SASKATOON, Nov. 14, 2019 /CNW/ - Omineca Mining and Metals
Ltd. (TSXV: OMM) ("Omineca" or the "Company") announces the
completion of a geophysical exploration program which returned
distinct and pervasive magnetic anomalies that may represent
several paleochannels within the survey area correlating strongly
with the historic workings on the property. This program on
the Fraser Canyon project ("Fraser Canyon Project"), located 47
kilometers west of the Company's flagship Wingdam project near
Barkerville, BC, Canada, included
the inversion of magnetic survey data.
Omineca intends to drill these magnetic anomalies to confirm the
survey and corroborate modern geophysical data with historic gold
bearing zones on the property. Details of the drill program will be
announced once finalized.
About the Fraser Canyon Project
The Fraser Canyon Project consists of 7 mineral claims, 10
placer claims and 1 placer lease, encompassing 1,364.64 hectares in
total, spanning both sides of the Fraser River near Quesnel, British Columbia and encompassing the
workings of the historic Canyon and Tertiary mines.
North of the river, the historic workings of the Tertiary mine,
have seen past sporadic test mining operations. The Tertiary
paleochannel lying approximately 35 meters below surface, consists
of a basal, gold-bearing cobble conglomerate that crosses under the
Fraser River at the downstream end of the Cottonwood Canyon, and
runs through the Fraser Canyon Project.
The Canyon mine portion of the paleo-channel, south of the
Fraser River, was heavily prospected following the gold rush of
1860. During 1919 and 1920 a sizeable hydraulic operation was
active and washed a large pit, the rejects from which now form the
base for Omineca's settling pond and infrastructure area at the
Fraser Canyon Project. In 1935 several adits and shafts were
established near the site of the current decline, developed into
the gold bearing zone in 1986, that remains the access point for
the underground workings at site today.
About Omineca Mining and Metals Ltd.
Omineca Mining and Metals Ltd. controls a 100% interest in the
flagship Wingdam Gold Project and a 100% interest in the Fraser
Canyon Project through its wholly owned subsidiary CVG Mining
Ltd. The 2700 ha Wingdam Gold Project is located 45 km east
of Quesnel B.C. via the
Barkerville highway. The Wingdam property includes both
placer and hard-rock tenures along the Lightning Creek valley,
where topographic conditions created a thick overburden which
isolated a large portion of the channel from historical
conventional surface placer mining activity.
Qualified person
Dr. Stewart A. Jackson, PGeo, is
a qualified person within the context of National Instrument 43-101
and has prepared, read and approved the technical aspects of this
news release.
Forward Looking Statements
This release includes forward-looking statements regarding
Omineca and its business, including statements about future drill
programs at the Fraser Canyon Project. Such statements are
based on the current expectations and views of future events of
Omineca's management. In some cases, the forward-looking
statements can be identified by words or phrases such as "may",
"will", "expect", "plan", "anticipate", "intend", "potential",
"estimate", "believe" or the negative of these terms, or other
similar expressions intended to identify forward-looking
statements. The forward-looking events and circumstances
discussed in this release may not occur and could differ materially
as a result of known and unknown risk factors and uncertainties
affecting Omineca, including risks regarding the resource industry,
economic factors and the equity markets generally and many other
factors beyond the control of Omineca. No forward-looking
statement can be guaranteed. Forward-looking statements and
information by their nature are based on assumptions and involve
known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements, or
industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statement or information. Accordingly,
readers should not place undue reliance on any forward-looking
statements or information. Forward-looking statements speak
only as of the date on which they are made and Omineca undertakes
no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events,
or otherwise, except as required by applicable securities
laws.
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.
SOURCE Omineca Mining and Metals Ltd