- Nasigon-Sud: 10 grab samples between 1.45% and 9.21% Cu
- Lac-Michel showing: 300 m to the South-East of Nasigon. Up to 1.32% Cu
- Elementary showing: 2.6 km North of Sherlock, 3 grab samples between 1.83% and 2.34% Cu
- Toby trench: Over 10m of folded and mineralized marble 200 m East of Sherlock
- Strike length of mineralization on Sherlock corridor over 4.5 km
- Hispana: 3 new zones of mineralized outcrops giving up to 1.04% Cu
- NSR Royalty on 21 claims of the Sherlock corridor repurchased – sedimentary basin is now royalty free
MONTREAL, Aug. 08, 2018 (GLOBE NEWSWIRE) — Kintavar Exploration Inc. (the “Corporation” or “Kintavar”) (TSX-V: KTR) (FRANKFURT: 58V), is pleased to announce its first results from the 2018 summer exploration program. The results include a new high grade copper zone identified at the Nasigon-Sud trench, a new mineralized zone (Elementary) 2.6 km north of Sherlock which extends the strike length of the mineralization to 4.5 km in the Sherlock corridor and new mineralized zones in the Hispana corridor. Mineralization has now been identified in both the marble units and the metamorphosed sandstone units which are typically associated with stratiform copper deposits. This significantly expands the exploration horizons for the Corporation in the sedimentary basin of the Mitchi project.
The Corporation is also pleased to announce that it has repurchased a 1% Net Smelter Returns (“NSR”) Royalty on 21 contiguous claims that are part of the Sherlock & Watson corridor for a total value of $50,000 payable in shares of its capital for a total of 131,578 common shares. This transaction is subject to the TSX Venture Exchange approval and the shares issued are subject to a hold period of four month and one day form the date of issuance.
The work completed on the three corridors (Sherlock, Hispana and Nasigon) consisted of surface exploration and trenching which resulted in the discovery of several copper showings. The copper mineralization is strongly associated with stratiform units of marbles and calc-silicate metasediments, including new metamorphosed sandstone horizons. Figure 1 shows the overview of the exploration program to date and the recent discoveries.
Figure 1: Summary of grab samples results June & July 2018 (Sherlock, Hispana & Nasigon Corridors). Full size map can be viewed here.
Surface follow up of the geophysical anomalies that were identified in the spring lead to the discovery of new copper zones in the north-western portion of the grid (Figure 2). Eight trenches were completed and / or extended and sampled up to today. Assays of grab samples from five of these trenches are presented in Table 1. The high grade mineralization identified at Nasigon-Sud (over 9% Cu in 2 samples) including the gold mineralization (up to 0.88 g/t Au in 3 samples), is a new zone associated with a later alteration and remobilization event of the copper minerals that will be a priority target in the upcoming work. Assays from channel samples are expected in the coming weeks while a drilling program is currently ongoing on the main mineralized zones. The location of these zones is shown in Figure 2.
Figure 2: Summary of grab samples results June & July 2018 (Nasigon Corridor). Full map size can be viewed here. Full size map can be viewed here.
|Table 1: NASIGON GRID|
|Location / showings||Sample||Easting||Northing||Cu (ppm. %)||Ag (g/t)||Lithology||Type||Au g/t|
|Nasigon – South
|X379269||491709||5264934||1.63%||10.2||Calc-Silicate Unit (CaSi)|
|Nasigon – East
|Dôme Trench||X379985||490784||5263988||8250||0.6||CaSi Unit||Grab|
|Lac Paul N-76||X379363||491020||5264185||1.05%||7.2||Metasediments|
The discovery of an area with mineralized marble and calc-silicate metasedimentary outcrops located 2.6 km along the northern extension of the mineralized units of the Sherlock and Watson showings and, the 007 showing located 1.0 km to the east of Sherlock and Watson, extends the strike length of the mineralization to over 4.5 km. The extension of the Induced Polarization (IP) survey is currently underway to cover that northern portion. A program of trenching followed up by drilling is planned for August and September.
