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Idaho Champion Gold Reports Additional 2021 Drilling Results from Champagne Project

Toronto, Ontario–(Newsfile Corp. – March 18, 2022) – Idaho Champion Gold Mines Canada Inc. (CSE: ITKO) (OTCQB: GLDRF) (FSE: 1QB1) ("Idaho Champion"…

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Toronto, Ontario–(Newsfile Corp. – March 18, 2022) – Idaho Champion Gold Mines Canada Inc. (CSE: ITKO(OTCQB: GLDRF) (FSE: 1QB1) (“Idaho Champion” or the “Company“) reports assay results from the next five drill holes of the 2021 exporation drilling campaign at its 100%-controlled Champagne Gold Project (“Champagne”) near the city of Arco, Butte County, Idaho. These results for drill holes DDH-CC-21-03 through 06, and -10 include 2,269 metres out of a total of 3,430 metres drilled in the program. Results remain pending for drill holes DDH-CC-21-07 through 09 (Figure 1).

All five of the new drill holes returned highly anomalous intervals of silver (Ag), zinc (Zn), copper (Cu), molybdenum (Mo) and lead (Pb). Gold (Au) is usually elevated with higher silver values, but there is only one narrow interval of gold exceeding 0.3 g/t (1.58 m at 1.26 g/t and 23.3 g/t Ag in CC-DH-21-05 at 505 m depth). As in the previously released drill holes (DDH-CC-21-01 and -02), the drill results from Champagne continue to suggest the presence of a large zoned polymetallic system, consistent with the potential for a porphyry copper or molybdenum deposit at depth (See Company press release dated November 4, 2021).

Jonathan Buick, Idaho Champion’s CEO, commented: “Champion’s 2021 drilling strategy at Champagne was built around drilling “fences” starting on the west end of the property and working our way east to test the geology and structure associated with the large anomaly that we identified in 2020. The drilling results are consistent with our interpretation that a deeper porphyry copper system underlies the Champagne district. We can see favourable indications and potential targets on the eastern and western portions of the caldera complex. These targets definitely warrant more drilling. We will compile the remaining data and formulate a follow-up program with the best likelihood of hitting the larger system we believe to be present.”

Selected Drill Hole Highlights

  • DDH-CC-21-03: 0.1m at 124 g/t Ag and 2.55% Cu from 63.4 m depth
  • DDH-CC-21-06: 0.4 m at 7.88% Zn and 11.68 g/t Ag with anomalous Cu, Mo, and Pb from 329.0 m depth
  • DDH-CC-21-05: ~140 m of highly anomalous Zn, Pb, Cu, Ag, and Mo from 393 m depth
  • DDH-CC-21-10: ~121 m of highly anomalous Zn, Ag

Each of the new drill holes includes narrow intercepts of quartz-sulfide-sulfosalt veining with moderate to high Ag-Zn-Pb values. The narrow veins are often associated with strongly anomalous Cu and Mo mineralization. As shown in Figure 2, 3, and 4, such veins may occur in the outer halos around porphyry systems. The Champagne Project is host to a large interpreted volcanic caldera complex containing significant volumes of altered rock, which is also consistent with the shallow portions of a porphyry copper or molybdenum system. The Company is most encouraged by the numerous thick sections of anomalous Ag – Zn – Pb + Cu + Mo + As + Bi encountered by this drilling. These broader zones of weak to moderate mineralization are sometimes punctuated by the narrow high-grade veinlets as reported previously and again here.

Figure 1: Champagne Project Drilling Location Map

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/8681/117265_d1a5abe8e4c8093d_001full.jpg

Summary of Geology and Drilling Details

The primary purpose of the 2021 drill program was to test the large IP anomaly, coincident soil geochemistry anomalies, and the Company’s model for a structurally disrupted porphyry – epithermal Au-Ag system for the Champagne Project. Sampling and drilling have confirmed the presence of a large alteration system with multi-element zonation and complex geometry controlled by a highly-faulted volcanic caldera. The first two drill holes tested the northern portions of the IP anomaly where it was interpreted to be shallowest (See Company news release dated November 4, 2021). These holes encountered altered volcanic tuffs, flows, and narrow porphrytic dikes before passing into the metasedimentary rocks of the underlying basement. Mineralization in this northern area included two narrow high-grade Ag-Cu veins as well as longer runs of low-grade but anomalous pathfinder elements.

