Gimus Announces the Start of a Field Exploration Program on the Bouchard Base Metals Property, Chibougamau (Quebec)
MONTREAL, QUEBEC--(Marketwire - Nov. 2, 2012) -
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Gimus Resources Inc. (TSX VENTURE:GIR) ("Gimus" or the "Company") is pleased to announce the start of a field exploration program (the "Program") on the Company's wholly owned Bouchard Base Metals Property (the "Property"), located 50 km southeast of the Chibougamau-Chapais Airport near the town of Chibougamau (Quebec).
The program will consist of early-stage geological mapping and sampling, a 850 line-kilometers detailed and high resolution airborne Magnetic and Time-Domain Electromagnetic survey, prospecting of known and new base metals showings, outcrop stripping and trenching, and 2,000 meters of diamond drilling on the most prospective occurrences to test continuity, grade and size potential. The program is expected to be completed by year end.
The Bouchard Brothers Base Metals Property
Some 18 massive sulphides occurrences were previously identified in the northern segment of the region; however new occurrences were found by local prospectors. Gimus and the prospectors staked 48 claims totaling 2,695 hectares or 27 km2, covering a series of massive sulphide lenses.
In 2004, the Ministere des ressources naturelles et de la faune Quebec (the "MNRFQ"`) completed a field mapping program in the area. In report RP2006-02, the MRNFQ described numerous sulphide occurrences within the volcano-sedimentary sequences near Djebel Lake situated 8 km north of the Property.
The main sulphide occurrence was termed the "BDL Showing" and was accompanied by kilometric-long folded alteration and iron formation units accompanied by semi-massive and massive pyrite-pyrrhotite-chalcopyrite mineralization, suggesting at the time a potential for gold-bearing Volcanogenic Massive Sulphides ("Au-VMS") similar to the Au-VMS systems in the Abitibi Greenstone Belt hosting the Noranda and Matagami Mining Camps. Surface outcrop grab samples taken from the BDL Showing yielded up to 0.83 % Zinc, 0.19 % Copper, 0.22 % Lead and 1.6 g/t Silver. Other sulphide occurrences in proximity gave up to 0.46 g/t Gold. These sulphides are linked to strong regional magnetic and electromagnetic signatures.
Property and Project Evaluations
Considering the recent developments in the uranium sector in Quebec, the Company decided to postpone any additional exploration work on its Baie Johann-Beetz Property.
During the year the Company has evaluated different mineral exploration projects, including in the iron ore sector, none of which were deemed of sufficient interest to warrant further action in the circumstances. The Company is however presently reviewing advanced projects with the hope of entering into a significant transaction in the coming months.
About Gimus Resources Inc.
Gimus is a mineral exploration company the common shares of which are listed for trading on the TSX Venture Exchange under the symbol "GIR". Gimus currently has 13,104,000 common shares outstanding and has reserved for issuance 750,000 additional common shares pursuant to stock options and 226,320 common shares pursuant to warrants and compensation options.
Quality Control and Assurance:
Jean Lafleur P. Geo., is the "Qualified Person", as defined by National Instrument 43-101, who has read and approved the technical and scientific information in this news release.
Statements in this press release contain forward-looking information within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Readers are cautioned that assumptions used in the preparation of forward-looking information may prove to be incorrect. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, level of activity, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Readers are cautioned not to place undue reliance on forward-looking information.
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President and Chief Executive Officer