13:06:05 EST Fri 27 Jan 2023
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Centurion Minerals acquires Casa Berardi West project

2022-08-08 11:48 ET - News Release

Mr. David Tafel reports

CENTURION ANNOUNCES CASA BERARDI WEST GOLD PROJECT TRANSACTION

Centurion Minerals Ltd. has acquired the right to earn a 100-per-cent interest in the Casa Berardi West gold project located in the prolific gold-producing Harricana-Turgeon greenstone belt of the central Abitibi subprovince of Northeastern Ontario.

Highlights:

  1. Historical exploration includes more than 70 reverse circulation drill holes returning encouraging results that include 18 samples greater than 1,000 parts per billion (one gram per tonne) Au and the highest returning 38,000 ppb (38 g/t) Au;
  2. The project is situated along structural corridors hosting world-class discoveries, operating mines and significant past-producing operations, including:
    • Hecla Mining's Casa Berardi mine located 20 kilometres northeast with three million ounces Au in past production and four million oz Au in reserves and resources;
    • Aurileus Minerals' Mikwam property with 1.81 million tonnes at 2.34 g/t Au for 136,000 oz;
    • Amex Exploration's recent Perron gold discovery that includes a drill hole returning 15.52 g/t Au over 15.85 metres, located 12 km from the project;
    • Normetal Mine's historical production of 10 million tonnes at 2.2 per cent copper, 5.4 per cent zinc, 0.5 g/t Au and 44.5 g/t Ag;
  3. Numerous iron formations and shear zones proximal to a late granitic pluton has gold deposit analogies to the Musselwhite gold mine in Northern Ontario;
  4. Excellent access and infrastructure.

David Tafel, chief executive officer of the company, commented: "We are very excited to have acquired a project that is in the middle of a region of current and historical production and in close proximity to very recent new gold discoveries. Historic exploration and significant drill hole information on and near the project claims has given our geological team confidence we can advance exploration quickly. As Centurion returns to its historic focus of mineral exploration, we believe the project provides shareholders with an excellent opportunity for potential value creation."

Following approval of the previously announced spinout of the company's (cannabis) subsidiary at the upcoming annual general and special shareholder meeting on Aug. 12, 2022, and TSX Venture Exchange approval of the (Casa Berardi West) project transaction, the company will immediately apply for a resumption of trading.

Casa Berardi West project

The project consists of three non-contiguous claim groups (Noseworthy, Newman and Hepburn) comprising a total of 11,600 acres or 4,700 hectares, strategically located northeast of Cochrane, Ont., in the metal-endowed north-central Abitibi greenstone belt.

Structurally, the three claim groups are proximal to regional crustal-scale deformation zones. The Noseworthy claim group lies just north of the Casa Berardi deformation zone, integrally related to the Mikwam gold deposit of Aurelius Metals Inc. to the east, and the Casa Berardi gold mine owned and operated by Hecla Mining Company. The Newman claim group hosts part of the Mikwam River fault. The Hepburn claim group lies along an extension of rocks and structures believed to be related to the former Normetal VMS (volcanogenic massive sulphide) mine (15 kilometres away) and more recently to the high-grade gold discovery by Amex Exploration Company at the Perron property located 12 kilometres to the east of the Hepburn claims.

Mineralization on the project consists of:

  1. Banded iron formation-hosted sulphides with indications of gold mineralization;
  2. Shear-hosted gold mineralization;
  3. Disseminated copper-bearing sulphide mineralization in tuffaceous rocks.

Noseworthy claim group

The Noseworthy claim group has seen little systematic historical exploration despite its strategic location just north of the Casa Berardi deformation zone (CBDZ) that hosts the Mikwam gold deposit owned by Aurelius Minerals. The Mikwam gold deposit hosts a National Instrument 43-101-compliant inferred resource of 1.81 million tonnes at an average grade of 2.34 g/t Au for 136,000 contained ounces of gold at a reported cut-off grade of one g/t Au.

Newman claim group

The Newman claim group is dominated by a property-long banded iron formation. In 1987 Chesbar Resources completed 72 reverse circulation drill holes totalling 2,261 metres. Sampling of the tills at the bedrock-overburden interface and above bedrock resulted in one assay of 38,000 ppb (38 g/t) gold (AFRI 42H08NE0048) and a number of others grading above 1,000 ppb (one g/t) gold.

Chesbar followed up the positive RC results with eight diamond drill holes totalling 1,518 m, but failed to explain the numerous elevated gold results from the RC drill program. Subsequent companies relied on airborne magnetic and electromagnetic surveys to generate drill targets for two-to-five-drill-hole programs.

Hepburn claim group

The Hepburn claim group lies 15 km to the northwest of the former Normetal Cu-Zn mine which produced 10 million tonnes grading 2.2 per cent Cu, 5.4 per cent Zn, 0.53 g/t Au and 44.5 g/t Ag between 1938 and 1975. The claim boundary is also located 12 km northwest of the Perron gold project recently discovered by Amex Exploration. On June 16, 2022, Amex announced high-grade diamond drilling results of 15.52 g/t Au over 15.85 m and 11.27 g/t Au over 11 m.

Seal River Exploration Ltd. drilled one hole in 1990 and intersected bands of cherty garnetiferous, sulphide-magnetite iron formation over widths of two to four m in amphibolitic mafic volcanics. From 117.65 m a one m section assayed 396 ppb Au. From 147.58 m, a 0.91 m section assayed 240 ppb Au (AFRI 32E04SE0026). Seal River returned and drilled three more holes, PR91-1 through PR91-3, totalling 306.93 m. Holes PR91-1 and PR91-3 were drilled on the current Hepburn claim group. Hole PR91-1 failed to intersect any significant assays. Hole PR91-3 was drilled on the same horizontal loop electromagnetic (HLEM) anomaly 300 m to the east of hole PR90-1 and intersected similar bands of cherty garnetiferous, sulphide-magnetite iron formation over widths of 0.5 to 2.13 m in amphibolitic mafic volcanics. Highlights from this hole include 306 ppb Au over 0.91 m (AFRI 32E04SE9301).

Transaction summary

The option agreement enables Centurion to acquire a 100-per-cent interest in the Casa Berardi West project for cash consideration totalling $114,000 and the issuance of 600,000 common shares over a three-year period. The optionors will retain a 2-per-cent net smelter return but Centurion has the right to acquire 50 per cent of the NSR for $1-million. The transaction is subject to TSX Venture Exchange approval.

Qualified person

Mike Kilbourne, PGeo, an independent qualified person as defined in National Instrument 43-101, has reviewed and approved the technical contents of this news release on behalf of the company.

About Centurion Minerals Ltd.

Centurion Minerals is a Canadian-based company with a focus on mineral asset development in the Americas. The company's lead investment is its interest in the Ana Sofia Agri-Gypsum fertilizer project, and it is also reviewing additional prospective, precious mineral exploration projects.

We seek Safe Harbor.

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