October 17, 2019 – Vancouver, British Columbia – Canadian Energy Materials Corp. (“Canadian Energy”, or the “Company”) (TSX-V: CHEM) is pleased to announce that diamond drilling has commenced on its 100% owned Grindstone Ni-Cu-Co-PGM Project in New Brunswick.
The first phase of the drill program will focus on 3 high-priority target areas identified through the Company’s 2018 Mobile MagnetoTelluric (“MMT”) airborne survey. These target areas were selected in conjunction with the Company’s geophysical consultants, Campbell & Walker Geophysics Ltd., and are additionally supported with coincident nickel and cobalt stream sediment and soil geochemical anomalies. Approximately 1,200 meters of drilling are expected for this first phase.
The Grindstone Project was previously explored by Noranda in the early 1990’s, who completed regional airborne magnetics and ground geochemical surveys before undertaking a shallow 5-hole diamond drill campaign. On reinterpretation of both these historical data and the 2018 MMT airborne data, it became clear to the Company that Noranda’s drilling did not come close to intersecting the MMT target zones, nor did it explain the highly anomalous silt and soil geochemistry.
The Company will provide additional updates on the drill program in the coming days, as information becomes available.
Thomas Hasek, P.Eng., a Technical Advisor of Canadian Energy and a Qualified Person (Q.P.) under National Instrument 43-101, has reviewed and approved the technical information provided in this news release.
ON BEHALF OF THE BOARD
“Michael E. Schuss”
President & Chief Executive Officer
For further information, please contact:
Canadian Energy Materials Corp.
This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of futureperformance of the Company. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements; the uncertainty of future profitability; and the uncertainty of access to additional capital. These risks and uncertainties could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.
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