Highlights of this news release:
- Extension of the Bobby showing at a depth of 115 meters: 1.28 g/t Au over 7.96 meters in AK-15-21
- Extension of the Orbi showing at a depth of 70 meters: 1.05 g/t Au over 3 meters in AK-15-16
- 11 out of 22 drill holes intersected grades above 1 g/t Au in Phase 1
- Re-assay for total gold returns 19.45 g/t Au over 1 meter for the sample with visible gold
- Management present at PDAC 2015 convention booth #3019 and Core Shack booth #4N
Montreal, February 23, 2015 – Geomega Resources Inc. (“GéoMégA” or the “Company”) (TSX.V: GMA) announces the final results of its initial drilling campaign (“Phase 1“) completed on January 28, 2015 on its wholly owned Anik projet. Of the 22 drill holes completed, 13 investigated the gold showings (Bobby, Orbi and Mirador) and 9 investigated regional targets having combined geophysical and/or geochemical anomalies (soils). The final 7 drill holes completed in January 2015 allowed to verify the extensions of the Orbi and Bobby showings and the discovery of new mineralized alteration zones.
“Phase 1 on the Anik project is a success with 11 out of 22 drill holes intersecting gold grades above 1 g/t Au. The high number of gold anomalies demonstrates the presence of a fertile system in the northeast sector of the property. The information collected with Phase 1 increased our understanding of the system which will allow to plan a targeted program scheduled for summer 2015. With the Orbi and Bobby zones sector being near surface, the continuation of field work will focus on trenching in order to identify the lateral extensions of the gold zones and gain the maximum of information.” comments Alain Cayer, Vice-President Exploration of GéoMégA.
CLICK HERE to download the plan view map of the gold sector.
Phase 1: Significant intersections – drill holes 16 to 22
| Drill hole | Target | Azimuth/Dip Plongée | From | To | Length (m) | Au (g/t) |
| AK-15-161 | Orbi-South | N345°/-45° | 10 | 11 | 1.0 | 19.45 |
| Orbi | 91 | 94 | 3.0 | 1.05 | ||
| AK-15-17B1 | Orbi | N345°/-45° | 30 | 31 | 1.0 | 4.67 |
| AK-15-182 | Bobby | N345°/-45° | 69 | 71 | 2.0 | 1.60 |
| AK-15-19B2 | Bobby | N165°/-45° | 19 | 20 | 1.0 | 1.27 |
| 58 | 59 | 1.0 | 1.93 | |||
| AK-15-202 | Exploration | N345°/-45° | 77 | 80 | 3.0 | 1.47 |
| 84 | 85 | 1.0 | 1.06 | |||
| AK-15-212 | Bobby | N165°/-45° | 162.84 | 170.8 | 7.96 | 1.28 |
| incl. 165 | 166.54 | 1.54 | 3.06 | |||
| 1. True width is estimated between 70 and 90% of core length. | ||||||
| 2. True width is estimated between 45 and 60% of core length. | ||||||
Orbi zone
Drill holes AK-15-16 and 17B intersected the silicified and mineralized schist zone with quartz veins characterizing the Orbi showing. In addition, at the beginning of drill hole AK-15-16, a new mineralized sedimentary unit with quartz veins containing visible gold has been identified (see press release of January 28, 2015). The actual gold content of the sample, after re-assay for total gold, is 19.45 g/t Au over 1 meter. The Orbi zone is open at depth and to the East.
Bobby zone
Drill hole AK-15-21 intersected at a depth of 115 meters a zone of intense silicification accompanied by quartz veins and veinlets characterizing the Bobby showing. An enrichment in arsenic has also been identified. Drill holes AK-15-18 and 19B investigated the periphery of the alteration zone and intersected it over several meters. The Bobby zone is open at depth.
CLICK HERE to download the longitudinale map of the Bobby zone drill holes.
“Anik is composed of 151 claims and superimposes the Guercheville corridor over 22 km from East to West. The western section of the property, under explored, is adjacent to the Nelligan project currently explored in partnership by IAMGOLD and Vanstar Resources. The whole property exhibits a strong potential for gold. We are now settled and well positioned in the southern developed portion of Quebec’s Plan Nord with Anik and our flagship Montviel project.” comments Simon Britt, President and CEO of GéoMégA.
PDAC 2015 convention
During the PDAC 2015 convention in Toronto, members of the management team will welcome participants at booth #3019 from March 1 to 4, 2015. In addition, the Anik project was selected by the Core Schack committee to present Phase 1 drill core on March 1 and 2, 2015 at booth #4N.
About the Anik gold project (100% interest)
The Anik project is located approximately 40 km south of the town of Chapais, Quebec and benefits from permanent access, public infrastructure and skilled labour in the immediate project area.
About the Montviel rare earth element project (100% interest)
Montviel, located approximately 100 km north of Lebel-sur-Quévillon, Quebec and benefits from permanent access, public infrastructure and skilled labour in the immediate project area. The initial NI 43-101 resource estimate published in September 2011 identified (base case) 445,958 tonnes of neodymium oxide in the indicated category and 160,347 tonnes of neodymium oxide in the inferred category.
NI 43‐101 Disclosure
Alain Cayer, P. Geo., MSc., Vice-President Exploration of GéoMégA, is the Qualified Person under NI 43-101 guidelines who supervised and approved the preparation of the technical information in this news release.
All samples have been assayed at the ALS Global laboratory in Val-d’Or by standard fire assay followed by atomic absorption and by gravimetry if results are greater than 0.50 g/t Au. Quality controls include systematic addition of blank samples and certified gold standards to each batch sample sent to laboratories.
About GéoMégA (www.geomega.ca)
GéoMégA is a mineral exploration and evaluation company focused on the discovery and sustainable development of economic deposits of metals in Québec. GéoMégA is committed to meeting the Canadian mining industry standards and distinguishing itself with innovative engineering, stakeholders’ engagement and dedication to local transformation benefits.
56,989,560 common shares of GéoMégA are currently issued and outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
| Simon Britt | Kiril Mugerman |
| President and CEO | Director of Corporate Development |
| GéoMégA | GéoMégA |
| 450-465-0099 | 450-465-0099 ext.3 |
| info@geomega.ca | info@geomega.ca |
Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements regarding our intentions and plans. The forward-looking statements that are contained in this news release are based on various assumptions and estimates by the Company and involve a number of risks and uncertainties. As a consequence, actual results may differ materially from results forecasted or suggested in these forward-looking statements and readers should not place undue reliance on forward-looking statements. We caution you that such forward-looking statements involve known and unknown risks and uncertainties, as discussed in the Company’s filings with Canadian securities agencies. Various factors may prevent or delay our plans, including but not limited to, contractor availability and performance, weather, access, mineral prices, success and failure of the exploration and development carried out at various stages of the program, and general business, economic, competitive, political and social conditions. The Company expressly disclaims any obligation to update any forward- looking statements, except as required by applicable securities laws.