VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 25, 2017) –
THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Remo Resources Inc. (TSX VENTURE:RER) (the “Company” or “Remo“), is pleased to announce results from 3 additional drill holes being drilled by Chakana Copper Corp. (“Chakana”) at the Soledad copper-gold-silver project in central Peru. The drilling campaign was initiated August 16th, 2017 with the results of the first two drill holes set out in Remo’s news release of October 6, 2017 which also disclosed the proposed reverse take-over of Remo pursuant to an amalgamation with Chakana (the “Proposed Transaction“).
The Soledad project is located 35 km south of the Pierina mine in the prolific Miocene metallogenic belt of Peru. The project hosts multiple high-grade quartz-tourmaline-sulfide breccia pipes that crop out at surface. The purpose of the drilling campaign is to define an initial inferred resource on two of the pipes, with additional drilling dedicated to other pipes and targets on the property.
All drilling to date has been on Breccia Pipe #1 (Bx #1) where previous drilling had documented continuous mineralization from surface to 490 metres (please refer to Condor Resources Inc’s news release of July 6, 2016). Drilling by Chakana has been from a central platform on top of the pipe with different azimuth and dip angles to define the geometry of the pipe and the grade profile.
Results from the third through fifth drill holes completed by Chakana are as follows:
|DDH #||Azimuth||Dip||From – To
|Core length (m)||Au
|The true widths of the mineralized intervals reported in this release are difficult to ascertain and additional drilling will be required to constrain the geometry of the mineralized zones|
David Kelley, President and Chief Executive Officer of Chakana, commented as follows: “The results from these three additional drill holes confirm our belief that the breccia pipes at Soledad host significant high-grade mineralization. The grades are exceptional, particularly at the margin of the pipes where sulfide contents increase. Hole SDH17-019 is especially significant as it is the first hole drilled to the southwest and it penetrates a blind breccia zone from 88 to 230 metres that was previously unknown. Within this zone are two strongly mineralized intervals of 37 metres with 2.20% Cu, 0.80 g/t Au, and 136.1 g/t Ag; and 25.25 metres with 1.64% Cu, 1.72 g/t Au, and 221.4 g/t Ag. This new breccia zone will be followed up with additional drilling. Hole SDH17-020 has an impressive continuous mineralized interval of 113m from surface. Hole SDH17-021 was drilled at a shallower angle to locate the outer contact of the breccia pipe and only penetrated the supergene weathering zone, which is partially oxidized and typically has higher gold grades than the primary zone but is devoid of copper. The three holes ended in propylitically altered andesite at depths of 297.5m, 216.7m, and 196.9m, respectively. Additional drilling will help confirm the geometry of the pipe in the top 250 metres from this central location, followed by step-out drilling from platforms back across the pipe at greater depth.
Sampling and Analytical Procedures
Chakana follows rigorous sampling and analytical protocols that meet or exceed industry standards. All core drilled to date has been HQ diameter with down-hole surveying using a Reflex tool. Drill core is photographed, logged and sampled at the project site. Core is split in half using a diamond saw with half of the interval used for assay and the other half for permanent archive. Sample intervals are 1 metre in mineralized breccia and 2 metres in un-mineralized host rock unless there is an important contact between these intervals. Samples for assay are placed in individual plastic bags with a unique sample identification, sealed with a plastic zip tie, and stored in a secured area until transport in batches to the ALS facility in Callao, Lima Peru. Samples are processed under the control of ALS with the samples including certified reference materials, a coarse and finely-crushed blank and duplicates samples. All samples are analyzed using the ME-MS41 procedure in order to obtain a comprehensive multi-element overview of the geochemistry. Gold is analyzed by ME-MS41 (not considered reliable), AA24 (higher precision) and GRA22 when values exceed 10 g/t. Over limit Silver, copper, lead and zinc is analyzed using the OG-46 procedures.
Additional information concerning the Soledad Project will be contained in a technical report to be filed by Remo in connection with the Proposed Transaction which will be made available on Remo’s SEDAR profile at www.sedar.com. Remo has not received as of this date, any geological technical report prepared in accordance with National Instrument 43-101.
Technical information in this news release has been approved by David Kelley, Qualified Professional – Geology designation from the Mining and Metallurgical Society of America, a Director of Chakana and a Qualified Person as defined by NI 43-101 – Standards of Disclosure for Mineral Projects.
ON BEHALF OF THE BOARD
Stephen Kenwood, President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
All information contained in this news release with respect to Remo and Chakana was supplied by the parties, respectively, for inclusion herein, and Remo and its directors and officers have relied on Chakana for any information concerning such party, including information concerning the Soledad project.
This news release contains forward-looking statements relating to the future operations of the Company, Chakana, and the Resulting Issuer and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Proposed Transaction and the future plans and objectives of the Company, Chakana, and the Resulting Issuer are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance and if applicable pursuant to TSX Venture Exchange requirements, majority of the minority shareholder approval. Where applicable, the Proposed Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon.
The Exchange has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this press release.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
President and CEO