Kintavar Exploration Inc. Provides Drilling Update on Mitchi Stratiform Copper Project
MONTREAL, Dec. 16, 2019 - Kintavar Exploration Inc. (the “Corporation” or “Kintavar”) (TSX-V: KTR) (FRANKFURT: 58V), is pleased to provide an update on its 5,000 meter diamond core drilling program at the 100% owned stratiform copper Mitchi project in the province of Quebec. Drilling Update
The winter drilling program is advancing as scheduled and 3,900 meters over 29 drill holes have been completed to date. Drilling at the Sherlock zone was completed successfully and will resume in January 2020 on the Elementary zone where the highest grade results on the property were identified to date (14m @ 0.93% Cu at the Elementary 08 trench, see October 24, 2019 press release). The exploration team is continuing to log and sample the core with the objective to send a maximum of samples from the Sherlock area drill holes to the lab before the holiday break. First assay results are expected in January 2020.
Drilling at the Sherlock zone has successfully confirmed the sub-horizontal nature of the thrust fault model that the Corporation had identified this summer. This model is expected to make it easier to delineate the resource model throughout the Sherlock area and the Corporation will present more information on this as assays become available.
“We are very pleased with the drilling program to date. Our geological interpretation from this summer is being confirmed which is a major advantage for any future mining development and the lab results will validate that. Sub horizontal stratiform mineralization from surface is a major advantage of the Sherlock area where we have demonstrated mineralization on surface for over 1km by 400m across. Next objective would be to demonstrate the same at the Elementary zone with drilling in January, where we see mineralization for over 1.5km long. The entire Mitchi project shows an amazing size potential and we are looking forward to the assays from the ongoing drilling program in the comings months which will provide the necessary information to start developing the resource model of the Sherlock area.” comments Kiril Mugerman, President & CEO of Kintavar.
Anik Gold Property Update
The Corporation’s Anik gold property benefits from a very favorable location being adjacent to and surrounding the Nelligan project (owned 75% by IAMGOLD Corporation and 25% by Vanstar Mining Resources Inc.) from the North, East and the South. The Nelligan project published its maiden resource estimate of just under 3.2 million ounces of gold on October 22, 2019 after only 56,000 meters of drilling. As announced on December 11, 2019, the gold corridor of potentially more than 4 kilometers remains open laterally and at depth and IAMGOLD increased its interest in the Nelligan project to 75%. With these recent developments in the region of the Anik property and the significant gold price increase in 2019, the Corporation has decided to evaluate other strategic alternatives that would be in the best interests of its shareholders. As such, it has decided to terminate the letter of intent with TomaGold Corp. that was originally announced on January 25, 2019.
“On behalf of the board of directors, management and the entire exploration team of Kintavar, I would like to take this opportunity to wish all of our shareholders happy holidays. I am confident 2020 will be an exciting year for Kintavar and our shareholders and we look forward to the developments in the new year.” adds Mr. Mugerman.
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. It’s 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.
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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