Val-d'Or, Québec – October 24, 2018 – Cleghorn Minerals Ltd. ("Cleghorn" or the "Company") is pleased to announce the discovery of a second mineralized trend (Gold-Silver-Zinc), on the Company's 100%-owned Meech Lake – Matachewan Prospect.

The new Au-Ag-Zn mineralization was intersected at the Waterhole Showing on the property located approximately 290 metres south of the Ni-Cu-PGE Kell's Showing (please refer to the press release dated October 1, 2018 for full details of the drill results). Drillholes ML-001 to ML-006 tested the historical surface pits and trenches at the Waterhole Showing over a strike length of 70 metres.

The objective of the initial drill program at the Waterhole Showing was to confirm the historical documented mineralization defined by a series of trenches (circa 1930's; Hugh Kell's). In addition, a historical diamond drillhole (New Kelore Mines Limited, 1974, AFRI: 42A02SW0098) that tested the area was reported to have intersected gold mineralization grading 0.21oz/t Au (7.2g/t Au) & 1.35% Zn over 3.2 feet (0.97 metres). Stripping conducted by Cleghorn concurrent with the drill program over the wide area of the historical trenches identified widespread quartz veining and sulphide mineralization. A broad zone of zinc mineralization was intersected in the drillholes with associated gold and silver.

Highlights for the assay results from ML-18-001 to ML-18-006 are as follows:

• ML-18-001: 2.50m @ 0.21 g/t Au, 1.37g/t Ag & 0.53% Zn
• ML-18-003: 0.55m @ 2.45g/t Au, 16.70g/t Ag, 0.21% Cu & 1.58% Zn
• ML-18-005: 3.35m @ 1.52g/t Ag & 0.99% Zn;
  Including: 2.30m @ 2.06g/t Ag & 1.41% Zn
  And: 0.85m @ 4.80g/t Ag & 2.04% Zn

All anomalous Au-Ag-Zn assay results for ML-18-001 appear to be associated with quartz veins (+/- carbonate) with trace to high percentages of sulphides (including moderate percentage of sphalerite) and are hosted in aphanitic to porphyritic andesite.

The anomalous Au-Ag-Zn assay results for ML-18-003 are hosted within a strong black chlorite altered section of coarse-grained syenite that appears to be weakly sheared.  This section includes a high percentage of sphalerite.

Ag-Zn assay results for ML-18-005 include the following intervals:

• From 37.2 – 39.45m → quartz/carbonate veins with a high percentage of sulphides (including a moderate percentage of sphalerite) within porphyritic trachyte.
• From 39.45 – 43.75m  →  brecciated and sheared porphyritic trachyte with strong carbonate and chlorite alteration and quartz/carbonate/chlorite veins typically having moderate to high percentage of sulphides (including moderate to high percentage of sphalerite).
• From 43.75 – 44.4m  →  brecciated and sheared aphanitic Andesite with strong carbonate and chlorite alteration and quartz/carbonate/chlorite veins with moderate to high percentage of sulphides (including moderate percentage of sphalerite).
• From 44.4 – 46.0m  →  weakly sheared aphanitic to porphyritic andesite (coarsening downhole) with strong carbonate and chlorite alteration and quartz/carbonate/chlorite veins with moderate to high percentage of sulphides (including moderate percentage of sphalerite).

A compilation map showing the area of the 2018 drilling program may be viewed by clicking here.

 

 

*Reported drill intercepts are not true widths. At this time there is insufficient data with respect to the shape of the mineralization to calculate true orientations in space

A program of detailed mapping and surface sampling is recommended over the area of the Waterhole Showing in an effort to better define and characterize the surface mineralization outlined in the 2018 surface stripping and drill program. Contingent on this work, a detailed magnetic and induced polarization survey is planned to track the Au-Ag-Zn mineralization on-strike and down-plunge components for a follow-up diamond drill program.

ML-18-007 tested a set of three (3) parallel NW to SE-trending HLEM (electromagnetic conductors) located 50-125 metres to the east of the Kell's Showing. No significant Ni-Cu-PGE and/or Au-Ag-Zn values were intersected.

Land Tenor Update:

Following the Mining Lands Administration System (MLAS) claim to cell conversion process completed by Ontario's Ministry of Northern Development and Mines (MNDM), the four (4) original legacy claims covering 656 ha were converted to 41 cells (36 single cells and 5 boundary cells) covering an area of 833.6 ha.

Quality Assurance/Quality Control Protocol:

All diamond drilling sample batches (each individual hole), include 5% QA/QC samples consisting of blanks and certified standards (Natural Resources Canada - CANMET) All drillhole samples were submitted to 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.

Cleghorn Minerals has applied a rigorous quality assurance/quality control program at the Meech Lake Project using industry practice. All core was logged by a professional geoscientist and selected intervals were sampled. NQ drill core was sawn in half and each sample half was placed in a marked sample bag with its corresponding sample tag, then sealed. The remaining half core is retained in the original core boxes that are stored in a secure facility in Val-d'Or, Québec.

Michael P. Rosatelli, P.Geo. and senior 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 Canadian and international jurisdictions, and will provide additional information should the examinations lead to favourable conclusions and affordable transactions.

The Company is continuing discussions with a potential joint venture partner to expand its exploration efforts on the Meech Lake-Matachewan Prospect. There is no assurance these discussions will result in a formal agreement.

About Cleghorn Minerals Ltd.: 

Cleghorn is a junior mineral exploration company with a 100% interest in the Meech Lake 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
Telephone:
(819) 824-2808 – Head Office
(514) 835-8384 – Cell

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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.