TORONTO, ONTARIO April 2, 2013 – Chieftain Metals Inc. (“Chieftain” or the “Company”) is pleased to announce that it has conducted a geological, geophysical and geochemical re-interpretation of the Tulsequah Volcanogenic Massive Sulphide “VMS” property and its adjacent region which has resulted in the identification of a number of significant, key volcanic features that appear to control the distribution of the VMS mineralization.
As a result of a six month effort to compile and interpret over five decades of historic data including historic drilling, soil samples, trenching and IP data, a new geologic model has been developed which suggests that there are appreciable untested extensions to the known Tulsequah Chief and Big Bull VMS zones occurring within tightly folded paleofaultcontrolled paleotroughs that parallel the margins of two, newly identified and regularly spaced sub-basins. Of particular interest within the 20 km long historic Tulsequah property are a number of precious and base metal-bearing mineral occurrences that are acutely underexplored and that also occur within local, appropriately spaced felsic volcanic settings bearing many remarkable similarities with the Tulsequah Chief and Big Bull VMS deposits. Gemcom 3D modelling, inversions of the existing geophysical surveys and ongoing geological compilations and reviews are underway to firm up these newly identified targets. In addition, Chieftain believes that these important control structures trend to the North of the existing Tulsequah land package and accordingly has recently added over 16,000 hectares for a total holding of over 30,000 hectares in the camp. The strike length of Chieftain’s Tulsequah camp has now been extended from 20 km to over 43 km to include highly prospective, severely underexplored and appropriately spaced felsic volcanic domes that appear to be directly associated with historic high-grade precious and base metal mineral showings. The enlarged camp will be identified as the Tulsequah Shazah Camp.
Chieftain’s principal business is the acquisition, exploration and development of mineral properties. Since incorporation, the Company’s business has focused entirely on the acquisition, and thereafter the development, of the Tulsequah Chief Polymetallic Project, in north-western British Columbia, Canada. Chieftain’s Property consists of 54 mineral claims and Crown-grants covering approximately 30,547 hectares and covers two previously producing mines. For more information on Tulsequah and related projects, please refer to the Company’s NI 43-101 compliant technical reports, being “Technical Report for the Tulsequah Chief Project of Northern British Columbia, Canada” with an effective date of December 12, 2012 as well as “Tulsequah Chief Deposit, Tulsequah Chief Property, Northern British Columbia” and “Big Bull Project, Tulsequah Chief Property, Technical Report, Northern British Columbia”, each dated as of November 8, 2010, which are available under the Company’s profile on SEDAR (www.sedar.com).
This press release includes certain “forward-looking statements” within the meaning of the Ontario Securities Act or other laws or regulations. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization, mineral resources or reserves, exploration results, future plans and objectives of Chieftain Metals Inc. are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
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