Jul 31 2015
Kaizen Discovery announced today that it has received the remaining land and water use permits and mineral rights required for its exploration program at the Coppermine Project in Canada's Arctic territory of Nunavut.
The company's planned diamond drilling program, consisting of 14 holes totalling 1,500 metres, is now underway.
Kaizen's wholly owned Nunavut operating entity, Tundra Copper Corp., reports the following:
- The Nunavut Water Board granted an amendment to Tundra's existing Type "B" licence, which extends the project boundaries and allows an increase in water use;
- Aboriginal Affairs and Northern Development Canada has issued a Class "A" Land Use Permit covering all Crown Lands held by Tundra in the Coppermine Project;
- The Kitikmeot Inuit Association has issued Land Use Licences granting Tundra authority to carry out various mineral exploration activities, including drilling on specific parcels of Inuit Owned Lands contiguous with the company's land holdings; and
- Nunavut Tunngavik Incorporated and Tundra have signed a Mineral Exploration Agreement, granting Kaizen rights to a 100% interest in the minerals contained in the parcels of Inuit Owned Lands. The Mineral Exploration Agreement includes a form of Mineral Production Lease and details of a net profits royalty benefiting Nunavut Tunngavik Incorporated.
The newly granted permits and mineral rights are important to Kaizen fully exploring the approximately 3,500-square-kilometre Coppermine Project.
"We are pleased to have received all of the permits we applied for, which will allow us to fully explore the prospective licences acquired and staked last year," said Dr. David Broughton, Kaizen's Executive Vice President, Exploration.
Kaizen's current exploration campaign targets district-scale, sediment-hosted, stratiform copper mineralization and high-grade, volcanic-hosted copper-silver within the larger permit area. The Coppermine Project contains 115 kilometres of strike of an easterly-trending belt of Meso-Proterozoic continental flood basalts (the Coppermine River Group) and unconformably overlying marine sedimentary rocks of Neo-Proterozoic age (the Rae Group). Drill mobilization was completed on July 26 and drilling has commenced with initial holes designed to test volcanic-hosted targets.
"Kaizen is advancing discussions with various potential partners, including a number of prominent Japanese corporations, with a view of securing funding for the development of Coppermine," said B. Matthew Hornor, Kaizen's President and Chief Executive Officer.