MONTREAL, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Kintavar Exploration Inc. (the “Corporation” or “Kintavar”) (TSX-V: KTR) (FRANKFURT: 58V), is pleased to provide an update on the fall exploration program on the Copper-Silver Project Wabash. The project is located 65km North of the Mitchi project and 15km East of the city of Parent in Quebec. Kintavar owns 100% of the 126 claims (7,266 hectares) with a 0.25% royalty applicable only on 6 of those claims.
“We are very encouraged by the fall exploration program. The visual observations at Wabash, the discovery of new trenches and the initial anomalies coming out from the soil survey are all indicative of a potential important discovery. The work and the observations by the geological team, lead by Alain Cayer, have consistently revealed that mineralization starts from surface and can be traced to over 2.5km long within a corridor that is over 80m wide in the north and over 200m wide in the south. The corridor remains open in all 4 directions. The mineralized units appear to be generally dipping 35° to 45° to the N – NNW. These first channel samples will provide a better grade estimate and the continuity of the mineralized units. The knowledge gained from the Mitchi project is facilitating to fast track the Wabash project. We are looking forward to getting back results in the near future to be able to plan the next stage of the exploration program.” commented Kiril Mugerman, President & CEO of Kintavar Exploration.
Soil geochemistry
The exploration team prepared a property wide soil geochemical survey (horizon B) for a total of 2,700 samples and has already completed more than half of the program. The blanket approach will help identify extensions of the already identified mineralization in the main Cloutier-Lapointe area and as well generate new targets property wide. The Richer area, in the southern portion of the property, is already showing strong anomalies based on preliminary results and this area will be followed up on during the summer 2021 program. The team is completing as much of the program weather permitting and will continue the survey in the spring.
Trenching
The trenching program in the Cloutier-Lapointe area had started in late October. The ongoing trenching is focusing on the mineralized corridor identified during the summer program. The team has also begun following up on some of the initial targets identified in the soil survey in this area, resulting in new mineralized trenches. The mineralization observed in the trenches confirms a discovery of an important sediment hosted copper system. Work is currently ongoing to better understand the structural geology and mineralization controls and will continue throughout 2021. The Corporation is targeting to complete several channels on the trenches to get a better understanding of the grade and the continuity of the mineralized units. The trenches along the North – South 2.5km mineralized corridor have provided visual confirmation that the mineralization in the Northern portion of the corridor is at least 80m in width and remains open to the East and to the West.
An infographic accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/15308fd0-a278-44ca-aa7c-4c6031789d3a
Geophysical Induced Polarization (IP) survey
An IP survey is planned for November and will cover the majority of the main 2.5km long mineralized corridor. The mineralization observed in both outcrops and the trenches suggests that it is more of a chalcopyrite dominance with lesser amounts of bornite and chalcocite which should respond favorably to the geophysical survey. The objective of the IP survey would be to see the continuity of the mineralized units laterally and most importantly at depth. Although the mineralization starts from surface, the IP survey will be an invaluable tool in identifying new targets and planning the trenching and drilling programs for 2021.
Mitchi-Wabash connection
Both the Wabash and the Mitchi projects are presenting stratiform copper mineralization in sedimentary basins that exhibit similarities but at the same time some important differences such as the copper sulfides distribution, host lithologies and structure of the sedimentary basin are apparent. Field observations at the Wabash project are providing new geological information that will be applied on the Mitchi project during the 2021 exploration program. The characteristic of several targets that were considered low priority on the Mitchi project, are returning very positive results on the Wabash project. As a result, multiple zones that were previously not investigated on Mitchi will be revisited based on the experience gained from Wabash.
NI-43-101 Disclosure
Alain Cayer, P.Geo., MSc., Vice-President Exploration of Kintavar, is Qualified Person under NI 43‐101 guidelines who supervised and approved the preparation of the technical information in this news release.
About Kintavar Exploration & the Mitchi Property
Kintavar Exploration is a Canadian mineral exploration Corporation engaged in the acquisition, assessment, exploration and development of gold and base metal mineral properties. Its flagship project is the Mitchi property (approx. 30,000 hectares, 100% owned) 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 mineralization (SSC) in the Eastern portion of the property and Iron Oxide Copper Gold (IOCG) and skarn type mineralization 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. Kintavar also has exposure in the gold greenstones of Quebec by advancing the Anik Gold Project in a partnership with IAMGOLD.
For further information contact:
Kiril Mugerman, President and CEO
Phone : +1 450 641 5119 #5653
Email : kmugerman@kintavar.com
Web: www.kintavar.com
Forward looking Statements:
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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, 2019, 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.