These drill holes reflect the generally thicker volcanic pile of the caldera complex going south, but major faulting is indicated by the offset volcanic units and variable depth to basement. The rocks continue to reflect clay and pyrite alteration over a large area, sometimes crosscut by narrow veins (0.1 – 0.4 m) and zones of anomalous trace elements over significant widths (10 – 140 m).

Cannot view this image? Visit: https://www.nxtmine.com/wp-content/uploads/2022/03/e751382a9b7ed36f1219c02efbba8e5f.jpg

Figure 2 – Interpreted Cross-Section along IP Line 6 – Looking North-Northeast

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/8681/117265_d1a5abe8e4c8093d_003full.jpg

DDH-CC-21-03 and -06 (IP Line 6). Both drill holes DDH-CC-21-03 and -06 were located on IP Line 6. These holes penetrated clay-pyrite-altered volcanic and volcaniclastic rocks to depths of 408 m and 490 m, respectively. Both holes also intercepted a steeply west-dipping quartz monzonite porphyry dike that was strongly altered. In the upper reaches of the dike, DDH-CC-21-03 intercepted a crosscutting sulfide-sulfosalt veinlet that contained 124 g/t Ag and 2.55% Cu over 0.1m width. Drill hole CC-21-06 also intercepted a narrow sulfide-sulfosalt veinlet with high Zn (7.68%) and Ag (11.68 g/t ) over 0.4 m width. These holes also intercepted significant anomalies in Mo, Pb, and Zn related to veinlets and local disseminated sulfides.

Historical desktop studies provided by a previous claim owner indicated that the Phelps Dodge Corporation (“PD”) drilled a vertical core hole close to IP Line 6 in 1980 to a depth of 473 m. The hole was collared approximately 100 m west of DDH-CC-21-06. The multi-element geochemistry in the PD drill hole is consistent with the distal geochemical response from the 2021 drilling so far (anomalous Zn, Pb, and Ag). The Company’s updated interpretation of the area indicates that the western end of this line is upthrown relative to the central part of the caldera compex (Figure 2).

DDH-CC-21-04 and -05 (IP Line 3). Drill holes DDH-CC-21-04 and -05 were located on IP Line 3 and were inclined westward to test the deeper-seated IP anomaly. Both holes drilled weakly clay-altered tuffaceous volcanic rocks and andesite flows until bottoming in basement metasedimentary rocks. Both holes encountered elevated pyrite and trace element geochemistry consistent with the peripheral response of a large mineralizing system (Figure 3). Hole CC-21-04 was collared in a downdropped fault block such that the pyrite and trace element anomalies were deeper than in hole CC-21-05.

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Figure 3 – Interpreted Cross-Section along IP Line 3 – Looking North-Northeast

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8681/117265_d1a5abe8e4c8093d_004full.jpg

There is a long interval in drill hole CC-21-05 from 393 m depth to the bottom of the hole (~140 m) that is enriched in Zn, Pb, Cu, Ag, and Mo. The enrichment in this suite of elements is consistent with the distal Pb-Zn-Ag halo that is common to porphyry copper systems (Figure 4).

DDH-CC-21-10 (IP Line 4). IP Line 4 is positioned within an uplifted (horst) block located in the middle of the St. Louis-Reliance Corridor. The drill holes penetrated strongly clay-sericite-silica-pyrite-altered tuffaceous volcanic rocks, andesite flows and megacrystic felsic porphyry dikes. Both DDH-CC-21-10 and -02 passed through multiple felsic porphyry dikes that appear to be dipping to the west (See Figure 4). Each of these holes encountered zones of anomalous Cu, Bi, and Mo, which may be associated with the felsic dikes. Overall, the geochemistry for DDH-CC-21-01, -02, and -10 help define concentric, anomalous, base-metal zoning patterns of Zn and Pb-Zn-Ag Zones, interpreted to be peripheral to a porphyry Cu system at depth (Figure 5).

