Chilean Metals Inc. (“Chilean Metals,” “CMX” or the “Company”) (TSXV:CMX, OTCQB:CMETF, SSE:CMX, MILA:CMX) has contracted Precision GeoSurveys to conduct detailed Magnetics and Radiometrics surveys over three of the Company properties in the Cobequid Highlands including over the recently acquired Trident Prospect at Bass River. This will be followed by IP surveys over the areas defined by interpretation of the Magnetics and Radiometrics to be high priority areas of interest for Cobalt and Base metals.
“We are very positive about our properties in the Cobequid Highlands and the potential for a major Cobalt and/or base metals discovery. We have just completed Phase 1 of drilling at the Bass River Castlereagh prospect and samples have now been submitted to ActLabs for analysis. We expect to receive assay results around mid July.
We have also submitted drill core samples from historic drilling done on the combined Bass River project as much of the previous drill core was not sampled for Cobalt, Precious or Base Medals. These assay results will be integrated with data from the magnetics, radiometrics and IP surveys to define drill targets. We expect to conduct Phase 2 of drilling at Bass River on the “Trident” target commencing in the second half of Q2″ commented Mick Sharry Chilean President.
About Chilean Metals,
Chilean Metals Inc. is a Canadian Junior Exploration Company focusing on high potential Copper Gold prospects in Chile & Canada.
Chilean Metals Inc is 100% owner of five properties comprising over 50,000 acres strategically located in the prolific IOCG (“Iron oxide-copper-gold”) belt of northern Chile. It also owns a 3% NSR royalty interest on any future production from the Copaquire Cu-Mo deposit, recently sold to a subsidiary of Teck Resources Inc. (“Teck”). Under the terms of the sale agreement, Teck has the right to acquire one third of the 3% NSR for $3 million dollars at any time. The Copaquire property borders Teck’s producing Quebrada Blanca copper mine in Chile’s First Region.
Chilean Metals Inc is the 100% owner of four Copper, Cobalt & Gold exploration properties in Nova Scotia on the western flank of the Cobequid-Chedabucto Fault Zone (CCFZ); Fox River, Parrsboro, Lynn and Bass River North respectively.
ON BEHALF OF THE BOARD OF DIRECTORS OF
Chilean Metals Inc.
“Terry Lynch”
Terry Lynch, CEO
Contact: terry@chileanmetals.com
The Qualified Person for Chilean Metals Inc., as defined by National Instrument 43-101, is Mick Sharry, M.Sc. Consultant
Forward-looking Statements: This news release may contain certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical fact, that address events or developments that CMX expects to occur, are forward looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements in this document include statements regarding current and future exploration programs, activities and results. Although CMX believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capital and financing, inability to obtain required regulatory or governmental approvals and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.
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.
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