CALGARY, ALBERTA--(Marketwired - Apr 23, 2014) - Northern Abitibi Mining Corp. (TSX VENTURE:NAI) ("Northern Abitibi or the Company") is pleased to announce it has entered into an option agreement to earn a 100% interest in the Ches copper-molybdenum-tungsten property located in central British Columbia.
The road accessible Ches Property is located 80 kilometres south of Burns Lake on the south side of Ootsa Lake. Mineralization was first uncovered following the construction of a logging road in 1985. The road exposures consist of pyrrhotite-chalcopyrite-scheelite replacement (skarn) style mineralization in calcareous sedimentary rocks and quartz chalcopyrite-molybdenite-scheelite stockwork veining in fine grained siltstones. Historic Assessment Reports state average grades from surface sampling of 0.52% copper and 4.7 g/t silver over a zone 350 metres wide, and copper in soil geochemical anomalies up to 350 metres wide and at 800 to 1500 metres long, and open along strike. Subsequent surface grab sampling reported in a 2009 Technical Report by Scarlet Resources Ltd. returned values up to 1% copper, 16 g/t silver, and 0.3% tungsten from the replacement-skarn style mineralization, and values up to 0.45% copper, 0.02% molybdenum, 7 g/t silver, and 0.1% tungsten from the stockwork zone. These mineralized zones have never been trenched or drill tested. The sampling results above are considered historic in nature, they have not been confirmed by Northern Abitibi, and should not be relied upon.
Under the terms of the option agreement Northern Abitibi can earn a 100% interest in the Ches Property from Vendors Ken Galambos, Shawn Turford, and Ralph Keefe, by making staged cash and share payments over 4 years totaling $50,000 cash and 1.6 million shares, and spending a total of $500,000 on exploration. Upon signing Northern Abitibi must issue 350,000 Northern Abitibi shares, and the Company must spend $50,000 on exploration within the first year. The Vendors will retain a 2% net smelter royalty, three quarters of which can be bought back by Northern Abitibi for $2 million dollars. This transaction is subject to TSX Venture Exchange approval.
Permitting for a summer 2014 exploration program at Ches is underway. Northern Abitibi is planning a $50,000 exploration program consisting of trenching, mapping, and channel sampling to verify and further expand the mineralized zones on the property.
The Company continues to actively search for new early stage exploration opportunities and avenues for growth in stable jurisdictions within North America. Additional opportunities in Mexico, Nevada, and Canada will continue to be evaluated and pursued during 2014.
Dr. Shane Ebert, P. Geo. is the Qualified Person responsible for the preparation of this news release.
Shane Ebert, President/Director
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Northern Abitibi's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Northern Abitibi. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Northern Abitibi's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Northern Abitibi's filings with the Canadian securities authorities. Accordingly, holders of Northern Abitibi shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Northern Abitibi disclaims any responsibility to update these forward-looking statements.