Matamec and Canada Strategic Metals Announce Agreement for Sakami Gold Project
August 19 2013 - 8:00AM
Marketwired
Matamec Explorations Inc. ("Matamec" or the "Company")( TSX
VENTURE:MAT)(OTCQX:MHREF) and Canada Strategic Metals (TSX
VENTURE:CJC)(FRANKFURT:YXEN)(OTCBB:CJCFF) are pleased to announce
that it has signed an option agreement where Canada Strategic
Metals can acquire an interest of up to 70% in the Sakami project,
located in the James Bay region of northern Quebec, approximately
570 kilometers north of Val-d'Or and 900 kilometers northwest of
Montreal. The property consists of a total of 120 mineral claims
covering 6,032 hectares.
The property straddles the structural contact between the
Opinaca and La Grande sub-provinces of the Archean-age Superior
structural province. This is a major structural corridor that
occurs on surface as a 100-kilometer long "S" shaped feature
trending northeast to southwest. The Sakami property covers
approximately 13 kilometers of this structure, which is up to 500
meters wide on the property. Several gold bearing have been
discovered on the property within or near this structural zone.
"Matamec is pleased to partner with Canada Strategic Metals in
advancing the exploration of the Sakami gold project," said Andre
Gauthier, President and CEO of Matamec Explorations Inc. "The
location of Sakami up north in Quebec is a strong potential for
gold as evidenced by past drilling campaigns."
Jean-Sebastien Lavallee, President of Canada Strategic Metals,
states: "Canada Strategic Metals has been looking for an
opportunity to acquire a project with strong historical results.
The Sakami property meets exactly Canada Strategic Metals' criteria
and is over a highly prospective geological area of the known gold
mineralized trend from the multimillion-ounce discovery of the
Eleonore Deposit owned by Goldcorp and other deposits such as the
La Grand sud and the Orfee deposit owned by Virginia Gold Mines. I
believe the acquisition of the Sakami project is a key turning
point for Canada Strategic Metals future growth."
Canada Strategic Metals can acquire a 50% interest by issuing
common shares and carrying out exploration as follows:
Number of shares Exploration work
i) Signature of a formal agreement 500,000 --
ii) On the First Anniversary 500,000 $500,000
iii) On the Second Anniversary 500,000 $750,000
iv) On the Third Anniversary 500,000 $1,000,000
TOTAL 2,000,000 $2,250,000
A minimum of $500,000 must be spent by Canada Strategic Metals
on exploration before the first anniversary of the agreement. In
the event that Canada Strategic Metals renounces its option, the
unspent portion of the $500,000 minimum in exploration expenses
shall be paid in cash or in shares, at the sole discretion of
Canada Strategic.
Canada Strategic Metals will have acquired an interest of 50% in
Sakami after issuing a total of 2,000,000 common shares and
carrying out exploration in the amount of $2,250,000 before August
16, 2016.
Once Canada Strategic Metals has earned a 50% interest, the
parties will form a full joint venture and will enter into a formal
agreement with the standard clauses.
The property is subject to a 1% Net Smelter Return royalty on
certain claims.
Within 180 days of acquiring its 50% interest in the property,
Canada Strategic Metals will have an option to acquire an
additional 20% property interest by issuing 1 million shares to
Matamec and completing an independent bankable feasibility study
within five years of the date of the share issuance. During the
period that the additional option is valid, the Company must spend
a minimum of $2,000,000 on exploration by the end of each year
until the feasibility study is completed.
Aline Leclerc, V-P Exploration (Geo.) is Matamec's Qualified
Person for this press release.
About Canada Strategic Metals
Canada Strategic Metals Inc. is an emerging growth company
focused on the exploration and development of its large portfolio
of graphite projects covering over 60,000 hectares throughout
Quebec. With management experience in green technology, and junior
resource exploration and development, Canada Strategic Metals is
well positioned to aggressively advance this promising portfolio
for our shareholders. For more information on Canadian Strategic
Metals, please visit www.csmetals.ca.
About Matamec
Matamec Explorations Inc. is a junior mining exploration company
whose main focus is in developing the Kipawa HREE deposit with
TRECan. Following the positive conclusion of the PEA study filed on
SEDAR in March 2012 (resources that are not mineral reserves do not
have demonstrated economic viability), Matamec and TRECan, JV
partners, decided to move directly to the feasibility study.
In parallel, the Company is exploring more than 35 km of strike
length in the Kipawa Alkalic Complex for rare
earths-yttrium-zirconium-niobium-tantalum mineralization on its
Zeus property. Since 2008, Matamec discovered many potential
showings. Particularly, it drilled the PB-PS Zone in the fall of
2012 and identified similar
Eudialyte-Mosandrite/Yttro-Tantanite/Britholite associated
mineralization founded at the HREE Kipawa Deposit. This type of
mineralization is presently known over 200 metres long and it opens
laterally and at depth. The Company plans to drill these extensions
later this year.
The Company is also exploring for gold, base metals and platinum
group metals. Its gold portfolio includes the Matheson JV property
located along strike and in close proximity to the Hoyle Pond Mine
in the prolific mining camp of Timmins, Ontario. In Quebec, the
Company is exploring for lithium and tantalum on its Tansim
property and for precious and base metals on its Sakami, Valmont
and Vulcain properties.
"Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Contacts: Andre Gauthier, President (514)
844-5252info@matamec.com Edward Miller, Director IR (514) 844-5252
ext. 205edward.miller@matamec.com www.matamec.com
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