CMC Metals (TSXV: CMB; OTC: CMCXF) has announced positive soil geochemical surveying results that indicated the potential presence of gold and polymetallic mineralization at its Bridal Veil property in central Newfoundland. The property is located immediately east of Gander and is approximately 15 km east of significant gold discoveries identified by New Found Gold on the Gander River ultramafic belt (GRUB).
The Bridal Veil area has been a subject of considerable interest by geologists from the Newfoundland Geological Survey and the Department of Earth Sciences at Memorial University, who concluded that mineralization in the area was polymetallic and had metal associations typical of orogenic gold systems. They also reported elevated values of copper, gold, silver and lead in the Bridal Veil showings, and prior to their work, an abrupt transition from an aeromagnetic low to an aeromagnetic high had been identified to occur within the property.
Local prospectors subsequently conducted sampling and identified anomalous mineralization in outcrops and a large electromagnetic anomaly that, combined with all of the positive findings, led to CMC's interest in optioning the property in 2020.
Since then, CMC has conducted several exploration activities on the Bridal Veil property, including a preliminary geochemical soil survey, channel sampling of the Bridal Veil showing, completion of a ground magnetic survey conducted over 85% of the property area, and extensive prospecting mapping and structural interpretation of the southern portion of the property, in the proximal area to the known showings (Bridal Veil, Abbott's Ridge and Hidden Outcrops).
The preliminary geochemical soil survey was completed over three gold-in-till soil anomalies identified by regional government surveys, and a fourth grid was established just southwest of the Bridal Veil showings. Soil samples from these anomalies returned gold values up to 525 parts per billion.
Meanwhile, channel samples taken from the Bridal Veil showing were anomalous in copper, lead and silver. Five channel samples had silver grades ranging from 7.7 to 15.7 g/t, combined with lead values of 0.32% to 0.57%. Most samples had anomalous grades of lead, and also copper values averaged 1,749 g/t, and ranged from 231 to 4,407 g/t.
"These early results are very encouraging, as they are confirming the potential for orogenic gold deposition at Bridal Veil. Most of the focus to date by explorationists in central Newfoundland has been along the GRUB line or west of it," said John Bossio, chairman of CMC. "Our work is suggesting potential for gold and polymetallic deposits also exists on the eastern side of the GRUB line in the Gander zone."
"There is a possible significant corridor extending over 6 km in length in which current random sampling has provided anomalous values of gold and polymetallic mineralization. This project warrants considerable systematic exploration and we look forward to more positive results from recent sampling efforts," Kevin Brewer, president and CEO, added.
Based on the positive geochemistry with highly anomalous gold in soil values combined with other anomalous metal concentrations, CMC believes that the Bridal Veil property has the potential to host an orogenic gold-polymetallic style deposit.
In addition to Bridal Veil, CMC is currently exploring several other polymetallic projects across Canada. These include the Silver Hart deposit and Blue Heaven claims in Yukon, and the Rancheria South, Amy and Silverknife claims in B.C.
Details can be found at www.cmcmetals.ca.
April 22, 2024
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