VANCOUVER, BC / ACCESSWIRE / February 6, 2024 / CMC Metals Ltd. (TSX-V:CMB)(Frankfurt:ZM5P)(CMCXF:OTCQB) ("CMC" or the "Company") is pleased to announce that the Company has completed the final payment on the Silverknife and Amy Properties and also acquired an additional Mineral Tenure at Amy. The deal was completed on February 1, 2024 with the Optionor, Mr. Steven Scott a businessman and prospector. As a result, CMC is now a 100% owner of the aforementioned Properties as of the effective date of the Agreement. The original final payment of the option agreement was amended and subsequently a payment of 2,000,000 common shares, subject to a four month hold period from the effective date, was provided to Mr. Scott as the final payment.
The Silverknife Property is located immediately west of Coeur Mining Inc. very high-grade silver-lead-zinc-critical minerals carbonate replacement deposit (i.e the "Silvertip mine") located in the emerging Rancheria Silver District in north-central British Columbia. CMC has only conducted preliminary exploration at the Silverknife Property and intends to focus future exploration efforts on the North Tootsee area of the Property. North Tootsee is underlain by limestones assigned to the McDame unit which are the host rock to the Silvertip mine located less than 2 kilometers to the east. CRD style deposits typically form in clusters, along structural corridors, and adjacent to intrusives such as granites/granodiorites which provide the heat source for the movement of mineralized fluids into overlying sediments such as limestones. Tootsee North is areally larger in size than the current footprint of the Silvertip mine, is located proximal to the heat source proven by CMC's small 2023 drilling program, and McDame is locally noted to be mineralized in showings just north of Silverknife. Future exploration efforts will include completion of road access to the Tootsee North area, trenching and ground geophysics to pinpoint structural zones that are highly prospective and would merit drilling.
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