February 5, 2018 (Source) — Canadian Metals Inc. (the “Company”) (CSE:CME)(CSE:CME.CN)(CNSX:CME) is pleased to announce that it has filed on SEDAR a Technical Report in compliance with National Instrument 43-101 (NI 43-101) on a mineral resources update of the Company’s 100% owned Langis near Amqui, Quebec. The technical report was prepared by Goldminds Geoservices Inc. (“GMG”).
Highlights:
- High-grade silica sandstone deposit at surface open-pit constrained resources:
- 3,900,000 tonnes Measured @ 99.01% SiO2 and 3,700,000 tonnes Indicated @ 98.92% SiO2 for a total of 7,600,000 tonnes M&I @ 98.96% SiO2 at a cut-off grade of 97% SiO2;
- 14,000,000 tonnes Inferred @ 98.97% SiO2
- Major increase in resource estimates 217% for Langis vs. October 2016 resources.
- Quarry permit in place with an average of 84,286 tpy with a maximum of 100,000 tpy with extraction of 590,000 Tonnes, now 674,000 Tonnes in the M&I at 99% SiO2 in the original quarry design based on resource update.
- Fully permitted with the BEX and the Certificate of Authorization from the MDDELCC.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. However, the reported mineral resources are considered by the qualified persons to have reasonable prospects for economic extraction as per CIM 2014 definitions.
Canadian Metals Inc. news release dated December 20th, 2017 summarizes the assumptions and key results contained in the technical report. The same results of the press release are presented in the technical report.
Qualified Person
Claude Duplessis, Eng. of Goldminds Geoservices, a Qualified Person as defined by National Instrument 43-101, is responsible for the Langis Silica exploration program, mineral resource update and has approved the technical information contained in this news release.
The company also announces that the Board of Directors has approved the grant of an aggregate of 1,250,000 stock options to be distributed among directors, officers and consultants of the Corporation under the terms of the Corporation’s Stock Option Plan, each option being exercisable at $0.14 per share for a period of five years.
About Canadian Metals
Canadian Metals is focused on the development of its Langis project, a high-purity silica deposit located in the province of Quebec. The Company is rapidly positioning itself as a supplier of high purity silica and silicon alloy in North America. Silicon based materials can be formulated to provide a broad range of products from more durable, faster building materials with smarter electronic devices, solar panels and more efficient wind turbines. We expect to become a global supplier for a number of industries and applications but without limitation: glass, ceramics, lighting, oil and gas, paint, plastic and rubber. We also want to become an integrated supplier to metallurgical industries including foundries, and participate in a wide range of civil, industrial, environmental and related applications. These target markets are an integral part of the lives of millions of people every day.
Cautionary Statements Regarding Forward Looking Information
Certain statements included herein may constitute “forward-looking statements”. All statements included in this press release that address future events, conditions or results, including in connection with the pre-feasibility study, its financing, the hybrid flex project, job creation, the investments to complete the project and the potential performance, production and environmental footprint of the silicon plant, are forward-looking statements. These forward-looking statements can be identified by the use of words such as “may”, “must”, “plan”, “believe”, “expect”, “estimate”, “think”, “continue”, “should”, “will”, “could”, “intend”, “anticipate” or “future” or the negative forms thereof or similar variations. These forward-looking statements are based on certain assumptions and analyses made by management in light of their experiences and their perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate in the circumstances. These statements are subject to risks, uncertainties and assumptions, including those mentioned in the Corporation’s continuous disclosure documents, which can be found under its profile on SEDAR (www.sedar.com). Many of such risks and uncertainties are outside the control of the Corporation and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In making such forward-looking statements, management has relied upon a number of material factors and assumptions, on the basis of currently available information, for which there is no insurance that such information will prove accurate. All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. The Corporation is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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