Kiska Metals Corporation: Drilling Resumes at Island Mountain Gold Discovery-Whistler Project, Alaska
15 Junio 2010 - 7:30AM
Marketwired
Kiska Metals Corporation (TSX VENTURE: KSK) ("Kiska" or the
"Company") reports that drilling at the Whistler project has
resumed after spring break-up conditions led to a brief pause in
May. Once complete, this program will fulfill the requirements of a
back-in agreement with Kennecott Exploration Inc. (a subsidiary of
Rio Tinto) and will trigger a decision by Kennecott to either
exercise or waive their back-in rights. Upon completion of the June
trigger program, Kiska will immediately commence a new phase of
exploration consisting of an additional 5,000 metres of drilling.
"As we near completion of the work required under our agreement
with Kennecott, we are now planning exploration beyond the trigger
program," stated Jason Weber, President and CEO of Kiska. "We wish
to expand the existing Whistler resource and collect material for
metallurgical studies. Also, we will conduct systematic step-out
drilling from the discovery hole at Island Mountain to start to
define this new gold target."
As per the Kennecott back-in agreement, a total of seven holes
will be completed in June. These include three additional holes
which were added to the trigger program in exchange for dropping
the remaining 55 line-kilometres of a 341 line-kilometre Induced
Polarization (IP) geophysical survey stipulated in the agreement.
Drilling is now underway at the Island Mountain area, 23 kilometres
south of the Whistler Deposit, where the 2009 discovery drill hole
at this target ended in mineralization, and intersected 1.22 g/t
gold over the bottom 106.9 metres of the hole.
Three holes will test targets at Island Mountain. One, a
50-metre offset of the discovery hole, will test this zone with a
deeper hole in order to get an intersection through the full width
of the mineralization. A second hole will be collared 800 metres to
the southeast of the 2009 discovery and will test a similarly
mineralized stockwork zone, which may represent the southern strike
extent of the same mineralized system. A third hole will further
test the Cirque Zone, 1.7 kilometres to the north of the discovery
hole. 2009 drilling at the Cirque Zone targeted a broad zone
disseminated chalcopyrite mineralization in association with a
biotite-altered monzonite porphyry. The 2009 hole was lost in a
fault zone prior to reaching target depth, but returned 0.13 g/t
gold over the 202.3 metres of the hole that was completed. Of the
remaining four holes, two will test targets at the Round Mountain
area, 10 kilometres north of the Whistler Deposit. The location of
the final two holes remains to be determined.
A joint committee comprised of technical management from both
Kiska Metals and Kennecott is managing the current trigger program.
When this program is complete and a final program summary report is
presented, Kennecott will have 90 days to exercise its one-time
back-in right on the Whistler Project. If exercised, Kennecott will
refund to Kiska 200% of exploration expenditures (currently
estimated at a minimum $25 million) and advance Whistler to a
positive prefeasibility study to earn a 51% project interest.
Kennecott can then earn an additional 9% project interest by fully
funding Whistler to a positive production decision. If Kennecott
elects not to back-in, it will receive a 2% Net Smelter
Royalty.
Drilling Results
Results of the final six of the 11 holes completed in 2010
program have now been received. Three of the six holes intersected
peripheral-style alteration at the Raintree West, Rainmaker and
Spur areas (for hole locations, please refer to the map on the
Kiska Metals website at
http://www.kiskametals.com/s/Whistler.asp?ReportID=370037). Hole
WH10-009 was drilled in the Spur area, where previously released
holes WH10-005 and WH10-007 intersected peripheral-style alteration
5 kilometres north of the Whistler Deposit. WH10-009 returned
intensely altered andesitic volcaniclastic rocks for the entirety
of its 358 metres. This alteration is the strongest of the three
holes in the area and the association of moderate silver-lead-zinc
and gold-copper values suggest proximity to a productive
system.
Hole WH10-011 was collared 400 metres west of the Raintree West
discovery hole and intersected weakly mineralized lithologies until
crossing a significant fault at 414 metres. At this point, the hole
intersected a zone of stronger phyllic alteration and veining in
volcanic and dioritic intrusive rocks with chalcopyrite and
anhydrite in base metal veins and abundant gypsum veinlets. This
section of the hole returned continuously anomalous gold values
(253.74 metres of 0.14 ppm gold), including a 33.84 metre interval
from 572.16 to 606.00 metres that returned 0.32 g/t gold, 4.69 g/t
silver, 0.07% copper, 0.17% lead and 0.37% zinc.
