Idaho Champion Gold Mines Canada owns US gold properties with multi-million ounce potential

• Advancing two high-upside gold projects in Idaho
• More than 30% insider ownership
• Funded through 2021

What Idaho Champion Gold Mines Canada does:

Toronto-based Idaho Champion Gold Mines Canada Inc (CSE:ITKO) (OTCQB:GLDRF) is a discovery-focused exploration company advancing two high-upside gold projects in Idaho.

The company’s 100%-owned Baner gold project is Idaho’s newest gold discovery, consisting of 227 claims totaling 1,829 hectares, which the company believes has multi-million-ounce potential.

Baner is located in the middle of the Orogrande Shear Zone, which hosts a number of gold deposits including the Friday mine owned by Finland’s Endomines. Friday is expected to produce about 9,000 ounces of gold per year for more than seven years.  

Idaho Champion said Baner’s highly-oxidized mineralization begins at surface and exploration has discovered ‘open-pit’ potential. For example, drill results from a 2018 exploration program included 5.76 grams per tonne (g/t) gold over 12.65 metres (m) from a depth of 8.65m to 21.30m.

The company also has 100% control of the past-producing Champagne gold project, which has an historical non-NI-43-101 compliant resource of 2.3 million tonnes of 1.2 g/t gold equivalent. Bema Gold had a heap leach gold mining operation at Champagne from 1990 to 1993.

Located near Acro, Idaho, the Champagne mineral system boasts significant precious and base metal samples of up to 294 g/t silver, 2.7 g/t gold, 2.8% zinc, 6.6% lead, and 0.3% copper.

The Champagne gold project encompasses 10 square miles with numerous historic mines, veins, adits and artisanal pits discovered on the property. Idaho Champion believes the Champagne property has great exploration potential, as the company said historical drilling points to a high-grade gold and silver zone.

Champion acquired five patented lode mining claims, including the historically-mined open pit, and one patented mill site in April 2020.

Idaho Champion Gold Mines Canada is led by CEO Jonathan Buick, managing director of Harp Capital Corp and Buick Group Corp, who has successfully raised more than $400 million over his career with a focus on Korea and Japan.

How is it doing:

In early February, Idaho Champion Gold Mines released results from an induced polarization survey at its Champagne gold project, which showed “strong IP responses” over more than two kilometres.

The survey revealed chargeability and resistivity data from across the 26-square kilometre project, demonstrating the applicability of the IP technique to mapping and known sulfide-bearing mineralization around the historic mines on the property.

It also identified deeper chargeable and resistive bodies that may indicate the buried roots of the Champagne precious metals system.

A couple of weeks earlier, the company had released results from a 2020 reconnaissance reverse-circulation (RC) drilling campaign at the Champagne project, which included 0.94 g/t gold equivalent over 35.1 metres along with 98 g/t and 50 g/t silver near surface.

Idaho Champion Gold Mines also noted that drilling encountered near-surface oxide gold and silver mineralization in volcanic breccias below and adjacent to the existing historic open pits.

As well,  in late 2020, the company announced rock sample results from a mapping and sampling program on the North Claims of the Baner project, in which numerous samples returned gold values above 1.0 g/t gold, with one as rich as 25.9 g/t from the historic Zenith Mine just west of recent drilling.

Idaho Champion Gold Mines said the new documented gold occurrence at the BL Mine on the Baner North claims added more than one kilometre to the gold-bearing strike length of the OroGrande Shear Zone.

Inflection points:

• Baner project assay results
• More Champagne project drill results in 1Q 2021
• Identification of additional Baner drill targets

What the boss says:

Commenting on the company’s recent drill results from the Champagne Gold Project, Idaho Champion Gold Mines Canada CEO Jonathan Buick said in a statement: “We are pleased to see significant intervals of oxide gold and silver mineralization close to the surface around the historic Champagne pits.”

He added: “Combined with our extensive mapping, sampling, and geophysical program, these initial results will help direct our 2021 program towards the highest priority targets. We look forward to further information from the seven core holes, which tested other targets to the north and south.”

Contact Sean at [email protected]

Story by ProactiveInvestors