Nitinat Updates Carscallen Gold Property
TORONTO, March 05, 2018 (GLOBE NEWSWIRE) -- Nitinat Minerals Corp. (the "Corporation") (TSX VENTURE:NZZ) (FRANKFURT:04U1) is pleased to announce that it has retained a local contractor in Timmins, Ontario to commence a work program on its 100% owned Carscallen gold property (the "Property") located in Northern Ontario. The Property is located 25 kilometres west of Timmins and seven kilometres north of the Tahoe Resources Inc. West Timmins mine, which produced an aggregate of 185,600 ounces in 2014.
The Property is a strategically located covering a prospective package of mafic and felsic volcanic rocks similar to those which host the Porcupine mining camp. The Property hosts a quartz-carbonate-sericite alteration zone that is exposed for 91 meters across strike and at least 152 meters along strike. No significant work has been conducted on the property since the program of stripping 2008. It is anticipated that state-of-the-art geophysical surveys will be conducted on the project to evaluate the Property's potential at depth and along strike and further examine the extent of known mineralization. Subject to favourable results from the initial geophysical program a follow-up program of diamond drilling would be conducted.
Herb Brugh, President of the Corporation, stated "The Corporation continues to add attractive prospective properties to its portfolio. With the addition of the Carscallen property, the Corporation is expanding into Ontario and into the highly prolific Porcupine belt. The Corporation's goal is to be opportunistic and acquire appealing properties at excellent valuations. Nitinat's team is very excited about the prospects of the Property and for a relatively modest exploration program we believe we can quickly identify the potential of the Carscallen Property, offering our shareholders additional discovery opportunities."
Herb Brugh, President and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Nitinat is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Nitinat cannot assure investors that actual results will be consistent with these forward-looking statements and Nitinat assumes no obligation to update or revise the forward-looking statements contained in this release to reflect actual events or new circumstances.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Nitinat Minerals Corp. via Globenewswire
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