MONTREAL, Sept. 15, 2021 (GLOBE NEWSWIRE) -- Kintavar Exploration Inc. (the “Corporation” or “Kintavar”) (TSX-V: KTR), is pleased to announce additional results from the soil geochemical survey that has been completed on the Wabash property and the start of radiometric surveys on both the Wabash and Mitchi projects. In addition, the Corporation has signed an agreement to sell the Gaspard Nord property, located in the Chapais-Chibougamau area of Quebec, to Northern Superior.
Soil Geochemistry – Wabash
Several soil geochemistry grids have been completed throughout the summer on the Wabash property. The results presented here are primarily for areas indicated on Figure 1 as area A – the Indiana zone and its extensions to the South and area B – Indiana extensions to the North towards the Cooper zone. Assays are pending for several areas to the West and East of the Richer zone and to the East of the Lapointe zone.
Area A highlights the key Indiana zone that was discovered during the realization of the soil survey. Furthermore, another strong anomaly was discovered to the South of the main road that crosses the entire property. Area B identified a group of soil anomalies halfway between Indiana and Cooper which is now becoming an important follow up sector to be able to connect the various mineralized zones. In addition, three more areas of interest have been identified and a sampling program is planned before winter.
Airborne Magnetic and Radiometric Geophysical Survey - Wabash
The Corporation is adding another important exploration tool to be used to map out potential extensions of mineralised zones and favorable stratigraphy. The airborne radiometric survey has been successfully used in Africa to map out stratiform copper deposits and it could provide a very useful indirect exploration tool. In addition, a detailed magnetic survey will be conducted to cover new claims added to the property (see press release September 7, 2021). The survey will cover a total of 1,640 line kilometers.
Airborne Magnetic and Radiometric Geophysical Survey – Mitchi
The Corporation will use the opportunity to conduct a detailed magnetics and radiometric survey on the Western portion of the Mitchi property. The Western portion has several IOCG showings and targets that were identified during the 2017 exploration program (see press release September 26, 2017) and this survey will generate high quality targets to follow up in the coming year. The surveys will cover a total of 1,883 line kilometers.
“Since day one, we have seen the success of soil geochemistry on the project. We saw how the Indiana zone was clearly highlighted by the soil anomalies. Our team is now on the ground following up on all these targets. The geophysical survey will provide further important information which will improve the selection of high priority areas on the Wabash property.” commented Kiril Mugerman, President & CEO of Kintavar Exploration.
Gaspard Nord Transaction
As part of its focused strategy on copper and base metal projects in the Grenville geological province, the Corporation has agreed to sell its 5 claims of the Gaspard Nord property to Northern Superior Resources Inc. (SUP.V) for a total consideration of 85,000 shares in the capital of SUP.V. Kintavar will retain a 2% NSR (Net Smelter Royalty) subject to a partial buyback right of 1% for a purchase price of CAD$1,000,000. The transaction is subject to regulatory approval.
“With the Gaspard Nord transaction now completed we have successfully optioned out or sold all our properties in the Chapais-Chibougamau gold area. We are committed to creating value to our shareholders whether by exploration or through strategic transactions. We have now accumulated a healthy equity portfolio that will help limit dilution for shareholders.” added Mugerman.
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.
Figure 1: Wabash property – Soil survey results (pdf) is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f24b206a-1cf2-4742-9caf-754b91a0e47d
About Kintavar Exploration & the Mitchi – Wabash Properties
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 – Wabash copper-silver district (approx. 39 000 hectares, 100% owned) located 100 km north of the town of Mont-Laurier and 15 km East of the town of Parent in Quebec. Both properties cover an area of more than 300 km2 accessible by a network of logging and gravel roads with access to hydro-electric power already on site, major regional roads including railroad and a spur. The properties are located in the north-western portion of the central metasedimentary belt of the Grenville geological province. The projects primarily focus on sediment-hosted stratiform copper type mineralization (SSC) but include Iron Oxide Copper Gold (IOCG) and skarn type targets. 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 and several early-stage projects that were optioned by Gitennes Exploration.
Kintavar supports local development in the Mitchi-Wabash region where it owns and operates the Fer à Cheval outfitter (www.feracheval.ca), a profitable and cashflow generating operation where it employs local workforce. It as well works with local First Nations to provide training and employment.
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:
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, 2020, 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.
