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Its pedal to the metal as drilling commences at Canadian Energy Materials’ Grindstone Project

The date of: 2019-10-29
viewed: 6


Canadian Energy Materials Corp. (TSXV: CHEM) offers investors three promising exploration projects. The three projects are all located in mining-friendly Canada and include – The Grindstone Nickel-Copper-Cobalt-PGM Project, the Wicheeda Rare Earths Project, and the Manitou Nickel-Copper-Cobalt-PGM Project.The Grindstone Nickel-Copper-Cobalt-PGM ProjectThe weathers great so its pedal to the metal at Canadian Energy Materials Corp.’s 100% owned 10,826 hectare Grindstone Nickel-Copper-Cobalt-PGM Project in New Brunswick. This Congo-style geological setting in Canada has similarities to the Central African Copper belt. With permits finally in place, diamond drilling has begun. The first phase of the drill program will focus on 3 high-priority target areas identified through the Company’s 2018 Mobile Magneto Telluric (MMT) airborne survey. Management has named the target Voisey’s Bay after the famous Voisey’s Bay discovery in northern Canada.New Brunswick is ripe for discovery with many areas virtually unexplored by Canadian standards. The province has a rich mining history and is home to the world-class Bathurst Mining Camp (zinc, copper, lead).The Grindstone Project was previously explored by Noranda in the early 1990’s, who completed regional airborne magnetics and ground geochemical surveys before undertaking a shallow 5-hole diamond drill campaign (max. 127m @ -45°). On re-interpretation of both these historical data and the 2018 MMT airborne data, it became clear to the Company that Noranda’s drilling did not come close to intersecting the MMT target zones, nor did it explain the highly anomalous silt and soil geochemistry. The silt surveys detected highly anomalous Ni-Co up to 800 ppm Co (0.08% Co) and 2200 ppm Ni (0.22% Ni).The Grindstone Nickel-Copper-Cobalt-PGM Project highlights.

Drilling underwayThe three target areas at the Grindstone Projects known as Voisey’s Bay were selected in conjunction with the Company’s geophysical consultants, and are additionally supported with coincident nickel and cobalt stream sediment and soil geochemical anomalies as mentioned above. Approximately 1,200 meters of drilling is expected for this first phase. Canadian Energy Materials will be providing updates on the drill program as the information becomes available.The Wicheeda Rare Earths ProjectThe ongoing trade dispute between Beijing and Washington has led the US to seek solutions further afield in an effort to secure a rare earths supply chain. This could lead to the Wicheeda Rare Earth Project one day playing a role.The British Columbia based Wicheeda Project was first surveyed by the Geological Survey of Canada (GSC) in 1961. The aeromagnetic survey identified a significant magnetic anomaly over the Copley Range. Late in 2010, a helicopter-supported diamond drill program on the Main Target, on the northwest slope of the Copley Range, was completed by the Company covering a total of 1,938.9 meters across 9 holes. Rare earth element (REE) content ranging from 4.7% Total Rare Earth Oxide (TREO) over 0.9 meters, to 1.4% TREO over 37.3 meters, was reported. The rare earth minerals identified included parisite, bastnasite, burbankite, monazite, and aeschynite, with parisite being the most common. There was also sulphide mineralization (pyrite, pyrrhotite, sphalerite, galena, arsenopyrite, chalcopyrite) and niobium mineralization.The key message for investors is that Canadian Energy Materials is now drilling deeper than Noranda did at their flagship Grindstone Project. Both airborne magnetics and ground geochemical surveys indicate the presence of something big, with surface evidence of nickel and cobalt. We will have to wait and see the drill results; however significant exploration success can potentially move the market cap multiples higher.

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