LAVAL, CANADA–(Marketwired – June 20, 2017) – Typhoon Exploration Inc. (TSX VENTURE:TYP) («Typhoon») presents an update on its group of projects located in the area of Rouyn-Noranda, following the eastern extension of the Porcupine-Destor Break and, on the Monexco project located in the North Québec region close to Chibougamau.
The Fayolle property is held to equal part between Hecla Québec (50% interest) and Typhoon (50% interest). The project, covering the eastern extension of the Porcupine-Destor Break, is composed of 39 mining titles for an area of 1,373 hectares. An indicated resource was defined based on 1,814,800 tonnes at 2.7 grams of gold per tonne for 156,000 ounces of gold, using a cut off grade of 0.8 grams of gold per tonne (Typhoon press release of September 6th 2012).
Exploration works produced in 2014 included 4,235 meters of drilling, an Induced Polarization (IP) survey and a soil survey. This type of systematic approach highlighted the possible extension of the mineralized system associated with the Fayolle deposit over a distance of 2.7 kilometres.
The last drilling results obtained on the property comes from the Cinco showing where 2.6 grams of gold per tonne over a core length of 8.2 meters and 16.5 grams of gold per tonne over a core length of 0.8 meters respectively in holes FAX-14-71 and in hole FAX-14-72. The two holes were collared in approximately 300 metres one of the other one. They intersected the mineralized structure at more than 2.7 kilometres from the Fayolle deposit (press release of July 13th, 2015).
Since 2014, four (4) programs of exploration have been realized in the Fayolle deposit area in different claims blocks 100% controlled by Typhoon. Only the Aiguebelle-Goldfields property is in partnership with Agnico-Eagle (TYP 51 %, AEM 49 %)
Exploration activities are as follows:
|Property||Localization relative to the Fayolle property||Description||Works & Results|
|Aiguebelle-Goldfields||Immediately on the west side||6 claims (2.6 km2)||Anomalies Ore-vision * recognized up to 500 meters on the West of the Fayolle deposit. Targets ready to drill.|
|Ranger||South-West||13 claims (5,6 km2)||122 chip samples, 147 channel samples. Gold-bearing anomaly confirmed over 1km.|
|Sommet||South||11 claims (4.7 km2)||236 chip samples, no identified anomaly.|
|Futur||South-East||20 claims (8,5 km2)||Recently staked|
*The Ore Vision system is a configuration of PP survey developed by the firm Abitibi Geophysique (ageophysics.com)
According to results obtained on the Ranger claims block, a campaign of prospection and sampling will be completed in 2017. The target identified, which is confirmed along a lateral extension of about 1 km, could be the first one ever identified entirely in sediments of the Kewagama Group. Even preliminary, observations showed the possibility to identify a stockwork style mineralization. The 2017 program has also the objective to confirm the geological context of the targeted area.
In 2015 and 2016, two programs of exploration were realized on the Monexco property, located North-East of the town of Chibougamau, on the Plan Nord territory.
|Property||Localization||Description||Works & results|
|Monexco||35km on North-East of Chibougamau||42 claims||November 24th 2015 Press Release :
18 of 174 chip samples returned values from 1.0 and 51.0 g/t Au.
5 of 12 channel samples returned values from 2.2 to 13.2 g/t Au.
The report and exploration results from last sampling phases will be revealed during following weeks by press releases.
Despite previous years downturn in mineral exploration activities with an inanimated financing market, the direction is satisfied by the works carried out during the last few years on its projects.
Typhoon beneficiates from an excellent financial condition and stays optimistic for 2017. With only 36,177,791 emitted ordinary shares in circulation, the Company is top position for the resumption of the exploration sector. The annual general assembly of the company will take place on August 15th, 2017 at 11:30 am., in the Montmorency room of the Bank Laurentienne, 1699, Boul. Corbusier, Laval, QC.
ABOUT TYPHOON EXPLORATION INC.
- Monexco Project (Chibougamau, Plan Nord territory): 100%-owned by Typhoon
- Ranger Project (Abitibi, Rouyn-Noranda): 100%-owned by Typhoon
- Sommet Project (Abitibi, Rouyn-Noranda): 100%-owned by Typhoon
- Futur Project (Abitibi, Rouyn-Noranda): 100%-owned by Typhoon
- Aiguebelle-Goldfields Project (Abitibi, Rouyn-Noranda): 49%-owned by Agnico Eagle Mines Limited / 51% by Typhoon
- Destorbelle Project (Abitibi, Rouyn-Noranda): 50%-owned by Axe Exploration Inc. / 50% by Typhoon
- Fayolle Project (Abitibi, Rouyn-Noranda): 50%-owned by Hecla Quebec Inc. / 50% by Typhoon which contains this day 156 000 ounces of gold of category indicated (press release on September 6th, 2012)
The technical data which appear in the present press release were approved by Martin Demers geo. Technical Adviser of Typhoon Exploration Inc. Qualified Person as defined by National Instrument 43-101.
Neither the 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.
]]>David Mc Donald