MONTREAL, July 28, 2022 (GLOBE NEWSWIRE) -- Kintavar Exploration Inc. (the “Corporation” or “Kintavar”) (TSX-V: KTR), is pleased to announce the start of a minimum 1,500m drilling program at the Wabash Copper project, an exploration update on the MLI corridor and a grant of $176,987 as a funding contribution from the Ministère de l’Énergie et des Ressources Naturelles (“MERN”) of Quebec for a metallurgical and sorting study on the Wabash ore.
Exploration Program
As previously indicated, the MLI corridor returned the best drilling results from the property to date (hole WAB-21-21 - 1.01% Cu & 19.3 g/t Ag over 16.8m, see March 24, 2022 press release for details) and an Induced Polarization (IP) survey was completed earlier this summer over the corridor. The results from the IP survey provided several important anomalies and as well highlighted the zone that had been identified in earlier drilling. A geophysical interpretation using various datasets combined with geological mapping and drilling results, allowed the exploration team to highlight a mineralized corridor that extends over 500m and potentially several kilometers. The width of that corridor is estimated at 100m where the favorable mineralized horizons are present.
The 2022 surface exploration program then successfully located the mineralization from the WAB-21 drillhole on surface and was able to extend it laterally in NE-SW directions through trenching. The identification of these units on surface and in drilling followed by additional structural mapping allowed us to better understand the geometry of these horizons which are part of a large regional fold system. Copper mineralization is identical to that observed in drilling in the form of bornite, chalcocite and chalcopyrite. Zinc (sphalerite) and lead mineralization (galena, one of the marker minerals), were identified in the horizons as well.
Based on these results, a drilling program for a minimum of 1,500m has been planned and will start in the coming days. The objectives of the drilling program are to intersect the mineralized horizons at various depths and laterally within the MLI corridor.
Metallurgical and Sorting Studies of Wabash Ore
The project will be conducted under the “Program to support the exploration of critical and strategic minerals in Quebec” offered by the MERN. The approximately 12-month project has a budget of $353,974 out of which the government grant program will contribute $176,987 of non-dilutive funding to the Corporation. The objective of the project is to test traditional extractive technologies on the high-grade units such as the MLI corridor, evaluate the marketability of the copper sulfide concentrate and to evaluate innovative sorting technologies to upgrade the kilometric scale low grade units that are present over the Wabash project. These studies will better help define the zones to be targeted for an eventual resource estimate.
“The exploration team has had a very successful summer season. The main objectives have been achieved which gave us the confidence to proceed with the current drilling program. We are now targeting to extend the mineralization further laterally and at depth. The metallurgical study will also help us better understand the marketability of the potential sulfide concentrate especially considering its polymetallic nature. In addition, the sorting study will provide further information on how to upgrade the low-grade zones that can be followed for several kilometers on both the Wabash and Mitchi projects into economical zones. The support of the MERN in helping define and advance copper projects in Quebec, a critical and strategic metal for the green economy, is greatly appreciated.” commented Kiril Mugerman, President & CEO of Kintavar Exploration.
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 – 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.