The Toby trench is located 200 m to the East of the Sherlock showing and corresponds to the same geophysical anomaly. The mineralized marble unit extends for over 10 m in thickness. Furthermore, it is the first time in the Sherlock/Watson area that a mineralized metasedimentary sandstone unit has been identified. These units are typically associated with stratiform copper deposits and become an important target for exploration. Drilling and additional trenching is planned in the area for the August and September period.
|Table 2: SHERLOCK CORRIDOR|
|Location / showings||Sample||Easting||Northing||Cu (ppm. %)||Ag (g/t)||Lithology||Type|
|X379516||483363||5255550||1.83%||14.2||CaSi Unit||Sub-in-place Boulder|
|Toby Trench||W953952||483836||5253057||5610||9.3||CaSi Unit||Grab|
The surface work on the Hispana corridor was the first exploration program in the area. The mineralized sedimentary units were successfully identified and sampled. The Huard and Sarcelle showings are both located on copper soil anomalies which extend over several hundreds of meters. Initial results are shown in Table 3 and Figure 1. A new IP survey is currently being conducted and a trenching program is planned for the month of August.
|Table 3: HISPANA CORRIDOR|
|Location / showings||Sample||Easting||Northing||Cu (ppm. %)||Ag (g/t)||Lithology||Type||Au (g/t)|
|Huard||X379378||486581||5259553||2370||2.2||CaSi Unit and marble||Outcrop|
|Sarcelle||S743930||487387||5258505||2080||1.4||CaSi Unit and marble||Outcrop|
“The discovery of a high grade zone in the Nasigon corridor is a major development for the Mitchi project. As we anticipated, Nasigon is becoming a very important corridor with 8 mineralized trenches on surface completed that extend over 6 geophysical anomalies.
The initial drilling program on Nasigon, which is finishing up this week, focused on several of these targets which were successfully intercepted at depth. The channel samples results from several of these zones should be available in the coming weeks while drilling assays are expected in the fall.
The Sherlock corridor continues to deliver consistent results on surface. Extending the mineralization over 4.5 km and identifying mineralization in the sandstones bodes well to demonstrating the high volume potential that the Mitchi project presents. The IP survey over both the Sherlock and Hispana corridors will help identify more surface exploration targets which will be targeted with trenching and drilling in the coming months.
As for the Royalty transaction, the entire sedimentary basin is now 100% owned by Kintavar and is royalty free. Repurchasing this royalty was an important step in solidifying the ownership structure. In the future, this should result in improved economics to our flagship project and opens opportunities in future financings.” commented Kiril Mugerman, President and CEO of Kintavar.
Grab samples are selected samples and not necessarily representative of the mineralization hosted on the property.
Further to the closings of its latest offering (see press release June 28, 2018), the Corporation wishes to correct the disclosure related to the amount of finder fees paid, which totalled $131,865.97 and 243,613 broker warrants, instead of the $130,731.97 and 250,513 broker warrants disclosed.
About the Mitchi Property
The Mitchi property (approx. 30,000 hectares, 100% owned) is located west of the Mitchinamecus reservoir, 100 km north of the town of Mont-Laurier. The property covers an area of more than 300 km2 accessible by a network of logging and gravel roads with a hydro-electric power substation located 14 km to the east. The property is located in the north-western portion of the central metasedimentary belt of the Grenville geological province. Many gold, copper, silver and/or manganese mineralized showings have been identified to date, with many characteristics suggesting of a sediment-hosted stratiform copper type deposit (SSC) in the Eastern portion of the property and Iron Oxide Copper Gold ore (IOCG) and skarn type deposits in the Western portion. Osisko holds a 2% NSR on 27 claims of the southern portion of the Mitchi property, outside of the sedimentary basin.
Forward looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements that may constitute “forward-looking information” or “forward looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding future plans, costs, objectives or performance of the Corporation, or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” “target” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including additional closings of the private placement referred to above, or if any of them do so, what benefits the Corporation will derive. Forward-looking statements and information are based on information available at the time and/or management’s good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Corporation’s control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk Factors” in the Corporation’s management’s discussion and analysis for the fiscal year ended December 31, 2017, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements. The Corporation does not intend, nor does the Corporation undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
Figure 1 & 2 are available at the following addresses: