Idaho Champion Gold Mines Canada: Launches Strategic Review of its Real Estate Portfolio to Maximize Shareholder Value
Toronto, Ont. – April 6, 2022 – Idaho Champion Gold Mines Canada Inc.. (CSE: ITKO; OTCQB: GLDRF; FSE: 1QB1) (“IdahoChampion“or the”Company“) is pleased to announce that the Company has initiated an internal strategic review of its Cobalt property complex (“Cobalt Properties”) located in the heart of Idaho’s cobalt belt, and its Baner Gold project held in 100% (“Baner”) located in Idaho County, Idaho.
The decision to undertake an internal strategic review of both properties was made based on recent developments in the commodity market and renewed interest in exploration investment in Idaho. The strategic review will review, evaluate and compare options with the goal of best maximizing Idaho Champion shareholder value.
All interested parties are encouraged to contact the Company directly at [email protected] for details on the strategic review.
Idaho Champion CEO Jonathan Buick commented“Cobalt as a feedstock has performed well due to growing demand for electric vehicles, the transition to a zero-emissions economy by 2030, and limited feedstock supply. originally not a core company asset, our portfolio of cobalt properties now offers a significant value proposition, bolstered by its strategic location in the region that hosts the newest U.S. producer of cobalt. cobalt Jervois Mining, whose ICO project is expected to begin production this year.
Similarly, the Baner Gold Project is located 5 km north of Idaho’s newest gold producer operated by and on strike with Endomines AB. We will do a thorough review and determine what will be the best and most accretive step for Champion shareholders.”
Overview of Idaho’s Champion Cobalt Properties
The Champion Cobalt properties include 622 mining concessions located along strike and adjacent to well-developed cobalt projects along the cobalt belt (see Figure 1):
Victory Project DUP Claims: ~6 km S of Blackbird Mine
Fairway Project SC Claims: ~3 km east of the town of Cobalt and 1 km north of the Blackpine copper occurrence
Twin Peaks TP & Badger Claims Project: Located on the Twin Peaks copper mine, 3 km from Electra Battery Metals’ Iron Creek
Baner Gold Project Overview
The Baner Project is located 8 km southwest of Elk City, Idaho (see Figure 2), in the heart of the historic Orogrande-Elk City mining district. Elk City is a historic gold mining region, dating back to the 1860s, which was once home to more than 20 underground mines and extensive placer operations. During the 1930s there were three cyanide plants along the Crooked River processing surface and underground sulphide ore. Exploration in the district was carried out by Cyprus Amax, Kinross Gold and Bema in the 1980s and 1990s.
Baner is located within the Orogrande Shear Zone (OSZ), a 20 kilometer long and up to 1 kilometer wide regional shear zone located in central Idaho. The OSZ is a transpressure shear zone composed of metamorphosed Proterozoic sedimentary rocks of the Belt Supergroup and granitic rocks of the Cretaceous Idaho Batholith, which is cut by Tertiary rhyolites and dacitic dykes. Hydrothermal alteration is spatially associated with the OSZ consisting of silicification, sericitization and chloritization. Different types of mineral systems occur in the OSZ and along sympathetic structures in the region, most likely Cretaceous or Tertiary. Mineralization may include disseminated bulk mineable precious metal mineralization associated with sheet or stockwork veining, hydraulic breccias and with extensive and extensive alteration; but high-grade gold is also found in discrete, structurally controlled quartz veins and silicified zones.
Premium Exploration carried out extensive soil sampling, airborne and surface geophysics and drilling during the period around 2010. In 2020, Endomines AB brought the Friday Gold project into production based on a measured resource and 462,000 tonnes grading 6.54 g/t gold and mined 6,600 tonnes of ore with a
Feed grade of 3.52 g/t (see Endomines AB annual reports for 2019, 2020). The Friday Gold Project is located in the OSZ approximately 8 km south of the Baner Project.
The technical information contained in this press release has been reviewed and approved by Peter Karelse, P.Geo., a consultant to the Company, who is a qualified person as defined by NI 43-101. Mr. Karelse has over 30 years of experience in exploration and development.
About Idaho Champion Gold Mines Inc.
Idaho Champion is a discovery-driven exploration company committed to advancing its highly prospective, 100% owned mineral properties located in Idaho, USA. The Company’s shares trade on the CSE under the symbol “ITKO”, on the OTCQB under the symbol “GLDRF” and on the Frankfurt Stock Exchange under the symbol “1QB1”. Idaho Champion is invested in Idaho with the Baner Project in Idaho County, the Champagne Project located in Butte County near Arco and four cobalt properties in Lemhi County in the Idaho Cobalt Belt. ‘Idaho. Idaho Champion strives to be a responsible environmental steward, stakeholder, and contributing citizen of the local communities where it operates. Idaho Champion takes its social license seriously, employing local community members and service providers in its operations whenever possible.
ON BEHALF OF COUNCIL
Jonathan Buick, President and CEO
For further information, please consult the Company’s SEDAR profile at www.sedar.com or the Company’s corporate website at www.idahochamp.com.
For more information, please contact:
Nicholas Konkin, Marketing and Communications
Telephone: (416) 567-9087
Email: [email protected]
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION. , OR THE SOLICITATION WOULD BE ILLEGAL.
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepts responsibility for the adequacy or accuracy of this press release. This press release may contain forward-looking information within the meaning of Canadian securities laws, concerning the activities of the Company. Forward-looking information is based on certain key expectations and assumptions made by the company’s management, including the suggested extension of the strike. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on forward-looking information as the Company cannot guarantee that it will prove to be accurate. The forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intention or obligation to publicly update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.