Canadian Silver Hunter Provides Update of Recent Exploration Programs and Future Exploration Plans
Toronto, March 24, 2021 - Canadian Silver Hunter Inc. (TSXV: AGH.H) ("Canadian Silver Hunter" or the "Company") is pleased to provide an update on its activities and future plans.
The past 12 months have seen project diversification and the re-engagement of exploration activities for the Company, with a focus on Gold and Silver exploration in Ontario and Quebec.
The Company acquired additional mineral claims in four new gold exploration projects with 3 new properties in the West Timmins Gold camp, adding to its existing Lost Dog property. In total, together with the Lost Dog, Dark Horse and Whiteside claims cover an aggregate total of 143 claims for a total of 3,003 hectares in the West Timmins camp.
In Quebec, the Company has staked a significant and contiguous land package called Lac Lachance which abuts the northwest side of the discovery Windfall Lake property held by Osisko Mining Inc.
The Company also owns the Keeley-Frontier Silver Centre silver/cobalt project located near Cobalt, Ontario.
The Lost Dog property
The Lost Dog property consists of 52 contiguous mining claims covering close to 1,300 hectares. The property is located in Denton Township, approximately thirty kilometres south-west of the Timmins city center, and 12 kilometres west of Pan American Silver's West Timmins Mine, in the Porcupine Mining Division of Northern Ontario.
The Lost Dog Property has had considerable exploration work completed to date including line-cutting, geochemical soil sampling, Induced Polarization (IP), Very Low Frequency (VLF) and Magnetic MAG) surveys (Exsics Exploration 2011). The IP and MAG report findings had outlined that the program was successful in locating a major fault structure, with significant cross cutting structures. The historic IP survey had never been looked at until 2020 when the company initiated reprocessing and inversion on a portion of the survey. The initial results of this process lead to the planning of a follow up soil survey on the property focusing on resistive features from the IP survey.
Results from the November 2020 soil sample program identified five clusters of anomalous values on the property. Anomalous values in gold, silver, copper, lead and zinc provided excellent targets for follow up work. Of the 350 samples collected and submitted for analysis, just over one third assayed at or above the minimum detection limit for gold (0.005 ppm). The samples also returned a single sample assay result of 13g/t (ppm) silver, and another sample that returned 416 ppm copper (CSH PR, February 09, 2021).
The results are significant as they are coincidental with previously identified Magnetic and recently reprocessed IP survey results. The initial soil sample survey was carried out in an effort to gauge effectiveness on the property. Less than 20% of the property was covered by this survey, leaving a considerable portion of the property remaining for discovery.
The Company plans to complete the IP survey reprocessing and inversion and will return to the Lost Dog property in the spring of 2021 and expand the soil sampling to extend the identified anomalous trends; mechanically excavate trenches to determine what may be causing the anomalous values and generate drill targets for drilling in the summer of 2021. The application for a drilling permit has been made and tenders have been put out for bids on the drilling contract.
The Dark Horse property
The Dark Horse Property consists of 80 mining claims, in two blocks, totalling 1,762 hectares, located in Turnbull and Massey Townships, West Timmins, Ontario. The property is located approximately 27 km northwest of the prolific Timmins gold mining camp and immediately north of the Sanatana Resources Gold Rush Property (see Sanatana Press Release dated Jan 31, 2021).
Past work on the Dark Horse Property by previous operators includes:
Diamond drilling by Laurion in 2006 where Hole AR-06-01 returned some elevated Zn assays, the highest being 2660 ppm Zn over 1m from a section within basaltic tuff mineralized with trace sphalerite as disseminations and fracture fillings and trace chalcopyrite.
AR-07-03 was collared approximately 400m east of AR-06-01 and returned an assay of 2576ppm Zn and 1013ppm Cu over 0.8m from a silicified felsic tuff mineralized with pyrrhotite and chalcopyrite. Hole AR-07-02 was collared approx. 150m SE of 03 and returned elevated Zn values from a similar unit of felsic tuff with the highest assay being 2325ppm Zn over 0.5m.
A unit of basaltic tuff interbedded with flows and mineralized with pyrite, pyrrhotite and sphalerite assayed up to 1.62% Zn over 1m and averaged 1.36% Zn over 3m hosted by cherty mafic tuffs near the contact with fine-grained felsic tuff.
Recent work by Sanatana on the Gold Rush property located immediately south of the Dark Horse property included surface sampling programs that identified numerous gold-bearing and gold/silver-bearing quartz vein systems on their property. The best gold result was from a grab sample of 59.2 g/t gold from a brittle ductile shear in the vicinity of the north-south trending DeSantis Fault, which has been documented to cross the Company's Dark Horse Property for approximately 3.4 km.
Sanatana Resources has also uncovered two gold-bearing zones at the North Shaft Prospect (see Sanatana Press Release March 15, 2021). The Eastern zone is a new discovery that trends at 125° (ESE) for over 100m with assays from trace to 6.35 g/t Au over 0.75 m. The Western Zone trends 260° (West) for 70 m and includes a 27.3 g/t grab sample and a channel sample of 1.94 g/t Au over 1 m. These new discoveries by Sanatana are located about three kilometres South of the Dark Horse Property.
An airborne drone magnetic survey was completed on the Sanatana property and revealed that three known gold prospects occur on N-S structures, on 340 degree trending NW-SE structures, or their intersection points. Sanatana is also planning a drill program to commence on their property in March 2021.