Cannot view this image? Visit: https://www.nxtmine.com/wp-content/uploads/2022/03/771131f21a5a33b6dac8f38513d3ee4b.jpg

Figure 4 – Interpreted Cross-Section along IP Line 4 – Looking North-Northeast

To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/8681/117265_d1a5abe8e4c8093d_006full.jpg

Cannot view this image? Visit: https://www.nxtmine.com/wp-content/uploads/2022/03/a2a2af46b2d6ac7145640396ab6fb105.jpg

Figure 5: Sillitoe Model of Porphyry Cu-Au-Mo Deposit and Its Zonation

To view an enhanced version of Figure 5, please visit:
https://orders.newsfilecorp.com/files/8681/117265_d1a5abe8e4c8093d_008full.jpg

Quality Assurance/Quality Control Procedures

Idaho Champion Gold adheres strictly to a regimented drill core handling and processing procedure. Core from the drill rig(s) is logged for lithology, mineralization, structure, alteration, and veining. During the logging process up to 2-metre samples are delineated by company geologists. Core is then photographed and sawn in half.

Following sawing, individual samples are extracted from core boxes and inserted into individual sacks with a unique waterproof sample number tag and sealed. The remaining half-core is left in core boxes for storage. Sacks containing samples are kept indoors on site until they are transported to the assay lab.

Quality control (QC) samples are inserted into the sample stream such that there is one QC sample for every ten drill core samples. These QC samples consist of certified standards (known metallic content) and certified blanks (known barren of metals). QC sample insertions alternate between standard and blank.

Sample shipments are delivered to the ALS Sample Preparation facility in Twin Falls, ID. ALS conforms to ISO 17025 requirements. All drill samples and coarse blanks are crushed to 70% passing 2mm at the sample prep lab, and 1 kg of material is split and pulverized to 85% passing 75 micron. All samples are processed by 30 gram fire assay- inductively coupled plasma optical emission spectrometry (ICP-OES). Samples are additionally analyzed for multi-element analysis by ICP-OES and/or inductively coupled plasma mass spectrometry (ICP-MS). Samples containing Au or Ag above detection limits by their respective methods are automatically re-analyzed by the appropriate assay method, including fire assay with a gravimetric finish for Au.

About the Champagne Project

The Champagne Mine was operated by Bema Gold as a heap leach operation on an epithermal gold-silver system that occurs in volcanic rocks. Bema Gold drilled 72 shallow reverse circulation holes on the project, which complement drilling and trenching from other previous operators. The property has had no deep drilling or significant modern exploration since the mine closure in early 1992.

The Champagne Deposit contains epigenetic style gold and silver mineralization that occurs in strongly altered Tertiary volcanic tuffs and flows of acid to intermediate composition. Champagne has a near-surface cap of gold-silver mineralization emplaced by deep-seated structures that acted as conduits for precious metal rich hydrothermal fluids. Higher grade zones in the Champagne Deposit appear to be related to such feeder zones.

Qualified Person

The technical information in this press release has been reviewed and approved by Peter Karelse, P.Geo., a consultant to the Company, who is a Qualified Person as defined by NI 43-101. Mr. Karelse has more than 30 years of experience in exploration and development.

About Idaho Champion Gold Mines Inc.

Idaho Champion is a discovery-focused gold exploration company that is committed to advancing its 100%-owned highly prospective mineral properties located in Idaho, United States. The Company’s shares trade on the CSE under the trading symbol “ITKO”, on the OTCQB under the trading symbol “GLDRF”, and on the Frankfurt Stock Exchange under the symbol “1QB1”. Idaho Champion is vested in Idaho with the Baner Project in Idaho County, the Champagne Project located in Butte County near Arco, and four cobalt properties in Lemhi County in the Idaho Cobalt Belt. Idaho Champion strives to be a responsible environmental steward, stakeholder and a contributing citizen to the local communities where it operates. Idaho Champion takes its social license seriously, employing local community members and service providers at its operations whenever possible.

ON BEHALF OF THE BOARD

“Jonathan Buick”
Jonathan Buick, President and CEO

For further information, please visit the Company’s SEDAR profile at www.sedar.com or the Company’s corporate website at www.idahochamp.com.

For further information, please contact:
Nicholas Konkin, Marketing and Communications
Phone: (416) 567- 9087
Email: [email protected]

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY STATE IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.

Cautionary Statements

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company, including suggested strike extension. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/117265








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