MONTREAL, QUEBEC -- (Marketwired) -- 08/29/14 -- Geomega Resources Inc. ("GeoMegA" or the "Company") (TSX VENTURE: GMA), is pleased to announce a gold discovery on its Anik property located 40 km south of Chapais, in Quebec. The 2014 geological reconnaissance campaign resulted in the discovery of several economic gold grades from a 4 m3 toppled block (sub-in-place) and blocks extracted mechanically from the underlying outcrop. The extensions of this outcrop, surrounded by overburden, are open. The discovery area is located within an important structural zone of the Guercheville/Opawica deformation corridor.
"The discovery of this mineralized outcrop in a sector with high potential is very encouraging. The great width of the sericite schist, surrounding the mineralized outcrop, and the presence of significant alterations in several peripheral outcrops, suggests the presence of a hydrothermal system favorable to gold mineralization. Extensions of this mineralized outcrop are promising. Geophysics, geochemistry, mechanical stripping and channel sampling is scheduled in September to improve our understanding of the mineralized system and define the best targets for a first drilling campaign." comments Alain Cayer, Vice-President Exploration of GeoMegA.
CLICK HERE for details of the gold discovery on the Anik property (maps and pictures).
The lithologies, alterations and mineralizations found in the sector are extensive and showcase significant hydrothermal activity in this portion of the Guercheville/Opawica deformation corridor. Ultramafics, mafics, sediments units and felsic dikes are among identified lithologies. Alterations found are sericite, ankerite, silica-quartz, talc, tourmaline, fuchsite and green and black chlorite. The mineralization consists of traces to 10% disseminated pyrite or locally in veinlets and traces of chalcopyrite. Generally, they are associated with silicification and ankeritisation within a wide zone of sericite schist.
"The geological team has done an exceptional job given the limited budget available. The sector, well known for its gold deposits, is very active since last year with IAMGOLD Corporation (Monster Lake) and Vanstar Mining Resources Inc. (Nelligan). Alain, member of the team awarded the 2005 Canadian prospector of the year award for the Eleonore gold discovery, will direct the first drilling campaign once the preparations are completed. A small financing is expected for the drilling campaign requirements." comments Simon Britt, President and CEO of GeoMegA.
About the Anik property
The Anik property is located 40 km south of the town of Chapais, in Quebec and consists of 144 mining claims covering an area of approximately 7,382 hectares. The project benefits from a permanent access, public infrastructures and an experienced workforce in the immediate vicinity.
The sector is well known for its numerous gold ore bodies and deposits (Joe Mann Mine: 1.5 Mt at 11 g/t Au, Lac Meston deposit: 1.2 Mt at 6.25 g/t Au, Philibert deposit: 1.3 Mt at 5.32 gt Au) are all found within 7 km of the discovery outcrop.
The Company's website will be updated during the month of September.
Corporate update
A corporate update via news release is expected during the week of September 8, 2014 in preparation for the Annual General Assembly on September 17, 2014.
Claim acquisition
The Company signed on August 26, 2014 a purchase and sale agreement with an arm's length party (the "Vendor") to acquire from Vendor a 100% interest in one claim contiguous to the Anik property. In consideration for this claim, GeoMegA has agreed to pay Vendor a cash payment of $2,000 and to issue to Vendor 30,000 common shares of GeoMegA which will be subject to a hold period of four months and one day from the date of their issuance.
Closing of this acquisition remains subject to the approval of the TSX Venture Exchange.
NI 43-101 Disclosure
Alain Cayer, P. Geo., MSc., Vice-President Exploration of GeoMegA, 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 ppm Au. A multi-elemental analysis by aqua-regia and spectroscopy (ICP-AES/MS) will be realized at the ALS Global laboratory in Vancouver, for each sample. Quality controls include systematic addition of blank samples and certified gold standards to each batch sample sent to laboratories.
About GeoMegA (www.geomega.ca)
GeoMegA is a mineral exploration and evaluation company focused on the discovery and sustainable development of economic deposits of metals in Quebec. GeoMegA is committed to meeting the Canadian mining industry standards and distinguishing itself with innovative engineering, stakeholders' engagement and dedication to local transformation benefits.
50,401,283 common shares of GeoMegA 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.
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.
Contacts:
Simon Britt
President and CEO
GeoMegA
(450) 465-0099
info@ressourcesgeomega.ca
