, inclusive.) Proceeds will be used for further bulk sample development work at Radcliff, and general working capital. The sample process comprised 422.86 dry metric tonnes ("tonnes", measured as 466.12 short tons ("tons")) grading 0.520 oz / tonne (0.472 oz / ton). As delivered, the sample comprised 12 truckloads, totaling 444.18 wet tonnes (489.62 tons) with average moisture determined at 4.8%.
The bulk sample material was processed subject to the terms of an agreement for purchase and sale of gold bearing rock which allows for Klondex to process up to 6,000 tons of oxide-dominated gold-bearing rock, in batches of 1,500 tons, with provision for this initial smaller batch of Radcliff bulk sample mineralized rock to be treated (approximately 500 tons).
"The Radcliff bulk sample validates our view that the Radcliff project comprises extractable gold mineralization; the occurrence is characterized by variable grade, including areas of high grade. The bulk sample result provides the Company and PBI with the confidence to continue with further bulk sample development" stated Ian Graham, CEO.
The Company has granted 814,000 incentive stock options to directors, officers, employees and or consultants of the company under the company's stock option plan. The options are exercisable at a price of 12 cents and expire May 22, 2019.
About CMC Metals.
CMC Metals Ltd. is a mineral exploration company focused on opportunities in the United States and Canada that offer potential for near-term cash flow. The Company is led by a seasoned team with experience developing assets to production. CMC hold a 50% interest in the Radcliff Gold property (formerly the World Beater Mine) in California located 9 Miles (14 km) north of the Briggs Gold Mine in the Panamint range in Inyo county, Southwestern California. The Radcliff covers 1,654 acres (670 Ha) comprising 10 patented claims, 5 unpatented mill sites and 84 unpatented mine claims. The Company's Silver Hart Property is a Silver-Lead-Zinc asset located in the Yukon, 132 km west of Watson Lake, and covers 2,200 hectares and 116 Contiguous and partial claims.
On behalf of the Board:
"Michael C. Scholz"_______________
Michael Scholz, Director
For further information please contact Mr. Michael Scholz at Tel: 604-605-0166 email: info@cmcmetals.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.
"This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. In this release disclosure regarding future bulk sample operations at Radcliff comprises a forward looking statement. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company's filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation."
Copyright (c) 2017 TheNewswire - All rights reserved.