MONTREAL, June 15, 2022 (GLOBE NEWSWIRE) -- Kintavar Exploration Inc. (the "Company" or "Kintavar") (TSX-V: KTR), is very pleased to announce the results of the drilling campaign that was carried out on its Anik project under the option agreement entered on May 20, 2020, with IAMGOLD Corporation (“IAMGOLD”). The seven (7) drill holes campaign for a total of 2,145 metres was completed in January 2022 and targeted 3 areas of interest.
In the Opawica-West and East areas, the fertile stratigraphic sequence of the Nelligan deposit has been identified and now extends for more than 7 kilometres to the east, directly on the Anik property. The five (5) holes drilled in these two areas intersected favourable lithologies and gold mineralization. The summary of the results is presented in Figure 1 and Table 1. In both areas, the northern holes, near the "Footwall" of the Renard Zone, had the best gold intersections (ANK-21 -25 and 29), while the ''Hanging Wall'' of the Nelligan system has not yet been investigated. The Opawica-West and East areas are 3 km apart along strike with very limited historical work.
The Bobby-Kovi area is located northeast of the Nelligan deposit stratigraphic sequence. The drilling targeted soil and geophysical anomalies located 400 metres south of the Bobby and Kovi gold showings discovered by Kintavar geological team in 2015. Hole ANK-21-26 intersected two (2) anomalous gold zones, the first in a massive sulphide level of a graphitic tuff unit, and the second in a stockwork of mineralized veins and veinlets in an altered gabbro.
2022-2023 exploration program
IAMGOLD is progressing with its exploration program on the Anik property and has completed the payment of its second year of agreement. The 2022-23 exploration plan consists of:
- Extend the geochemical soil survey over the stratigraphic sequence continuation of the Nelligan deposit. Approximately 8 km of sampling lines are initially planned.
- Extend the geological exploration and mapping program over the eastern extensions of the Nelligan deposit stratigraphic sequence with particular focus on structural folds and gold in till anomalies.
- Continue geological exploration and mapping over the western extensions of the Bobby-Kovi stratigraphic sequence and till anomalies.
- Plan a drilling program to investigate the new targets from the 2022 field season and a follow-up on gold intersections from the 2021 drilling program, specifically Opawica-West.
“After two (2) years of exploration and compilation work comparing the geological and structural characteristics of the Nelligan deposit with the Anik property, this first drilling campaign was able to confirm the extension of the favourable stratigraphic units of the Nelligan deposit over more than 7 km and identified several structural traps. Due to difficult access, many areas of this sequence have been poorly investigated to date and now exhibit high gold potential. The 3 km between the Opawica-West and East areas and the more than 4 km of open area to the East host significant structural folds and several gold in till anomalies. In addition, the Bobby-Kovi area remains open to the west with significant new anomalies identified in the recent till survey. This area will be another important exploration target. Overall, the proposed work is very promising and will result in several new drilling targets.” commented Kiril Mugerman, President and CEO of Kintavar Exploration
Figure 1 : Anik property – Summary of the 2021-2022 drilling campaign (pdf) is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/981a309a-a009-42ac-9b44-8a3356f97c83
Table 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3e69e17e-62bd-489b-b2cc-c069005b29dd
The drilling program and interpretation of results is under the control of IAMGOLD’s geological staff, including QPs employing strict protocols consistent with NI 43-101 and industry best practices. The sampling of, and assay data from, the drill core is monitored through the implementation of a quality assurance - quality control (QA-QC) program. Drill core (NQ size) is logged and samples are selected by the IAMGOLD geologists and sawn in half with a diamond saw at the project site. Half of the core is retained at the site for reference purposes. Sample intervals may vary from 0.5 to 1.5 metres in length depending on the geological observations. Half-core samples are packaged and transported in sealed bags to ALS Minerals Laboratory (“ALS”) located in Val-d’Or, Québec. A formal chain-of-custody procedure was adopted for security of samples until their delivery at the laboratory. Samples are coarse crushed to a -10 mesh and then a 1,000 gram split is pulverized to 95% passing -150 mesh. ALS processes analytical pulps directly at their facilities located in Val-d’Or which is ISO / IEC 17025 certified by the Standards Council of Canada. Samples are analyzed using a standard fire assay with a 50 gram charge with an Atomic Absorption (AA) finish. For samples that return assay values over 5.0 grams per tonne, another pulp is taken and fire assayed with a gravimetric finish. Core samples showing visible gold or samples which have returned values greater than 10.0 grams per tonne are re-analyzed by pulp metallic analysis. IAMGOLD inserts blanks and certified reference standards in the sample sequence for quality control.
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 which are based on information provided by IAMGOLD.
About the Anik Property
The Anik property (approx. 5,400 hectares) is situated 40 km to the south-east of the town of Chapais and 55 km to the south of the town of Chibougamau, in Québec. Located in the Opawica-Guercheville deformation corridor, it is the host to several gold mines and deposits. The eastern portion of the property is located less than 7 km from the Joe Mann mine and the Lac Meston and Phillibert deposits. The western portion of the property is located less than 10 km to the south of the Monster Lake and Fancamp gold projects. The main gold zones of the Nelligan property, are surrounded to the north, south and east by Anik property boundaries at a distance of less than 1,500 metres.
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:
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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, 2021, 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.
