Toronto, Ontario--(Newsfile Corp. - February 4, 2021) - Canadian Silver Hunter Inc. (TSXV: AGH.H) ("Canadian Silver Hunter" or the "Company") is pleased to announce that the Company has acquired (the "Acquisition") an undivided interest in an additional 80 mining claims, in two blocks, and totalling 1,762 hectares, located in Turnbull and Massey Townships, in the West Timmins area of Ontario (newly named the "Dark Horse Property"). The claims are in addition to the Company's Lost Dog Property and Whitesides Property for an aggregate total of 143 claims and 3,003 hectares in the camp. The Acquisition was completed pursuant to the terms of a claims purchase agreement dated January 27, 2021 between the Company and North American Explorations Ltd., an arms-length party (the "Vendor").
The Dark Horse Property is located approximately 27 km northwest of the prolific Timmins gold mining camp and immediately north of the Sanatana Resources Gold Rush Property (see Sanatana Press Release dated Jan 31, 2021). Recent work by Sanatana included surface sampling programs that identified numerous gold-bearing and gold/silver-bearing quartz vein systems on their property. The best gold result was from a grab sample of 59.2 g/t gold from a brittle ductile shear in the vicinity of the north-south trending DeSantis Fault, which has been documented to cross the Company's Dark Horse Property for approximately 3.4 km.
Past work on the Dark Horse Property by other operators includes:
Diamond drilling by Laurion in 2006 where Hole AR-06-01 returned some elevated Zn assays, the highest being 2660 ppm Zn over 1m from a section within basaltic tuff mineralized with trace sphalerite as disseminations and fracture fillings and trace chalcopyrite. In addition, Hole AR-07-03, approximately 400m east of AR-06-01, returned an assay of 2576ppm Zn and 1013ppm Cu over 0.8m from a silicified felsic tuff mineralized with pyrrhotite and chalcopyrite. Hole AR-07-02, collared approx. 150m SE of 03, returned elevated Zn values from a similar unit of felsic tuff with the highest assay being 2325ppm Zn over 0.5m.
A unit of basaltic tuff interbedded with flows and mineralized with pyrite, pyrrhotite and sphalerite assayed up to 1.62% Zn over 1m and averaged 1.36% Zn over 3m. These surface samples appear to be hosted by cherty mafic tuffs near the contact with fine-grained felsic rocks.
In consideration for the Acquisition, the Company has issued 400,000 common shares in the capital of the Company at a deemed price of $0.07 per share to the Vendor. The common shares will be subject to a statutory hold period of four months and one day from the date of issuance thereof, in accordance with applicable securities laws.
The Acquisition remains subject to receipt of all necessary regulatory and other approvals, including final approval of the TSX Venture Exchange.
The technical contents of this press release have been reviewed by Wayne Holmstead, P.Geo, Qualified Person as defined by National Instrument 43-101, and a consultant to the Company.
About Canadian Silver Hunter Inc.
Canadian Silver Hunter Inc. is a Canadian mineral exploration company focused on gold and silver exploration in Ontario and Quebec. The Company currently owns two properties: the Silver Centre-Keeley Frontier property, located near Cobalt in Northern Ontario; and the Lac Lachance property, located near Lac Windfall in Quebec, and has an option to acquire a 100% interest in the Lost Dog property, located near Timmins in Northern Ontario. For further details about the Company's projects and plans please visit the Canadian Silver Hunter Inc. website at .
For more information please contact:
Jeffrey Hunter
President & CEO
(416) 707-4230
CAUTIONARY STATEMENT: 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.
Notice Regarding Forward Looking Information
Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, and commodity prices. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward looking information. The parties undertake no obligation to update forward-looking information except as otherwise may be required by applicable securities law.
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