Idaho Champion (CSE:ITKO, OTCQB:GLDRF) Gold Mines Canada Inc has told investors it reckons the firm is just "scratching the surface" of a system with world-class potential at its flagship Champagne gold project in the US as it updated on achievements of 2021.
In a letter to shareholders, Idaho Champion (CSE:ITKO, OTCQB:GLDRF) CEO Jonathan Buick noted that this year's exploration program had moved "beyond" areas of historic mining to focus on new exploration around the "Greater Potential" northwest from the past-producing pits.
"We are pleased to have added to our system with over eight square kilometres of mineralized corridor," he said.
This year's drill program consisted of around 3,400 metres (m) of "fence" drilling and focused on the anomaly within the prospective St. Louis-Reliance Corridor, with results so far showing intense veining, bonanza grades and increasing alteration with depth, Buick noted.
READ: Idaho Champion Gold Mines Canada has now outlined eight square-kilometre anomaly at Champagne gold project
"The 2021 program has allowed the company to better define an increased footprint, and even though the fault geometry is complex, the company's understanding of it is evolving with each drill and field campaign. We have no doubts that we are just scratching the surface of a system with a world-class potential," said Buick.
"Looking into the future, we believe that 2022 will be transformative for the company and we look forward to outlining our initiatives in the new year," he added.
Idaho Champion is advancing its wholly-owned mineral properties in Idaho, USA and is vested in the Baner project, the Champagne project and four cobalt properties in Lemhi County in the Idaho Cobalt Belt.
The Champagne mine at the project of the same name was operated by Bema Gold as a heap leach operation. Bema drilled 72 shallow reverse circulation (RC) 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.
Contact the writer at giles@proactiveinvestors.com