Dec 18 2019
Kintavar Exploration Inc. offers a new update on the 5,000 m diamond core drilling program at its wholly-owned Mitchi stratiform copper project in Quebec.
Image Credit: Erlucho/Shutterstock.com
Drilling Update
The winter drilling program has been progressing as planned, and until now, 3,900 m over 29 drill holes have been completed. At the Sherlock zone, drilling was successfully completed and will be recommenced in January 2020 on the Elementary zone at which the highest grade results on the property to date were detected (14 m at 0.93% Cu at the Elementary 08 trench).
The team of explorers has been continuously logging and sampling the core, with the goal of shipping the greatest amount of samples from the Sherlock area drill holes to the lab prior to the holiday break. Results from the first assay are expected in January 2020.
Following drilling conducted at the Sherlock zone, the sub-horizontal nature of the thrust fault model identified by the Corporation this summer has been successfully confirmed. It is anticipated that this model will enable simple delineation of the resource model through the entire Sherlock area and the Corporation will offer more information related to 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 1 km by 400 m across.
Kiril Mugerman, President and CEO, Kintavar Exploration Inc.
Mugerman continued, “Next objective would be to demonstrate the same at the Elementary zone with drilling in January, where we see mineralization for over 1.5 km 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.”
Anik Gold Property Update
The Anik gold property of the Corporation is benefited by a highly favorable location close to and surrounding the Nelligan project (75% of which is owned by IAMGOLD Corporation and 25% by Vanstar Mining Resources Inc.) from the North, South, and the East.
The maiden resource estimate of the Nelligan project, which is just less than 3.2 million ounces of gold on October 22nd, 2019 after drilling for only 56,000 m, has been published. As per the December 11th, 2019 announcement, the gold corridor of prospectively over 4 km is still open at depth and laterally, and IAMGOLD has increased its share of interest in the Nelligan project to 75%.
Due to the latest advancements in the area of the Anik property, as well as the considerable increase in gold price in 2019, the Corporation has made decisions to assess other strategic alternatives that would best benefit its shareholders. For this reason, the Corporation has decided it would bring the letter of intent with TomaGold Corporation—originally reported on January 25th, 2019—to termination.
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.
Kiril Mugerman, President and CEO, Kintavar Exploration Inc.