Chimata Gold Corp in Process of Completing a NI 43-101 Technical Report with Zimbabwe Lithium Company Limited for the Kamativ...
March 06 2018 - 6:00AM
Chimata Gold Corp.
(TSX.V:CAT)
(“
Chimata” or
the “
Company”) is pleased to announce that it is
in the process of completing a NI 43-101 Technical Report (the
“
Provisional Report”) with
Zimbabwe Lithium Company (Mauritius) Limited
(“
ZIM”), the completion of such satisfactory
technical report being a condition precedent to the entering into a
Definitive Agreement with ZIM, as provided in the Company’s
previous press release dated February 14, 2018. ZIM, includes in
its definition its wholly owned subsidiary, Jimbata (Private)
Limited, a company operational in Zimbabwe as the local transacting
company for the Kamativi Tailings Dump Project (the
“
Project”).
The Provisional Report reveals an exploration target with a
volume range of 14,800,000 to 15,080,000 cubic meters and a tonnage
range of between 23,000,000 to 25,000,000 metric tonnes of tailings
material, the Kamativi Tailings Dump (“KTD”)
at a grade range of 0.29 % to 1.13 % Li2O with 70%
being Spodumene. The potential tonnage and grade is conceptual
in nature as there is insufficient exploration data to define a
Mineral Resource, as this term is defined in NI 43-101 Respecting
Standards of Disclosure for Mineral Projects (“NI
43-101”). The Company cautions that further exploration
may not result in the delineation of a Mineral Resource
estimate.
The Provisional Report reveals that a total of 28 grab samples
have been extracted from the KTD, at a grade of between 0.29% to
1.13% Li2O. Early stage Mineralogy and Heavy Liquid Separation has
been completed on the grab samples by ZIM, through SGS Randfontein
South Africa, and indicates that 70% of the lithium mineralisation,
of the sample tested, is spodumene. As the Kamativi Tin Mine was
historically operational, significant infrastructure for the site
is still in place. This includes power, water and a road network,
all near to the mine and/or on site. Chimata sees this Project as a
Brownfield project with a clear and quick path to
production.
To view the full text of this news release in its
entirety, please follow the link
below: http://chimatagoldcorp.com/wp-content/uploads/2018/03/2018.03.06-Updated-43-101-Press-Release-for-issuance-2.pdf
ON BEHALF OF THE BOARD
Richard GroomeChairman and Interim President
and CEO
Further information regarding the Company can be found on SEDAR
at www.SEDAR.com
Contact:Steve Cozine604-674-3145info@chimatagoldcorp.com
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