September 25, 2018 | Val-d’Or, Quebec – Hinterland Metals Inc. (HMI:TSX-Venture) (“Hinterland” or the “Company”) is pleased to announce that it has acquired, by means of a purchase agreement (the “Agreement”), a 100% interest in the 23-claim (1,275-hectare) Fenelon Gold Property (“Fenelon”) located approximately 75 kilometres west of Matagami in the Abitibi Region of Quebec. Excellent access to the property is provided by network of logging roads leading north from provincial highway Route 810. The Fenelon property is underlain by sedimentary and volcanic rocks, and covers a five kilometre segment of the Lower Detour Deformation Zone (“LDDZ”). The LDDZ and parallel Sunday Lake Deformation Zone (“SLDZ”) form a complex, bifurcating, regional scale structural corridor that extends approximately 150 kilometres in an easterly direction along the northern margin of the prolific Abitibi Greenstone Belt. http://bit.ly/2QZayyW
The SLDZ hosts significant gold deposits on its various secondary splays including Detour Gold’s operating Detour Gold Mine in Ontario, Wallbridge Mining’s past producing Discovery deposit in Quebec, and Balmoral Resources’s recently delineated Martinière West and Bug Lake gold deposit in Quebec. The LDDZ hosts numerous gold showings including most notably Detour’s Zone 58N deposit. Wallbridge is currently undertaking significant underground exploration work on its Fenelon property, and has lately announced numerous very high-grade gold intersections (Wallbridge press releases dated September 19, September 05, 2018 and August 28, 2018). It has also announced a $3.9-million strategic investment by renowned gold investor Eric Sprott (Wallbridge press release dated September 14, 2018).
The Fenelon property was acquired based on the favourable regional geology, and the current level of advanced exploration in the area. The Fenelon claims have seen limited previous exploration with the last documented work done in 1987 consisting of cursory geophysical surveys and five shallow drill holes. http://bit.ly/2QWavE8
Under the terms of the Agreement, Hinterland will issue 250,000 shares to an arm’s length vendor (the “Vendor”), and reimburse the Vendor staking costs estimated to be $2,000. The Vendor will retain a 1% Net Smelter Returns royalty on any future metal production from the Property. The Agreement is subject to regulatory approval.
Mark Fekete, P.Geo is the designated “qualified person” as defined in Section 1.2 in and for the purposes of National Instrument 43-101 that reviewed and approved the technical content of this release.
For more information please contact:
Mark Fekete, President at 1-819-354-5244
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. This release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Company’s periodic reports including the annual report or in the filings made by the Company from time to time with securities regulators. The Company undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of an unanticipated event.