One hole (WH10-010), 500 metres south of the Rainmaker
discovery, intersected andesitic volcanic rock displaying moderate
to strong peripheral-style alteration with abundant gypsum veinlets
towards the bottom of the hole. Several significant magnetic and IP
anomalies remain to be tested in this area.
Holes WH10-012, WH10-013 and WH10-014 did not return results of
any significance.
Qualified Person Statement
The content of this release has been reviewed and approved by
Mark Baknes P. Geo., Vice President of Exploration of Kiska Metals
Corporation. Mr. Baknes is a Qualified Person as defined under the
terms of National Instrument 43-101. Rock samples were prepared for
assay at ALS Chemex labs in Fairbanks, Alaska, and analyzed for
multiple elements at ALS Chemex labs in North Vancouver, British
Columbia.
About Kiska Metals Corporation
Kiska Metals Corporation is a mineral exploration company
focused on advancing the Whistler Project, Alaska, which includes a
multi-million ounce gold-copper resource with excellent exploration
potential. Kiska has renowned technical expertise and a quality
exploration portfolio with numerous early stage exploration
opportunities around the world, some held in partnership with a
selection of the world's largest and most successful gold and base
metal producers. Kiska resulted from the merger of Rimfire Minerals
Corporation and Geoinformatics Exploration in August 2009.
On behalf of Kiska Metals Corporation
Jason Weber, P.Geo., President & CEO
CAUTIONARY STATEMENT: This News Release includes certain
"forward-looking statements". Other than statements of historical
fact, all statements included in this release, including, without
limitation, statements regarding future plans and objectives of
Kiska Metals Corporation, are forward-looking statements that
involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate, and actual results
and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from Kiska's expectations are the risks
detailed herein and from time to time in the filings made by Kiska
Metals Corporation with securities regulators. Those filings can be
found on the Internet at http://www.sedar.com and
http://www.sec.gov/edgar.
APPENDIX 1.
Mineral Resource Statement for the Whistler Gold Deposit,
Alaska. Prepared by SRK Consulting (Canada) Inc February 2008.
---------------------------------------------------------------------------
Tonnes and Grades
---------------------------------------------------------------------------
Tonnage Gold Silver Copper Gold
Resource Category (Mt) (g/t) (g/t) (%) Eq(3) g/t
---------------------------------------------------------------------------
Indicated (open-pit(1)) 30 0.87 2.46 0.24 1.35
---------------------------------------------------------------------------
Total Indicated 30 0.87 2.46 0.24 1.35
---------------------------------------------------------------------------
Inferred (open-pit(1)) 123 0.59 2.07 0.19 0.98
---------------------------------------------------------------------------
Inferred (underground(2)) 11 1.16 3.55 0.24 1.66
---------------------------------------------------------------------------
Total Inferred(4) 134 0.64 2.18 0.20 1.05
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total Contained Metal
---------------------------------------------------------------------------
Copper Gold
Resource Category Gold (Moz) Silver (Moz) (Mlb) Eq(3) (Moz)
---------------------------------------------------------------------------
Indicated (open-pit(1)) 0.84 2.37 159 1.31
---------------------------------------------------------------------------
Total Indicated 0.84 2.37 159 1.31
---------------------------------------------------------------------------
Inferred (open-pit(1)) 2.33 8.19 515 3.86
---------------------------------------------------------------------------
Inferred (underground(2)) 0.41 1.26 58 0.59
---------------------------------------------------------------------------
Total Inferred(4) 2.74 9.44 573 4.44
---------------------------------------------------------------------------
1. Reported within a conceptual pit shell and based at a cut-off grade of
0.3 g/t gold equivalent adjusted for metallurgical recovery.
2. Reported based on an underground bulk mining method using a cut-off
grade of 1.1 g/t gold equivalent adjusted for metallurgical recovery;
3. Gold equivalent grade estimated based on 75 percent recovery for gold
and silver; 85 percent recovery for copper; US$550 per ounce gold, US$8 per
ounce silver and US$1.50 per pound of copper;
4. Totals may vary due to rounding.
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein.
Contacts: Kiska Metals Corporation Drew Martel Investor
Relations 604.669.6660 604.669.0898 (FAX) Kiska Metals Corporation
Jason Weber 604.669.6660 604.669.0898 (FAX) www.kiskametals.com
Kiska Metals Corporation (TSXV:KSK)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Kiska Metals Corporation (TSXV:KSK)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024