WINDFALL GEOTEK IS ACCEPTING BINDING OFFERS FOR PROPERTY IN COPPER PRODUCING REGION OF CHAPAIS AREA, QUEBEC
DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
Highlights of the Chapais Property:
Large property consisting of 36 claims and 1,560 hectares
From 1953-1991 the Chapais region produced over 1 billion pounds of copper and 1 million ounces of gold
Windfall Geotek AI system has generated significant targets for gold, copper and zinc across the entire land package that are road accessible and have grid power access (Figures 3 to 8)
Brossard, Quebec / The Newswire / April 8, 2021 – Windfall Geotek Inc. (the “Company”, or “Windfall”) TSX-V: WIN, OTCQB: WINKF, FSE: L7C2) is pleased to announce the opening of a bidding process for its asset near Chapais, Quebec. The Chapais Property lies within the Chapais mining district and Chapais-Chibougamau mining camp. Regional mineralization styles found in this district include but are not limited to the Opemiska type copper-gold systems.
Location, Access and Infrastructure of the Chapais Property:
The Windfall Geotek’s Chapais Property is located 490 km northwest of Montreal, 2 km west of the town of Chapais and 40 km southwest of Chibougamau in northern Quebec (NTS map sheet 32G/15).
Property is comprised of 36 claims, covers 1,560 hectares of surface area and is located 490 km’s NW of Montreal, Quebec, Canada (Figure 2).
Road accessible & grid power access. Direct road access to the Chapais Property is via route 113 to provide access to the deposits. Route 113 is a paved regional highway that is part of the Trans-Canada Highway. The road begins 2.5 km south of the community of the town of Chapais. The access road is currently used for diamond drill and personnel access to the site all year around. A series of ATV trails provide access to the property. Close access to the provincial electrical transmission grid is available along Route 113 near the town of Chapais that runs through the Chapais Property Land Claims. (Figure 2 – Quebec Route 113 & Electric Transmission Grid Wires)
Coordinates for the center of the Project site are latitude 49˚ 48’ 16’’ N and longitude -74˚ 54’ 37’’ W (506480mE, 5516890mN) at an elevation of 332 m.
Nathan Tribble P.Geo, Director commented: “The Chapais Property is well situated in a prolific region that has produced over 1 billion pounds of copper and 1 million ounces of gold. It’s exciting to see the large CARDS AI generated targets within favorable rock types that were host to the historic Perry and Springer mines adjacent to our land package. During this new supercycle of electrification metals this is a fabulous project that should gain a lot of attention here in short order.”
Dinesh Kandanchatha, Chairman & Interim CEO commented: “As we engage with our strategic review, the management team of Windfall is looking to maximize the value of the company’s resource assets. With the demand for Copper and other base metals, Windfall is looking to develop this asset with the right operational partner. This property and AI targets reflect our commitment to our business plan of focusing on battery metal opportunities that can drive long term royalties for shareholders.”
Geological & Historical context
The Chapais area is host to four past producing mines which from 1953 to 1991 producing well over 1 billion pounds of copper and 1 million ounces of gold (Sigeom, MRN and Figure 1)
The Chapais property is located in the upper part of the stratigraphic volcanic sequences of northeastern Abitibi volcanic belt, where the ultramafic Cumming Complex intrudes mafic and felsic rocks of the Waconichi Formation and mafic rocks of the upper Roy Group.
Mineralization on the Chapais property may be of Opémiska style copper-gold vein type, particularly given its proximity to the Springer and Perry mines. The mineralized veins of the Springer mine are restricted to fracture networks contained in the ophitic parts of the gabbroic Venture sill, which continues into the Chapais property.
Figure 1. Historial Producing Mines in the Chapais Area, Quebec
Figure 2. Satellite Imagery of Chapais Land Claims
CARDS Target Maps – Gold, Copper, Zinc
Figure 3. Plan View of CARDS AI Copper Targets with Satellite Imagery background
Figure 4. Plan View of CARDS AI Copper Targets with Regional Geology
Figure 5. Plan View of CARDS AI Gold Targets with Satellite Imagery background
Figure 6. Plan View of CARDS AI Gold Targets with Regional Geology
Figure 7. Plan View of CARDS AI Zinc Targets with Satellite Imagery background
Figure 8. Plan View of CARDS AI Zinc Targets with Regional Geology
The scientific and technical data contained in this press release was reviewed and prepared under the supervision of Grigor Heba, Ph.D., P.Geo., Principal Geologist and a Qualified Person as defined by National Instrument 43-101.
About Windfall Geotek – Powered by Artificial Intelligence (AI) since 2005
Windfall is an Artificial Intelligence company that has been in business for over 15 years developing its proprietary analysis (AI) and data mining techniques. Windfall Geotek can count on a multidisciplinary team that includes professionals in geophysics, geology, Artificial Intelligence, and mathematics. It combines available public and private datasets including geophysical, drill hole and surface data. The algorithms designed and employed by Windfall are calculated to highlight areas of interest that have the potential to be geologically similar to other gold deposits and mineralization. The Company’s objective is to develop a new royalty stream by significantly enhancing and participating in the exploration success rate of mining and to continue the Land Mine detection application as a high priority. Windfall has played a part in numerous past discoveries utilizing its methodology as described at: https://windfallgeotek.com/.
Additional information about the Company is available under Windfall Geotek’s profile on SEDAR at www.sedar.com. Neither the TSX Venture Exchange nor does its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and using information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and they are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM)