Sun, 31 May 2020

  • Phase 3 of Desktop Study Completed with Focus on the
    Historic Southern Area of the Past Producing Open Pit
  • Multiple shallow holes ended in high-grade mineralization
  • Southern Area drilling highlights include:
    • LC8892 including 6.1 metres at 2.22 g/t Au and 1099 g/t Ag
    • LC8879 including 15.2 metres at 4.53 g/t Au and 26.93 g/t Ag
    • LC8893 including 15.2 metres at 2.52 g/t Au and 51.88 g/t Ag

TORONTO, ON / ACCESSWIRE / May 21, 2020 / Idaho Champion Gold Mines Canada Inc. (CSE:ITKO)(OTC PINK:GLDRF)('Champion' or the 'Company'), announces historical data (the 'Data') including historical drilling for the Company's past producing Champagne Project. Historical drill results included drill hole LC8618 which contained 1.46 grams per ton ('g/t') gold ('Au') and 47.66 g/t silver ('Ag') over 27.5 metres and included 2.82 g/t Au and 27.40 g/t Ag over 9.2 metres.

Table 1: Southern Area Historical Non 43-101 Compliant Drilling Results


The results indicated represent the currently available drill data in the historic record. The intersection lengths are core length intersections. The true width of the intersection has not been determined.

'The drill data analysed on the Southern Area of the pit showed zones that had mineralization starting right from surface,' President and CEO Jonathan Buick stated. 'The data package has provided us with the ability to formulate a confirmation and expansion program instead of a discovery program. We will aim our attention on and near the open pit to identify the size and depth of the structure.'

The Data has been organized into Northern, Central, and Southern Areas. This Data includes historical drilling, trenching and geological studies.

A historic, non-NI 43-101 compliant resource of 2.3 million tons ('MT') at 1.9 grams gold was determined by Bema Gold Corporation ('Bema') prior to mining. (See Mine Development Associates report dated September 1989). The computational method used to derive the resource is unknown. The resource was mined as an open pit heap leach operation by Bema from 1989 to 1993. The remaining resource is the subject of the upcoming exploration program.

Figure 1: Southern Area Historical Non 43-101 compliant drilling locations

Table 2: Southern Non 43-101 Compliant Trenching Results


Figure 2: Southern Historical Non 43-101 Compliant trenching locations

Geology

The historical data was acquired by Gold Fields Limited, then Bema, in the development of the Champagne Mine. Trench data outlines a gold enriched oxide zone with shallow reverse circulation drill holes located under the trenches that outline a zone of veins and breccia pipes. Field work is being planned for this field season to map and sample the Champagne Mine area in preparation for a reverse circulation drill program.

The geology of the Champagne Mine area is well documented in maps and reports prepared by the State of Idaho and the United States Geological Survey. Surface host rocks are Challis Volcanics underlain by Devonian-Mississippian Milligan formation composed of quartzites, limestones, and calcareous sediments. The Milligan formation was intruded by Idaho Batholith and subsequent igneous events that located the mineralization at Champagne.

Exploration at Champagne will focus on surface delineation of alteration and mineralization and drilling will focus on a deep target (500m) in the Milligan formation

Figure 3: Champagne Project Location Map

About Champagne Project

The Champagne Mine was operated by Bema as a heap leach operation on a high sulfidation gold system that occurs in volcanic rocks. Bema drilled 72 shallow reverse circulation holes in addition to previous operators drilling and trenching. The property had no deep drilling or modern exploration since the mine's closure in the early 1992.

The Champagne Deposit contains epigenetic style gold and silver mineralization that occurs in strongly altered Tertiary volcanic tuffs and flows of acid to intermediate composition at Lava Creek. Argillic and sericite alteration is widespread at the Champagne Deposit. Silica flooding, alunite and barite are closely associated with the gold and silver mineralized zone.

Champagne has a near surface cap of gold-silver mineralization emplaced by deep-seated, structurally controlled shears that acted as conduits for precious metal rich hydrothermal fluids. High grade zones in the Champagne Deposit appear to be related to such feeder shear zones. Drilling in the future to test for polymetallic, base-precious metal deposits at depth will clarify these relationships.

Qualified Person

The technical information in this press release has been reviewed and approved by Peter Karelse P.Geo., a consultant to the Company, who is a Qualified Person as defined by NI 43-101. Mr. Karelse has more than 30 years of experience in exploration and development.

ABOUT IDAHO CHAMPION

Champion is a discovery-focused gold exploration company that is committed to advancing its 100% owned highly prospective mineral properties located in Idaho, United States. The Company's shares trade on the CSE under the trading symbol 'ITKO'. Champion is vested in Idaho with the Baner Project in Idaho County, the Champagne Project located in Butte County near Arco, and four cobalt properties in Lemhi County in the Idaho Cobalt Belt. Idaho Champion strives to be a responsible environmental steward, stakeholder and a contributing citizen to the local communities where it operates. Champion takes its social license seriously and employs local community members to service its operations.

ON BEHALF OF THE BOARD,

'Jonathan Buick'
Jonathan Buick, President and CEO

For further information, please visit the Company's SEDAR profile at www.sedar.com or the Company's corporate website at www.idahochamp.com.

For further information please contact:

Nicholas Konkin, Marketing and Communications
Phone: (416) 477 7771 ext. 205
Email: nkonkin@idahochamp.com

Cautionary Statements

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

SOURCE: Idaho Champion Gold Canada Inc.



View source version on accesswire.com:
https://www.accesswire.com/590823/Idaho-Champion-Announces-Historical-Drill-Results-at-its-Champagne-Project-Idaho-including-146-gt-Au-and-4766-gt-Ag-over-275-metres-which-included-282-gt-Au-and-2740-gt-Ag-over-92-metres

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