VANCOUVER, British Columbia, March 06, 2018 (GLOBE NEWSWIRE) — Chimata Gold Corp. (TSX.V:CAT) (“Chimata” or the “Company”) is pleased to announce that it is in the process of completing a NI 43-101 Technical Report (the “Provisional Report”) with Zimbabwe Lithium Company (Mauritius) Limited (“ZIM”), the completion of such satisfactory technical report being a condition precedent to the entering into a Definitive Agreement with ZIM, as provided in the Company’s previous press release dated February 14, 2018. ZIM, includes in its definition its wholly owned subsidiary, Jimbata (Private) Limited, a company operational in Zimbabwe as the local transacting company for the Kamativi Tailings Dump Project (the “Project”).
The Provisional Report reveals an exploration target with a volume range of 14,800,000 to 15,080,000 cubic meters and a tonnage range of between 23,000,000 to 25,000,000 metric tonnes of tailings material, the Kamativi Tailings Dump (“KTD”) at a grade range of 0.29 % to 1.13 % Li2O with 70% being Spodumene. The potential tonnage and grade is conceptual in nature as there is insufficient exploration data to define a Mineral Resource, as this term is defined in NI 43-101 Respecting Standards of Disclosure for Mineral Projects (“NI 43-101”). The Company cautions that further exploration may not result in the delineation of a Mineral Resource estimate.
The Provisional Report reveals that a total of 28 grab samples have been extracted from the KTD, at a grade of between 0.29% to 1.13% Li2O. Early stage Mineralogy and Heavy Liquid Separation has been completed on the grab samples by ZIM, through SGS Randfontein South Africa, and indicates that 70% of the lithium mineralisation, of the sample tested, is spodumene. As the Kamativi Tin Mine was historically operational, significant infrastructure for the site is still in place. This includes power, water and a road network, all near to the mine and/or on site. Chimata sees this Project as a Brownfield project with a clear and quick path to production.
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ON BEHALF OF THE BOARD
Chairman and Interim President and CEO
Further information regarding the Company can be found on SEDAR at www.SEDAR.com