Future work on the Dark Horse Property being considered for spring/summer 2021 includes; Line-cutting and geophysics including Mag, VLF and Induced Polarization; Geological mapping and Prospecting and Geochemical Soil Sampling. Drill targets will then be generated from the completed work.
The Whiteside property
The Whiteside property consists of 11 mining claims located in Carscallen and Whiteside Townships, approximately 5 km north west of Melkior Resources Inc.'s Jowsey discovery on their Carscallen project, in West Timmins, Ontario.
The Whiteside property covers prospective geology similar to that found on the neighbouring Carscallen property owned by Melkior. Very little work has been done here in the past, so little is known about the property.
A phased approach with initial work starting with prospecting and mapping is scheduled to begin in late spring, early summer 2021.
The Lac LaChance property
The Lac Lachance property consists of a total of 128 mining claims covering just over 7,200 hectares located in the Windfall Lake area near the town of Lebel sur Quevillon, in Quebec. The claims share a boundary with Osisko Mining Inc's Windfall Lake property.
The northern portion of the Lachance claims cover electromagnetic anomalies associated with east-west trending fault zones on the northern limit of the Urban-Barry volcanic belt that hosts numerous gold deposits, including the Osisko Mining Inc., Lac Windfall Gold Deposit.
The exploration work carried out by our neighbours to the south east is very relevant with respect to the Lac La Chance exploration potential. Recent work by Osisko in the vicinity of the Lachance North claim group has indicated gold mineralization detected by diamond drilling associated with conductive sulphide zones. A 2018 Osisko report stated that drill hole OSK-UB-18-092 "intersected 0.71 g/t Au over 1 metre. This grade is hosted in a massive sulphide zone within a strongly silicified unit of intermediate composition. Other anomalous gold values were intersected, ranging from 0.11 to 0.48 g/t Au, associated to other massive pyrrhotite-pyrite zones, often located at their contacts". (GM70939, Quebec Assessment Files)
Osisko drill hole OSK-UB-18-092 is located within a kilometer south of Canadian Silver Hunter's claims, which are also located on strike, both east and west of the Osisko drill hole.
In 1992, Noranda Exploration drilled three holes on ground now covered by Canadian Silver Hunter's claims. All three holes intersected sulphide mineralization hosted by intermediate to felsic tuffaceous rocks including one that intersected 0.38% zinc over 3.1 meters. The other two holes were drilled in close proximity to each other and intersected 20% pyrrhotite and trace chalcopyrite over widths of 4.2m and 5.2m respectively. (GM51713 Quebec Assessment Files)
The mineral resource defined by Osisko includes a Measured and Indicated Resource of 6.023 Mt at 9.6 g/t Au for 1.857 M oz Au and an Inferred Resource of 16,401 Mt at 8.0 g/t Au for 4.244 M oz Au. (www.Osiskomining.com)
*2021: NI 43-101 Technical Report, Mineral Resource Estimate for the Windfall Lake Project, Eeyou Istchee James Bay, Québec, Canada ; Prepared for Osisko Mining Inc.; P. Richard, C. Athurion, M. Houde; 368 pages.
The geological conditions that hosted gold mineralization on the Osisko property also exist on Canadian Silver Hunter's northern claims.
Future work on the Lac Lachance Property is planned for this year and will include; Line-cutting and geophysics including Mag, VLF and Induced Polarization; Geological mapping and Prospecting; Geochemical Soil Sampling. Drill targets will be generated from the above work.
The Keeley-Frontier Mine, Silver Centre
The Keeley-Frontier Silver Centre property includes the prolific past producing Keeley and Frontier silver-cobalt mines, the Veinlode Silver Mines property, and other strategic prospective mineral claims in and around the Silver Centre Camp. The property is approximately 3,100 hectares in size and is located in the Larder Lake Mining Division, just outside of the town of Cobalt, Ontario.
Historically, the Keeley-Frontier mine is the most prolific past producing silver/cobalt mine by average grade per tonne, in Canadian history. The two mines combined produced close to 20 million ounces of silver and 3.5 million pounds of cobalt, at an average grade of 58 ounces silver per tonne, and 3.5 pounds cobalt per tonne.
Over the past 10 years the property has seen considerable work focused on the future potential of the property to host both additional silver and cobalt deposits.
The Cobalt camp and surrounding areas have recently experienced an unprecedented return of interest and activity, with numerous companies exploring for several different types of minerals including gold, silver, cobalt and diamonds.
The Company is in the process of evaluating the Keeley Frontier and Silver Centre properties for additional work and will review various potential activities and alternatives within the next 12 months. Please visit the company web site for past results and additional information.
The contents of this press release have been reviewed by Wayne Holmstead, P.Geo, Qualified Person as defined by National Instrument 43-101.
About Canadian Silver Hunter Inc.
Canadian Silver Hunter Inc. is a Canadian mineral exploration company focused on gold, silver and cobalt exploration in Ontario and Quebec. The Company currently owns three properties: the Keeley Frontier Silver Centre property, located near Cobalt, Ontario; the Lac Lachance property, located in the Lac Windfall area near Lebel sur Quevillon, Quebec; the Dark Horse and Whitesides property located near West Timmins, Ontario, and has an option to acquire a 100% interest in the Lost Dog property, located near Timmins, Ontario. For further details about the Company's projects, plans and results please visit the company website at www.canadiansilverhunter.ca.
For more information please contact:
Jeffrey Hunter
President & CEO
(416) 707-4230
jhunter@cshi.ca
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Notice Regarding Forward Looking Information
Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, and commodity prices. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward looking information. The parties undertake no obligation to update forward-looking information except as otherwise may be required by applicable securities law.
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