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TORONTO, June 27, 2019 /CNW/ - Central Timmins
Exploration Corp. ("CTEC" or the "Company") (TSXV:CTEC) is
pleased to provide detail on the planned summer exploration
program. A diamond drill program totaling 2,500 metres is
expected to commence on or about July
9 to test nine high priority gold targets in Timmins, Ontario, Canada.
Summer Work Program
CTEC's nine priority drill targets were selected and ranked
based on a combination of modelled geology, structures, MMI soil
geochemistry, and geophysical data sets (including airborne
electromagnetics, induced polarization (IP), magnetics and
VLF). In addition, data from Claim Post Resources Inc.'s
(TSXV:CPS) 2007 – 2010 drill program has also been incorporated.
Mr. Charles Gryba P. Eng.
President, CEO and Director of CTEC was also President, CEO and
Director of CPS until 2018, providing continuity to the Company's
Timmins exploration efforts.
See the attached map for CTEC's land position relative to major
gold mines of the Timmins Camp.
- Four Corners Project Area: CPS 2007 drill hole CP-07-08
intersected several gold-bearing zones. The best intersection was
2.57 g/t Au over a 2.79 m core length
(CPS NI 43-101 report dated January 12,
2010 posted on SEDAR). CTEC follow-up work in 2018 suggests
that the gold mineralization may continue to the southeast into an
area characterized by a magnetic low with anomalous MMI Au, Ag and
Zn results. One hole is planned to test this potential lateral
extension of the NW-SE trending gold mineralization.
- Mountjoy-Godfrey Project Area: The CTEC press release of
June 6, 2019 confirmed gold
mineralization in the Caron Porphyry on the east side of the
Mattagami River fault. Subsequently, CTEC optioned six patented
claims in Mountjoy Township from
the Caron family, extending potential coverage of the porphyry to
the east. The best assay result from CTEC's winter drilling program
was 2.46 g/t Au over a 0.70 m core
width hosted in porphyry in DDH G1-19-02. This hole had 11 other
gold intersections that assayed 0.10 to 0.30 g/t Au mainly
associated with tourmaline and pyritic quartz veins. A recent deep
IP survey has indicated two separate anomalies, one of which is
directly on strike with the Caron Porphyry. The summer drill
program includes three holes, one to test the strongest IP anomaly
extending east of the Caron Porphyry and two holes to test two
other MMI gold porphyry targets further south, also in Mountjoy.
- Deloro Target Area: South of the Porcupine-Destor Fault
Zone in Deloro, CTEC plans to
drill three holes. One hole will be to test a 14.0 m wide quartz breccia gold zone intersected
by CPS in 2010 (CPS drill hole CPDP-10-1 - Press release on SEDAR
dated July 29, 2010). This hole
averaged 1.93 g/t Au over a 14.0 m
core width with four intersection grading between 4.0 g/t and 7.8
g/t Au over 0.5 m widths within the
wider breccia zone. CTEC will also drill test two IP gold targets
identified by the CTEC winter IP program supported by a coincident
IP anomaly, low to moderate magnetics, and shallow east-west VLF
conductors. The IP drill targets also have anomalous Cu and Zn MMI
values. In the coming weeks, CTEC geologists will relog 20
additional historic Deloro holes
to identify which direction the gold breccia system trends. There
are additional IP anomalies in the immediate area that will be
ranked for follow-up as a result of the relogging program.
Charles Gryba stated "CTEC's
fully funded nine-hole summer drill program will focus on three
priority exploration areas. Relogging and reinterpreting of CTEC
owned core combined with MMI and IP have identified two significant
gold intersections that are of particular interest; one is located
in the 4 Corners area and the second is in Deloro Township. In addition, CTEC will
drill test the strong IP anomaly directly east of the Caron
Porphyry in the Mountjoy-Godfrey Project area. CTEC will also
drill several of the Au MMI modelled porphyries located west of the
historic Hollinger-McIntyre Mines,
which combined have produced over 30
M oz of gold. CTEC's current cash balance of over
$1M, excluding receivables from
Newmont Goldcorp Corporation for the sale of non-core claims, will
cover the planned $400,000 program
and provide additional funds for follow-up work.".
Mr. John Sullivan, B.Sc., P. Geo,
independent director of CTEC, has acted as the Qualified Person, as
defined in NI 43-101, and has reviewed and approved the scientific
and technical information in this news release relating to
exploration results and future plans.
About Central Timmins Exploration Corp.
CTEC is an early-stage Canadian junior exploration Company with
property exclusively within the city limits of Timmins in the Porcupine Mining District in
the northeastern region of Ontario. The Company's assets
cover approximately 135 km2 and are prospective for gold
as well as a suite of base metals. See the company website at
www.centraltimmins.com.
Forward Looking Information
This press release contains "forward-looking information" within
the meaning of applicable securities laws that is intended to be
covered by the safe harbours created by those laws.
"Forward-looking information" includes statements that use
forward-looking terminology such as "may", "will", "expect",
"anticipate", "believe", "continue", "potential" or the negative
thereof or other variations thereof or comparable terminology. Such
forward-looking information includes, without limitation, the
Corporation's expectations, strategies and plans for the Timmins
Properties, including the Corporation's planned exploration
activities and the intended uses of the net proceeds of the
IPO.
Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management at the date the statements are made. Furthermore,
such forward-looking information involves a variety of known and
unknown risks, uncertainties and other factors which may cause the
actual plans, intentions, activities, results, performance or
achievements of the Corporation to be materially different from any
future plans, intentions, activities, results, performance or
achievements expressed or implied by such forward-looking
information. See "Risk Factors" in the Corporation's final
prospectus dated October 4, 2018
filed on SEDAR at www.sedar.com for a discussion of these
risks.
The Corporation cautions that there can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Accordingly, investors should not
place undue reliance on forward-looking information.
Except as required by law, the Corporation does not assume any
obligation to release publicly any revisions to forward-looking
information contained in this press release to reflect events or
circumstances after the date hereof.
Neither the Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Central Timmins Exploration Corp