Val-d’Or, Québec – March 28, 2017 – Cleghorn Minerals Ltd. (“Cleghorn” or the “Company”) is pleased to announce assay results from the first phase exploration program on the Meech Lake - Matachewan Prospect located in Northeastern Ontario. The program consisted of locating and re-sampling the numerous historical occurrences of mineralization outlined in pits and trenches.
A total of 38 selective rock grab samples were collected from 14 separate pits, trenches and two unmarked historical prospector’s workings. The program successfully identified and confirmed the presence of two separate mineralized systems on the property, uncovered in 4 pits and/or trenches. They are represented by the Hugh Kell’s Ni-Cu-PGE Showing (T-52) and the Waterhole Au-Ag-Cu-Zn Showing (T-1) and its related mineral occurrences (T-23 & T-25) along the inferred mineralized trend, approximately 350 metres to the west.
Table I contains the assay highlights from the re-sampling program for the Hugh Kell’s Showing:
Kell's Showing Assay Highlights - Trench T-52
* Denotes samples representative of massive sulphide.
The Hugh Kell’s (Ni-Cu-PGE) Showing, named after the late, well-known prospector Hugh M. Kell, was worked through the 1950’s following his discovery of massive sulphides in a fine-grained ultramafic host. Additional work in the 1970’s later described the hostrock as a dunite that is completely altered to talc + calcite + serpentine (Szetu, 1974; AFRI: 42A02SW0098). It is noteworthy that the dunite, which appears to be finite near the massive sulphide lens discovery, has also been described in drillholes completed along strike much later in the 1970’s. For further details, please refer to the January 31, 2017 Cleghorn press release.
Table II contains the assay highlights from the re-sampling program for the Waterhole Showing and Trenches T23 & T25:
Table II Waterhole Showing (T-1) & Trenches T-23,T-25 Assay Highlights
The Waterhole (Au-Ag-Cu-Zn) Showing mineralization consists of pyrite, sphalerite, and chalcopyrite which occurs as bands and disseminations, hosted in variable sericitized and carbonatized gabbro, whereas the mineralization at the T-23 and T-25 Au-Ag-Cu-Zn occurrences is described as being hosted in variable chloritized and carbonatized andesite. The mineralization appears to be structurally controlled (multi-phase system), within altered shear zones. It is of general interest that the calc-alkaline hostrocks in the Meech Lake - Matachewan Prospect have been described as part of the Upper Supergroup, which appear to be comparable to the Kinojevis and Blake River Group volcanics in the Cadillac area of Northeastern Québec. For further details, please refer to the January 31, 2017 Cleghorn press release.
Cleghorn has received an Exploration Plan from the Ministry of Northern Development and Mines (MNDM) to encompass additional in-fill and grid extensions for detailed geological and geophysical surveying. The initial focus of this work will cover the Hugh Kell’s Showing to test a new mineral deposit model, with particular emphasis on a structural control component versus solely on lithological targeting. A remote sensing analysis over the property, including a geological structural interpretation, will be conducted in advance of ground fieldwork. Additional fieldwork planned will include more detailed sampling, assaying and mapping of the historical pits, trenches, and outcrop exposures to better characterize the nature and occurrence of the two separate mineralized systems, and geochemical surveys to define extensions of mineralization in overburden covered areas.
All grab sample assays reported above were completed by ALS Minerals, an accredited mineral analysis laboratory. Sample preparation was completed in Val d'Or, Québec and analyses in Vancouver, British Columbia. Nickel, copper, cobalt, zinc and silver values were determined by a 61 element, Four Acid / ICP-AES analysis and gold values were determined by a 30 gram fire assay and AAS finish. Platinum, palladium and gold values were determined by 30 gram fire assay with ICP finish. When samples received over-limit values they underwent further analysis using ALS Minerals assay procedure Ni-OG62 (for nickel), Cu- OG62 (for copper), Zn-OG62 (for zinc), and PGM – ICP27 (for gold, platinum and palladium). The reader is referred to: www.alsgobal.com for details of analytical procedures described above.
Funding for this first phase of work was received from the Ontario Exploration Corporation (OEC) through their Prospector Assistance Program initiative via an initial $10,000 grant (50% of the funding on approval and signing of a purchase agreement and the balance on submission and approval of the Final Submission Form including Technical Report and Assessment Credit Approval letter), in exchange for a 0.5% royalty on the property. Cleghorn would like to thank the OEC for its financial support in these difficult market conditions and plans to proceed with the second ($25,000 for an additional 0.25% royalty) and third ($50,000 for an additional 0.25% royalty) project funding applications. The royalty has a buyback clause as defined in the purchasing agreement.
Michael P. Rosatelli, P.Geo and a consultant to Cleghorn, is the designated “qualified person” as defined in Section 1.2 in and for the purposes of National Instrument 43-101 that reviewed and approved the technical content of this release.
Additional Property Acquisitions:
Cleghorn is continuing due diligence on several property opportunities, both in Canada and located in international jurisdictions, and will provide additional information should the examinations lead to favourable conclusions and affordable transactions.
About Cleghorn Minerals Ltd.:
Cleghorn is a junior mineral exploration company with a 100% interest in the Meech Lake - Matachewan Prospect, a property located in northeastern Ontario,subject to an aggregate 3.5% NSR.
For additional information, please contact:
Glenn J. Mullan, President, Chief Executive Officer, Secretary and Director
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This news release contains certain statements that may be deemed “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Cleghorn believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Cleghorn’s management on the date the statements are made. Except as required by law, Cleghorn undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.